Santa Fe Real Estate: FAQ Why Buy A Second Home?

By
Real Estate Agent with Keller Williams Santa Fe NM Broker License 16161
http://actvra.in/BVD

Emily Medvec Santa Fe Lifestyle

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.

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Posted by

The Santa Fe real estate market is a local one. Real estate news reports and trends in other communities does not apply here. Search all current properties here with a fast and easy list or map search. If you are thinking about selling your home or considering a lifestyle change in relocating to Santa Fe, I suggest you give me a call at 505-660-4541 to schedule a real estate consultation. No one has time or money to waste in this new landscape of real estate. I am available to help you and make a positive difference in your real estate experience. Remember, dreams can be made a reality when you act on them. Emily Medvec

Today, I work with buyers and represent sellers in all price ranges in Santa Fe and throughout northern New Mexico. My focus is to use my experience, vision and strategies to find you opportunities and solutions. My goal is always to save you time and money whether you are buying or selling any form of Santa Fe real estate, including homes, land, town homes, condominiums, ranches and commercial property.

Emily Medvec Copyright 2014 All Rights Reserved 2007-2014

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Will Nesbitt 06/14/2012 07:23 AM
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Resort & Second-home Property Specialist - NAR Designation
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Rainmaker
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Gene Mundt
www.genemundt.com - Joliet, IL
Mortgage Lender - Chicago/Chicagoland Mortgages

Emily:  I LOVE this post!  The stats are impressive, as are the recommendations as to WHO to work with when choosing a real estate professional.  I'd extend that to mortgage lenders too, of course.  This situation is no time to work with a rookie.  I've Tweeted, Googled, etc., this message as many places as possible.  You give great advice ... and timely advice too ...

Featured!

BananaTude Pic 

Congratulations!

Gene   

June 02, 2012 01:38 PM #1
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut - Middletown, CT
Your Connecticut Mortgage Expert

Emily you do a great job in promoting Santa Fe.

Now I have a question.  Is that you in those shoe in the first picture :) :) :)

June 02, 2012 01:52 PM #2
Rainmaker
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Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"New Franklin MA Homes"

Hi Em.... what a nicely written post.... those who are considering buying a second home in the Santa Fe area would be wise to call Emily Medvec for guidance....I know I would.

June 02, 2012 02:47 PM #3
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Emily Medvec
Keller Williams Santa Fe - Santa Fe, NM
Realtor, Santa Fe NM |CNE CRS RSPS | 505-660-4541

Gene, thank you for passing this beyond forward. One of the great things about your services is you can lend in New Mexico. Our buyers are fortunate to have your years of experience available to them.

George, the story about the shoes is they were walking on Canyon Road one recent afternoon and the image is what happened next!

Barbara, thank you so much for your generous and kind words! Like you, I value the recommendations from other Realtors.

June 02, 2012 03:29 PM #4
Rainmaker
565,341
Kathy Sheehan
Movement Mortgage 770-634-4021 - Atlanta, GA
Branch Manager

If I was in the market for a second home, I would definitely consider Santa Fe.

June 02, 2012 05:45 PM #5
Rainmaker
625,807
Wayne and Jean Marie Zuhl
Hallmark Realtors - Clark, NJ
The Last Names You'll Ever Need in Real Estate

Good moring, Emily. Great post - so much great info for everyone of a certain age with a little cash to invest!

June 03, 2012 04:15 AM #6
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Emily Medvec

Realtor, Santa Fe NM |CNE CRS RSPS | 505-660-4541
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