Coming Back for Seconds…Second Home Sales are Up

We’ve all been hearing a lot lately about the real estate market cooling off. That may be true for some people – but not for the Baby Boomers, and definitely not for second or even third home sales.

CNN reported this week that second home sales were up a whopping 16% in 2005. In fact, second home sales represented 40% of all home sales. Those figures came from a report released by the National Association of Realtors (NAR) on April 24. "The baby boom generation is driving second home sales -- they're at the peak of their earnings, interest rates remain historically low and boomers want to diversify investments….” according to the NAR’s chief economist, David Lereah.

The report goes on to profile the typical second homebuyer as someone about 52 years old with earnings of around $83,000. They choose a vacation home that is near recreational areas such as beaches, mountains, or golf courses. The NAR expects that "Vacation-home sales will remain strong for the foreseeable future given the fact that baby boomers are favorably positioned in terms of affordability, as well as being at the stage in life when people are most interested in making that kind of a lifestyle purchase."

Here in Charlottesville we have the recreational areas and attractions that make this a favorite vacation spot. In fact, some folks who come here for vacation end up staying year round for our temperate climate, our rolling hills, and our great golf, tennis, and other outdoor activities.

Retirement home or vacation getaway place, look to Charlottesville for the home of your dreams. Start by checking the listings on my web site, and then head for the hills…of Central Virginia.