The National Association of Realtors recently listed 2010 as the best year on record to buy a retirement or a vacation home, and predicts 2011 to be the third most affordable year since 1970. Vacation and retirement home sales are on the rise nationwide according to the NAR, and will most likely be a trend that will continue for the foreseeable future. Low prices and low mortgage rates make this market very attractive as more and more baby-boomers are retiring and purchasing homes. In the vacation homes market where houses were once being bought for the purpose of flipping, the landscape has changed to where the buyers are now purchasing for the long term…retirement.

Smartmoney.com recently posted an article about the NAR study, offering up a few points to consider for those looking to purchase a vacation or retirement home.

1. Thinking “long term” – If you plan to purchase for the long term, the investment will not be as risky and a long term plan can help weather the short term up and down storms of the real estate market.

2. Timing – Even though prices continue to drop in several areas, they wont always stay low. As the market continues to improve the prices will rise, and in some of the most popular vacation destinations the prices will rise even more drastically.

3. Understand the market – In markets where foreclosures are heavy, home prices will remain lower for longer periods and buyers have more time to purchase. However in popular high-end markets that haven’t been affected as much by the economic dips, the window to make a cheap purchase is considerably smaller since prices bounce back much quicker.

Click here read the original article from SmartMoney.com.

To speak with our friendly team about the spectacular homes for sale at Bayside, contact us today!

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