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National Association of Realtors

Saturday, March 24, 2018

Searching for Paradise: Top 10 Second-Home Locations

While most U.S. homebuyers are looking for Craftsman-style homes or Capes as their primary residence, when it comes to purchasing a second home or vacation property, styles radically change to match the relaxing and exotic feel of highly sought-after vacation spots.
new report by Point2Homes uses Google search data to determine where U.S. residents are looking to purchase their second homes, with Mexico coming out on top. The report analyzed keywords searched between January 2017 and 2018 for home sales abroad and in the U.S., and ranked them according to average monthly search volume.
Here are the top 10:
  1. Mexico
  2. Canada
  3. Puerto Rico
  4. Costa Rica
  5. Belize
  6. U.S. Virgin Islands
  7. Panama
  8. Bahamas
  9. Dominican Republic
  10. Jamaica
Most locations boast more spacious homes than what's available to be purchased at the national median price in the U.S.—$240,500. For example, in Mexico, homebuyers can purchase a two-bedroom detached home with a pool in Playa del Carmen for that price. And in Puerto Rico, those funds would get you a three-bedroom condo in San Juan, according to the report.
But not all U.S. residents are looking to purchase their second home outside the country. Puerto Rico and the U.S. Virgin Islands made the top 10 list. And following the devastation of Hurricane Maria, Puerto Rico has used the opportunity to renovate or upgrade its properties.
So, what makes these locations desirable to second-homebuyers? Most of these rankings represent the iconic paradise: beach, sun and relaxation. And, of course, relatively low prices rank the highest, as well.
You can find the remaining rankings here.
Which location would you choose for your second home?

Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate