Vacation Home Buying Fizzling. RV's too?
How many think this article from the Washington Post could be reprinted substituting "RV's and Boats" for "Vacation Homes"? Those monthly payments are going to start looking ugly when you're finding ...
Forum Discussion
Keep in mind, stuff you saw 2-3 months ago may no longer be valid. Yesterday was only the 2nd bump in interest rates and it hasn't had a chance to take effect. In fact, it may be causing people to finalize deals quickly before it does.
These luxury markets won't disappear entirely but don't be surprised if there is a big slow down. Some of this may take a few months to work thru the system.
Cash buyers are a limited portion of the market. Over the last couple years, they have been buoyed by govt handouts and a surging stock market. As those sources of cash dry up, there likely will be fewer cash buyers.
The biggest unknown is the boomer generation. They are retiring at near peak rate but many bumped that up over the last couple years and that often comes with plans for buying their retirement dream. So the question is, did the last 2 yrs clear out many of this years and next years potential retirees (and the big purchases) or will there still be enough retiring to keep the luxury markets going.
These luxury markets won't disappear entirely but don't be surprised if there is a big slow down. Some of this may take a few months to work thru the system.
Cash buyers are a limited portion of the market. Over the last couple years, they have been buoyed by govt handouts and a surging stock market. As those sources of cash dry up, there likely will be fewer cash buyers.
The biggest unknown is the boomer generation. They are retiring at near peak rate but many bumped that up over the last couple years and that often comes with plans for buying their retirement dream. So the question is, did the last 2 yrs clear out many of this years and next years potential retirees (and the big purchases) or will there still be enough retiring to keep the luxury markets going.
