What are Second Home Buyers doing in 2010?
According to a E360's 2nd Home Trend Report done this year 2010 of second home owners, 45% of the owners think it is the perfect time to buy another "second" home. The report has surveyed second home buyers based on the following criteria: timing, home characteristics, location, and price to buy a second home. The country that ranked the most favored of those surveyed was Mexico dominating more than 50% of those polled. 360’s Global Research Analyst, Chad Martin said “although only half of our respondents believe now is a good time to buy, it is impressive that there is a strong second home contingent looking at a market like Mexico.” Also, of the remaining percentage of people who weren't thinking now is the right time to purchase that second home a staggering 79% of them thought in the next 2 years they would purchase a second home. Pretty Impressive huh? You will also find interesting that the top 3 reasons why second home buyers are buying now are as follows: 1. Lifestyle and Leisure ranks in at number one at 46% of those polled 2. Investment reasons ranks in at number 2 at 41% 3. Retirement ranks in at 3rd at 11%. It's interesting because most people aren't thinking for retirement but more a lifestyle of commuting back and forth between home and their second home. This is why Los Cabos Real Estate has shown movement even in this down economy. For that matter all Mexico Real Estate. So what property characteristics are most sought after in a second home property? There probably isn't much surprised that those surveyed chose water views and proximity to the water along with mountain activities like mountain biking, hiking, atvs, horseback riding, and camping. It's amazing that you can buy houses in Cabo offering all of those things. Gaining recent growth and heightened interest are the need for spa and medical facilities. It was interesting that although Golf is important to many people it didn't rank as a top attribute for people seeking a second home. It might be that those loving to play Golf prefer to much rather have all other things and Golf would be just a nice plus. It is also interesting to note that still 49 percent of those polled will consider local or domestic areas for retirement but many want to consider those properties that are a little bit outside of the highly populated areas and more off the beaten path. It could be deduced that this same mentality is why many are considering international destinations for a second home because many countries especially in the Latin America are unchartered and less inhabited areas. In consideration of the size of home, 49% want to have a single family residence and 60% prefer a smaller 2 bedroom and 2 bathroom setup. The price range of consideration is 200k - 400k and 60% are cash buyers not in need for financing. This remains very consistent and logical given that the people with the ability to buy a second home typically have the extra cash saved and prefer to not encumber a property and headache about another monthly payment. After all, buying a second home is suppose to easier than owning a primary home and not having a mortgage is a step in the right direction.