Seattle, WA (PRWEB) September 28, 2012
Housing trends within the last year have continued to suggest a buyers market when it comes to vacation property, at least for those with the resources and good timing to make it happen. Scatter Creek Realty, an Upper Kittitas County real estate company, utilizes a wealth of local experience to help provide the insight and information to take advantage of these trends. With an in-depth understanding of the local real estate market, Scatter Creek can help locate prospective buyers an ideal secluded mountain cabin, only a short drive from Seattle.
Purchases of investment properties rose by 65% in 2011, according to the National Association of Realtors, and account for the ever growing trend in increased vacation home sales. Many savvy investors have realized that now is a great time to buy vacation property for several economic and practical reasons:
Low Housing Costs
With housing costs at near their lowest in nearly a decade and all indications predicting a full real estate recovery not before 2015 [moneyland.time.com/2012/03/28/full-real-estate-recovery-not-coming-until-2012/], many are seeing opportunity knocking. This has had the impact of reducing the number of available houses on a nationwide level, but with the help of an experienced local realtor, opportunities abound.
Low Mortgage Rates
Record low mortgage rates between 3% and 4% on 30 and 15 year fixed rate plans make for a buyers market. The only hangup has been the more stringent guidelines for obtaining loans. Some even suggest that this lone factor is unnecessarily stalling economic recovery by tying up money that could help bolster home sales. Regardless, if you have the dough for the downpayment, financing options couldn't be more favorable.
Increased Travel Costs
Simply put, the price of gas is keeping us all a lot closer to our homes, even when it comes to vacations. Purchasing a vacation property close to home allows for more frequent usage and a large reduction in the amount of money spent on travel. The convenience for busy families to gather quickly in a scenic, secluded, but not too distant mountain community, has advantages that are hard to monetize.
A large percentage of vacation home buyers last year cited the possibility of renting their property when not in use as a large reason for their purchase [http://www.erate.com/vacation-property-owners-enjoy-hot-summer.htm . With careful management, rental income can cover over half the mortgage and is a great way to capitalize on the current trend of rising rental prices.