During the great sellers' market from 1998 to 2005, selection was below average to poor. Folks "from away" were disappointed with both the number and suitablity of lakefront properties on the market. Lakefront buyers were faced with inflated prices and poor selection.
Did they refuse to buy? NO! They saw what was available, picked the best of a mediocre lot and moved ahead.
During the height of the sellers market in the summer of 2004 there were four Long Lake lakefront homes on the market. FOUR! Keep in mind that Long Lake is 10 miles long and since there are 2 sides to the lake has over 20 miles of shoreline.
Today there are forty-four Long Lake properties on the market - eleven times as much inventory! Now, with so much to choose from one would think that buyers would find making a buying decision easier to make. But it hasn't.
This leads me to believe that having more properties to choose from actually makes the buying decision more difficult.
On summer evenings I occasionally stop by The Mosquito ice cream stand in Raymond on Route 302. It's a favorite of mine. They have about 40 flavors of ice cream. Every time I visit, there is someone standing in line agonizing about making a decision on which flavor to select. How much simpler our world was when most places carried only vanilla, chocolate and strawberry.
Currently, lakefront prices are down and inventory is way up. Interest rates are still down. This is probably the greatest buyers' market in our lifetimes. Then why are so many lakefront buyers having such difficulty making a buying decision?
The fact is, most buyers know they are in the driver's seat. Some have told me they expect to take full advantage of this buyers' market. They fully expect to buy exactly what they want at a greatly reduced price. If they can't find it they'll keep looking.
Will some buyers live to regret not buying when so much was in their favor? Perhaps, but for now, indecision rules.