Now’s The Time To Buy Vacation Homes In Destin FL

May 10, 2011

in Destin Florida Real Estate

Now’s the Time to Buy Vacation Homes in Destin FL

vacation homes in Destin FLChoosing vacation homes in Destin FL can be the right decision currently if it is affordable. The prices are right for those who want to invest in a second home. According to statistics from the National Association of Home Builders, the number of people for whom a second home was affordable has increased. During the last quarter of 2010, vacation homes in Destin FL as well as many other areas across the U.S. were affordable for those earning the national median income.

The median price of a vacation home in 2010 was less than it was a year previously. At approximately $150,000 on average, an 11.2% drop was experienced from 2009 to 2010. This information, which comes from the National Association of Realtors, also shows that primary residence prices only fell by 4.5% in 2010.

The number of vacation homes selling was only 10% even though they were more affordable. This was a drop from 2009 when 553,000 vacation homes sold to 543,000 in 2010. The reasoning is that sales are depressed due to the stricter lending requirements that have been put in place. The mortgage companies have adopted tighter requirements including higher down payments. The average down payment previously was 20%. Today it is 30%. Investment homes require even higher down payments, averaging 32% or more.vacation homes in Destin FL

Distressed properties are being targeted for investment as well as vacation homes in Destin FL. The number of foreclosures that sold as investment properties was about 17% in 2010. Vacation home buyers purchased distressed properties 10% of the time. Primary residence purchases were about 10% distressed properties as well.

The trend turned towards paying cash for vacation homes in Destin FL and other cities. The number of vacation homes purchased with cash was almost 40% and 60% of investment properties were bought using this method. According to statistics from the National Association of Home Builders 73.9% of homes sold – both existing and new construction – from October to December 2010 were affordable for families that earned a median income.

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{ 1 comment… read it below or add one }

Vacation Rentals October 28, 2011 at 7:16 pm

Great place for tourists… I will go there very soon…

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