Getting Away – But Not Too Far: As Vacation-Home Sales Gain Momentum, Travel Costs Keep Buyers Closer To Home

May 2, 2012

in News

Getting Away - But Not Too Far: As Vacation-Home Sales Gain Momentum, Travel Costs Keep Buyers Closer To Home

Sales of vacation homes are picking up as low prices pull buyers off the fence. But with travel costs rising and consumers still uncertain about the economy, many buyers are snapping up properties closer to home. That is a change from the past decade when people often headed out of state to buy vacation homes near resorts and areas that were tourist destinations. But these days, many vacation-home buyers are turning back the clock and looking for properties in the more traditional – and less glitzy – vacation-home communities near where they live. Jed Kolko, chief economist at Trulia Inc., said that increasingly “people choose second homes that are a shorter drive rather than a plane flight away.” A survey by the National Association of Realtors found that the median distance between a buyer’s primary residence and his vacation home declined 19% to 305 miles in 2011 from 2010. It was the first decline since the group began keeping data in 2006. [Read this article]

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