The purchase of second homes is a rising trend in the real estate market. Vacation home sales rose almost 5% in 2006 with the average buyer at approximately 44 years of age. A third of these people plan to make their vacation home their primary residence after retiring.
When you are looking for a retirement home take these things into consideration: 1. Is it affordable? 2. Is it convenient to travel to? 3. Can you rent it out? Are you in a good vacation rental area? 4. What is there to do there? Things for the summer and winter?
We propose that now is an excellent opportunity to consider purchasing, especially in the Lake Tahoe area for several reasons. 1. The market has proven to be very strong in Lake Tahoe. There is a lot of inventory and at pretty good prices too. With this much inventory there is a lot of room for negotiating. 2. Consider that waterfront and resort properties are likely to rise faster than other areas. 3. Mortgage rates are very low, who knows what will happen in the future. 4. There is plenty of time to get all your information together and make an informed decision without having to rush into a purchase. 5. You have the option to rent out the property to help decrease overall costs. A good rule of thumb is…if one week of peak rental income can cover a month of mortgage expense…it’s a good deal. 6. Buying a retirement home early makes it easier to move when the time comes. You already know your surroundings, have an attachment to your home, etc. 7. Owning a home in a vacation setting will quickly make it a top priority for quality family time.
View our most recent statistics at www.SoliRealEstate.com to see why NOW the Real Estate Market is full of opportunities.
solid argument Bruce and Sandy.
I wonder what the 2007 and 2008 figures are.
‘Vacation home sales rose almost 5% in 2006′
I’ve read reports that the luxury market was in a better position than the median prices
By: Reno Real Estate on March 25, 2008
at 4:21 pm
Thanks for you comment and for reading our blog on vacation home sales. Vacation home sales remain strong as other parts of the market take a hit. In Incline, the condos under $500 are really taking the brunt of the change in the market and they have decrease approximately 38% in value over the previous year. But, for serious second home buyers, especially those with the income to do so, the upper tier of the market is holding it’s own. Incline Village was one of the only towns around the lake to see appreciation last year. The numbers may be skewed slightly as there were several multi-million dollar homes sold. This holds true to the point though made earlier.
New statistics on the 1st quarter of the year will be posted here in just a couple of weeks. Please check back soon.
By: Bruce & Sandy Soli on March 26, 2008
at 7:01 pm
Oh ok. I didn’t know that:
“the condos under $500 are really taking the brunt of the change in the market and they have decrease approximately 38% in value over the previous year. ”
Thanks for the info.
By: Reno Real Estate on March 26, 2008
at 7:46 pm