One way the NAR drove demand these past few years is the idea of the "second home", accounting for 40% of all home purchases last year.
Well, in a downturn, guess which home is the easiest to sell - yup, that second one... Watch out below in second home markets...
Yes, the photo is intentional. I hope you get my message.
Vacation home popularity -- and prices -- are being driven pleasure-seeking baby boomers who are in their peak earning years, according to David Lereah, chief economist for the National Association of Realtors.
"Vacation home sales will remain strong for the foreseeable future, given the fact baby boomers are favorably positioned in terms of affordability, as well as being at the stage in life when people are most interested in making that kind of a lifestyle purchase," Lereah said. "Discretionary purchases of that nature are more likely in a healthy economy, and that is looking positive as well."
May 09, 2006
One's just not enough - the second home phenomena
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6 comments:
so american - drive your hummers to your second homes while your countrymen sleep in boxes
why do I think some of those 2nd home owners might be needing a box soon themselves?
I am now convinced that David Lereah is much more than just a sociopath....he is actually a sociopathic retard.
The thing about cardboard boxes is ''location location location''.
I don't get it! If Americans are poorly prepared for retirement - not enough savings - how can they be splurging on "vacation homes?"
Here in WA, I notice there are an awful lot of these homes on the market, and they don't seem to be exactly flying off it. Far from it! The 'vacation home' market seems dead. Check it out! (www.windermere.com, Ocean Shores, between $1,000,000.00 and $100,000.00).
I like vacation homes because they are not located near any jobs and will cost quite a bit to maintain with $4.00 gasoline.
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