The Time to Buy Your Vacation Home is Now
Real estate in general is seen as a more attractive investment right now, but should you consider buying a vacation property in winter? It is actually wiser to shop for a vacation home now. Here are three reasons why you should consider buying now:
- Rates are at historic lows, but that is expected to change this year. Last month, the Federal Reserve raised interest rates from the funds target rate of 0.5% to 0.75%. Plus, Federal Reserve officials intend to issue three more rate hikes in 2017. So the time to buy is now.
- It is winter, so most potential buyers may be waiting for spring to begin their search. Winter home buying is for serious buyers who want to find great deal.
- Price and a seller's willingness to negotiate: when it is the middle of winter and there are less buyers looking, a vacation home on the lake can sit on the market until spring. Sellers who want to close before then are more willing to consider other offers and negotiate.
Also, vacation homes and investment property is a hot commodity when the weather gets warm in the Granite State. New Hampshire is home to many retirees or those with retirement on the horizon. Baby boomers are reaching the age that makes them consider a move–like downsizing and moving to a part of the state where they love to vacation. NH Lake homes, with their proximity to many ski resorts, and those on the seacoast, with their quick commute to Boston, are areas attractive to buyers.
Another consideration is rising home prices. A typical home price tends to rise around 3% to 5% per year. Closings in January and February usually provide the best pricing for home buyers, meaning that buyers get the best deal when they get the home under contract in winter.
Whether you're a skier who loves the mountain slopes of the North Country, or a lover of the beaches at Rye, North Hampton, or Hampton, or a potential retiree seeking to retire by the lake and enjoy fishing and boat rides launched from your own private dock, there are homes available to meet a wide range of budgets.
So, if you are planning on buying a vacation home in the coming year, it might be wise to start shopping while the snow is still on the ground in order to get the best deal, the best interest rate and beat out the competition. Talk to a Realtor who understands the NH vacation home real estate market because the time to look for your dream vacation home is now.
Talk with one of our trusted real estate advisors to find the perfect vacation home!
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