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2013-08-07 18:39:56
High Tide for Area Second Home Investors?

Rising Market + Low Rates = Timely Opportunity

 

For many of us, the idea of owning a second home has always seemed an inviting long-term investment idea, but

First, there was the expensive market. Reasonable mortgage rates were available, but the most interesting local second home possibilities were often…just a little too pricey. Then came the real estate swoon that began in 2005: a serious market reversal that had financial pundits (for the first time in memory) casting doubt on the viability of real estate — first home, second home, any home — as an investment.

Those days may be thankfully behind us, but…the memory of falling values can easily override actual rising values, even when they are evident in today’s market .

secondhomeOnce you shake off the emotional roller coaster of the past decade’s rise, fall, and current reversal — a strong argument can be made that what we are experiencing this summer could wind up being your best chance to pick up a terrific local second home buy. Whether that property would serve as a family vacation home, income producer, long-term equity-builder (or any combination of the above), now is a perfect moment for investigating the prospects.

The reasoning is basic. In a flat market — or one that only appreciates at the rate of inflation — a second home investment is generally considered fitting for the slightly risk-averse. It’s the opposite in a falling market, when second home investments seem to comprise a chancier proposition (as Wall Streeters say, ‘catching a falling knife’ can be risky).

But today’s situation doesn’t look like either. And since it’s an early purchase in a rising market that stands to pay the greatest dividends — this is a summer that could create the kind of investment returns that later has bystanders smacking their foreheads and saying, “I looked at that place when I could have bought it for…” Add in today’s still historically low mortgage rates, and there’s ample reason why your “some day” second home buy might better become “this day”!

One thing that’s certain: good bargains for a second home in town are out there. Call me anytime to look over the opportunities! 

 

 

 

 

 
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