Reply to Stats for purchasing a second home and is it a good idea?

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[quote=Anonymous][quote=Anonymous]I think it's a great idea, but I would ride out this financial cycle. Those "remote work" home in rural areas will get hit first and the hardest in the housing downturn. I wouldn't pay the current prices unless you had a 20+ year time horizon to ride it out.[/quote]

Sort of agree.  It may be that remote work will last forever, and these areas will continue to grow, but I live in an area that has boomed during covid due to remote work and the real estate price increases here make the DC real estate market look tame.  I live in a small town in "fly over country" that most of you have never heard of and the 2 bedroom house across the street just sold for over a million (and it is not waterfront or water view).  I won't mind if it holds, since we bought our house pre-covid, but I wouldn't count on it.

I also agree that a relatively inexpensive small cottage on a great waterfront lot is very, very difficult to find. If the lot is great, or even just good, chances are that someone has, or is going to, buy it to tear down and build a very expensive house.  Even if you can afford an expensive house and just don't want that much square footage, small houses in great locations are hard to find and go very quickly.  [/quote]

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