It's Cold Outside Time to think of a Vacation.....Home


Buying A Vacation Property? Now Is A Good Time!

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, AccuWeather warns:
“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!
According to the Investment & Vacation Home Buyers 2018 Report by NAR:
“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 latest Equity Report from ATTOM Data Solutions stated:
“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!
Bottom Line
If you are a homeowner looking to take advantage of your home equity by investing in a vacation home, contact me to discuss your options!

 Looking in the Coeur d'Alene, Sandpoint, ID areas or Newport, Spokane, WA areas? Contact me I can help.
Jeremy Lemm
Coldwell Banker Tomlinson
509-217-9904
jjlemmrealtor@gmail.com




Comments

Post a Comment

Popular posts from this blog

Curb Appeal for Everyday

Image
  Curb Appeal 5 suggestions and a bonus.  With today’s market selling a property seems to be easier than ever. Low inventory and high demand are driving the market. But, how do you set your property apart from the rest from the moment the potential buyer pulls up in front of your property?  Why is curb appeal important? Most buyers, unless they are driving up & down the streets looking for “For Sale” signs, are finding the properties online. You need to make it “POP” in pictures to catch the buyers as they swipe through the properties, regardless of what site they are using. Here we will go over a few items that seem like no brainers, but sellers tend to not think about or feel is not needed. Below I will briefly go over 4 things property owners can do to draw attention to their property whether they are selling or not. #1. Mow the lawn. This is one of those well duh.. But you’ll be surprised how many sellers once they list their property, especially if they don’t li...
Read more

Spokane's Low Real Estate Inventory

Image
Here we are in the 2 nd month of 2018 and I must say one of my FAVORITE months. January was a whirlwind of a month. It was here, I blinked and it was gone. For the real estate industry lots has happened already. Washington State Governor Inslee has signed Bill 6091, hopefully fixing the Hirst Decision. Homes are listed for sell and are gone before you know it. The inventory of homes for sale is currently at an all time low for Spokane County. As of the writing of this post there are only 651 homes for sale that fall under the following criteria: -           Price: $1million or less -           Status: Active, New, Back on Market, Price Change and Extend (agreement between Realtor and Seller to sell extended) -           Sub-Type: Residential (non-manufactured homes), and Condos -           Lot size: ...
Read more

4 Reasons Why We Are Not Heading Toward Another Housing Bubble

Image
I found this article and found it interesting, especially with the Real Estate Market seeming to continue it's historic climb. I am sure we will see things to start cooling off, as we have seen in some markets. But, we will see the bottom drop out like we did in the early 2000's? 4 Reasons Why We Are Not Heading Toward Another Housing Bubble With home prices continuing to appreciate above historic levels, some are concerned that we may be heading for another housing ‘boom & bust.’ It is important to remember, however, that today’s market is quite different than the bubble market of twelve years ago. Here are four key metrics that will explain why: 1.      Home Prices 2.      Mortgage Standards 3.      Foreclosure Rates 4.      Housing Affordability 1. HOME PRICES There is no doubt that home prices have reached 2006 levels in many markets across the ...
Read more