Guess news for Northeast PA! The vacation-home market appears to be showing signs of life again! The good folks at our ever-reliable National Association of Realtors keep track of these things and give us some good reasons to believe the news. It may seem a bit contradictory given the general belief that the housing market, in general, is still struggling but, if we think about it, it kind of makes sense…and here’s why……
The prices are right... Investment- home prices rose 6.4% last year (yes, rents are higher) but, the median vacation-home price was down over 19%! So, which would you choose to buy? Where’s the bargain? I’d say the vacation home!
The inventory still favors a buyer…. This makes it easy for people to find vacation- or investment-home opportunities that previously would have been out of their price range.
Interest rates are still nice and low. Low interest rates make a second mortgage even more affordable for those seeking a vacation home and signal savings throughout the term of the loan, which is even more appealing for those seeking a second home.
Optimism is on the rise. There does appear to be a little light shining at the end of tunnel. We’re seeing lower unemployment numbers and a stronger stock market which, in turn can change attitudes for the better and serve to fuel investment decisions of every kind.
A second home can be a fantastic way to generate investment income. Or, it just might be the home you’ve been dreaming of.
Helping you find your Way Home!