Disclaimer: I\u2019m not a financial advisor or real estate agent.\u00a0 I\u2019m simply sharing information that worked for our family.<\/i><\/p>\n
Have you considered buying a second home?\u00a0 Whether it\u2019s a cottage at a lake, a beach house, or a retirement condo in Florida, this might be the right time to buy a second home.\u00a0 Only you can decide, so we\u2019ve put together some things to think about.<\/p>\n
Here are a few pros:<\/p>\n
1. Mortgage rates remain low.<\/p>\n
According to USA Today, the nationwide average rate for a 30-year fixed mortgage is 3.35%.<\/p>\n
If you can swing it, the average 15-year fixed mortgage is at 2.61%, slightly higher than the record low just two weeks ago.\u00a0 It\u2019s worth looking into a shorter-term mortgage.\u00a0 The sooner you can repay the mortgage, the less interest you\u2019ll pay the bank.<\/p>\n
2. Banks aren\u2019t paying much interest on savings accounts. (If you can find anything above 1%, please let us know.)<\/p>\n
3. Are we nearing the end of a buyer\u2019s market in the housing market?<\/p>\n
For a while it has been a buyer\u2019s market.\u00a0 There were houses on the market, and not enough buyers.\u00a0 This trend is starting to change in some locations.<\/p>\n
Back in February, the National Association of Realtors announced that it is becoming a seller\u2019s market.<\/p>\n
This week, CNN Money cited that we are in a housing boom, with home prices rebounding.<\/p>\n
So this could be the time to buy, before it becomes a true seller\u2019s market, and home prices continue to increase.<\/p>\n
Things to consider:<\/p>\n
After talking about it for some time, we determined that 2012 was the right year for us to purchase a second home.\u00a0 It\u2019s a small piece of property, that\u2019s easy to maintain inside and out.\u00a0 There\u2019s a furnace, so we can go there year round.\u00a0 We have access to a private beach on a lake, as well as the town beaches.<\/p>\n
Stay tuned.\u00a0 On Friday, we\u2019ll reveal some pictures of our vacation house at the lake.<\/p>\n","protected":false},"excerpt":{"rendered":"
Disclaimer: I\u2019m not a financial advisor or real estate agent.\u00a0 I\u2019m simply sharing information that worked for our family. Have you considered buying a second home?\u00a0 Whether it\u2019s a cottage at a lake, a beach house, or a retirement condo in Florida, this might be the right time to buy a second home.\u00a0 Only you […]<\/p>\n","protected":false},"author":1,"featured_media":646,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[151,150,149,148,152],"class_list":["post-641","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money","tag-buy-retirement-condo","tag-buying-lake-house","tag-second-home-purchase","tag-time-to-buy-second-home","tag-what-to-consider-buying-second-home"],"yoast_head":"\n