Real estate trends can change more often than you realize. That includes the trends that are specifically involved with the lake real estate market. It’s always a good thing to be up to date on what’s happening in the world of real estate, whether you’re buying or selling. Luckily, Lake Homes Realty’s CEO, Glenn Phillips, has all the insights you might need.
- Mortgage Rate Independent: This means if mortgage rates are on the rise, transaction rates at the lake typically aren’t affected. This all boils down to around half of the transactions being done through cash. Even if a buyer does end up getting a mortgage, they typically have the means to be able to get better rates.
- Inventory “Issues”: Inventory as a whole has grown since COVID-19 happened. However, the transactions haven’t been flowing as much. This is mainly due to people not matching their homes for the price they’re worth today.
- Strong but Very Practical Demand: People who are more thoughtful about their money won’t be willing to pay the COVID prices that others were four years ago. These buyers are always interested, but they’ll wait.
- Competitive Bidding “Spotty”: There hasn’t been as much competitive bidding now as there was in the past. This is especially true when the homes are overpriced. The few homes that are getting competitive bids are designing their offer to be very practical.
- Aspirational Pricing: This type of pricing is never really attainable due to what the home is priced at. The sellers might see what others are doing or think they can sell for and that’s more than often not the case.
- Multiple Market Shopping: Sometimes, buyers aren’t looking at one lake or even one state. However, they can be looking at multiple lakes in different states.
Before you start looking to buy or plan to sell, knowing the trends is always important. If you are looking for even more information about these trends or anything else regarding lake real estate, visit https://www.lakehomes.com/. There are plenty of agents who are ready to help you today.