Industry News

‘Second home’ is often a third or fourth

Survey shows big appetite for vacation, investment properties

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About 60 percent of second-home buyers own two or more homes in addition to their primary residence, according to the results of a National Association of Realtors survey. About 53 percent of investment-property buyers own two or more investment homes and 12 percent own two or more vacation homes. Also, about 21 percent of all vacation-home buyers own two or more vacation homes, and 34 percent own two or more investment properties. The Profile of Second-Home Owners survey results are based on an eight-page questionnaire that was mailed in January 2006 to 45,000 households who own more than one residential property. The survey generated 416 usable responses from vacation-home owners and 619 from investment owners, the Realtor association reported. Most of the survey respondents reported that they own multiple properties in addition to their primary residence. Second-home purchases are no small trend: Second-home sales accounted for an estimated 40 percent of all residential transactio...