Source: SF Gate
About two-thirds of agents say they are aware of a growing trend of buyers purchasing their “second” home first, according to a survey by HomeLight. This usually involves buying a property in a more remote location as an investment or part-time vacation home while continuing to rent in the city. While 28% of agents have personally seen this trend, an additional 36% have heard rumblings of it in other markets.
It’s a strategy that enables buyers whose budgets haven’t kept up with recent home price surges to still get their foot in the door. Agents estimate that the tactic of purchasing your “second” home as your first property in today’s market can help to save an estimated $76,000 on the cost of a home. In the Pacific region, the savings is even greater at an estimated $177,000.