WASHINGTON — Home sales in many areas remain sluggish but you might find opportunity in the second-home market, real estate economist John Tucillo told REALTORS® at the NAR Midyear Legislative Meetings this week.
The former NAR chief economist and author of How a Second Home Can Be Your Best Investment said favorable demographics are helping the second home marketplace, but you need to understand the niche. Here are some key groups of buyers:
- Baby boomers who are are auditioning their last home. “They’re unwilling to make a predetermined choice. They’re all about finding places that suit them.”
- Younger people who are looking for a weekend getaway. Those who work in the financial industry, in particular, are prospering.
- Non-Americans who are seeking a second home in the U.S.
http://www.realtor.org/rmodaily.nsf/pages/News2008051505
source: Daily Real Estate News | May 15, 2008
