When someone is looking for a second home, either as a vacation home or an investment property, the motivation and influencing factors are very different than that from a first home buyer. This is more valid in today’s buyers market.

The National Association of Realtors (NAR) released a report that showed vacation home sales dropped a whopping 30 plus percent in 2008. It appears to have parallel reasons compared to the primary residence market. The sales came within the deeply distressed, deeply discounted home market. The median price of a vacation home fell as far down at 150 thousand dollars across the country. Of those who did settle on the second home purchase, the vast majority planned to use the second home for themselves. This means that people are still looking for second homes and are financing them.

Even with the declining numbers, there are significant pluses to this. The housing market is poised for growth again, especially in the Austin area. This also means as people are looking to sell their home, they have two potential markets to target. Growth options continue to be opened, making the housing market more viable.
Now is the time to buy, and sellers are getting more attention.