Have you been pondering the idea of buying a lake home? Maybe you’re considering selling the one you currently have. You also might be thinking to yourself, is it even a good time to do either of these things? Lucky for you, Glenn Phillips, Lake Homes Realty’s CEO, discusses whether it’s the right time to buy or sell.
- “Hot”… but Not Exactly: The demand for a lake home is still there. Buyers are continually on the hunt for the property they’ve been dreaming of. On the other end of things, not many transactions are taking place. However, the transaction flow is on the rise.
- FOR SALE Inventory Increasing: There are plenty of properties for sale at the current time. The issue with it is phantom inventory
- “Phantom” Inventory: This essentially means there is a property where the seller has overpriced it. Not only is it overpriced, but the buyer can realize the property’s pricing isn’t what it should be. This leads to properties just sitting there and not having a transaction happen. When the property is set at a reasonable price, it moves through the market quickly.
- Seller Tip: Do Not Overprice: From a selling point of view, it is a good time to sell. The caveat to that is making sure you know how to properly price your lake home. A good way to ensure this is by contacting one of our lake experts at LakeHomes.com.
- Buyer Tip: Patience and Diligence: Making sure you take your time and pay attention to everything going on can help with the buying process. Don’t check in every 2 months or give up after one search.
If you’re planning to sell, there are always buyers looking, and vice versa. The thing you have to remember is that it is dependent on what your goal is. If you’re selling, remember to not overprice your home, which can ultimately lead to making less in the long run. When it comes to buying, you have to stay on top of it and have patience; it will get you a long way.