Best Places to Buy a Vacation Home
Opportunity is always out there!
Many people who purchased second homes during the real estate boom several years ago did so with llittle down payment and/or interest only loans. This may have seemed like a good idea at the time; after all, prices were skyrocketing. How could you go wrong?
Unfortunately, many of these same homeowners were hit the hardest by the changing economy: home values fell, income may have fallen as well. Homes in resort and vacation destinations are being unloaded by individuals and banks in record numbers. This may just be a great time to consider the purchase of a vacation property.
SmartMoney.com did a little research for you and came up with these top 5 locations for bargain hunters:
Panama City, Florida - A Gulf Coast location, year round warm temps, bargain home prices and a soon to be opened airport make this the top pick.
Pocono Mountains, Pennsylvania - Yeah, The Poconos! The appeal here is that you have a year-round destination, and for folks in the Philly area its just so dang easy to get there and back. Single family homes can be had for the $100,000 to $300,000 range.
Crystal Coast, North Carolina - The southern end of the Outer Banks is largely unspoiled, with pristine beaches and national parks. Inland real estate can be found at great prices, but beachfront still commands top dollar here.
Lake Tahoe, California - Pretty much everything in the area has a water view, with swimming and boating in the summer and world-class skiing in the winter. California has been one of the hardest hit states when it comes to real estate values, so there are some bargain prices out there.
Great Smoky Mountains, Tennessee - Its the most visited national park, with tons of stuff to do year-round. Home values have taken a hit there, but since tourism remains high there's a good chance of turning a profit on a vacation/rental property.
Considering a vacation home purchase? Contact us for a referral to a great REALTOR in your destination location.