Industry News

Consumer interest in second homes grows

42% of those surveyed may buy within next 2 to 6 years

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When it comes to second homes, Americans remain fairly bullish, with sizable numbers saying they plan to purchase second homes soon and wouldn't mind flying -- not driving -- to reach them, according to findings of a new consumer survey by HomePages.com, operated by HouseValues. The HomePages.com survey of more than 1,300 adult consumers found that 21 percent say they are considering purchasing a second home within a year, while another 42 percent said they're considering buying within the next two to six years. Interestingly, nearly one-third (29 percent) of those considering purchasing second homes don't consider its proximity to their current homes a major factor, saying they'd be willing to fly to reach them. "Vacation and investment homes remain a strong and prominent part of the real estate market, both as a means of providing an escape and providing supplemental short-term and long-term income," said Ian Morris, chief executive officer of HouseValues. Indeed, a quarter (25 pe...