Anyone currently looking for a lakefront home is also searching for a good value. Buyers typically have some firm search criteria (number of bedrooms/baths, price point, views, etc). Criteria often become more fluid, upon the discovery that a budget of $350K doesn’t get you all that you want.
Taking a daily look at the inventory of lakefront homes can provide a snapshot of value potential. Simply put, the larger the inventory, the greater the opportunity for a deal. Low inventory is the first strong indicator of a “sellers market”, where competing bids and more rigid seller pricing are more likely.
As of today (April 12,2018), the current inventory of lakefront homes at Smith Mountain Lake stands at 220. When you break it down further, there are 28 homes listed under $400K, 65 homes listed under $500K and 155 homes listed over $500K. These numbers reflect availability of single family homes. The current number of lakefront condos/townhomes stands at 70.
When you consider the size of SML (500 miles of shoreline) and the number of potential buyers who are searching for homes, this is a pretty low inventory. Does it mean you can’t get a good deal? Not necessarily. Sellers who set a realistic sales price are presenting good opportunities to buyers. Buyers should also realize that good deals are spotted very quickly. A low inventory of homes is a wake up call to speed up the decision making process to buy. No one will argue that buying a lakefront home is a big decision. You can increase the odds of getting a good buy if you:
-Prequalify yourself with a lender
-Make sure you’re on the same page with the rest of your family about criteria and price
-Can eliminate as many purchase contingencies as possible
So, when the home inventory is low, do as much as you can do to make yourself more comfortable with an accelerated decision process. Seize the moment!