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!
Author:Don Drury Phone: 912-223-6297 Dated: January 8th 2019 Views: 621 About Don: ...
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.
With interest rates rising and home inventory is declining, you might
"My husband and I decided to relocate to the Golden Isles area in Fall 2017. A mutual friend recommended Wendy for an agent and we are so glad we called her. Wendy took her time to show us the area and give us tips on the economy, traffic, shopping, and the current real estate market. Wendy remained diligent when we became indecisive on the area and buying existing versus building a home. Wendy was determined to help us find our perfect spot! Wendy was available when questions arose and guided us through the entire process of our purchase. Wendy is a great negotiator and a professional agent. She is also now a life long friend!"