A Look at National Statistics for Second Home Ownership
Understanding the Second Home Market on Long Beach IslandSecond Home Ownership and Long Beach Island
When thinking of purchasing a second home, it is important to look not only at a local market, but it nationwide statistics as well. This can help to guide a decision and ensure that investment in the second home market is worthwhile. With the majority of homes on Long Beach Island being second homes, vacation properties, and investments it is interesting to have an understanding of the second home market on Long Beach Island.
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Understanding the Second Home Market on Long Beach Island
There are a few interesting statistics about second home purchases. They are:
- Approximately half of all second home purchases are related to the beach, water sports, or boating nationwide
- Single-family homes are the most prevalent type of a second home purchase for both personal use and investment purpose
- Buyers the second homes as both vacation properties an investment property
It is interesting to see that nationwide, the beach and water related activities are the largest draws for vacation homes and investment properties. This of course is no surprise on Long Beach Island whose entire economy centers around summer season and a beach lifestyle. Most of the visitors to LBI will have some affiliation with the beach or water sports.
Nationwide, single-family homes of the most common form of a vacation property and the same is true on Long Beach Island. A monthly breakdown of sales in the LBI real estate market show us that single-family homes dominate our market. While there are a number of different home styles options that sell every month, single-family homes tend to outpace these other property types by approximately three to one.
Buyers in the LBI real estate market will most likely consider their purchase as both a vacation home and an investment. This follows the nationwide trend, and it is no surprise. The LBI and rental market is very strong and can act as an immediate source of income. It is very common to see a homeowner read all or part of the summer months to generate income that can equal or exceed the cost of ownership. Even a homeowner who does not rent will most likely consider their LBI real estate purchase as an investment that is expected to appreciate in value over time.
Second Homes on Long Beach Island
When looking to purchase a home in the LBI real estate market, it is important to understand the dynamics of the market. Long Beach Island shows great similarity to the national trends in the second home market. Considering most buyers in the second home market are looking for properties on or near the water, it is no surprise that the LBI real estate market has seen strong activity in recent years. Even with the impact of Hurricane Sandy, investment in Long Beach Island has not waned, and in fact has proved increased dramatically. For more information about the LBI real estate market or understanding the second home market on Long Beach Island, CONTACT ME and I will respond right away.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
www.BuyLBI.com
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