Cash Is King For Second Homes

Certainly buyers with cash, vs a mortgage, have always had somewhat of an edge when negotiating with property sellers. This is particularly true for second and investment homes. The current difficult mortgage environment makes cash deals even more desirable. Why would a seller want to risk having their offer fall through due to the buyers' inability to secure a mortgage?

SmartMoney magazine has a very interesting article in the June, 2011, issue on why cash is especially important in purchasing 2nd homes. This article is on the SmartMoney.com website... here.

Nationally - Vacation-Home Market Recovery Sluggish

CNBC's website ran an article about the 'long road' to recovery of the nations' vacation home marketplace. Since a vacation home is the definition of a discretionary expense, only those who have the extra cash, and feel confident spending it, are in the market for a second or vacation home. Nationally, many vacation areas are hurting when it comes to sales volume and home prices. Interestingly, Cape Cod is cited as a 'bright' spot in the otherwise struggling vacation home marketplace.

Check out the article on CNBC.com.....Here.

Seasonal Homes A Majority on the Outer Cape

The 2010 census has determined that the majority of the Outer Cape's homes are seasonal. Overall, Cape Cod's seasonal housing comprises only 35.5% of the total, ranging from 13.6% in Sandwich to over 64% in Truro. The Outer Cape is almost entirely over 50%, where the Mid and Upper Cape are generally under 50%. Of note, the US Census Bureau's information shows that the seasonal home percentage (in Eastham as well as Cape-wide) is up 3.5% from the 2000 census. Eastham is up from 52.3% (2000) to 55.8% (2010).  Check out the graphic, below.

Source: Cape Cod Times, May 6, 2011

Sales of Vacation Homes Rose in 2009

Nationally, sales were up 7.9% for vacation homes in 2009, over 2008. This data seems to be counter to the rest of the marketplace, which was otherwise depressed. Read the article in the Wall Street Journal's MarketWatch website.

5 Reasons to Buy Your Vacation Home Now

I've been saying that Outer Cape Cod (especially Eastham) real estate is a great investment for several years. RIS-Media published an article that highlights why now is the time to buy your second home. The 5 reasons are simple .... go HERE to read the article.

10 Things to Know About Buying a Second Home

HGTV's Frontdoor.com published a new article about buying a second home. Nationally, one out of three homes sold in 2007 was a vacation home or investment property, showing that demand for second homes remains healthy despite a slow housing market. With homebuyers enjoying an advantage in many markets (including Eastham and the Outer Cape), now may be the time to buy that second home. It's an important read. Go to Buying a Second Home at Frontdoor.com.