Buying a second home in Santa Fe is now becoming a solution for many investment and vacation home buyers who see being in Santa Fe as living their dream sometime in the future. Given this new landscape of real estate and mortgage financing, it is clear times have changed for many for many in the Boomer generation who are living on retirement income. Often, I see they can not afford to purchase a second home in Santa Fe until they have sold their current home. Who are second home buyers today?
The National Association of Realtors (NAR) reports in the 2011 Investment and Vacation Home Buyers Survey the following trends:
- average age of vacation home buyers is 49
- income of vacation home buyers is $100,000
- 63% of the vacation home buyers secured mortgage financing
- confidence level is high as 34% of existing vacation home buyers say they will buy again in two years
In between the lines of the survey numbers, it appears these Generation X Second Home Resort Buyers are focusing on short sale properties and bank owned properties in both downtown and close-in neighborhoods where if necessary renters can make the mortgage payment.
Remember the IRS has different rules for when you declare your second home as rental property. Depending on your circumstances you may be able to deduct your mortgage interest on your taxes. It is always best to do the numbers and consult with your accountant as to which option will work best for you.
Today, the benefits for second home ownership in Santa Fe can be a range of options depending on your goals. It can be about a lifestyle change, a future retirement home, a vacation getaway, finishing a dream or a smart investment as a rental property with a tenant paying your mortgage payments.
Remember to look at all your options and contact a Resort & Second Home Property Specialist (RSPS) Realtor®. Why? We specialize in second homes in all price ranges located in resort communities for lifestyle change, investment, retirement and relocation. You can benefit by our additional certification and training as Resort and Second Home Property Specialist. It is that simple. Contact Emily Medvec today at 505-216-6280 for a consultation on your Santa Fe Second Home vacation and investment options. There is no reason to be "too late" to take advantage of our market opportunities available to you now.