Second Homes

According to an article in the Boston Business Journal, the sale of second-homes will not be effected by the local real estate market slow down… at least that's the opinion of many local realtors. Unless there is a major down turn in the economy, real estate brokers expect second-home sales to remain strong. Keith Bradley of the Real Estate Company said local resort areas are actually underpriced when compared to other parts of the country. Last quarter Massachusetts saw a 5.2% drip in single family home sales…but prices increased on Cape Cod despite the state’s overall slow down. The median price on the Cape increased by 7.8% reaching $388,000. It’s not just Cape Cod…in Vermont’s resort areas the sale of homes are on pace with last year. Many local real estate agents feel that second homes in resort areas in New England are still very coveted. The profile of the average second homebuyer has changed. The empty nesters are no longer flooding this market…rather it is the “40 something” group doing to majority of the buying. Many analysts believe that some investor/buyers are purchasing a second-home rather than investing in the stock market.