“Low inventory continues to drive record high prices for both primary and secondary homes across the country. With home prices on the rise and limited inventory, it is more important than ever to efficiently utilize existing homes,” said Pacaso Co-Founder and CEO. Austin Alison. “Pacasso’s condominium business model offers a unique solution to the current housing market challenges. Pakkaso is for homes just like car sharing in traffic. We integrate multiple buyers to share the ownership of one home, reducing competition for existing limited inventory and, ultimately, reducing the upward pressure of higher prices.”
Six provinces in United State Achieved over 50% average second home price growth over last year with Valley County, Idaho It shows the largest growth with an increase of 98% over last year. Valley County It is home to the resort town eatenfilled with countless external pursuits, from Lake Payet To three ski mountains in the area, which is a popular holiday destination Boys Residents of cities and those looking for wide open spaces.
“The permanent shift towards working from home has forever changed the way people work and has given second home buyers more flexibility to spend time away from their main home and office,” Allison said. “Besides rising house prices, the demand for second homes in regionally oriented destinations is growing faster than in prime destinations, such as aspen or Malibu. Communities located within driving distance of major metro areas are gaining interest as many families are looking for a second home where they can spend more time living and working. Ease of access, proximity to outdoor recreation, and a desire to connect with the community remain key factors in second home buying decisions.”
Cumberland County, Maine It recorded the second largest growth in the price of a second home in the first quarter of 2022 with an increase of 91.3% year-on-year. Cumberland County It is home to the famous coastal community Cape Elizabethwhich is less than a 30-minute drive from Portland. hugging the shores of Casco Bay, Cape Elizabeth It is known for its rich history, lighthouses, and New England charm.
|
County reporting for Pacaso |
Average second home purchase |
|
Valley County, Idaho |
98.5% |
|
Cumberland County, Maine |
91.3% |
|
Gillespie County, Texas |
77.7% |
|
Kititas County, Washington |
75.8% |
|
Washington County, Rhode Island |
54.5% |
|
Chelan County, Washington |
50.3% |
|
Camden County, Missouri |
48.7% |
|
York County, Maine |
45.8% |
|
Breckenridge, Colorado |
45.3% |
The third largest growth in median second home price from the first quarter of 2022 came from Gillespie County, Texas, which saw 77.7% growth in the median price of a second home compared to the first quarter of last year. The county, about seventy miles west of Austin, is located in the Texas Hill Country and is increasingly becoming a popular wine-tasting destination. price growth in Gillespie County It is likely driven by several factors, most notably its proximity to Austin, one of the fastest growing cities in the country. The population of the current metro area in Austin in 2022 is 2,176,000, up 2.79% from 2021.
Leading technology companies such as Oracle and Tesla have moved their headquarters to Austin, and others such as Google and Facebook have expanded their presence in Texas “The near-boom and infiltration of tech money mixed with the beauty of Hill Country may explain the sharp price increase, as inventory remains low and demand continues to exceed pre-pandemic levels nationwide,” Allison said.
The share of second mortgage rate locks was 4.2% in the first quarter of 2022, 1.2 times higher than the pre-pandemic national average (1). In the first quarter of 2022, Fannin County, Georgia, saw the largest growth in second home purchase transactions, up 109.8% from last year. The county seat is Blue Ridge, Georgia, a charming mountain town nestled in the lush Chattahoochee National Forest, is popular for hiking along the Appalachian Trail, rafting near the Ocoee River, and the scenic Appalachian Railroad. decisively, Fanning County About a two-hour drive from Atlantamaking it a viable second home destination for those who want to stay within driving distance of Atlanta metropolitan area.
The report includes data on property usage and mortgage rate locks. It includes counties whose percentage of seasonal homes and median home values are above or above the 20th percentile. Mortgage rate lock data is a leading indicator of second home buying activity. Download the full dataset here. To view the full report, please visit Pacaso Articles.
(me). The average share of mortgage rate locks for a second home from 2015 to EOY 2019 is 3.5%.
About Pacaso
Bakaso® It is a technology-driven marketplace that modernizes co-ownership of real estate to make owning a second home possible and enjoyable for more people. Pacaso curates luxury listings with premium amenities and upscale contemporary interior design, provides property with integrated financing and, after purchase, professionally manages the home and supports smooth resale. Co-founded Austin Alison And Spencer Rascoff In 2020, Pacaso operates in more than 35 second home destinations around the world. Pacaso has been certified as a producer Good place to work And recognized as one of Glassdoor’s 2022 Best Workplaces.
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The source is Bakassu
