Thinking of a Vacation or Retirement Home? Buy It Now

When the economy was exploding in the early 2000s, many of us began to dream about purchasing that vacation home on the lake or securing a home in a more appropriate location for our retirement years. However, with the booming economy came skyrocketing house prices. Many of the homes we fell in love with quickly became out of reach financially. Perhaps we should take a second look at these same homes today.

With prices dropping by over 30% in some markets and with interest rates at historic lows, this may be the perfect time to do what we and our families have always dreamt of doing ? buying that second home. Let?s look at the numbers.

Back in 2006 we may have seen the ?perfect? home but the $500,000 price tag was just out of reach. Today, we could probably get that home for $400,000 (if not less). We also would be financing it at the current mortgage rate instead of the rates available six years ago. The table below shows the difference in impact on our family?s finances:

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Not every family is in the financial position to take advantage of the tremendous opportunities the current real estate market offers. But, if yours is, this may be the time for dreams to come true.

About The Author

We at The KCM Crew are pursuing our mission of building a home for real estate information. We are truly dedicated to helping real estate professionals by supplying all the tools and resources they need to be seen as industry leaders in their marketplace. See how we can help you become an industry leader in your marketplace, and be sure to check out our page on Facebook and follow us on Twitter.

Source: http://www.kcmblog.com/2012/09/19/thinking-of-a-vacation-or-retirement-home-buy-it-now/

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