Some of our condos have been for sale over 300 days-some even 500 days. Nice units too! Some of them lake front. The problem is they are so hard for people to buy in this economy. Unless you have a savings of 30% to put down, (on a $100,000 plus unit) the banks will turn you away. Does not matter what your score is, or what bank you use....Most of them I have found require a large chunk especially if they are on a nightly rental program or it is classified as a second home.
I'm looking forward to some lender comments here...please feel free to elaborate!! It's too bad we have such great rental opportunity and so many condos, but they are "un-buyable" unless you have a pocket full of cash. I've seen some fabulous units just sitting! I don't mean to rant and rave...just makes me wonder...hmmm!
I guess it would be a good time to buy if that is the type of second home you are looking for, although many decide instead of the HOA's of $200 maybe they should opt out for a lake home and pay no fees. It all depends on what the buyer really wants...and I find a lot of them do want things taken care of while they are gone like maintenance, pool, amenities, etc.
Now is an excellent time to buy your second home in Branson, if your lender is willing to work with you, second homes are trickier to finance. Make sure you talk with a reputable lender to get all of the details.
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