An article recently published in The Wall Street Journal offers some insight into whether or not you should be thinking of buying a second home in the next five years.
There is a lot to think about – with near record low mortgages rates, bargain prices and dwindling home inventories the once hard to attain second home is now at your fingertips for historically low prices. These factors have conspired to create somewhat of a buying frenzy in our perenially popular Sarasota market.
Sales of vacation homes fell 56% between 2006 and 2010, but climbed 7% in 2011, according to the most recent survey by the National Association of Realtors. Showing continued confidence in our market place.
At Murray Realty we have seen Sarasota properties receive multiple offers as well as an increase in activity in the high end market place. Waterfront properties are being snapped up at 50% of their boom value. Snow birds are feeling more confident that the market has bottomed out, therefore investing their money in a second property might be once again a sound investment.