April 03, 2009
Second Home Sales: Something to “Appreciate”
According to a March 2009 National Association of Realtors report, the combination of vacation and investment home sales dropped to 30 percent of all existing and new home transactions in 2008. But the news isn’t all bad. More than 40 percent of investment buyers and 33 percent of vacation home buyers paid cash for their new digs. A major factor in the purchase decision for many of these savvy buyers was portfolio diversification.*
The market share for homes purchased in 2008 for investment was unchanged from 2007; while the market share for vacation homes dropped 3 percent. According to Lawrence Yun, NAR chief economist, vacation-homes sales were expected to drop, “given the impact of a declining economy on discretionary purchases.” Furthermore, the long-term demand for second-home purchases appears favorable because of the large numbers of people, 40-59, buying a second home. The second-home market in Walworth County, specifically the Geneva Lake, Lauderdale and Delavan Lakes markets, appears to be entering the Spring selling season, as measured by recent showing activity in these areas. For those looking to get in on the low side, this is the season to buy. While cash is king, buyers with excellent credit scores can position themselves to buy smart.
A wonderful, lake rights foreclosure, previously listed at over $500,000 just came on the market today. Lake rights, great condition, and a super “lake” ambiance make this the steal of the week at $315,000. But act immediately because this one may just go for more than asking price! Let me know if I can guide you to the best vacation and second-home values. I’m available 24/7 by email Janis@SellingLakeGeneva.com or by cell at 262-745-3630.
*Source: NAR Report 3/30/2009
Posted By: 
Janis Hartley
Tagged With:
lake geneva,
nar,
national association of realtors,
second home sales,
vacation home buyers
and walworth county
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