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Vacation Home Buyers Increase

The share of vacation home buyers increased in 2014 to 21% of all homes purchased nationwide, according to the NAR Investment and Vacation Home Buyers Survey just released.

One-third of vacation home buyers plan to use their property for vacations or as a family retreat; 19 percent plan to convert their vacation home into their primary residence in the future; 13 percent bought for potential price appreciation and 13 percent purchased because of low real estate prices. The typical price in 2014 was $150,000 for vacation buyers. 

The share of vacation buyers who paid all cash fell slightly to 30 percent last year. Click here to read more survey results.

 
Millenials Top All Home Buyers
Despite the economic and financial challenges young adults have braved since the recession, the millennial generation (ages 34 and younger) represent the largest share of recent home buyers, according to NAR's 2015 Home Buyer and Seller Generational Trends study. Millennial home buyers had a median income of $76,900 and typically bought a 1,720 square foot home costing $189,900.

The survey additionally found that an overwhelming majority of buyers search for homes online (88%) and then purchase their home through a real estate agent (87%), with millennials using agents the most.
 
Ferrum: The Most Affordable Small Town in VA

Cost of living makes a big difference when choosing where to move -- and not all places were created equal. The most affordable small town in every state has been identified by www.BusinessInsider.com. (They defined 'small town' as towns with populations between 1,000 and 10,000.)

 Ferrum has been identified as the most affordable small town in Virginia, with 94.2% of homes being deemed affordable. Ferrum was also cited as being home to Ferrum College, named one of US News' best regional colleges in the South this year.

 
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