Lake Wylie Waterfront Sales Update - thru Oct 2011

As the holidays approach, we’re entering what is traditionally our “slow season” for Lake Wylie waterfront sales. October was a big month for closings, with 9 waterfront homes and 2 waterfront lots. Three of the homes and both of the lots were distressed sales. Taking a look at year to date and pending sales, it looks like we’ll end up with about a third of the waterfront home sales being short sales or foreclosures (same as last year), and about half of the lot sales being distressed (up from 36% in 2010). So distressed sales are still having a big impact on our market and pricing in the marketplace.

I’ve personally handled quite a few distressed sales the past couple of years, not because I’ve pursued them, but because they are such a factor in the waterfront market and I’ve just had to help some sellers as well as buyers through the process. As a Realtor, I get several emails a day “recruiting” me to take classes or join referral services as a “short sale specialist”, but I’ve found that the old-fashioned way of on-the-job experience works just fine. So feel free to call if you have questions or need guidance on that subject.

I’m happy to report that 2011 sales are running quite a bit ahead of 2010, in number though not in dollars. Waterfront home sales are up 8% in number vs year ago, and waterfront lots sales have more than doubled. However, the average price for waterfront homes sold is just $482k, down from $656k in 2010, and waterfront lots have averaged $168k, down from $251k. When we look at sales for waterfront homes by price segment over the last few years (see chart above), the story is clear.

Almost 80% of waterfront home sales have been under $600k in 2011. In 2007/08, the majority of sales were over $600k, but that began to shift in 2009. Part of the shift is due to a decline in price, the economy, and lenders tightening up. We’re also seeing a shift in buyer preference towards more moderate sized (and priced!) homes. Check out details about recent Lake Wylie waterfront sales. If you have questions about this data or Lake Wylie waterfront sales, please call The Lake Wylie Man.

David Coone, The Lake Wylie Man, consistently sells the most Lake Wylie real estate. Visit his website or give him a call at 803-493-2924.

Hesitating on Renovating?

If you're thinking of renovating your home simply for the appeal to a potential buyer, you may want to think twice. You may be on the verge of spending thousands of dollars, countless hours, and experiencing an increase in blood pressure for an "upgrade" that may not be considered attractive to the next homeowner. Drop the hammer and absorb these tips from Yahoo Finance and Google (because, well, Google knows everything) before you invest more than will be paid off.

1. Swimming pools. While the image of lazily floating in your own pool accompanied by your favorite cold beverage may be swimming around your thoughts, potential buyers may not share your same dream. Parents of small children and owners of pets may cringe at the idea of such a hazard in their backyard. However, if you already have a pool, keep it in immaculate condition and enjoy it during the summer heat!


2. Over-renovating for your neighborhood. If your home is embellished with expensive upgrades to the point of standing out from other houses in the area, prospective buyers may not jump up and down at the opportunity to pay higher taxes, higher maintenence costs, or being considered "snooty" by the new neighbors.


3. Extensive Landscaping. The new owners of your home may appreciate your hard work in beautifying your property; however, they may not want to pay for it or even like it. Save yourself the time, cost, and hassle. Leave the landscaping to the new owners.


4. High-end Upgrades. Imported tiles, Persian rugs, hand-painted wallpaper, Jacuzzis, etc. should be left unpurchased. Amenities such as these may strike your fancy but turn off prospective purchasers. Stick with the home's general decor and skip the expensive chandeliers.


5. Wall-to-Wall Carpeting. If you've got wood floors and you're considering installing carpet, think again. The new homeowners will do with the floors as they wish, and it's much easier to cover up wood flooring than rip up carpet. If you already have carpet floors, consider having them steam-cleaned and any stains removed. Wooden floors should be sanded down and treated with a new coat of shine.


6. Invisible Improvements. New plumbing or a new HVAC unit may be necessary for your home, but potential buyers may not appreciate what they can't see or what they could've picked out themselves. Invest in saving time and money instead of unimpressive additions to your home.


7. Building or Upgrading a Deck. Homeowners appreciate a good deck, but often times they wish to do the rebuilding or furnishing themselves.


8. Patio Frills. Water fountains, fish ponds, and gazebos are pleasing to the eye, but may not help finalize a sale. Not everyone is into the multi-purpose playground scene and certainly won't want to pay for it.


9. Home office. If you convert a bedroom into a home office, that's one less bedroom your home is listed for. Potential buyers can't see past the office setup and will be less likely to purchase your home.


10. Concrete Patio. Concrete is almost guaranteed to crack and is nearly impossible to fix. Plus, it's reflective of light and can cause a harsh glare.

Beware of all the tantalizing opportunities to improve your home if you're trying to sell it. Most likely, your upgrades will not pay themselves off and you'll be stuck footing the bill and not enjoying the improvements. So sit back, relax, and let the work you've already done do the talking (and selling)!

Thanks for reading my blog! Make sure you visit my website at TheLakeWylieMan.com for more information about Lake Wylie homes!