Second Home Demand Remains High Heading Into 2022
December demand for vacation homes topped pre-pandemic levels by 77%, a little down from November’s 80% but still elevated, Redfin reported. “The wealthy are still flush with cash and have access to cheap debt, which is why second-home purchases remain far above pre-pandemic levels,” said Redfin Chief Economist Daryl Fairweather. “While interest in second homes is stabilizing after the big boom in the second half of 2020 and the beginning of 2021, I expect demand to remain high well into this year. Remote work isn’t going anywhere and mortgage rates are still quite low.” Redfin’s index defines “pre-pandemic” as January and February 2020, set to 100, and looks at mortgage-rate lock. Rate lock on second homes increased steadily between 2015…