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Vacation Sales Surge??? Is that right???
Real Estate Outlook: Vacation Sales Surge
According to the National Association of Realtors’ 2012 Investment and Vacation Home Buyers Survey, there was a surge in sales of both investment and vacation homes in 2011.
NAR Chief Economist Lawrence Yun said investors with cash took advantage of market conditions in 2011. “During the past year investors have been swooping into the market to take advantage of bargain home prices,” he said. “Rising rental income easily beat cash sitting in banks as an added inducement. In addition, 41 percent of investment buyers purchased more than one property.” Yun said the shift in investment buyer patterns in 2011 shows the market, for the large part, is able to absorb foreclosures hitting the market.
Increased investor purchases are partly responsible for the large percentage of all-cash purchases seen in the last year. They make up around one-third of all purchases. Forty-nine percent of investors paid cash in 2011.
“Clearly we’re looking at investors with financial resources who see real estate as a good investment and who aren’t hesitant to use cash,” Yun said. Of the buyers who didn’t use all cash they paid a hefty average 27 percent downpayment.
As opposed to investment purchases, which ... more

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