Vacation real estate appears to be what is selling. A recent article in the Wall Street Journal noted how vacation property and second home markets are starting to see activity. When real estate is suffering all over the nation what is making vacation real estate loosen up? Low mortgage rates and bargain prices. While volume is way up in certain sought-after areas, prices are down and that is bringing buyers in, buyers who don’t want to miss the opportunity to buy a vacation home.
The key is patience and an absence of emotion. The true deals are being bought by patient buyers who are submitting offers until they succeed in finding sellers who are willing to accept a low price. A lot of vacation properties are being bought by cash buyers who are in a position to offer a quick closing with no financing contingencies. As the economy improves so do the piggy banks of the wealthy, who are all too happy to buy a second home in a desirable location.
Click here to read the Wall Street Journal article, “Market for Vacation Homes Is on the Rise”.