As we pass the halfway mark of 2024, it’s an ideal time to dive into the lake market stats and reassess the real estate forecast for the remainder of the year.
Market Overview
Housing Inventory is up, I mean way up, especially on the lakes. What many had hoped would be a spring home-buying bounce back has continued to be a sluggish season.
Yet, even as sales stalled amid elevated mortgage rates and home prices, one silver lining emerged—Buyers are still out there. And with more homes on the market, we are starting to see lower prices.
Buyer and Seller Dynamics Buyers are feeling pinched with the high inflation and downturn in the economy, however the buyers that remain in the market are starting to have more leverage, and sellers who are serious are increasingly offering concessions, and price reductions. While list prices haven’t significantly fallen, final sales prices are down about 10%.
Tips for Buyers and Sellers
For Buyers:
- Don’t shy away from looking at houses that exceed your budget. Sellers are often reluctant to lower asking prices initially, but may entertain a lower offer as time goes on.
- Be ready to act quickly when you find a home that fits what you’re looking for. Many buyers have been on the sidelines and are ready to jump back in, which could increase competition as the year goes on.
For Sellers:
- Price your house correctly from the start. Overpricing will cost you time and money.
- The market has been changing quickly and if you’re not getting showings or offers, be prepared to adjust the price.
General Advice:
- Keep an eye on the market where you hope to buy. Monitor available lake inventory, price levels, the speed of sales, and actual sales prices. This will help you be ready when something great hits the market and boost your confidence in moving forward with purchasing a well-priced home.
- Don’t get discouraged. Buying or selling a lake house takes time.
Approaching the market confidently, armed with good information and realistic expectations, will help you navigate the current conditions successfully.
