Spring signals the awakening of the housing market, especially for buyers looking for lakefront property. If you’re considering selling your lake house, now is the time to list! Here’s why:
1. The Cabin Fever is real. We are just now starting to see the first signs of spring and for many, the only thing that got them through the long, snowy months was the dream of spending sunny days on the lake. Those who spent the winter browsing lakefront listings for inspiration now have the opportunity to get out and see what’s really on the market, especially if they’re coming from out of state. Make sure your home is one of the first ones they see!
2. Average sales prices are up 23%. According to our 2018 Lake Front Real Estate Report, the average sales price for all Finger Lakes increased 23%, with the largest gains occurring on Keuka and Seneca Lakes. It should also be noted that total days on the market are down 10%, meaning lakefront property in the Finger Lakes is selling for more and in less time.
3. It’s a seller’s market. There are far more buyers looking for the lake life than homes on the market, giving an upper hand to the seller in negotiations. It may seem that lakefront property is shielded from fluctuations in the housing market because of affluent buyers, but a recent study found that 55% of prospective vacation rental buyers make under $150k a year. Our advice: sell while the market is strong.
4. Buyers are eager to use their home THIS summer. Listing your lakefront home in the spring gives buyers the appropriate amount of time to tour what’s on the market, make an offer, negotiate, and close with enough time to actually enjoy their new lake house. Summers are so short in upstate New York and buyers want to make good use of their investment. And the sooner you list, the sooner your home will be seen by the thousands of visitors to the Finger Lakes that start pouring in once the weather get warmer.
5. Vacation Rental Potential. Buyers who are looking to purchase your home and make it a vacation rental will want to secure bookings for the summer in order to earn as much income as possible for 2019. Our real estate team provides rental projections for all of our listings, so you might even consider joining our rental program in the future!
6. Spring Cleaning. Chances are you’re going to be cleaning debris from the beach, considering upgrades to the décor, and doing minor repairs around the house this spring. With a minimal extra effort and suggestions from our lakefront real estate specialists, it will be easy to get your home in the ideal condition to sell.
Our real estate team specializes in lakefront home sales, providing you with the top advice, up-to-date market research and years of experience necessary to sell your home to the right buyers and for the right price. Call us today! 844-248-3917