On a subject near and dear to our hearts, second homes,
From The New York Times,
'Though the market for vacation homes is not immune from economic reality, it does not shadow the total real estate market. “While the overall housing market peaked in 2005, the market for vacation homes didn’t peak until 2006,” said Walter Molony, a spokesman for the National Association of Realtors in Washington. That doesn’t mean, though, that a recovery in the second-home market will lag behind the larger market. “A large number of our transactions are not subject to financing,” Ms. Saatchi said of second-home sales in the Hamptons, so a rebound could occur if consumer confidence rises ahead of a loosening of credit.'
Your Second Home | Buying and Selling
Timing a Market
True, our market here in the Foothills didn't peak until late winter-spring of 06. But in my experience, the Foothills market has lagged both the up and the downsides of the total U.S. real estate market.
It peaks later, but also recovers later, particularly in relation to markets in NY, Chicago, Minneapolis, Seattle, Denver, etc, where many of our new residents migrate from.
Because while a big piece of our market is in second homes, the other big piece is retirement homes. And most retirees need to sell their home back home, before they jump in and buy in the Foothills.
see my web site thefoothillsToday.com
to search for and learn more about Tucson Foothills Homes
