Excerpt from: Buying and Owning a Second Home
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| April 01, 2009 | | The National Association of Realtors reports that second home and vacation porperty sales were down thirty percentmmm in 2008 | It's not terribly surprising that second home sales are down right now. Ski resort real estate has been moving somewhat slowly, and vacation home sales are down in general. This, however, is not much of a surprise to the National Association of Realtors:
Lawrence Yun, NAR chief economist, said the findings are understandable given the economic backdrop. “We expected vacation-home sales to fall given the impact of a declining economy on discretionary purchases,” he said. “A steady share of investment-home sales results from buyers taking advantage of deeply discounted prices in many areas, with a smaller portion of new homes in the sales mix.” The long term outlook for second home sales is expected to improve, however. With luxury home prices in decline, at some point vacation home sales are likely to pick up again as people start looking for deals. Second home sales for investment purposes are also likely to improve in the next two to five years.
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