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Vacation Home Sales Continued To Rise In 2012, With Median Sales Price Up For First Time Since 2009, According To New Research



Vacation Home Sales Continued To Rise In 2012, With Median Sales Price Up For
 First Time Since 2009, According To New Research From HomeAway And National
                           Association Of Realtors

Buyers Attracted by Potential for Rental Income and Price Appreciation, and
Skew Younger

PR Newswire

AUSTIN, Texas, April 2, 2013

AUSTIN, Texas, April 2, 2013 /PRNewswire/ -- The market for vacation home
sales in 2012 showed continued signs of strength, with a 10 percent increase
in sales from the prior year and a 24 percent increase in the median sales
price, the first rise in three years, according to the 2013 Investment and
Vacation Home Buyers Survey by the National Association of Realtors® (NAR).

(Logo: http://photos.prnewswire.com/prnh/20120215/DA53778LOGO)

As part of the survey, proprietary research commissioned by HomeAway,
Inc. revealed 38 percent of vacation home buyers purchased a vacation property
in 2012 primarily because of low real estate prices, which has grown 5
percentage points from 2011, while another 28 percent cited the desire for a
family retreat. 

According to the NAR survey, the median sales price experienced a rise for the
first time since 2009, from $121,300 in 2011 to $150,000 in 2012, and the
median buyer's age was 47, with more buyers under age 45 entering the market.

The survey also shows rental income still holds significant appeal for buyers
of vacation homes.  For nearly eight in 10 buyers (76%), rental income
influenced their decision to buy last year, a 5 percentage point increase from
2011, and nearly all (92%) vacation home buyers plan to rent their property
within the next 12 months to either long-term or short-term renters or a
combination of the two.  Approximately 60 percent of buyers believe they'll
make enough rental income to cover at least half of their mortgage.

Other vacation home buyers cited the following factors as the most important
reason to take the plunge into vacation home ownership last year, according to
the HomeAway® portion of the research:

  o For future retirement (12%)
  o Low mortgage rates (11%)
  o Potential for price appreciation (7%)
  o Other (4%)

"Although vacation homes prices are starting to rise, the cost is still
incredibly affordable compared with prices 10 years ago," says Brian Sharples,
chief executive officer of HomeAway.  "At the same time, the interest in
vacation rentals by travelers in the United States remains strong, and the
speed and ease with which owners can list and rent a home online has never
been more favorable, making it the perfect time to consider the purchase of a
vacation home."

According to the NAR survey, 78 percent of vacation home buyers believe now is
a good time to purchase real estate, and 27 percent say they purchased a
vacation home in 2012 to use as a principal residence in the future, typically
after retirement.  Nearly half (46%) of buyers paid cash for their vacation
homes last year, while slightly more than half took out a mortgage. 

Of those buyers intending to rent their property, about 31 percent plan to
make their vacation homes available for rent between one and eight weeks over
the course of the next year; 36 percent plan to rent their properties between
nine and 26 weeks per year; and 33 percent plan to rent their homes between 27
and 52 weeks per year.

Buyers aren't limiting themselves to proximity to their primary homes when
purchasing vacation homes.  Nearly half (46%) of owners purchased vacation
homes more than 500 miles from their primary residence.

By the Numbers:
Highlights from the NAR 2013 Investment and Vacation Home Buyers Survey
553,000 – Number of vacation homes sold in 2012
$150,000 – The median sales price of a vacation home in 2012, up 24% from 2011
46 – Percentage of vacation home buyers under the age of 45, up from 38% from
2011
$92,100 – Median household income of vacation home buyers
46 – Percentage of vacation home buyers who paid cash for their property
46 – Percentage of vacation home buyers who plan to own their property more
than six years
29 – Percentage of vacation home buyers saying they are very or somewhat
likely to buy another property within the next two years

About the National Association of Realtors 2013 Investment and Vacation Home
Buyers Survey:
NAR's 2013 Investment and Vacation Home Buyers Survey, conducted in March
2013, includes answers from 2,326 usable responses about homes purchased in
the United States during 2012.  The survey controlled for age and income,
based on information from the larger 2012 NAR Profile of Home Buyers and
Sellers, to limit any biases in the characteristics of respondents.  As a
subset of the survey, HomeAway, Inc. commissions proprietary questions from
the portion of the respondents who have purchased vacation homes and
investment homes.

About HomeAway, Inc.
HomeAway, Inc., based in Austin, Texas, the world's leading online marketplace
for the vacation rental industry, with sites representing over 711,000 paid
listings of vacation rental homes in 171 countries. Through HomeAway, owners
and property managers offer an extensive selection of vacation homes that
provide travelers with memorable experiences and benefits, including more room
to relax and added privacy, for less than the cost of traditional hotel
accommodations. The company also makes it easy for vacation rental owners and
property managers to advertise their properties and manage bookings online.
The HomeAway portfolio includes the leading vacation rental
websites HomeAway.com, VRBO.com and VacationRentals.com in the United States;
HomeAway.co.uk and OwnersDirect.co.uk in the United Kingdom; HomeAway.de in
Germany; Abritel.fr and Homelidays.com in France; HomeAway.es and Toprural.es
in Spain; AlugueTemporada.com.br in Brazil; and HomeAway.com.au in Australia.

In addition, HomeAway operates BedandBreakfast.com, the most comprehensive
global site for finding bed-and-breakfast properties, providing travelers with
another source for unique lodging alternatives to chain hotels. For more
information about HomeAway, please visit www.HomeAway.com.

FOR MORE INFORMATION, CONTACT:
Adam Annen, HomeAway, Inc.
512-505-1548 or aannen@homeaway.com

Larry Meltzer, MM2 Public Relations
214-379-3701 or larry.meltzer@mm2pr.com 

SOURCE HomeAway, Inc.

Website: http://www.homeaway.com
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