Despite stabilization developing in many U.S. housing markets, a large majority of respondents to a new survey say they would not consider purchasing a second home or vacation property.
Some 60% of respondents to the new Housing Predictor survey said they would not take the leap of faith to purchase a second home even though home prices have come down substantially.
The balance or 40% said they would consider making a second home purchase if given the right opportunity.
The survey shows that despite stabilization developing in many regions of the U.S. housing markets, many consumers are still uncertain about the economy and have doubts about when or if home prices will appreciate again. Lingering problems with job stability and high levels of unemployment trouble the nation’s economy along with additional global economic issues.
Home sale prices, however, in some of the hardest hit and most picturesque cities, including coastal vacation destinations and mountain high resorts where second home buyers most often make purchases are at decade low levels.
Now that home prices have come down, would you consider purchasing a second or vacation home?
Yes 40% No 60%
To see the previous poll results click here.