Second Home Shoppers More Serious Than Ever; Nearly 82 Percent of Survey Respondents Plan to Buy a Second Home

Today EscapeHomes, the leading internet marketplace for second homes, released the results of their second annual Second Home Buyer survey. The study found that nearly 82 percent of respondents plan to buy a second home, an increase of 13 percent from 2003. Even more dramatic is the fact that of those individuals, 41 percent say they will definitely buy within the next 2 years, while only 24 percent had that conviction in 2003.

San Francisco, CA (PRWEB) February 17, 2005 --

Reason for Buying Shifts:

According to the 2004 survey more people plan to buy a second home for investment (29 percent) and retirement (26 percent) purposes rather than as a pure vacation home (18 percent). The 2003 survey reported people were equally split between these three categories. This shift in reasons for buying is also reflected in the attributes people want in their second home destination, with recreation, warm climate and a strong rental market topping the list.

Internet Leads the Way

The Internet continues to grow in popularity and as a source for finding a second home. Fifty-eight percent of the people who participated in the current survey said the internet was their primary source for researching real estate purchases, followed by working with a real estate agent at 11 percent. This is also reflected in the finding that only 29 percent of the respondents have visited their desired second home location two or three times, whereas in 2003, 40 percent of the people had done so.

Distance Less of a Factor

In 2003, people were still feeling the effects of uncertain national security with only a quarter of the people surveyed last year preferring to fly to their second home. In 2004, there was an increase in comfort level, with more than a third willing to fly and 57 percent preferring to drive, which is down from 65 percent in 2003. This is also reflected in the finding that 60 percent of respondents plan to buy a second home more than 500 miles away from their primary residence.

Demographics Shift

The demographics of the second home buyer have shifted only slightly this year. The survey found that the number of married people looking for second homes increased by almost 10 percent and the number of people with incomes over $100,000 increased by 26 percent. In 2004, of all the respondents, 83.3 percent are married, and 58.6 percent have incomes over $100,000. The age distribution has changed as well, with the current survey showing a decrease in the 45-54 year old group, and an increase in the two age brackets below and above that, 35-44 and 55-64 respectively. Seventy-five percent of the respondents have either a college or advanced degree.

About EscapeHomes.com

EscapeHomes.com, is the premiere online marketplace for buyers and sellers of second homes. We are the only real estate service focused exclusively on Vacation, Investment and Retirement property. Our service provides buyers and sellers access to extensive information, town profiles, property listings and our network of Second Home Specialist Realtors®. In doing so, we provide Realtors® a marketing platform to help them reach this large and growing market. The company was founded in 1999 and is currently based in San Francisco, CA.

For more information on EscapeHomes.com visit www.EscapeHomes.com.

Contact Information:

Amanda Sturges

EscapeHomes.com

The Smart Source For Second Homes

415-252-9500

http://www.EscapeHomes.com

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