June 5, 2008 - Lake Wylie Waterfront Sales Update
The heat of the summer certainly hit us this week, and traditionally waterfront sales are hot this time of year as well. Last year at this time, 40 waterfront homes and 18 waterfront lots had already sold. This year? Ten homes, 8 lots. Everything from gas prices to election news to mortgage issues have affected our Lake Wylie real estate marketplace. In addition, real estate slumps in other markets have slowed down our sales to out-of-towners, as they are unable to sell their homes and move.
I realize that the market conditions are disconcerting. When we look at properties that HAVE sold, it’s natural to ask, “Why not me?” (I think that was the name of a country song a few years back.)
I’ve taken a good, hard look at what has been selling in recent months, and have made some observations that I want to share with you.
- Most of the homes that have sold so far in ‘08 have either been “bargains” or new construction. Half sold for less than 90% of original price. Four of those were under 80%!
- Days on the market is 31% higher this year.
- However, for homes priced “right” (sold for 90%+ of asking price), DOM has improved!
- Sales for waterfront lots are also down significantly vs. year ago. The lots that have sold in ’08 have sold for reduced prices, and were on the market for over a year.
Conclusion? Price it right, and hang tight. The market will turn around; it always does. Price is definitely an issue this year, and needs to be aggressive if you want to sell quickly. Please call me if you have questions or would like to discuss strategies for your property!
I realize that the market conditions are disconcerting. When we look at properties that HAVE sold, it’s natural to ask, “Why not me?” (I think that was the name of a country song a few years back.)
I’ve taken a good, hard look at what has been selling in recent months, and have made some observations that I want to share with you.
- Most of the homes that have sold so far in ‘08 have either been “bargains” or new construction. Half sold for less than 90% of original price. Four of those were under 80%!
- Days on the market is 31% higher this year.
- However, for homes priced “right” (sold for 90%+ of asking price), DOM has improved!
- Sales for waterfront lots are also down significantly vs. year ago. The lots that have sold in ’08 have sold for reduced prices, and were on the market for over a year.
Conclusion? Price it right, and hang tight. The market will turn around; it always does. Price is definitely an issue this year, and needs to be aggressive if you want to sell quickly. Please call me if you have questions or would like to discuss strategies for your property!
To read more blogs about Lake Wylie real estate, please visit my website, http://www.thelakewylieman.com/!
Source: Source for chart data: Charlotte MLS, sales as reported 1/1/08 thru 5/31/08.
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