16 Jul A New Twist on the Staycation
The real estate market is starting to show signs of a recovery, and many people are purchasing vacation homes because of favorable pricing. But many of the vacation homes that people are purchasing are close to their primary residences thanks to the rising costs of travel. This is a new twist on the staycation.
Before, many people opted to purchase homes out-of-state near tourist attractions and points of interest, like Disney World and the Las Vegas Strip. Now, vacation home buyers are looking in their own backyards for vacation communities that are closer to home and only require a short drive versus a flight.
The National Association of Realtors conducted a survey and found that the median distance between a buyer’s primary residence and his vacation home declined 19% to 305 miles in 2011 from 2010. This was the first such decline since 2006 when they began collecting data. Some attribute the decline in distance to a shift in the buyer profile. Whereas the vacation home buyer used to have a family, now, they are comprised of retirees looking to bridge the gap between homeownership and retirement.
Adds Jon Gray, vice president of HomeAway.com, “People want to stay within driving distance because they’re more able to maintain the homes, they have better networks in place and friends and family nearby to use and sustain the homes.” Vacation communities in Northeast beach towns, lakefront neighborhoods in the Midwest, and desert communities like those in the Coachella Valley are seeing a rise in buyers from nearby.
As gas prices continue to rise, so too does the cost of travel no matter if you’re driving or flying. Incidentally, it’s no wonder that so many people are choosing vacation homes that are a short commute away.