June 1, 2017
1. Homes are selling: It's been 10 years since the waterfront market has been this hot! Interest rates are hovering around 4%. Cash transactions are more common with waterfront properties, and the gap between list price and sales price is tightening. We have a handle on the market, meaning buyers and sellers can be secure in their decision.
2. Selling season started sooner: January data showed a major improvement in number of sold transactions and pending transactions, with shorter average days on the market. The entire first quarter had similar stats. We stormed through May with almost 20% of current waterfront inventory pending!! Water pool is almost full, and folks are looking, liking, and buying.
3. Multiple offers are back: It's important to keep up to date on property inventory. When you see something that appeals, make your appointment to see it. Be aggressive with your offer, and think about the other terms of the offer to make yours the strongest "offer on the table."
4. A word on pricing: Yes, the market is good. Yes, people are buying. No, overprices homes still don't sell. Get your REALTOR® to pull comparables and know the values of waterfront footage, square footage, and "area" of the lake. Remember sold comps are made up of the majority of the value story, but active listings are important also. View the competition to better understand the value of the home you want to purchase.
5. How to shop: Almost everyone starts searching for lake homes online. The average lake home owner has a primary home 1.5 hours away. Lake Martin is comprised of almost 50% "part-timers." Your time is precious. After searching for properties on the Internet, have a discussion with the REALTOR® for your area. Go over the basics before you travel to the lake. This will prove a win-win for your REALTOR® and you. Your REALTOR® should inquire about your goals at the lake, the size of your family / group of friends who will use the home, and how you like to spend time around the water--all "lifestyle questions" that customize your lake experience.