Let me begin by wishing a Happy New Year to all! The year 2015 has so many great things in store for Smith Mountain Lake real estate, and I am excited to be part of it. We closed out 2014 with great sales numbers, and the New Year has already begun strong in the local real estate market.
Here are the Top 5 Smith Mountain Lake Real Estate Highlights for 2014:
1. Waterfront lot sales showed an increase of 36% and waterfront home sales grew by 7%.
2. The average price for waterfront lots remains under $200,000 with a large inventory which equates to a wide selection for buyers.
3. Listing inventory levels hit historic highs throughout most of 2014.
4. Condo and townhome sales were relatively flat with a lower average price.
5. Water access homes saw a 7% raise in the average sales price, but the overall number of sales were slightly down.
Looking to Sell?
If you are a property owner thinking about selling then it’s never too early to start planning. We have a large selection of buyers that are looking for the ‘perfect’ property and perhaps yours may be the right one. Start preparing to list by cleaning and organizing your home so it is ready for the spring selling season. Pricing appropriately is the key to getting your home sold as the competition in the market is strong. If you list your property and get little to no showings and no offers, then you may want to consider that as a silent price objection. Ready to list now? The buyers in the market throughout this time of year are serious and ready to buy.
Looking to Buy?
Regardless if you have been looking within the market for a while or just entering the local real estate market you must realize that there is competition for new listings, despite the high inventory numbers. If you are serious, then make sure to have all of your ducks in a row and a pre-approval letter ready to go from your lender. Let your Realtor® help you! By providing your Realtor® with as many details as possible about what you are looking for in a home, it will allow for a more precise search and less time wasted looking for the wrong property.
If you are thinking about buying or selling at Smith Mountain Lake, allow me to assist you in navigating the waters. The local real estate prices won’t remain flat for that much longer, and interest rates are projected to increase in 2015. Don’t miss the boat if you have been on the shore thinking about getting in the local real estate waters. Contact me to learn how I can help you buy or sell at Smith Mountain Lake.