An article in yesterdays Wall Street Journal entitled “Vacation Home Buyers Propped Up the Mortgage Market” stated “The pandemic set in motion a furious scramble to buy vacation homes”. The article went on to say that the number of buyers who locked in mortgage rates on second homes in February was up 93% from a year earlier. That is nearly triple the increase for mortgages on primary residences.
Bringing it closer to home, take a look at our market here for Gulf Front Condos for the 1st quarter of 2020 vs 2021.
Its plain to see that many buyers chose our Gulf Beaches for their place in the sun. Many choose to take advantage of low mortgage rates but you may be surprised to know that half of these buyers paid cash.