Vacation Homes: The First to Go!July 13th, 2008 by PA - Bloger
In a down market the first major asset one will sell is their vacation home. Those who have held off buying now have a great opportunity to pick up their dream second home at a real discount. When the general market was hot, so was the second home market. Prices skyrocketed and inventory was scarce. The issue is that most of these buyers were speculators hoping to just turn a quick profit in a rising market. Some made it out, most stayed in and got caught.
If you have ever thought about buying a vacation home, now is certainly the time. House Auctions, Inc. is offering this month 3 custom built beach houses in North Carolina with ocean and sound views. The properties are being sold by “Order of the Secured Creditor” which most likely means even more opportunity for potential buyers as creditors are not in the business of owning vacation homes.
Investors who are interested in renting out a property for income may still do well as long as the proper research is done. In some markets, so much inventory exists that one must wonder what the vacancy rates are like. We found that new construction homes are rarely rented due to the wear and tear that comes along. With all the high-end custom features it’s almost a shame to rent a property out by the week but in these times it may be the easy way to ride out the cycle and cash in down the road.
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