Thursday, July 27, 2006

Interest in Second Homes Remains Strong

We recently conducted a poll of home buyers on and, and asked them questions about their interest in second homes. The results were a little surprising.

The survey of more than 1,300 adult consumers found that 21% say they are considering purchasing a second home within a year, while another 42% said they're considering buying within the next two to six years.

Interestingly, nearly one-third (29%) of those considering purchasing second homes don't consider its proximity to their current homes a major factor, saying they'd be willing to fly to reach them.

A quarter (25%) of respondents said they are considering a second home for investment purposes, while 22% said they wanted one for "enjoyment" such as weekend getaways, vacations and family use.

In terms of proximity to geographic features, 40% of respondents said features such as water or mountains would not be a factor because "it's an investment property." Among those who do consider geography an important factor in where they buy, 36% listed proximity to water as key, followed by mountains (17%), golf courses (5%) and the desert (2%).

Although 29% said they would be willing to fly to reach a second home, the largest percentage -- 43% -- said they'd prefer it be within a one-hour drive of their primary residence. Nineteen percent said they'd be willing to drive up to two hours, while 9% said they'd be willing to make up to a six-hour drive.

Asked what factor would most likely cause them not to buy a second home, 32% of respondents listed rising home prices, followed by rising mortgage rates (18%) and job insecurity (12%). Thirty-eight percent listed a variety of other factors.

Read more about this survey here.