Investment and vacation home sales surged

Investment and vacation home sales surged in 2011 as more investors jumped into the market with cash in hand to acquire affordable properties, according to Steve Albin of JustListedSmokies.com.

The combined share of investment and vacation home sales last year reached its highest level since 2005, NAR said.

"You can work here, be close to the city, the Great Smoky Mountain National Park, or one of the seven lake, enjoy the four seasons, and still feel like they're on vacation year around, ," said Steve Albin in an interview.

"During the past year, investors have been swooping into the market to take advantage of bargain home prices," he said. "Rising rental income easily beat cash sitting in banks as an added inducement. In addition, a large percentage of buyers purchased more than one property due to the attractive prices and for the return on investment. ."

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