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 percent) of respondents said they are considering a second home for investment purposes, while 22 percent said they wanted one for “enjoyment” such as weekend getaways, vacations and family use.
In terms of proximity to geographic features, 40 percent of respondents said features such as water or mountains would not be a factor because “it’s an investment property.” Among those who do consider geography an important factor in where they buy, 36 percent listed proximity to water as key, followed by mountains (17 percent), golf courses (5 percent) and the desert (2 percent).
Although 29 percent said they would be willing to fly to reach a second home, the largest percentage — 43 percent — said they’d prefer it be within a one-hour drive of their primary residence. Nineteen percent said they’d be willing to drive up to two hours, while 9 percent said they’d be willing to make up to a six-hour drive.
Asked what factor would most likely cause them not to buy a second home, 32 percent of respondents listed rising home prices, followed by rising mortgage rates (18 percent) and job insecurity (12 percent). Thirty-eight percent listed a variety of other factors.
The online survey respondents comprised 65 percent women and 35 percent men visiting HomePages.com and JustListed.com. The survey was the latest in an ongoing series of informal polls conducted by HouseValues via the company’s national HomePages.com consumer real estate Web service.