When the economy was exploding in the early 2000s, many people began to dream about purchasing that vacation home in the mountains. However, with the booming economy came those skyrocketing house prices. Many of the homes we fell in love with quickly became out of reach financially. Now may be the time to look at those homes again - and give it some more thought! Is this the year?
With prices dropping by over 30 percent in some markets and with interest rates at historic lows (I can't believe how low the rates are!), this may be the perfect time to do what you and your families have always dreamt of doing - buying that resort or retirement home. Let's look at the numbers.
Back in 2006 we may have seen the 'perfect' home, but the $500,000 price tag was just out of reach. Today, we could probably get that home for $400,000 (if not less). We also would be financing it at the current mortgage rate instead of the rates available six years ago. The table below shows the difference in impact on our family's finances:
Not every family is in the financial position to take advantage of the tremendous opportunities the current real estate market offers. But, if yours is, this may be the time for dreams to come true. (Graph reprinted with permission from the KCM Crew.)
For answers to your real estate questions, call Allison Simson at (970) 468-6800. Email Info@SummitRealEstate.com. Her philosophy is simple, whether buying or selling, she
understands that the most important real estate transaction is yours. Want to know the value of your Summit County property? Visit www.SummitHomeValue.com.