With the sales results completed for the first half of 2013, and an accurate idea of what happened with real estate sales during the second half of the year, it’s safe to say that the Smith Mountain Lake area is still very much a buyer’s market for real estate and properties.
Are you considering a look at property on or around Smith Mountain Lake? Read on to find out more about current market conditions, including what’s available and what kind of deals you can expect to find.
Smith Mountain Lake versus national trends
Recently, the housing market in the United States has recovered fairly well, and the national trend is toward shrinking real estate inventory and rising prices. However, the opposite is happening right now at Smith Mountain Lake.
This highly desirable area of Virginia is primarily a retirement and vacation community, though there are many who call Smith Mountain Lake home year-round. During 2013, the inventory levels of available homes and properties in the area actually increased dramatically, starting in the spring—and currently, SML has close to the highest inventory levels for available lakefront property in the history of the area.
Why Smith Mountain Lake is a buyer’s market
Right now, there are nearly 400 homes for sale at Smith Mountain Lake. In addition, there are hundreds of condos, townhomes, and building lots available, both in development communities and on private property.
Meanwhile, the sales rate for properties has remained stable over the last four years. This means that inventory is exceeding demand, and prices are remaining low. In fact, you can purchase property at Smith Mountain Lake today for about the same prices you would have seen in 2004.
The ideal time to buy
At Smith Mountain Lake, buyers can enjoy a wide variety of property choices, excellent real estate prices, and low interest rates. However, it’s important to note that interest rates are showing signs of a slight increase, so now is the time to take advantage of these collective factors.
Contact Debbie today for more information on the average cost of homes at Smith Mountain Lake and the types of homes available, or to schedule a private viewing of the properties that interest you.