Summer is winding down and so is the height of lake season. As we head into the fall and winter months, you might be wondering what the lake home real estate market is going to look like. You might be asking yourself if it is a good time to buy or sell, should you wait until warmer weather, or just how everything looks. Lake Homes Realty’s CEO, Glenn Phillips, breaks down how things are looking as we head into these cooler months.
- Inventory Growing (Selection!): Going into the fall, the inventory is growing. This is a good thing because ultimately you have more selection. While there are still plenty of overpriced homes, slowly these prices could drop as inventory continues to increase.
- Mortgage Rates “Sort of” Irrelevant: There have been discussions about the dropping of mortgage rates. However, these are almost irrelevant when it comes to lake real estate. More than half of the transactions the agents at Lake Homes Realty do are done in cash. This has more to do with the buyers’ sentiment towards mortgage rates. Most of the time, lake home buyers can typically afford the mortgage.
- Buyer Demand Strong but Hesitant: The traffic coming to LakeHomes.com is there.
- A. Discretionary: The buyers aren’t buying unless they really see what they are looking for.
- B. Selective: Price is one of the biggest things buyers have been selective on.
- C. Distracted (Election, Holidays): Every 4 years the buyer population gets distracted due to the election. Not to mention holidays when more people are busy with many other things. This can result in a slower rate of buyers.
- Realistic Transactions Move Quick!: The lake homes where pricing is realistic are moving quite quickly. The growing inventory tends to be the ones that aren’t priced accordingly.
As we continue to make our way into the fall season, just remember you can still buy and sell. If you’re planning on selling, price properly. If you’re looking to buy, the inventory is growing, so keep looking. As always, there are plenty of lake real estate experts always ready to help. If you would like to connect with one today, head over to LakeHomes.com to find one for you!