TA M A R A C K R E A LT Y
N O V E M B E R U P D AT E NOVEMBER 2022
In this Issue 01
Luxury Second Home Stats and Data
02
Coming Soon
03 L uxury Second Home Stats and Data • Luxury second home mortgage rate locks declined 28% from Q2 to Q3 in 2022, however they remain 152% above their pre-pandemic level in Q3 2019. • According to the National Association of Realtors, about half of second home buyers pay all-cash, and their role in the market isn’t captured by rate lock data. • While many pandemic boomtowns began to see price declines in Q3, those still have not extended to luxury second homes in destination communities. • The data suggest buyers are adjusting their second home purchases to account for deteriorating market conditions by opting for less expensive destinations closer to home. • The unprecedented ten-fold increase towards remote work since the pandemic is an historic development that will continue to fuel second home demand for many years to come. • In 2018, according to the U.S. Census, just 8 million people in the U.S. worked from home, or 5.3% of workers. Today, a recent McKinsey survey found that “58% of employed respondents…equivalent to 92 million [workers]…report having the option to work from home for all or part of the week.” *data from Pacaso and NAR
Featured Project
04
Meet Brian Hurley
05
Current Listings
06
Meet The Team