Should I Buy That Second Home Now? Ohio Islands, River and Lakefront Communities are Heating Up!

I'm frequently asked if now is the time to purchase that dream home?  Many of our buyers and sellers in are selling a home in a suburb within our Northern Ohio market area and  purchasing a home, generally smaller than their previous primary residence, to spend their summer months.  Often the client already has or is in the process of shopping for a home in Florida, Phoenix, or even Panama or another warmer climate area.

I just ran a quick search for articles and news releases in 2013, and found a surprising number of journalists and bloggers (sometimes one and the same) that believe that now is the time to buy.

 

• Unbelievably low interest, particularly with a 15 year loan and a larger than average down payment. 
• Prices are still lower than they were prior to the economy taking a hard hit, but they are starting to increase across the board within the second home market.  You probably already missed the bottom in most markets.
• Waiting to catch-up in your market?  You'll lose on the other end.  Selling your home now and buying rather than waiting may be the right move for you.
• Waiting to see what happens with tax reform?  Not purchasing now will not change what happens with tax reform.  If you intend to not purchase if the tax policy changes than wait.  If you have already decided that a second home is part of your dream - why are you waiting?  while you wait interest rates may begin to rise again and you'll lose on both ends.

A second home isn't for everyone.  Think about it carefully, decide if you want an anchor in your favorite vacation area that you can modify and call your own, and if the answer is "Yes " than start your search.

 

 

We are proud to serve the Northern Ohio communities from Cleveland, Ohio to the Lake Erie Islands and Sandusky Bay region.  Communities include the following:

 

Cleveland's Westside, Lakewood, Rocky River, Bay Village, Avon Lake (location of one of our team offices), Sheffield Lake, Lorain, Vermilion, Huron, Sandusky, Marblehead, Catawba, Oak Harbor, Port Clinton, and adjacent communities.  Islands include Middle Bass, North Bass, South Bass and the village of Put in Bay, Kelleys, and Rattlesnake.