Real Estate 101: It’s a Seller’s Market at Lake Martin
Many people have found Lake Martin to be a place of refuge during these unprecedented times. This past spring, when social distancing recommendations poured in from experts, Lake Martin owners took it as an opportunity to be at the lake, spending time with family while social distancing from others at the same time. Now, as we approach late summer and early fall, schools from around the region are even implementing digital learning which has only given these families more opportunities to stay at the lake and enjoy its many perks and resources. After all, it’s hard to be downtrodden when the lake is calling your name!
Earlier this month, Rhonda shared some of her thoughts with Atlanta magazine Simply Buckhead about why lake real estate is a hot commodity for renters and owners these days:
She explained that despite fears, sales during the pandemic have actually increased, and all rentals remain booked with the rush beginning in March versus the typical ramp-up in May.
“It’s the perfect time for families to spend extended vacations and quality time together having fun while social distancing,” Jaye says. “Finding a lake close to home means less travel time, more frequent visits and more use of the property.” She adds that properties run the gamut from small condos to large family homes and encourages would-be buyers to investigate the regulations about renting before choosing a property.
What does this mean for sellers? It’s still very much a seller’s market. Inventory is low and the desire for lake properties is high. If you’re on the fence about selling, now is the best time to get started. The chart below explains it all:
You’ll notice that as of July 23, 2020, there are only 174 active listings which is down almost 50% from this time last year. Further, the average sale price is $250,000+ above where it was a year ago. Those are some pretty convincing numbers if you ask us. Low inventory means buyers are willing to pay top dollar to get what they want.
The bottom line is that Lake Martin is now more than ever one of the most desirable places to own a lake home. Our area has proven to be an ideal place to set-up shop for those who want to work from home while doing their part to social distance. Add that to our usual tourism visitors, and Lake Martin real estate is hotter than ever before!
If you have been waiting for a better market to sell your lake home, that market is NOW! Call us TODAY at 256-749-8681 to find out your lake house’s market value.
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