Forget the Second Home at the Lake, US Vacation Home Buyers Are Going to Mexico

With the average 30-year fixed mortgage interest rate now over 7 percent Americans are looking for vacation residences out of the country.
Forget the Second Home at the Lake, US Vacation Home Buyers Are Going to Mexico
Atmosphere of the Carbon38 and Hamptons Magazine Opening Celebration of the Beach House in Bridgehampton, New York, on July 30, 2016. Mark Sagliocco/Getty Images for Hamptons Magazine
Mark Gilman
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With the average 30-year fixed mortgage interest rate now over 7 percent and a shockingly low inventory of homes available, Americans are looking for second or vacation residences out of the country more than ever. According to a report from Coldwell Banker, 92 percent of high-net-worth Americans actively looked at real estate overseas last year and two-thirds (67 percent) of those surveyed said they already own residential property outside the United States, according to Mansion Global. So, what country is experiencing the highest rate of American home buyers? Mexico.

“Buying a home is not as cheap in Mexico as it once was, but you get a lot for the money,” Certified International Property Specialist for Worth Clark Realty Daniel Seidel told The Epoch Times. A Mexican native, Mr. Seidel says there’s a lot to like about buying a second home in Mexico. “When you experience the culture, the food, the people and the fact it’s just a short plane ride away from the States, it’s a popular choice for my clients. If you live there half-time, it’s ideal. My advice is to work here, make money, go there and spend it.”

Mark Gilman
Mark Gilman
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Mark Gilman is a media veteran, having written for a number of national publications and for 18 years served as radio talk show host. The Navy veteran has also been involved in handling communications for numerous political campaigns and as a spokesman for large tech and communications companies.
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