Now Is The Time To Buy A Vacation Home For Retirement
MSN.com lists Myrtle Beach as one of the ten hottest vacation real estate markets. Based on sales figures from assessment company Clear Capital, the website says Myrtle Beach is one of the best places to find a deal on a vacation home. And according to WSJ SmartMoney, some of the most coveted vacation and retirement home markets in the nation are seeing an upswing in home sales. This trend is catching the attention of many soon-to-be retirees who wonder: With housing prices depressed and interest rates low, is now the time to buy a vacation home for retirement later? Even if you're years away from living in it?
The 2011 National Association of Realtors Investment and Vacation Home Buyers Survey showed that vacation-home buyers in 2010 had an average age of 49, and 34% planned to use the property as a primary residence sometime in the future. In Myrtle Beach, prices have dropped 34.5 percent since the peak in 2006. However, since 2009, prices have only dropped one percent, which shows prices have steadied while sales of vacation home are on the rise. In 2009, sales nationwide increased 7.9%, according to the 2010 NAR study, and it's a trend that will likely continue since vacation homes are just the type of residence that many soon-to-be retirees opt for. Although buying a planned-for-retirement home at a rock-bottom price now is less attractive if you have to eat the full cost of owning two homes until you retire, buying a vacation home and putting it in a rental program is a good investment.
Before real estate values escalate, some boomers may be thinking that this is a good time to buy a vacation home for their enjoyment now, and as well as planning for their future retirement home. There is a lot of logic to that plan. Myrtle Beach has so much to offer, it's the perfect place to consider.
Socastee: Socastee Socastee is an unincorporated community along the Atlantic Intracoastal Waterway, stretching from Murrells Inlet on the East to the Waccamaw River on the West, and from the Holmestown Road and Bay Road on the South to SC Highways 544 and 137 (Forestb... More On This Community Search Listings By MLS Area: Socastee
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