Pacaso

Second Home Demand Reaches Highest Levels In a Year

Posted on by TMN Editor
In January, second-home demand was up 87% from before the pandemic, the highest levels in a year and almost up to September 2020’s record 90% gain, Redfin reported. Second-home demand outpaced primary residence demand, which was up 42% from pre-pandemic levels. “Demand for second homes was strong in January as buyers tried to lock in relatively low mortgage payments,” said Redfin Deputy Chief Economist Taylor Marr.  “Mortgage rates surpassed 3.5% in January for the first time since March 2020, encouraging buyers who were on the fence about purchasing a vacation home to commit before rates increase further. While I expect demand for second homes to remain higher than it was before the pandemic, mostly because of remote work, it may…

Second Home Rate Locks Hit All-Time High In 2021

Posted on by TMN Editor
The percentage of second home mortgage rate locks reached its highest recorded level in Q1 2021, dipping slightly in Q2 and Q3 before jumping back up at year-end, according to Pacaso’s Second Home Market report. Second home locks made up 5.7% of all mortgage rate locks in Q1 2021, a record high. They dropped slightly in Q2 and Q3, to 4.6% and 4.5%, respectively, but jumped back up to 5% in Q4 2021. “In April of last year, people stopped to take a beat, to see how things would shake out in what everyone hoped would be a post-pandemic reality,” said Pacaso CEO Austin Allison. “For some, that also meant going back to the office, and perhaps not coincidentally, second…