2016 NAR Investment and Vacation Home Buyers Survey
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2 2016 NAR Investment and Vacation Home Buyers Survey NATIONAL ASSOCIATION OF REALTORS Research Division April 2016
3 2016 NAR Investment and Vacation Home Buyers Survey Contents Introduction... 3 Market Environment... 3 The Composition of Residential Sales... 3 Property Characteristics... 3 Optimism and the Future... 4 Short Term Rentals (Less than 30 days at a time)... 4 Methodology... 5 Exhibit 1: Investment and Vacation Home Sales and Prices... 6 Exhibit 2: Property Characteristics... 7 Exhibit 3: Method of Purchase and Financing... 8 Exhibit 4: Buyer Motivations and Expectations... 9 Exhibit 5: Short Term Rentals (Less than 30 days at a time) NATIONAL ASSOCIATION OF REALTORS 2
4 2016 NAR Investment and Vacation Home Buyers Survey Introduction Traditionally, the majority of home buyers make a primary residence their housing purchase. However, some buyers purchase a vacation home to use for a family retreat or to purchase for a principal residence in the future, and some investors purchase a home to rent to others or to diversify their investments. By conducting a nationally representative online sample of more than 2,000 adults who purchased a home in the last year, the NAR Investment and Vacation Home Buyers Survey breaks down the share of home sales by primary residences, vacation homes, or investment properties, and presents several characteristics of the non-primary residence transaction. Market Environment Low housing inventory in 2015 continued to impact housing sales and prices across the nation. As inventory remained constrained, home prices increased. The increase in home prices lowered the share of homeowners who were underwater in their home, and decreased the share of distressed home sales nationwide. The rise in home prices continued to impact first-time home buyers and single home buyers who were shut out by rapid price escalation, while investors and vacation home buyers remained in the market. The Composition of Residential Sales In 2015, the share of buyers who purchased a primary residence rose to 65 percent from 60 percent after dropping from 67 percent in The share of vacation home buyers declined to 16 percent from 21 percent; however, this remains higher than historical data collected since The share of investment buyers remained unchanged at 19 percent. While buyers of primary residences typically purchase homes because of the desire to be a home owner or due to a job relocation, buyers of vacation and investment homes are motivated by other factors. Thirty-seven percent of vacation home buyers plan to use their property for vacations or as a family retreat, 16 percent plan to convert their vacation home into their primary residence in the future, and 13 percent purchased because of low real estate prices and the buyer found a good deal. Forty-two percent of investment property buyers purchased the home to generate income through renting the property, 16 percent purchased because of low real estate prices and the buyer found a good deal, and 14 percent for potential price appreciation. Property Characteristics The median price of primary residences continued climbing as it has since In 2015 the price increased 6.5 percent to $210,000 from $197,200. Seventy-five percent of primary residence buyers used a mortgage. The share of vacation buyers and investors who purchased a distressed property (short sale or foreclosure) in 2015 declined from In 2015, 36 percent of vacation buyers purchased a distressed property, down from 45 percent of vacation buyers in Thirty-eight percent of investors purchased a distressed property in 2015, down from 44 percent in The median vacation and investor home purchase price was higher in 2015 than in The typical price was $192,000 for vacation buyers, up from $150,000. Investors typically purchased a median-priced property of $143,500, up from $124,500. Thirty-nine percent of investors and vacation buyers paid all cash for their property purchase. When financing their purchase, 52 percent of vacation buyers and 44 percent of investors financed less than 70 percent of their purchase. NATIONAL ASSOCIATION OF REALTORS 3
5 2016 NAR Investment and Vacation Home Buyers Survey Among vacation buyers, 27 percent purchased in a resort area, 19 percent purchased in a small town, and 16 percent in a rural area higher than other buyer types. Forty percent of vacation buyers purchased in a beach area, 19 percent purchased in the mountains, and 19 percent purchased a vacation home on a lake front. Forty-one percent of investors purchased in a suburb/subdivision and 29 percent in an urban area/central city. While a detached single-family home is the most common type of home for all buyer types, higher shares of vacation buyers and investors purchased condos and townhouses in The median square feet of a primary residence was typically 2,000 square feet, while the median square feet of an investment property purchased was 1,600 and a vacation home was 1,500. The typical vacation property was 200 miles from the buyers primary residence, while the typical investor property was 22 miles from their primary residence. The typical investment buyer plans to own their investment home for five years, unchanged from 2014 investor property buyers. Short Term Rentals (Less than 30 days at a time) Investors are most likely to attempt and to rent their properties. Among vacation buyers, 24 percent did or tried to rent their property in 2015 and plan to rent their property in Among investors, 41 percent did or tried to rent their property in 2015 and plan to rent their property in Investors plan on renting their properties for 365 days, while vacation buyers plan to rent their properties for 30 days. Twenty-seven percent of investors will rent the property anytime, 25 percent in the summer and 14 percent in the spring. Thirty-eight percent of vacation buyers will rent the property in the summer, 17 percent in the winter, and 14 percent in the fall. Vacation buyers are more likely to use a property manager or social media to rent their property, while investors are more likely to use a traditional real estate agency. Vacation buyers and investors both want to rent the property for additional income; however, vacation buyers more often want additional income to pay down the mortgage faster, while investors more often need additional income. Eighty-nine percent of vacation buyers reported potential rental income at least moderately impacted the monthly costs of ownership through additional income to mortgage. Eighty-nine percent of investors report potential rental income at least moderately impacted the property value when buying. Optimism and the Future Buyers of primary residences, vacation homes, and investment properties were active in the market despite the hurdles they may face with low inventory and tight financing. More than 80 percent of vacation buyers and investment buyers reported that now is a good time to purchase real estate. Twenty-nine percent of investment buyers are very likely to buy another investment property, and 22 percent of investment buyers are very likely to purchase a vacation property in the next two years. Similarly, 20 percent of vacation buyers are likely to purchase an investment property and 20 percent are very likely to purchase another vacation property in the next two years. Among primary residence buyers, 15 percent are very likely to buy an investment property and 15 percent are very likely to buy a vacation property in the next two years. NATIONAL ASSOCIATION OF REALTORS 4
6 Methodology In March 2016, a sample of households that had purchased any type of residential real estate during 2015 was surveyed. The survey sample was drawn from an online panel of U.S. adults monitored and maintained by an established survey research firm. A representative sample of 2,053 qualified adults responded to the survey. Respondents were sampled to meet age and income quotas representative of all home buyers drawn from the 2015 NAR Profile of Home Buyers and Sellers. The share of primary residence buyers was 65 percent, the share of vacation buyers was 16 percent, and the share of investment buyers was 19 percent. NATIONAL ASSOCIATION OF REALTORS 5
7 2016 Investment and Vacation Home Buyers Survey Exhibit 1: Vacation and Investment Property Sales and Prices Primary Residences Vacation Investment Share of Home Sales by Intended Use % 12% 22% New and Existing Home Sales (000) , , , , ,023 1,019 2, ,817 1,067 1, , , , , , , , , , , , ,226 1,129 1, , ,093 Pct change Median Sales Price $190,000 $148, $204,100 $183, $200,000 $150, $199,500 $195,000 $150, $196,000 $150,000 $108, $185,000 $169,000 $105, $176,700 $150,000 $94, $167,700 $121,300 $100, $170,000 $150,000 $115, $189,000 $168,700 $130, $197,200 $150,000 $124, $210,000 $192,000 $143,500 Pct change NATIONAL ASSOCIATION OF REALTORS Research Division April 2016
8 2016 Investment and Vacation Home Buyers Survey Exhibit 2: Property Characteristics Primary Residences Vacation Investment Location of Property Suburb/Subdivision 48% 21% 41% Urban area/central city Rural area Small town Resort area Type of Location Beach - 40% - Mountain Lake Front Country Ranch Other Region of Home Purchase Northeast 18% 15% 18% Midwest South West Type of Property Detached single-family 78% 58% 62% Townhouse or row house Condo/duplex in building with 2 to 4 units Condo/apartment in building with 5 or more units Other Size of Property 500 sq ft or less 6% 11% 5% 501 sq ft to 1,000 sq ft ,001 sq ft to 1,500 sq ft ,501 sq ft to 2,000 sq ft ,001 sq ft to 2,500 sq ft ,501 sq ft to 3,000 sq ft ,001 sq ft or larger Median (square feet) Distressed Sale Home in foreclosure 16% 19% 22% Short sale Not a distressed sale Distance from Primary Residence 5 miles or less - * 21% 6 to 10 miles - * to 15 miles - * to 20 miles to 50 miles to 100 miles to 250 miles to 500 miles to 1,000 miles ,001 miles or more Median (miles) NATIONAL ASSOCIATION OF REALTORS Research Division April 2016
9 2016 Investment and Vacation Home Buyers Survey Exhibit 3: Method of Purchase and Financing Primary Residences Vacation Investment Household Income (2015) Less than $45,000 17% 8% 10% $45,000 to $74, $75,000 to $99, More than $100, Median $81,800 $103,700 $95,800 Number of Household Income Earners None 7% 6% 4% One Two Three or more Purchase Method Through a real estate agent or broker 59% 52% 55% Directly from owner whom the buyer knew Directly from owner whom the buyer didn t know Directly from builder or builder s agent Other First Step Taken in the Home Buying Process Looked online for properties for sale 23% 27% 21% Contacted a real estate agent Contacted a bank or mortgage lender Visited open houses Looked online for information about the home buying process Drove-by homes/neighborhoods Contacted a home seller directly Looked up information about different neighborhoods and areas Talked with a friend or relative about the home buying process Contacted builder/visited builder models Other Where Buyer Found the Home They Purchased Online 50% 51% 47% Real estate agent Friend, relative or neighbor Yard sign/open house sign Home builder or their agent Directly from sellers/knew the sellers Print newspaper advertisement Home book or magazine Mortgage Financing Used a mortgage 75% 61% 61% Did not use a mortgage Don't know Percent of Purchase Price Financed Less than 70% 31% 52% 44% 70% to 79% % to 89% % to 94% % to 99% % Entire purchase price Difficulty of Mortgage Application and Approval Process Much more difficult than expected 13% 15% 8% Somewhat more difficult than expected Not difficult/just what expected Less difficult than expected * Less than 1 percent NATIONAL ASSOCIATION OF REALTORS Research Division April 2016
10 2016 Investment and Vacation Home Buyers Survey Exhibit 4: Buyer Motivation and Expectations Primary Residences Vacation Investment Reasons for Purchasing Home To use for vacations or as a personal/family retreat - 37% 7% For future retirement Potential for price appreciation Low real estate prices/good deal To generate income through renting property Low mortgage rates Other Length of Time Buyer Plans to Own Property Have already sold this property 2% 2% 4% Less than 1 year to 2 years to 5 years to 10 years or more years Don t know Median (years) Likelihood of Buying an Investment Property in Next 2 Years Very likely 15% 20% 29% Somewhat likely Somewhat unlikely Very unlikely Don't know Likelihood of Buying a Vacation Property in Next 2 Years Very likely 15% 20% 22% Somewhat likely Somewhat unlikely Very unlikely Don't know Now is Good Time to Purchase Real Estate Good time to purchase 77% 82% 84% Not a good time to purchase Don't know NATIONAL ASSOCIATION OF REALTORS Research Division April 2016
11 2016 Investment and Vacation Home Buyers Survey Exhibit 5: Short Term Rentals (Less than 30 days at a time) Primary Residences Vacation Investment Short Term Rental Experience Yes, did try to rent it in 2015 but won't do so again in % 6% 6% Yes, did rent it in 2015 but won't do so again in Yes, did try to rent it in 2015 and plan to do so again in Yes, did rent it in 2015 and plan to do so again in No, did not try to rent it in 2015 and will not do so in No, did not rent it in 2015 and will not do so in No, did not try to rent it in 2015 but plan to do so in No, did not rent it in 2015 but plan to do so in Median Days Planning on Renting How Property Rental Was/Will Be Managed Used traditional real estate agency 41% 31% 36% Used property manager Used online site Used social media Used word-of-mouth Other Potential Rental Income Impacted (At least moderately) Amount willing to pay for property 85% 85% 87% Property's value Montly costs of ownership additional to mortgage Property's listing price Mortgage payment felt able to pay Mortgage payment felt comfortable Why Rent the Property Want additional income 38% 45% 49% Need additional income Desire to share home/area with others Inspired by examples of neighbors, friends, relatives who offered shortterm rental Recommendation from friend/family member Want additional income to pay down mortgage faster Past positive experience booking/staying in a short-term rental Past positive experience offering a short-term rental Past positive experience as a long-term renter Past positive experience offering a long-term rental Opportunity to meet people by renting while staying in property Other When Rented and Will Rent Summer 35% 38% 25% Spring Fall Winter Anytime While personally vacationing/traveling Major holidays Local events Other NATIONAL ASSOCIATION OF REALTORS Research Division April 2016
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