Housing slump hitting vacation homes, too

When we think of the slump in residential real estate, we think of sellers struggling to sell their primary homes. But what about people who own more than one house? How is the housing slowdown impacting the owners of vacation homes?

According to the National Association of Realtors the housing slump is causing fewer people to purchase second homes. And that is causing an interesting side effect: As the number of unsold vacation homes on the market continues to rise, their owners — who can’t unload them as quickly or for as high a price as they once could — are competing harder than ever to find renters.

This is leading these owners to take some unusual steps to rent their vacation homes, according to HomeAway, an international network of vacation-rental Web sites. Owners are adding giant plasma TVs, updated kitchens, whirlpool tubs and other luxury items to help them stand out from the competition.

Personally, I never did understand the allure of the second home. I find taking care of one home work enough. And how often would you want to go to your second home, even if it’s located along a beach somewhere? To me, vacation means going to new places, seeing new things. I like knowing people who have second homes. But owning one myself? No way.