For those of you who are wary of buying a second home given the current slow down in the U.S. real estate market, a recent report by RealEstateJournal.com provides some encouraging information.
The journal has come up with the top twelve locations for second homes based on data from Economy.com. The editors selected various locales across the country based on factors that were appealing for second homebuyers. Locales where home prices rose at a much lower rate than the national average of 84.3 % over the past ten years from 1996 to 2006 were chosen. Other criteria that were taken into consideration include favorable employment opportunities, availability and choices of vacation homes and proximity to recreational and cultural opportunities.
The following are the top 12 metro areas for buying a second home.
At the number one position is Bath, located in Beaufort County, North Carolina (Greenville, N.C. metro area). With a metro median home price of $118,100 and a very low price change of 35.7 % over the last decade, this locale is the most attractive place right now to invest in a second home. The Greenville metro area will have a projected increase in employment by 13.1 % in the next 5 years to come, which is almost double the national average of 6.4 %.
The second best location for second homes is Blairsville, Georgia of the greater metro area of Cleveland, Tennessee. The metro median home price is $117,300 and the area saw a price change of 50.7 %. It is forecasted that the metro employment rate will increase by 9.8 % in the next 5 years.
The third on the list of top 12 second home locations is Clarksville, Virginia (Durham, N.C. metro area). The metro median home price at the second quarter of 2006 was $175,300. The area had a price change of 58.1 % over the last 10 years and is expected to have a 10 % increase in employment.
Cloudcroft, New Mexico (Las Cruces, N.M. metro area), at fourth position has a median home price of $128,600 and experienced a price change of 58.7 %. The area is to have a projected metro employment increase by 15.7 % much above the national average of 6.4 %.
Dadeville, Alabama (Auburn-Opelika, Ala.) comes next with a metro median home price of $128,600 and a price change of 57.8 % over the last 10 years. The general metro area’s employment prospects are expected to increase by 11.5 % in the next 5 years.
Driggs, Idaho (Idaho Falls, Idaho) is at sixth position with a median home price of $118,600 and a price change of 46.9 %. The projected metro employment increase for the next 5 years is at 9.6 %.
Eureka Springs, Arkansas (Fayetteville-Springdale-Rogers, Ark.-Mo.) is the 7th best locale with a median home price of $133,800 and a price change of 59.1 %. The projected metro employment increase for the next 5 years is at 10.8 %.
Heber City, Utah (Provo-Orem, Utah) at 8th position has a median home price of $181,000 and a price change of 37.7 %. The projected metro employment increase for the next 5 years is at 9.9 %.
Helen, Georgia (Gainesville, Ga.) is at 9th position with a median home price of $156,600 and a price change of 58.9 %. The projected metro employment increase for the next 5 years is at 8.9 %.
At 10th position is Jemez Springs, New Mexico (Albuquerque, N.M.) with a median home price of $179,600 and a price change of 53.1 %. The projected metro employment increase for the next 5 years is at 11.7 %.
South Padre Island, Texas (Brownsville-Harlingen, Texas) is at 11th position with a median home price of $631600 and a price change of 29.6 %. The projected metro employment increase for the next 5 years is at 14.6 %.
Rounding out the top 12 places to buy a second home is Steamboat Springs, Colorado, (Fort Collins-Loveland, Colo.) with a median home price of $196,100 and a price change of 52.5 %. The projected metro employment increase for the next 5 years is at 11 %.
If you are interested in buying a second home, be sure to seek out the services of a real estate agent who is knowledgeable about local market conditions and trends.
