With the home prices falling 70-80 percent from their peak 2006 prices in Steamboat Springs, Glenwood Springs, and Vail, it is hard to find a reason not to buy a vacation home in Colorado right now.
So you want a place to play in the snow….how do you get one?
We all know how hard it is to qualify for a normal home loan right now with the banks being so tight on their requirements. In order to qualify for a loan to buy a vacation home in Colorado, you have to show a lot more than what you have to do to secure a typical home loan.
It’s time to get serious.
The housing markets in these Colorado resort towns have been rising gradually over the past couple of years. Realtor.org predicts the existing home sales recovery is only going to strengthen in 2013. The time for buying a vacation home in Colorado may be peaking over the next year or so.
Make sure your ducks are in a row.
The requirements for securing a home loan for a second home may be much more rigorous to meet. Last year 44% of all vacation home buyers were six-figure income earners. Second-home loan applicants often have to have higher credit scores, down payments, and collateral.
If you are going to buy a second home in Colorado, consult a professional.
Buyers agents know the ins and outs of buying a home in Colorado. They can guide you through the process of financing and buying a vacation home in Colorado. They are also extremely skilled at closing negotiations. If you are considering buying a second home before home prices rise, consult a Colorado buyers agent first.