Who is Buying Second Homes Today

The second home market, after taking a hit over the last couple of years is making a comeback. There are some wonderful deals out there and the savvy buyers are starting to make their move.

The profile of the second home or vacation home buyer that intends on using their home for family vacations is 46 years old. The average second home buyer, purchasing for investment purposes is just a little older, 47 years old. This age is the peak earning years, and they are thinking of retirement in 10-12 years. 30% of the vacation home buyers paid cash in 2008, while 40% of the investment home buyers paid cash. 

1.1 million wealthy Americans will be in the market for a second home this year. While the economy is still soft, the fractional second home market should be a huge incentive for these wealthy Americans. They can still purchase the quality and luxury they are accustom to and save hundreds of thousands of dollars. It may be smart in today's market for them to purchase two fractional vacation homes in two different geographical areas to maximize their value and enjoy both a beach and mountain getaway each year. Only 6 out of 10 are even familiar with fractional ownership.

There are many websites that focus on fractional ownership and its benefits. One gated community in the foothills of the Smoky Mountains, The Ridges at Tellico Lake is offering two spectacular homes at huge fractional savings. The savings with fractional ownership over sole ownership for a 4,000 square foot home is over $850,000. For more information please visit www.theridgesattellicolake.com or call 1-877-Tenn-A-See (836-6273).