Inspired Living
Secondary home-buying decisions focus on a destination and the experience it offers. Price is not as important as value – the purchase has to fill the right ‘void’ for getaways from holiday family gatherings to couple retreats with friends. Resort living is recreationally-based, typically coastal, lake, or mountain locations with golf and other onsite amenities.
A high percentage of purchases are cash deals – especially with West Coast, East Coast, and international buyers (Chinese & European investors). US buyers tend to purchase more internationally during times of economic and political uncertainty at home.
Second home mortgage rate locks continue to account for a higher share of total market than prior to the COVID pandemic. In fact, 40 of the top 50 destinations saw double-digit price growth over this past summer.
AMBASSADOR SPOTLIGHT
Angela Wood
2nd Homes & Resorts Specialist
Based in Toronto, Angela is a dynamic entrepreneur who keeps our Community updated on all things North of the border. Canadian buyers account for 11% of all U.S. residential real estate transactions. Popular destinations for Canadian 2nd home buyers include the Sunbelt and both coasts – creating the need for a referral pipeline now in the works.
Did you know?
There are nearly 10 million second homes in the US and experts expect that number to grow. Prices remain elevated and continue to rise, but demand for second homes is creating a new wave of markets with more moderate price tags.
“The market looks completely different than it did three years ago,” According to Pacaso CEO, Austin Allison. “It used to be that major metros were the primary hotbeds of real estate activity, and now we are seeing intense interest in places like Boise, Idaho.”
The top second home markets in the US include ski destinations in Colorado, Utah, and California and beach getaways in Massachusetts, Florida, New Jersey, and the Carolinas.
