Nationally the strong buying season typically runs from March to August. Locally we are seeing a good buying season to date for 2014 and expect it to continue. While other parts of the country are experiencing an inventory shortage, the real estate market here at Smith Mountain Lake continues to see a great selection of listings hitting the market as well as increased buyer activity.
Today’s Market Outlook:
- Properties are selling faster
- Interest rates are still low
- Wide selection of inventory
- It’s the best season to buy or sell
13,397 homes sell each and every day across the country according to the National Association of Realtors Existing Home Sales Report. While our local numbers don’t compare to that staggering figure, I will say that there are a good number of pending waterfront homes, and we are on track to match last years’ sales numbers, if not exceed them. While the days on market for waterfront homes remain close to what they were last year, we have been seeing a higher average sales price, which is good news for home sellers.
Condos and Townhomes
The lower days on market compared to last year are making the headlines here, with a 190 day decrease in the timeframe of January through June. That’s a big deal! We are currently matching the number of sales we had at this time last year with 184 listings for sale and 16 pending transactions. There are some terrific condo and townhouse listings hitting the market recently, so if you are in the market for this type of property, now is the time to start looking.
Vacation Home Market
This market still remains strong. One recent survey by the National Association of Realtors showed that over 80 percent of vacation home buyers believe that now is a good time to purchase real estate. While the majority of vacation homebuyers look to use the residence for vacations or as a family retreat, others desire to use it as their principle residence in the future. Other reasons for purchasing include tax benefits, a good investment opportunity, and diversity in their investment portfolio.
With a high number of waterfront lots currently on the market, it may be time to consider looking into purchasing a lot and holding it for investment or purchasing a lot on which to build your dream home. We are fortunate that we have so many talented builders in our local area that can help you realize the dream of building your perfect home.
For Buyers Only
If you are a buyer, now is the time to take advantage of the relatively flat mortgage rates; today’s financing costs are extraordinarily low, with a 30-year fixed loan averaging around 4.5%.
If you are in the market to buy, you have probably began to be overwhelmed by the amount of the different details that go into looking for your next perfect home. Trust me – I know that you can become inundated with the wealth of data online and everything that goes with the home search process. Let me help take some of the headaches and stress out of the process for you.
Sellers, Listen Up
We have gotten into a good pace here locally for property sales, which encompasses everything from waterfront homes, vacant lots, and townhomes/condos. Prices are expected to continue to escalate, so if you are thinking of upsizing, downsizing, or anything in between, now may be the best time to do so. Contact me for a no-obligation market analysis to see what your home is worth.
I love what I do and it is a privilege to be able to serve so many in buying and selling their properties. Whether you are buying or selling, be sure to download my free Insiders Guide to Smith Mountain Lake Real Estate by clicking here.