Great news: There is opportunity in our market for both buyers and sellers! New inventory, more selection and lower days on market are all newsworthy trends that we are seeing in the local Smith Mountain Lake real estate market this month.
Here are the top headlines based on figures from January 2013 to July 2013 versus January 2014 to July 2014.
• Waterfront homes have seen nearly a 10% increase in average selling price from July of last year
• Waterfront condos and townhome days on market (DOM) have decreased by 66%
• The number of waterfront lots sold has increased 25% since last year
Data pulled from Roanoke Valley Association of Realtors MLS by Debbie Shelton
Sellers: It’s a great time to list! If you have a waterfront home then take note as the average selling price has risen and we have a lot of buyer interest; however, some deals are taking a while to close due to tougher lending standards. The hottest market right now are waterfront condos and townhomes, which have notably seen a 66% decrease in the days on market. What exactly does this mean? Buyers are waiting for fresh inventory to hit the market, then they snatch it up. It’s a competitive market, so buyers are looking for room to negotiate and if you aren’t willing to work with them, they may just move on to the next property.
My advice for sellers:
• If you are a seller then make sure that you give easy access to your home, meaning that you need to try to be flexible to allow showings when asked
• Having your home clear of clutter and looking nice (both inside and out) will catch buyers attention
• Price the property right
• Explore having a pre-inspection conducted before listing
• Consider how you can set your property apart from the competition… home warranty, cash incentive, buyer credit, etc.
Buyers: We have more selection of waterfront properties to choose from across the board whether you are interested in a home, condo, townhome or lot you will be pleasantly surprised at the assortment of available listings. More inventory is being added to the market on a consistent basis and we have seen some great deals being negotiated. Although some of the figures are showing a higher days on market on average it’s just because older listings are finally selling.
My advice for buyers:
• It can be competitive at times so don’t let your emotions get too involved
• Because of competition make sure to get pre-approved so that will help when a contract is written
• It’s easy to get overwhelmed in the property search process, therefore take your time and make sure you find what you are looking for in a property
• Understand the costs that go into buying and maintaining a property
I’ve assembled some of my top listings below for you to consider in your search. If you have questions about these properties, or any properties you find on my site, please give me at a call at your convenience. 540.797.3177