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The Real Estate Adviser |
August 31, 2006
If you will be dropping off a college student for the fall term, it might be worth your time to check the prices of homes for sale near campus. Not only have some red-hot markets slowed considerably, but the housing cycle could move back into positive territory by the time your student graduates.
One of the more consistent and stable real estate markets for traditional second homes and rental properties are the residential neighborhoods surrounding established colleges and universities. Why? The school isn't going anywhere, and visiting faculty, staff and students always are going to need a roof over their heads. According to the National Association of Realtors, not only are recent retirees “buying down” to smaller college towns with their educational amenities and vibrant social and athletic environment, but a growing number of business owners with relatively small groups of employees also are moving to smaller college towns for the convenience of research and a larger entry-level employee base. Buying a home in a college town and letting visiting faculty members rent it and thereby reduce your mortgage, is a great way to build an asset.
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