As millions remain confined in their homes due to the ongoing pandemic, Americans are finding a new way to escape the day-to-day. Sales of vacation homes are rising at a staggering rate according to a new report. In October, demand for second homes from buyers surged 100 percent from a year earlier – the fourth triple-digit increase in the last five months. This latest information comes from online real estate site Redfin.
With so many Americans able to work from home due to the coronavirus risk, homeowners are finding they don’t need to be tied to metropolitan areas close to work as they have in the past. This allows them to work from remote areas in more desirable vacation hot spots.
Redfin reports that home sales are increasing in popular destinations like Lake Tahoe, Cape Cod and Palm Springs.
Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.375 percent.
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