Have you been wanting to purchase a getaway, lakehome, second home or investment property but are now hearing of the possible Real Estate Industry Slump?
This slump will not affect the Lake Livingston Real Estate Market!
If you are a strong buyer with good credit you will not feel the affect!
This slump is caused by simply loaning too much money for too little interest to buyer's that were not sufficiently qualified. Adjustable rate mortgages are about to begin their climb which will again cause more shakey loans. One in five houses (homesteads) are defaulting and being returned to the lending companies.
Now is the time to buy!
According to the National Association of Realtors (NAR), the vacation home market has experienced unprecedented growth. The facts, according to the National Association of Realtors (NAR) Investment and Vacation Home Buyers Survey, April 2007:
- Vacation home sales hit a record high, rising to 1.07 million in 2006, from 1.02 million in 2005. Second homes purchased as a vacation property or investment accounted for 36 percent of U.S. home sales in 2006.
- Eighteen (18) percent of vacation home owners purchased their home to rent to others, up from 13 percent in 2005. According to NAR, second home buyers show "only modest interest in renting their properties to others." However, HomeAway surveys show that while many buyers do not initially intend to rent their vacation home, they do so after finding it more expensive than anticipated and not used as often as planned.
- "Second homes" are somewhat of a misnomer: 86 percent of vacation buyers purchased one vacation home, 12 percent purchased two homes and 2 percent purchased three or more vacation properties.
- With large expendable incomes, baby boomers continue to drive the vacation home market. The typical buyer is 44 years old, with a median household income of $102,200.
The vacation or retirement home market is able to escape the downturn because of strong demographic forces.
Here at Lake Livingston and throughout the state of Texas, our waterways are the most desireable of all Real Estate. We can be assured that where there is water there is value. Some 10,000 Americans will turn 60 years old daily over the course of the next 10 years. The ideal dream is to live by the water. With Houston only 1 hour away and Dallas under 200 miles away, Lake Livingston is being considered a highly desirable retirement area. With our wonderful climate, towering pines, Nationally acclaimed medical facilities within easy drive time and shopping and culture galore, we are the pick of the litter!
Again, now is the time to buy! They're just not making anymore Lake Livingston waterfront!
contact Debra Brooks for information about our Lake Area and Lake Livingston Real Estate. http://www.brooksprimeproperties.com.