Given the current economic conditions including elevated mortgage rates, high home prices and persisting inflation, buyers are shying away from buying vacation homes.
Professional tennis player and Wexford Real Estate Investors director Matija Pecotić joined ‘Mornings with Maria’ to talk tennis and investing.Mortgage-rate locks for second homes fell 52% from pre-pandemic levels in March on a seasonally adjusted basis, according to real estate brokerage Redfin. Comparatively, mortgage-rate locks for primary homes declined 13%, according to the data.
The number of people locking in mortgages for second homes fell to the lowest level since 2016 in February and remained "nearly as low in March," according to the report.Hannah Jones, economic data analyst at Realtor.com, told FOX Business that the data isn't surprising due to the fact that vacation homes no longer provide the same benefits they did a few years ago.
During the pandemic, the demand for vacation homes skyrocketed. Buyers that could afford a second home were encouraged to nab another spot given lowHomes on Hollywood Beach and Channel Islands Harbor on May 15, 2018, in Oxnard, California.Redfin data shows that mortgage-rate locks for second homes reached a peak of 89% above pre-pandemic levels in August 2020.
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