Through this summer the lakefront market has been highly competitive for buyers. The Finger Lakes region has become a prime location for those looking for investment properties, a family vacation destination, or a new residence outside of urban area. With homeowners valuing their lake life more than ever this year, and an increase in appreciation, lakefront owners are more interested in holding onto their home rather than getting top dollar for selling right now.
We have seen an extremely high buyer demand with very low inventory in the $300,000 to $500,000 range across all lakes. The lakes in highest demand are Keuka Lake followed by Seneca, Cayuga, and Canandaigua Lake. You can also see from the stats above how on most lakes the average days on the market have reduced, such as Keuka Lake that is nearly half of what it was in 2019.
Tips for Selling Your Home This Year
The days on the market stats reflect homes that have been priced appropriately. For sellers, just because the market is in your favor doesn’t negate the fact that buyers understand the worth of a home. Lakefront home buyers are different, they are willing to wait for the right home at the right price. When listing your home you should still be competitive with other listings that have sold recently in your area.
For those who are considering selling, now is the perfect time. Not only will you take advantage of the high buyer demand, but you’ll also be able to enjoy the last days of summer before officially moving out. There is such high demand right now that the number of days you’ll have to show the home will be reduced if you are priced right. Above all, buyers will still see the attractiveness of lake life in the summer, resulting in competitive offers for your home.
Tips for Buying a Lake Home This Year
Our Lakefront Buyer’s Specialist, Dave Luchessi, commented that “This year we have had more demand from buyers than I can ever recall. There is huge demand for properties in the $300,000 to $425,000, often resulting in bidding wars and multiple offer situations in record time of homes being listed.”
Luchessi also offers his advise to lakefront buyers, “Do not wait to buy a lake home. Now is the time. We may not see the usual inventory increase in the fall that we traditionally see. And with inventory being at an all time low, properties will sell fast. If the buyer sees something that works them they should buy and hold at the best price they can get it for. Also stay competitive with your offers. Additionally, we see an above average increase in lake home appreciation in the Finger Lakes with no apparent end in sight. I firmly believe that the Finger lakes region is currently the hottest selling market in the country right now for lake front sales.”
To search for lakefront homes currently on the market, click here.
Purchasing an Investment Property
For those looking for an investment property, now is a great time to buy. The vacation rental market has experienced the largest growth in demand out of any hospitality industry, especially in the Finger Lakes Region. We project this trend for seeking private accommodations for travelers will continue in the coming years, making it the perfect time to invest. Purchasing a lake home now, preparing it and marketing it for the 2021 peak season is ideal for top dollar and a filled calendar. Contact our sales team for information about joining the rental market and complimentary analysis of prospective vacation rentals.
For more information on selling or buying a lakefront home in the Finger Lakes this year, contact our lakefront sales team. At Finger Lakes Premier Properties over 85% of our sales are strictly lakefront. Additionally, we have 27 years of experience managing lakefront property.
Contact us today at 888-599-4810 or email@example.com