Part 3 of 4
Though Dr Yun agreed that real estate is local, especially when it comes to vacation home sales, he provided current statistics for nationwide second home sales. While these national figures do not in any way represent the median statistics for West Hawaii vacation home property sales, they are interesting.
Median sales price – $679,000
Median number of miles from primary residence – 348
Percentage of buyers who purchase with financing – 70%
Median buyer income – $87,500
Part 2 of 4
Dr Yun commented on our frustration with the lack of loan products to finance second homes which will be used occasionally as short term vacation rentals. Currently only portfolio loans are available for these properties, as the government is not backing second home purchases, regardless of the excellent qualifications of ready buyers or the subject property.
Part 1 of 4
I just returned from the National Association of Realtor’s (NAR) Resort and Second Home Symposium, held this year at Incline Village, Lake Tahoe, Nevada. As a certified Resort and Second Home Property Specialist (RSPS), the Resort Symposium is an opportunity to meet with other brokers who specialize in resort and vacation home properties. We gather to share ideas and solutions, and to hear the latest from industry experts. The headline speaker June 13 was Dr Lawrence Yun, NAR’s chief economist. For the purpose of this discussion, vacation homes and second homes are defined as distinct from investment properties. The later are not intended for use by the owner, and are purchased specifically for return on investment rather than for enjoyment by the owner.