Chicago Relocation

Time for That Second Home?

July 7, 2014

Filed Under
Chicago Real Estate
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John D’Ambrogio

The Tribune just ran an interesting article on the second home market, which you can access here.

2nd home sales accounted for 13% of home sales last year, which was the BEST showing since 2006 during the boom days, according to Mary Ellen Podmolik.

In addition, there were communities that saw only single digit sales last year finally go into double digits.

The 2nd home market, the article indicates, doesn’t exactly work in tandem with the residential sales market.  For one, it’s a luxury, of sorts, and buyers can wait until the timing (the market and their finances) is right.  They’re also often savvy about the market and know the community, maybe even the home, they want to buy.  Why?  As the article says, many of these buyers have vacationed in these markets for many many years, sometimes since childhood, and know the area well.

So, whether you have an eye on Galena, Lake Geneva, around our lovely lake in Indiana or Michigan’s Harbor Country, now may be the time to get into the game…