These past few years have had a massive impact on the lake real estate market, but real estate trends are never stagnant. Lake Homes Realty’s CEO, Glenn Phillips, breaks down 5 keys to this year’s market.
- Price Growth Peaking: The spike in price growth is beginning to reach a peak as the rush to leave the city due to Covid is slowing down. This year would be great to sell your home.
- Mortgage Rates MIGHT Matter: This could have an impact on the peak slowing because inflation causes buyers to be more conservative with their money.
- Historically Low Inventory: Inventory is so long nowadays that agents have buyers just waiting for appropriately priced properties to become available.
- “Less” Competition: Buyers aren’t in as big a frenzy to purchase lake homes as they were at the start of Covid. While competition has slowed, it has not completely disappeared.
- Long Distance Buyers: Sellers need to think about long distance buyers because most of the time, interested parties are not local to the area.
With a fluctuating market like lake real estate, you have to stay on your toes. Keeping up with this year’s trend as a buyer or seller is imperative for you to make a good investment!