Every year around this time, many homeowners begin the process of preparing their homes in case of extreme winter weather. Some others skip winter all together by escaping to their vacation homes in a warmer climate.
For those homeowners staying at their first residence,AccuWeatherwarns:
“The late-week cold shot should fade next week, but this is a warning shot for winter’s return late in the month and early February.”
Given this, it’s time to go and stock up on winter weather supplies! However, if you’re tired of shoveling snow and dealing with the cold weather, maybe it’s time to consider obtaining a vacation home!
“72% of vacation property owners and 71% of investment property owners believe now is a good time to buy.”
It’s time to take advantage of the equity in your home. As the latestEquity ReportfromATTOM Data Solutionsstated:
“Nearly 14.5 million U.S. properties (are) equity rich — where the combined estimated amount of loans secured by the property was 50 percent or less of the property’s estimated market value — up by more than 433,000 from a year ago to a new high as far back as data is available, Q4 2013.
The 14.5 million equity rich properties in Q3 2018 represented 25.7 percent of all properties with a mortgage.”
This means that over a quarter of Americans who have a mortgage would be able to use some of their home equity to make a significant down payment toward a vacation home, and many are doing just that! According to the same report by NAR:
“33% of vacation buyers purchased in a beach area, 21% purchased on a lakefront, and 15% purchased a vacation home in the country.”
Many homeowners who are close to retirement will use some of their equity to purchase vacation homes, which may eventually become their permanent homes post-retirement!
If you are a homeowner looking to take advantage of your home equity by investing in a vacation home, let’s get together to discuss your options!
Michael Harris Team unique combination of knowledge, skills, experience and commitment to service sets apart this group of real estate specialist from all other Realtors in the Golden Isles Area of Sea Island, Saint Simons Island and Brunswick. Because Teams are human systems that make ordinary service-EXTRAORDINARY service.
Buying A Vacation Property? Now Is A Good Time!Every year around this
"Letter from Ray & Maureen Fumo:
Thank you so much for all of your help and guidance this past year as we went through the process of buying and building our new home in GA. From the first day we met you, and you took us on an extended personal tour of the Golden Isles to introduce us to the area, as well as looking at different homes, you looked out for our best interests. Your advice was invaluable as we worked through the stages of building a new home. We appreciate everything you and the Michael Harris Team did! R & M"