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Second Home Purchases are Coming Back

 The National Association of Realtors (NAR) stated vacation and second home sales are back on the rise, according to recent survey data.

With the current market conditions of lower prices and mortgage rates, as well as a slowly restoring confidence in the economy, people are considering purchasing a second home for vacation or even retirement.

According to the survey, 79 percent of respondents said they were likely or very likely to buy a second home in the next two years.

The survey sites that the typical profile of a second-home buyer is 46 years-old, married and has a median income of $87,500. Census Bureau data shows that 44 million people in the United States fit this profile. According to NAR, people generally begin to consider purchasing a second-home in their mid-40s.

The trend of purchasing vacation or second homes saw growth in 2010, when vacation home sales outpaced investment property and regular home sales.

However, second home buyer patterns are differing from the norm of purchasing a vacation home near a resort. They are choosing to base their decisions on emotion instead of the financial risk. These buyers are looking to be closer to children and grandchildren, or to their current home.

Many second home buyers consider making their purchase into a permanent residence after retirement. 

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