Apparently, there are those thinking about buying a vacation home. At some point in time in the future, I will inherit half of one and have no interest in buying the other half.
But second homes are now highly sought after now as Americans’ net wealth and disposable income are increasing to their highest levels on record. This must be a costal thing, most people I talk to are more conservative in their belief on the economy.
People seemingly are eating out more, buying RVs and luxury goods, they’re increasingly looking for a place that they can get away to.
This trend is pushing up real estate prices up, especially in hot markets such as Martha’s Vineyard, the Florida Keys and ski destinations like Aspen, Colo.
But in other areas the push has not occurred and remain relatively affordable in a number of regions. For instance, homes in much of Maine, upstate N.Y., western Pa. and northern Wis. can be picked up with a mortgage that doesn’t strain likely buyers’ budgets too badly.