Today could be the opportune time to buy a 2nd home. With real estate prices down huge in many areas of the country, those with the ability to make purchases, are snapping up 2nd homes at absolutely amazing prices. Home prices have steadily fallen over the past couple years, and coupled with low interest rates, now could be the time to make that purchase. For example, according to the Florida Association of Realtors, the median home price in FL in January of 2009 was down 33% from a year earlier. Prices in Hilton Head Island SC are down anywhere from 20-40%. And many vacation home markets in California have seen significant price drops.
Here in Colorado, not too many people purchase Denver Colorado real estate for a 2nd home, but we do have the mountain regions which have surprisingly held their values well during this time of turmoil. People aren’t really doing much buying and selling though. Transaction volume is down HUGE! It seems like much of the driving force of these transactions is high dollar volume, meaning over $2 million.

Filed under: Denver Real Estate News