Second homes made news in 2009, but unlike a few years ago they were not the center of attention, with foreclosures and general economic woes taking center stage.
Private Communities Newswire polled thousands of monthly visitors to see if they thought second homes would make a comeback in 2009; a robust 52 percent said “yes,” 37 percent said “no” and the other 12 percent of responders were “not sure.” The poll conducted through “polldaddy.com” was not scientific, but it did show those who have an interest in the second home market are still in the game either as shoppers, real estate professionals or sellers.
The Tennessean Media Group's Snapshot of Boomers
It is possible that second homes will become more popular in 2010 with some select buyers like baby boomers, some who still have the means to make the lifestyle change from one to two homes. Even a souring economy is not likely to curb some independent-minded boomers who have had their hearts set on the decision for decades.
Expect those with second homes to get more use out of them as they consider their own future plans and face another cold winter in some regions.
The housing industry faced similar tough times in the early 1990s and it was the boomers who helped fuel a real estate expansion to the Sun Belt and even in locations closer to home. If they do it again, it could be a gradual increase rather than another boom. Please share your 2010 predictions with us.
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