\n<\/div><\/div>\n<\/div>\n<\/div>\n

By Kerry Smith<\/div><\/div>\n

Second-home mortgage-rate locks hit 5.7% early last year before dropping, then bouncing back to 5%. The top market? Fla.\u2019s Sumter County with a 65% increase.<\/span><\/span><\/p>\n<\/div>\n

SAN FRANCISCO \u2013 The percentage of second-home mortgage-rate locks hit its highest recorded level in the first quarter (Q1), with the share of transactions reaching 5.7%, according to the Pacaso Second Home Market Report<\/a>, a company focused on second-home sales. In the next two quarters, however, the percentage decreased to 4.6% (Q2) and 4.5% (Q3).<\/span><\/span><\/p>\n

Second-home sales rebounded in the final quarter of 2021, though, reaching 5%.<\/span><\/span><\/p>\n

Pacaso\u2019s report looks at data on property use and mortgage rate locks in counties whose percentage of seasonal homes and median home values are at or above the top 20th percentile.<\/span><\/span><\/p>\n

Pacaso CEO Austin Allison thinks people \u201cstopped to take a beat\u201d in the second quarter to see what a post-pandemic recovery would actually look like \u2013 notably whether they\u2019d have to return to their offices. \u201cBut these last few months, many employers finally decided to make remote work more permanent,\u201d she says. \u201cThis seems to have spurred renewed interest in second-home ownership.\u201d<\/span><\/span><\/p>\n

Florida counties top list of second-home markets<\/span><\/span><\/h3>\n
Most markets with large year-over-year increases in second-home mortgage-rate locks were located in the Southeast U.S. In Florida, Sumter County<\/strong> saw the largest national growth spurt with a 65% year-over-year increase.<\/span><\/span><\/p>\n
\u201cFor the past year, we\u2019ve been tracking up-and-coming second-home hot spots,\u201d says Allison. \u201cSumter is a perfect example of the kinds of locations we call \u2018vacation-destination-adjacent\u2019 that have been catching our eye. If established second-home destinations are like Broadway, these emerging nearby destinations are like Off-Broadway.\u201d<\/span><\/span><\/p>\n
Florida\u2019s St. John\u2019s County<\/strong> also saw an increase in transactions, with second-home mortgage-rate locks up 9.7% year-over-year in Q4. One of the county\u2019s notable cities is St. Augustine, known for being the nation\u2019s oldest city, with historical landmarks and cobblestone streets that date back to the late 1500s.<\/span><\/span><\/p>\n
Overall, Florida has seen \u201cmore significant development\u201d than any other area, but it hasn\u2019t seen the highest price increases. In 43 of the 50 counties Pacaso tracks, prices increased by double digits in 2020.<\/span><\/span><\/p>\n
Mono County, California, which borders Yosemite National Park, topped the charts in terms of price growth, with a median purchase price of $790,000, up 83.7% year-to-year. On the flipside, Atlantic County, New Jersey \u2013 home to Atlantic City \u2013 saw the biggest 2020 price drop for second homes with a decline of 14%.<\/span><\/span><\/p>\n
\u00a9 2022 Florida Realtors\u00ae<\/span><\/span><\/p>\n<\/div><\/div>\n
Go to Source<\/a>
\nAuthor: kerrys<\/p>\n","protected":false},"excerpt":{"rendered":"
By Kerry Smith Second-home mortgage-rate locks hit 5.7% early last year before dropping, then bouncing back to 5%. The top market? Fla.\u2019s Sumter County with a 65% increase. SAN FRANCISCO \u2013 The percentage of second-home mortgage-rate locks hit its highest recorded level in the first quarter (Q1), with the share of transactions reaching 5.7%, according to the Pacaso Second Home Market Report, a company focused on second-home sales. In the next two quarters, however, the percentage decreased to 4.6% (Q2) and 4.5% (Q3). Second-home sales rebounded in the final quarter of 2021, though, reaching 5%. Pacaso\u2019s report looks at data on property use and mortgage rate locks in counties whose percentage of seasonal homes and median home values are at or above the top 20th percentile. Pacaso CEO Austin Allison thinks people \u201cstopped to take a beat\u201d in the second quarter to see what a post-pandemic recovery would actually look like \u2013 notably whether they\u2019d have to return to their offices. \u201cBut these last few months, many employers finally decided to make remote work more permanent,\u201d she says. \u201cThis seems to have spurred renewed interest in second-home ownership.\u201d Florida counties top list of second-home markets Most markets with large year-over-year increases in second-home mortgage-rate locks were located in the Southeast U.S. In Florida, Sumter County saw the largest national growth spurt with a 65% year-over-year increase. \u201cFor the past year, we\u2019ve been tracking up-and-coming second-home hot spots,\u201d says Allison. \u201cSumter is a perfect example of the kinds of locations we call \u2018vacation-destination-adjacent\u2019 that have been catching our eye. If established second-home destinations are like Broadway, these emerging nearby destinations are like Off-Broadway.\u201d Florida\u2019s St. John\u2019s County also saw an increase in transactions, with second-home mortgage-rate locks up 9.7% year-over-year in Q4. One of the county\u2019s notable cities is St. Augustine, known for being the nation\u2019s oldest city, with historical landmarks and cobblestone streets that date back to the late 1500s. Overall, Florida has seen \u201cmore significant development\u201d than any other area, but it hasn\u2019t seen the highest price increases. In 43 of the 50 counties Pacaso tracks, prices increased by double digits in 2020. Mono County, California, which borders Yosemite National Park, topped the charts in terms of price growth, with a median purchase price of $790,000, up 83.7% year-to-year. On the flipside, Atlantic County, New Jersey \u2013 home to Atlantic City \u2013 saw the biggest 2020 price drop for second homes with a decline of 14%. \u00a9 2022 Florida Realtors\u00ae Go to Source Author: kerrys<\/p>\n","protected":false},"author":4,"featured_media":6099,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/6098"}],"collection":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/comments?post=6098"}],"version-history":[{"count":0,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/6098\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media\/6099"}],"wp:attachment":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media?parent=6098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/categories?post=6098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/tags?post=6098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}