There is an increasingly popular trend for vacation home buyers
to purchase property closer to home. The past decade saw quite a
different situation as individuals typically would look to
localities such as Florida or even Las Vegas for a vacation home.
The notion of a shorter drive to a property that is possibly even
within their own State is becoming far more attractive of an option
than the more expensive and time-sensitive air travel is.
Jed Kolko, the chief economist at Trulia Inc., mimicked this
insight, however it is true that vacation home sales are not just
improving on the local level but are nonetheless still rising in
popularity again in the aforementioned locations of Florida and
Nevada. The whole purpose of a vacation home has focused on the
fact that people want a place that is great for adults with plenty
of activities for children that they may perhaps one day retire to.
However, the status quo today seems to be heavily weighing the
importance of proximity to ones hometown.
Being able to constantly visit a vacation home perhaps more
frequently than they would if it was a long plane ride away is
crucial in the minds of todays vacation home buyers. This coupled
with the fact that owners will be able to sustain and keep an eye
on their own property, especially in case of emergency or when
making improvements. A recent survey from Homeaway.com showed that
for 2012, todays buyers in this market segment were inclined to
purchase a vacation home that was a drive of four hours or less
from their current home. 91% of these prospective buyers also plan
on renting these properties out for the short-term which makes the
close range of options a solid investment for their future.
According to the National Association of Realtors (NAR), in 2010
the average annual income for an individual purchasing a vacation
home was $99,500 whereas in 2011 this number fell to $88,600.
People become far more careful and are taking into consideration
travel expenses, both time and money, more than ever before. In
addition, the value of vacation homes has also dropped down to
$121,300 for the end of 2011 which is 19% less than they were
averaging in 2010.
Further evidence to the claim that proximity of ones vacation
home is the first priority of business is the incline in gas and
airfare prices. From December of 2011 when they dropped to $3.23, a
ten month low, prices have now been steadily fluctuating although
overall going on an upward trend. Air plane tickets, on the other
hand, have skyrocketed. Looking at the entire year’s averages that
were gathered for 2010 and 2011, the jump between the two years was
a lofty 14% increase.
This all summates to the foregone conclusion that distance is
key. With people who live in and around the great city of Boston,
there are many vacation home options. Many individuals who live in
or near a city will have destinations to escape to surrounding it.
However, Boston in particular has an array of desirable attractions for vacation
homes, all within that key proximity distinction of roughly two
hours or less. From the Massachusetts family-friendly sanctuary of
Cape Cod, to going on
an outdoor adventure in New Hampshire, or how about looking
to vacation in Vermont with its sprawling
hills and mountains, or even Maine for a quiet romantic
getaway; there are countless options. We at Gibson Sothebys
International Realty are highly connected and experienced
throughout the New England region. With our local clients becoming
increasingly inclined to look to invest in the Northeast, there is
no firm more well rounded and prepared to find you not only the
local home that you need, but the vacation home that you have only
dreamt about.
More Information: Wall Street
Journal