Is Now a Good Time to Purchase a Second House?

by Keith Evans 04/07/2019

Although you might already own a house, now may prove to be a good time to pursue a second residence. For example, if you have always wanted to own a home in the mountains, you can purchase a second residence to make your dream come true. On the other hand, if you want to own a vacation residence on or near the beach, you could enter the housing market to find a beachfront house that suits you perfectly.

Like any home search, finding a second house that matches your expectations may be difficult. Fortunately, there are lots of things you can do to streamline your quest to find a second home, such as:

1. Evaluate Your Finances

Your finances will play a significant role in your ability to purchase any house, at any time. As you get set to pursue a second home, examine your finances closely. Then, you can map out your home search accordingly.

Generally, it helps to consult with banks and credit unions before you launch the search. If you meet with these institutions, you can gain financial insights that you can use to make an informed purchase.

2. Establish Home Buying Criteria

Think about the features you want to find in a second residence. Next, you can craft home buying criteria.

Once you have home buying criteria in hand, you can narrow your house search, too. By honing your home search to residences in specific cities and towns, you can speed up your quest to find the right home at the right price.

It often helps to maintain flexibility as you conduct a search for a second home as well. If necessary, you can modify your home buying criteria throughout the home buying journey.

3. Hire a Real Estate Agent

There is no reason to enter the housing market on your own. Thankfully, real estate agents are available in cities and towns nationwide, and these housing market experts can help you quickly and effortlessly acquire a second residence.

A real estate agent understands what it takes to navigate the home buying journey. This housing market professional first will learn about you and your home buying goals. He or she next will craft a custom home buying strategy based on your individual needs. Finally, a real estate agent will put this strategy into action and ensure you can discover a terrific home at an affordable price.

Furthermore, a real estate agent takes the guesswork out of buying a second home. If you are unsure about whether to submit an offer to purchase a particular residence, a real estate agent can offer a data-driven recommendation. Or, if you have concerns or questions at any point during the home buying journey, a real estate agent is prepared to respond to them.

If you want to pursue a second house, it helps to plan ahead for the home buying journey. By using these tips, you should have no trouble finding a second home that you can enjoy for years to come.

About the Author
Author

Keith Evans

 I am a Sales Vice President with William Raveis Real Estate in their Regional Office and lead a $25M+ mega agent sales team. I have successfully been involved in investing, buying, wholesaling, developing & selling thousands of Connecticut & New York properties for hundreds of millions of dollars. Known as a creditable "field lieutenant", I have a strong history as a leader who "rolls up his sleeves" and knows what it takes to get the job done. I am additionally the founder and Executive Producer of the media company Selling Connecticut, a podcast series that acts as an independent ambassador; promoting the reasons why people choose to live, work, build careers & businesses in this State.

Prior to joining William Raveis, I started a chain of Keller Williams Realty franchises throughout Connecticut and New York, developing and building four market centers with over 700 total sales agents. During my tenure I created many training programs and hosted daily training sessions in each market center.

Before to opening the doors at KW, I was Managing Director and an Equity Partner at Spencer Trask, a venture capital company in NYC. During this period I lead the spun-off 5 businesses from Fortune 10 companies, held 2 board seats of publicly traded companies and was the Corporate Secretary for Flight Safety.

At Realtor.com (Move), I was a founding member and Vice President of Sales. I was responsible for building their direct sales force of 175 sales reps and 14 district mangers. Unique during this period was the development a training seminar sales method that led to hundreds of thousands of real estate agents purchasing individual web pages; which helped the company attain a highly successful $2B IPO.

I have also held executive positions at IBM and Dun & Bradstreet. I hold a BA in Economics and currently reside with my family on Candlewood Lake in Connecticut.

Current real estate broker licensees in Connecticut and New York.