Second home sales hit a another record!
It is happening...just like the economists have been predicting for 30 years. Boomers are spending the cash-ola. International properties are also becoming a focus, even with the dollar being weak in many situations.
Vacation- and investment-home sales both set records in 2005, with the combined total of second home sales accounting for four out of ten residential transactions, according to the National Association of Realtors. The annual report, based on two surveys, shows that 27.7 percent of all homes purchased in 2005 were for investment and another 12.2 percent were vacation homes. All together, there were 3.34 million second-home sales in 2005, up 16.0 percent from an upwardly revised total of 2.88 million in 2004. The market share of second homes rose from 36.0 percent of transactions in 2004 to 39.9 percent in 2005.Vacation-home sales increased 16.9 percent last year to a record 1.02 million from a downwardly revised 872,000 in 2004, while investment-home sales rose 15.7 percent to a record 2.32 million in 2005 from an upwardly revised 2.00 million in 2004.
Time to make it happen...Bring on the Boomers!