The perfect storm is what some buyers are calling the vacation home market. Falling home values, low mortgage rates, and increased affordability are prompting buyers to take action.
Vacation home sales rose 7 percent in 2011. Many of these buyers have been sitting on the sideline, waiting for the perfect time to pounce on the bargain prices and they see that time as now. Interestingly, 42 percent of these buyers paid cash for their homes. Interestingly, the last six homes our team has sold over $500,000 have been for cash.
Vacation home buyers are also looking past popular beach or ski resorts to make their purchases. Many are in lesser-well-known areas, places known mainly on a regional basis. Gated Mountain Communities such as Big Canoe, Bent Tree and The Preserve are our regional destinations.
