If you’ve been watching the lakefront market in the Finger Lakes, you’ll notice it resembles the weather this time of year, nearly frozen. There has been little to no movement along most of the Finger Lakes since the new year. The standstill of new listings creates both opportunity and frustration depending on which side of the market you stand.
The Best Time to Sell is…
For those who are considering selling their lake home in 2021, as your lakefront experts we cannot stress enough that now is the best time to list. New listings are likely to continue selling in record time as prospective buyers have been patiently awaiting new inventory. In 2020, lakefront homes across the region sold 11.83% faster than in 2019. Some markets, such as Keuka Lake, reduced its average days on market by 48% in 2020 while increasing the average sale price by 12.45%. Click here to read the 2020 Lakefront Market Report.
These quick sales were a result of pure demand. In fact, in 2020 our agents alone experienced a 167% increase in qualified buyer inquiries specifically looking for lakefront homes. This surge combined with our 27-year database of prospective waterfront buyers allowed us to match new listings with the ideal buyer to result in fast, easy sales for both parties. With the lack of inventory in 2020, many of these home shoppers are still waiting to be matched.
As summer gets closer, these buyers will be more anxious to secure a home. Spring is typically when listings pick up for any market, especially lakefront. The key will be to list prior to this influx of new inventory for maximum exposure and highest return.
What Does Selling Look Like in 2021
When you are ready to list your lake home, we advise our clients be prepared for a quick sale. If you’re currently living in your lake home year-round, we do advise you to have housing lined up. It isn’t only the Finger Lakes market that has a lack of available listings. According to a recent Inman article, across the US, “January sales had actually declined 32 percent month over month, the greatest monthly decline since the start of the pandemic.” The nation is at an all time low for listings, which can make moving especially difficult.
For those who are ready to sell, the good news is it will likely be a quick process. Our homes can be staged, photographed, listed and sold in less than a week. Our marketing department assists clients with optimizing the spaces in their homes so in one day the photography, videography, and virtual tours are complete and ready for online walkthroughs. Once the home is listed, be prepared for our team to communicate multiple and competitive offers for your home. This will be a clear indication that we priced the home correctly and connected you with right buyers for your particular home.
Another popular option that many second homeowners are looking at is utilizing the home as a vacation rental. To many this idea seems daunting. However, demand for vacation rentals, especially in the Finger Lakes region has soared. As the leading vacation rental management company in the region, we provide exclusive insights into the rental market for the region. But here’s a clue, only six weeks into the year and we have 54% more nights sold for 2021 vacation homes than this time last year. Our full circle of management services allows homeowners to reap the financial benefits of the rental demand without managing the day-to-day activities of listing, booking, guest services, and housekeeping. For more information about our rental management services, click here.
How to List Your Home
In 2020, our real estate team put together the ultimate package for our sellers to innovatively attract the most buyers while physically reducing the number of people in their homes. Our team utilized every tool in our digital marketing toolbox from professional photography, videography, virtual tours, and live video chats and walk throughs. These all-inclusive techniques combined with our database of qualified buyers allowed us to sell lake homes 23% faster than the regional market average.
First steps to selling your lake home is to reach out to our real estate team and identify if selling your home now would achieve your goals. Many who previously purchased a second home along the lakes specifically as an investment property jumped at the opportunity to take advantage of the 2020 seller’s market. However, those who expected higher than reasonable selling price were not always rewarded. A differentiator with lakefront buyers is they are more patient to find the right home, even in the midst of a pandemic. They are savvy buyers who are not about to overpay an exorbitant price tag. Our experienced lakefront real estate team provides comparative analyses before marketing to strategically list the home at the optimum price for the desired results.
If you have any questions about the real estate or rental marketing in the Finger Lakes, our sales team would be happy to assist you. Contact us today at 855-666-7812 or at sales@flpplake.com.
