Has the NC Lake Property Market Finally Bottomed Out?
A Wall Street Journal report suggests that it has.
How will this affect your quest for your dream of living at the lake?
It's widely known that you can't accurately call the bottom of the market... except from a rear view mirror. Hindsight is the only accurate metric.
Many, many buyers we worked with from 2004 to 2006 lamented their lost opportunity to buy waterfront property in the good old days of the late 90s through about 2001. That was before our lakes in the North Carolina Foothills were discovered by affluent people all over the East and mortgage money flowed like water over the Niagara spillway.
I can't tell you how many buyers... some nearly in tears... told me of glorious retirement plans that were shattered by the approximate doubling to tripling of prices in a short time. Many others planned to buy a weekend getaway here to reconnect with their families, but their plans were dashed, too.
If you're still considering making a waterfront property purchase here, I'm writing to give you hope... and a warning.
IT APPEARS THAT WE MAY HAVE REACHED THE BOTTOM... AND ARE ABOUT TO SEE SUDDEN REVERSAL.
So if you want to buy while it's still a buyer's market... a critical factor if you want to have the widest selection and get the best deal... you might want to consider acting soon!
Why do I say this? First of all, I can tell you that we're seeing a dramatic increase in serious inquiries...and purchase contracts... since Labor Day. These past 6 months have been surprisingly busy for our agents, and other lake agents I'm talking with.
Remember, the markets are based as much on perception as fact, and if sellers are hearing about a market turnaround... we are going to start seeing prices increase, bargaining become more difficult, and selection start to dramatically narrow.
The national press has picked this up, too. The Wall Street Journal did a front page story recently called Market for Vacation Homes Is On the Rise. It begins: "Sales in many vacation communities across the U.S. soared last year to levels not seen since boom times, driven by deep discounts, cash purchases and rising stock portfolios."
On Mercer Island, Wash., waterfront sales nearly tripled in 2010, compared with a year earlier, reaching par with 2006 volume there. Sales on Hilton Head Island, S.C., rose 14% for the year. Palm Beach, Fla., experienced a 40% annual increase and a 54% increase in homes under contract, indicating an especially strong fourth quarter. Palm Beach sales volume now is comparable to it 2007 peak..." [WSJ January 10, 2011, pg. 1]
It seems to me that the combination of falling prices, rising optimism, flourishing stock portfolios and an unwavering demand for all that the NC Foothills area has to offer are now converging to bring about this new market reality.
So what does this mean to you?
I can't guarantee this is the bottom of the market. Yet. But I can prove to you that there are still some amazing deals to be had. And there's still a huge inventory of fantastic waterfront homes and lots to choose from.
If you don't wanna be another one of our regretful clients... crying in your beer cause you missed the boat again... please give us a call today.
We don't have a crystal ball, but we can see the handwriting on the wall. This is a great time to buy your waterfront dream property!
If you have been delaying your purchase... waiting for the market to hit bottom... it looks like you made a great call!
But now it's time to act.
Don't delay any longer. Please give us a call right now at 800-517-5899.
P.S. (Late Breaking)
I recently saw money expert Clark Howard on CNN - and he's encouraging buyers to move now, while the deals are still available!
Here's a direct quote from Howard on his nationally syndicated show (01/20/2011):
If you are in a position where you've thought about buying a vacation home, this is your time. I don't want you to wait and end up saying "could've would've should've" - because the prices are still very depressed, there is still a good amount of inventory... Don't miss the opportunity to get that steal!