Buying a Second Home In Colorado

Toward the end of last year, even while many of us were concerned about the dip in the real estate market, an article about the popularity of second homes ran on the Rocky Mountain News's popular website, YourHub.com.  After explaining why it is easier now to finance a second home than it used to be, the article discusses the large incidence of American homeowners who own second homes:

According to a survey conducted by the National Association of Realtors® (NAR)*, one in four Baby Boomers owns more than one property. In fact, Baby Boomers are proportionately more active in the second home market, owning 57 percent of all vacation or seasonal homes and 58 percent of rental property.

Some people might think it is madness to even consider buying a second home during a housing market slump.  But is it really?  Realistically, second homes make up an old market.  Even in the earliest decades of our country, successful businessmen bought up real estate and built homes in prime vacation destinations, such as the Hudson River Valley in New York.

Vacation homes and rentals are particularly hot in Colorado.  Our state is full of popular vacation spots, pockets where real estate values are relatively unaffected by the trends in other areas.  People still flock to the mountains in order to escape their busy lives: Glenwood Springs, Steamboat Springs, Crested Butte, and similar areas all provide the space and quiet that we need to wind down.

This should explain why second-home real estate in Colorado is still thriving, despite the overall slump in the housing market.  Fortunately, history has demonstrated a constant market for second homes that has only increased over time, as the YourHub.com article demonstrates with its Baby Boomer figures.  Regardless of any slump in the housing market, the demand for second homes will remain - particularly in a place like Colorado that is rich in vacation destinations, popular activities such as skiing, and perfect little mountain getaways.