Top Ten Reasons to Buy Your Vacation Home Right Now!
Buying a vacation home can be an exciting and rewarding investment. There’s never been a better time! Here are the top ten reasons to consider purchasing a vacation home right now:
1. Interest Rates are Trending Downward
The overwhelming expectation is the Federal Reserve will cut the Federal Funds Rate at their upcoming meeting, When the Fed cuts the Federal Funds Rate, it signals what’s happening in the broader economy, and mortgage rates tend to respond. While a single rate cut might not lead to a dramatic drop in mortgage rates, it could contribute to the gradual decline that’s already happening. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says: “Generally, the rate-cutting cycle is not one-and-done. Six to eight rounds of rate cuts all through 2025 look likely.” As rates continue to drop you can buy now and refinance at a better rate later.
2. Maximize Rental Income
This is the time of year when ski vacation reservations start picking up. Now’s the time to get your new mountain home into the system. The bulk of your rental income comes in the December through April time period. Build equity and cover some costs while enjoying your ski home NOW! Waiting till spring is costly.
3. Appreciating Real Estate Market
Home prices are forecast to rise from 3-4.5% next year nationally. Locally in the last year Average indicators for $ were: Single Family +14%, Multi- Family +7%. Purchasing a vacation home now allows you to benefit from long-term appreciation and build equity. Waiting will cost you more. You can’t refinance out of a higher price.
4. Customization and Familiarity
What’s more valuable than making memories with family and friends? A vacation home provides a personal retreat for you and your traveling companions. Instead of spending $ on hotels and accommodations, you'll have your own space for regular getaways. Everyone can share time together rather than separate hotel rooms and dining out every meal. Also, it gives you consistency in knowing what to expect when you arrive—no surprises with accommodations.
5. Price reductions and Motivated Sellers
In Breckenridge 55% of active listings have had price reductions. Similarly other parts of the county are seeing the same. Sellers are motivated more than at any time in recent years. Many areas are seeing a Buyers’ Market. As interest rates drop this could likely shift back in the sellers’ favor. As we get closer to ski season we are seeing our inventory shrinking. This is the most favorable market since the mid twenty-teens and your choices are still numerous.
6. Work-from-Anywhere Flexibility
The rise of remote work has increased the appeal of owning a second home in a scenic or relaxing location. You can mix work and leisure by setting up a home office in your vacation home. Setting your job or business up to live here full time and work remotely is becoming more popular by the day as well. Keep your job and live here too. What a great life. Go Big!
7. After The Election Activity Increases
In election years there’s a slight slowdown in sales in November, but they tend to bounce back fast and climb the next year. This is regardless of who wins. Don’t think waiting till after the election will be an advantage, it will be more expensive either way it turns out. See my blog.
8. Investment Diversification
A vacation home is a tangible asset and can diversify your investment portfolio. Real estate often holds value differently than stocks or bonds, providing a layer of financial security.
https://www.investopedia.com/: Real estate has ranked as one of Americans' top investment picks for decades with 34% identifying it as the best long-term investment in 2023, according to Gallup’s annual Economy and Personal Finance survey. That puts real estate ahead of gold (26%), stocks and mutual funds (18%), savings accounts and certificates of deposit (13%), and bonds (7%) as the favored long-term investment. 15 Year Market Report From Land Title Company
9. Memory Building with Family and Friends
How many years have you been waiting? Owning a vacation home allows you to create lasting memories with loved ones in a place that becomes your special gathering spot. Nothing is ever perfect. Waiting only means you are a year older, your kids are a year older and closer to moving on and your friends may be moving on as well. You’ve waited long enough.
10. Future Retirement Home
There’s no better place to retire than Summit County, CO! Meet the Retirees Who’ve Become Ski Bums. A vacation home can eventually become your full-time retirement home, allowing you to downsize or move to a more relaxed environment when you're ready to retire. And you’ll live longer too! The 25 US Counties With the Longest Life Expectancy.
Now could be the perfect time to make that dream vacation home a reality, combining lifestyle benefits with smart financial moves. Call me now and Go Big in Your Life. 970-389-6123