Is Now a Good Time to Buy a Second Home? You Bet!

As you read your local and national news papers, they will often report that adverse economic conditions have cooled-off the once hot second home market. There is no doubt that the second home market is not as brisk as it once was. The masses of investors have gone back to their full time jobs and making the forecast for the second home market a bit cooler than it’s been in the past few years.

Is this “cooling market” a bad thing? NO! Now that the investor pool has slowed, it allows the typical buyer of a second home a chance to get into their dream of a beach or mountain home at more reasonable rates. There is a definite green light to those who are looking for a deal in the second home market. Because there was so much speculation during the second home housing boom, some of the investors are looking to unload properties in a onetime hot market. So this is good news for someone looking to get into the second home market!

But BEWARE! Before you enter a contract to buy your dream vacation home, you need to check with you Jenny Pruitt & Associates Mortgage Services Representative to make sure you know of the total costs of owning that second home. There are many fees and carrying costs that you may not be aware of and don’t assume that you’ll be able to offset the cost of your mortgage, by renting your vacation home. Being able to have a “natural or positive cash flow maybe not be possible! Your Jenny Pruitt & Associates representative can help you with this process.

Hope you have a most wonderful Holiday Season and Happy New Year!