Where is the market today!!!

By
Real Estate Agent with Smith Mountain Lake, REALTORS

Want to invest, not sure if it is the right time?

This is a question faced by many investors with our current market. How far will it drop? What should I expect? When should I react? The answer is a lot more simple than most claim it to be. For the first time in the past 5 years I have been in this business, it truly is a buyers market at Smith Mountain Lake, large inventories and the lack of quick turnovers have many people willing to now consider offers.

Dont get me wrong, if you own at Smith Mountain Lake, and have owned for several years, you are still going to make a good deal of money if you decide to sell, not as much as you would have 18 months ago, but there is definately a large curve that I am sure you can live with.

Currently we have over 600 waterfront lots on the market, and roughly a 3 year supply of condos, so there is room for negotiation.

Let me know what you are looking for, and let me get started finding it for you, before the market does start to turn and you get left out on the lake without a paddle.

 

Comments (3)

Art Blanchet
On the Outside Lookin' In - Sebastian, FL
Stranger in a Warm Land

Bruce-

Welcome to AR - way to jump right in!

I was thinking about prices - everyone is all upset about values.  But patience is such a virtue - as you pointed out.  Take California for example (or anywhere) - prices go up and down periodically, but a house there will cost a heck of a lot more now than it did 20 years ago, with or without cost of living adjustments. 

Is a home, or an investment?

 

Nov 14, 2007 12:36 AM
Cynthia Sellers
Cedar Grove Design - Rutledge, TN
MLS Website Development
That's a great photo of you considering the subject of the article.
Nov 14, 2007 03:27 AM
Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hi Bruce,

Welcome to Active Rain! The opportunities to learn and network are incredible here. Best of luck to ya!

-Keith

Nov 14, 2007 06:52 PM