A foreclosed home on the lake is a rare find. Lake Homes Realty’s CEO, Glenn Phillips shares why your search for one is coming up short.
LakeHomes.com, MLSs, & Other Websites: While homes like these are available on sites like LakeHomes.com, you may have trouble finding them because of how few there are.
Why So Few?
- Not the 2008 Market: While inventory spiked during the recession, this was not the case for lake properties. This is because lake homeowners are more financially sound than the average buyer.
- Interest Rates Affecting Sellers: Lake homeowners that have a mortgage don’t want to battle with increasing interest rates when buying a new home.
- Lenders are Well Positioned: Due to past real estate crises, lenders have policies in place to ensure they work with stable buyers.
- Majority Do Not Have a Mortgage: More lake home buyers paying in cash means fewer mortgages and fewer foreclosures.
If you still have your heart set on a foreclosed home, LakeHomes.com will have the few left available!