Tag: Seller Opportunity

Why List Your Lakefront Home in Winter

The weather outside is frightful, so no one’s buying a home this time of the year, right? Think again. In the last 60 days, 35 lakefront homes went under contract in the region, including 33% of our available inventory. The market is trying to stay warm just like the rest of us, but lakefront homes are in short supply.

While winter may seem like a more challenging time to sell, the same rules don’t always apply for homes in a vacation destination. There are plenty of reasons to buy in winter, but here are some of the pros to selling your lakefront home in the off-season:

Higher priced homes see more action.

According to our listing agent, Cynthia Emerling, homes priced above $500,000 are seeing more interest. “The higher priced market starts to pick up in November, when people start evaluating their finances from the year and are motivated to take advantage of tax breaks.” Listing ahead of or during this surge of high-end buyer activity that your home sits on the market less time. “I tell high-end listings to hold out for this time of year, regardless of when they listed. This is when their buyer is in the market,” says Emerling.

Your home stays ready-to-show.

Selling in the summertime has its drawbacks. While it may be the time of year when your lakefront and landscaping look their best, it’s also the time when your lake house sees the most use. With family, friends, and guests in and out all summer, it can be difficult to ensure your home is ready-to-show when it needs to be. To maintain a staged, clean appearance, list your lakefront home in winter. As an added bonus, a light blanket of snow will cover any less-desirable features outside the home.

You’ll get the most out of your last summer on the lake.

There’s only a short window of summer weather here in the Finger Lakes. Showings can make it more difficult to schedule and enjoy your time at the lake. If your home is a vacation rental, constant showings can interfere with the guest experience. Guests who book in the peak season pay a premium for their stay and would prefer not to be interrupted by your agent.

Investment buyers have extra motivation.

On the vacation rental side, we see higher volumes of booking activity around the holidays. It makes sense – the whole family is gathered in one area, making it easy to plan their next vacation. Investment buyers don’t want to miss out on an opportunity to fill their calendars ahead of the new year. This is a huge motivator for short-term rental owners to buy ahead of the new year.

Even if you decide to hold off on listing until after the holidays, don’t wait too long. We see the spring market ramp up long before winter’s end. Lakefront buyers want to close have plenty of time to get their new home ready for summer.

Ready to list your lakefront home this winter? Start here!

Our real estate team will provide an assessment of your lakefront home and a rental analysis, free of charge, to attract buyers to the income potential of your listing. Call our lakefront listing experts today (888) 976-4981

Q2 market data indicates the time to sell is Now!

With a substantial increase in average sale prices across the Finger Lakes, the real estate market continues to thrive as we approach peak season.

Keuka Lake topped the charts with a whopping 44% increase in average sale price YOY. Honeoye (16%), Canandaigua (5%) and Cayuga (4%) experienced noticeable increases as well.

One likely cause for the increase on the smaller markets like Honeoye Lake could involve the actions of local government. Those familiar with the area understand the issues Honeoye has had with its waterfront – yup, the dreaded blue algae. To combat the issue, local governments have funded efforts to construct man-made vernal pools around the lake, absorbing the excess of nutrients before the sediment reaches Honeoye. These actions provide hope to prospective homeowners looking for the lake lifestyle at a smaller price tag than the larger lakes in the region.

 

                                     2018 Finger Lakes Market Report, Quarter Two (April-June)

 

Sale prices up, DOM down… but this ideal sales window may be fleeting.

As an on-the-fence seller, you may be thinking, “Why should I sell now?” As average sale prices continue to rise and the average days on market continues to fall, it’s tempting to wait and see how ‘hot’ the market can get.

However, with mortgage rates expected to rise significantly at the end of Q3 (October), the current volume of interested buyers may shrink.

Seasonality also plays an important role. Like most markets, buyer interest in the Finger Lakes takes off in the spring, peaks late summer/early fall and drops off in the winter. As a region renowned for its favorably mild summers, aesthetic fall seasons, and then leaping into such severe winters, it makes sense that our market responds in a correlative manner.

Bottom line: if you are not prepared to sell, hold on to your asset. Finish those home repairs/updates to maximize your property value. The value of your lakefront home will not depreciate. But if you have contemplated selling, it is important that you recognize the advantages of listing now.

 

 

A Word from our Lakefront Specialists:

“The market continues to be strong for anyone selling between the prices of $200 – $600K. The upper end buyers are just entering the market now and we are beginning to see activity on those homes as well. Very strong market overall for anyone even considering selling their lakefront home.”

Cynthia Emerling                                                             Listing Specialist / Broker Associate                                  Finger Lakes Premier Properties

 

“The buyer’s market is strong with many interested buyers from out of state, most notably from Pennsylvania, New Jersey, and California. The Finger Lakes Region is exploding with tourism. The growing wine and beer industry is bringing the region to the pinnacle of personal and investment opportunities.”

David Lucchesi                                                                Buyer’s Specialist                                                                  Finger Lakes Premier Properties

 

Finger Lakes Premier Properties is positioned with Lakefront Listing Specialists who know and understand the differences in each lake’s market. Whether your home is on Canandaigua or all the way over on Owasco, our Listing Specialists know your market, towns, and watersheds, and will help you understand when the best time to list your home will be.

When you are ready to list your home, or purchase a new one, give us a call at 888-847-9331 or email Sales@FLPPlake.com.

Finger Lakes Real Estate Team Flattens Average Days on Market by 80% in 2017

The 2017 Finger Lakes Yearly Real Estate report has shown great promise for the clients of Finger Lakes Premier Properties.

Just look at the industry average listing days on market versus FLPP’s:

Average: 86 days — FLPP: 18 days — That’s 80% quicker than the market average!

“It looks like 2017 was quite a year. While many of the lakefronts saw a decrease in the number of homes sold, looking at days on the market can tell us the complete story.”

– Cynthia Emerling, Real Estate Sales Manager at Finger Lakes Premier Properties

2017 YOY Real Estate Report across the FLX

 

Indeed, while the overall lakefront homes sold has decreased across the FLX, FLPP’s service and efficiency for its clients, has not.

 

To Emerling, this is much more important than the overall amount of homes sold:

“The client is our first priority. The listings will come as the market shifts, but without satisfied clients, we won’t acquire new ones when that hot time hits.”

Coupled with 100% Customer Satisfaction recorded the previous year, the FLPP team is quite pleased with how their customer relations efforts have aligned with the industries emphasis on client satisfaction.

 

Emerling also explains the ostensibly negative sales statistics as instead, missed opportunity:

“The market is not down because of disinterested buyers, it is down because there are not enough homeowners wanting to sell this year. In the process, owners are seeing the full price or more on offers coming in on their homes,” Emerling Concludes.

 

So while the smaller market may be a potential downside to real estate companies in terms of overall listings, it is a huge advantage for owners that do decide to sell.

For more data on why you should list your home now, visit our listings blog here

 

In addition, to make sure all client’s needs are met, FLPP has recently brought on a Marketing Real Estate Coordinator. The resource will help the real estate team capture new homes with aerial footage and apply 3D virtual technology, getting more people to tour homes and sell faster.

The resources are here, the market is your oyster. What are you waiting for?

To speak with our real estate department today, call now at   (877) 934-2845
Or click here to visit our real estate page!