Is Now a Good Time to Buy a Second Home?

by Michael Hamrac, MBA, MRP, GRI 07/09/2019

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

Michael Hamrac, MBA, MRP, GRI

Michael Hamrac, MBA, CMR, MRP, GRI, Army Veteran, is a prominent Tampa REALTOR® and strategic leader who combines his skills of real estate with a diversified business background to deliver the highest level of client satisfaction. Prior to full time real estate sales, Michael sharpened his skill for contract negotiation while developing international business relationships for a major Central Florida healthcare organization. His professional career was dedicated to negotiating strategic business affiliations with major hospitals, physician groups, and health insurance companies throughout Europe, the Middle East, South America, Mexico and the Caribbean. Michael also developed and managed private real estate investments.

A seasoned real estate professional with over 12 years experience, Michael is results oriented, efficient, and quality focused while ensuring customer service remains a top priority. Michael, among many accomplishments, is an Orlando Business Journal Top 40 Under 40 award winner, Keller Williams Silver Award winner, and AmeriVet Top Producer.

Grounded with the core values obtained during his military service, Michael works hard to create a positive environment that fosters teamwork and organizational achievement. As an MRP, Military Relocation Professional, and former Army Infantry Squad Leader, Michael understands military relocation procedures and how they impact our service member's and veteran's relocation and housing choices. He will help in finding the housing solutions that best suit service member needs while facilitating awareness of available VA benefits and support.

Education:

MBA, Crummer Graduate School of Business, Rollins College, Winter Park, Florida

BS, University of South Alabama, Mobile, Alabama

CMR, Certified Military Relocator

MRP, Military Relocation Professional Certification, Tampa, Florida

GRI, Graduate Realtor Institute, Tampa, Florida

Expertise:

Home and Property Listing Services, Existing Home Sales, New Construction Home Sales, Income Properties, Luxury Home Sales, Military Relocation Professional, Short Sales, Condos, Townhomes, Vacant Land, and Foreclosures. 

Professional Associations:

National Association of Realtors

Florida Association of Realtors

Greater Tampa Association of Realtors