Good inventory is available, rates are at historic lows, and it's still a buyer's market out there. If you spot that beach home you adore, now might be the best time to answer the knock of opportunity. Coastal real estate experts agree on a handful of tips for making the dream of a beach home come true as painlessly as possible.
1) FIND THE AREA YOU WANT
Prioritize your wishes about view, proximity to the beach, activities for kids, shopping, solitude and let your broker know what's important.
2) FIND OUT HOW THE HOUSE IS OWNED
Is it free and clear, short sale, foreclosure? This makes a huge difference in obtaining financing
and in the timetable to closing.
3) WORK WITH SOME ONE WHO KNOWS THIS MARKET
Follow the wise mantra: "Shop Local." It will save many missteps in looking, offering and closing.
4) BE SURE TO HAVE A PROFESSIONAL INSPECTION
Save yourself from any nasty surprises that might pop up later.
5) LOOK AT THE HOUSE WITH A SHARP EYE
Visit it a few times and decide what it needs to make it just right for you. Are you willing to take on a remodel? Refurbishing? Or, is it great the way it is? Do your homework on every aspect of the house.
WHAT THE EXPERTS SAY
Robin Risley, Principal Broker with Coldwell Banker/Kent Price Realty noted: "We have a two-year inventory here in Cannon Beach. There are fifty homes west of Hemlock for sale right now."
Cole Horsley and Farzahn Kamali at Cole Horsley at Kamali/Sotheby's emphasized working with someone who knows the territory to maximize your successful results. They have beach homes in all price ranges, from moderate to very high end, so every client's needs can be met.
Marianne Pittard from REMAX River & Sea in Gearhart added the idea of buying a vacation rental. This is a way to "hwave your cake and eat it, too." This option helps a home buyer earn income to offset the purchase price. It is a tool to assist a buyer in entering the market. It can also be a vehicle for two families to collaborate on ownership, earn rental income and still have a vacation home to come to. Says Marianne: "We used to say that it cost a million just for the sand. Right now, there are eight ocean front homes priced under a million ready to move into."
Get out there and start looking and you will be in your own beach home before you know it!
- Published in: Coast Explorer Summer 2012
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