2nd Quarter Lake Real Estate Update

Our agents are asked on a daily basis two questions.  “How’s the market?” and “When do you expect things to improve?”   

Our market has improved from the first quarter.  Farms and waterfront homes are the strongest markets, with commercial and condos seeing the biggest impact from a weak economy.

The sky is NOT falling.  We are seeing some positive events that continue to shape our transitional market.

For the first time in more than 2 years, we had a substantial improvement in the number of showings versus the previous year.  June 2009 had 30% more showings, than June of 2008.  Is the market changing or was this a one month abnormality?  It is hard to say at this point.  If showings continue to improve, then so will the market.

Our team continues to see a decline in the number of buyer’s leads who are beginning their search for lake property.  This decline is directly related to the overall economy in our opinion.

The strongest market continues to be homes priced under $250,000.  The weakest market is homes selling for $ 1 million or more.  There have only been 5 homes that sold in excess of $1 million in 2009.  One of those was a lease purchase. There has never been a better time to explore trade options.

To date, financing has not been an issue for buyers.  That might change with new regulations in the pipeline, as to how a dock is valued in an appraisal.

Our Buyer’s Agents have been able to find some excellent properties for their clients in this market.  If you have an interest in upgrading, now is a wonderful time to pursue those objectives.  Our Team continues to have more of our listings sell than any other agent at the lake.

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