NAR Library & Archives has already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles (E) are available only to NAR members and require the member's nar.realtor login.
Vacation/Second Home Market Activity
Demand for Second-Home Mortgages Falls to Eight-Year Low (Redfin, Sep. 12, 2024)
“Mortgage-rate locks for second homes have dropped 13% since last summer—more than twice as much as rate locks for primary homes.
Demand for second-home mortgages is likely cooling in part because some buyers are paying in cash to avoid elevated mortgage rates. But high prices, economic jitters and a sluggish rental market have also made second homes less attractive.”
Can’t Stop at Just One? These Are the Most Popular Spots for Second Homes in 2024 (None Are in Florida!) (realtor.com®, Jun. 10. 2024)
“Nationally, 2.5% of all new mortgages in the 12 months through May were for second homes. That rate was unchanged from the prior 12-month period, according to a Realtor.com® analysis of data from mortgage analytics firm Optimal Blue.”
Rich Gen Xers Are Outpacing Baby Boomers in Buying Vacation Homes (Fortune, May 14, 2024)
“For one, not only are all homes costly at the moment, but second homes are more expensive. The typical second home was valued at $475,000 last year compared to $375,000 for primary homes, according to Redfin. More and more people are headed back to the office too, which means vacation homes aren’t as attractive as they once were when in the midst of the pandemic people were going stir-crazy.”
For Every Vacation-Home Fantasy, There Is a Harsh Financial Reality (Wall Street Journal, Sep. 12, 2022)
“Sales of second homes are way down from last year’s boom, dipping below prepandemic levels (February 2020) for the first time in two years, due in part to high prices and rising mortgage rates, said Daryl Fairweather, chief economist at Redfin.”
Vacation Home Counties Reportpdf (National Association of REALTORS®, 2021)
- In 2020, vacation home sales rose 16.4%, outpacing the growth in total existing-home sales of 5.6%.
- In 2020, the median existing-home sales price typically rose by 14.2% in vacation home counties, compared to 10.1% in non-vacation home counties.
- In 2020, the top 10 vacation home counties were in the states of Florida, Maryland, Massachusetts, Michigan and North Carolina.
Working With Vacation/Second Home Buyers
Second home Mortgages (Freddie Mac, Aug. 7, 2024)
Second home mortgages from The Single-Family Seller Servicer Guide.
10 Reasons Why (And How) You Should Invest in a Vacation Home (Forbes Home, May 24, 2024)
10 fun and practical reasons to invest in a vacation home.
8 Things to Consider Before Buying a Vacation Home (U.S. News, Dec. 12, 2022)
- Weigh the pros and cons.
- Be prepared to take on more responsibility.
- Consider your lifestyle.
- What are your financial goals?
- Location is key.
- Work with an agent who specializes in buying vacation homes.
- Look at your rental options.
- Answer the question: Is now a good time to buy a vacation home?
RSPS (Resort & Second-Home Property Specialist)
RSPS Certification (National Association of REALTORS®)
Find a RSPS Specialist (National Association of REALTORS®)
Resort Area and Second Home Specialty, (National Association of REALTORS®)
NAR Education Matrix—Resort and Second Home Markets, (National Association of REALTORS®)
eBooks & Other Resources
eBooks.realtor.org
The following eBooks and digital audiobooks are available to NAR members:
Buying a Second Home (eBook)
How a Second Home Can Be Your Best Investment (eBook)
Second Homes for Dummies (eBook)
The Complete Guide to Buying a Second Home or Real Estate in Mexico (Audiobook, eBook)
Privileging Place: How Second Homeowners Transform Communities and Themselves (eBook)
Books, Videos, Research Reports & More
As a member benefit, the following resources and more are available for loan through the NAR Library. Items will be mailed directly to you or made available for pickup at the REALTOR® Building in Chicago.
Investing in a Vacation Home for Pleasure and Profit (Mason, OH: Thomson South-Western, 2006) HD 1341 B69
How a Second Home Can Be Your Best Investment (New York, NY: McGraw-Hill, 2004) HD 1341 K28
REBAC Roundtable 2004, Volume II, Resort, Vacation and Second Home Markets (Chicago, IL: Real Estate Buyer's Agent Council, Inc., 2004) CD016
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