Fast-rising prices and fast-moving home sales are once again symbols of a strong and growing U.S. vacation home market. In many of the country’s hottest spots, home sales are seeing 60- to 75-day turnarounds and plunging inventories. These stats show that the vacation home market is once again a hot bed of activity for investors and homebuyers across the country.
The hottest vacation spots are typically areas with bustling nightlife, expansive landscapes, tons of options for outdoor enthusiasts, and luxury spa and shopping options. From the East Coast to the West Coast, the U.S. is seeing tourist activity flourish as vacationers from across the globe once again are on the move.
Colorado’s Vacation Home Hot Spots
“Colorado offers year-round activities for just about everyone,” states Nina Brinkley, Vice President of Sales for Guardian Mortgage. “Skiing, shopping, music festivals, art exhibits, local breweries, foodie-friendly dining and top sporting events give Colorado a distinct advantage for attracting vacationers from all walks of life.”
Recently named as one of the top rising vacation home markets in the U.S. by Forbes, Denver is booming with new home sales and tourist activities. Colorado Springs, Breckenridge, Aspen and Vail continue to be huge draws for vacationers as well.
Prices range from $275,000 to $350,000 on average for most Colorado vacation homes, with proximity to local conveniences and scenery being the key drivers in price variance.
With its unmatched natural beauty and year-round list of endless activities, Colorado will no doubt continue to be a vacation favorite for tourists, homebuyers and investors for years to come.
Ready for Your Dream Vacation Home?
When considering a second home mortgage, prepare by reviewing your credit history, calculating your debt-to-income ratio and use online mortgage calculator tools to assist you in finding out what you’ll qualify for before you speak with a Mortgage Loan Officer.
To assist with the qualification for a second home loan under the new regulations, many lenders are guiding their potential homebuyers to consider making a down payment larger than 20 percent. This typically drops the monthly payment considerably and allows for many second-home buyers to qualify. Guardian’s experienced Mortgage Loan Officers can walk you through this process and answer all of your questions about second home loans.Marcus McCue |
EVP & CBDO