If you’ve been reading the newspaper and watching the news, you know that the overall housing market has really slowed down. So what does that mean for the lake property market?

 

Real Estate Lake Specialists will tell you that lake home sales have slowed as well, but there are still deals out there. And, that’s exactly what the majority of lake property Buyers are looking for … that “really good deal”.

 

I’m asked by potential Buyers, “Do you feel lake property Sellers are starting to drop their prices?  Is now the right time to buy lake property”?

 

It’s interesting to note that, at the same time, I’m getting Sellers asking, “Should I reduce my price or wait until Spring? I know my property is over priced, but why am I not getting any offers, even low ones?

 

It’s obvious that there are not as many Buyers looking right now. Many of them have been caught in the same situation… trying to sell a property before they can buy another.  But, many lake property and second home buyers, plus Baby Boomers, have money, and they're waiting to take advantage of the market.

 

In reviewing recent listings on Lake Lanier and Lake Hartwell, I’ve found that many prices have been reduced by 10-20% or more. Plus, in at least one instance, a lake lot on Lanier sold for one third of the original list price. Go figure! I guess the bottom line is still…everything is negotiable, and it’s always going to be a “supply and demand” market.

My suggestion to Buyers, when you see something that “floats your boat”, look at recent comparable sold listings, discuss with your Agent what a good price would be (and what it’s worth to you), and then make an offer (even when it doesn’t come close to the asking price). Some Buyers feel offering a price that is 10% or more below list price is an insult. I don’t agree with that. Things have changed (a slower market, rising interest rates, low water levels and fewer legitimate Buyers). So making an offer now may be your best option.

My suggestion to Sellers… if you’re serious about selling, price your property to sell. Sometimes that’s not what the property next to you is listed for, or what your property was appraised at last year. My opinion has always been, “good lake properties that are priced right will sell” (even in this market).

 So when it comes to buying your dream lake property, find the property you want, decide what its worth to you (the max you’ll pay), and then make the offer. You never know! It could be that “really good deal”.

By: Jay Hufnagel ... Just "Say Jay"