Is NOW the time to buy lake property? Carolyn Bigda and Amanda Gengler wrote in the July issue of Money Magazine that “now is a compelling time to acquire a second address”.
Need financing? Thirty year fixed-rate mortgages are now only 4% and the Wall Street Journal just published an interesting article. “Low interest rates are driving high-end home buyers to supersized mortgages at a pace unseen since the housing boom. But the deals may have a limited shelf life. So-called jumbo loans, generally those bigger than $417,000, are a better bargain now than they have been in years.” Read the full article here.
New research of the south central Wisconsin waterfront market bears some very interesting facts. When analyzing year to date sales from 2007 to 2011 its apparent that the volume of sales was lowest in 2008 while the lowest average price was in 2010. The number of sales has steadily increased with 36% more sales occurring YTD in 2011 vs. 2008 while average prices are now at a 3 year high.
Summer sales, which occurred from June 1st to July 22nd of each calendar year, are even more interesting. In that 7 week period there were 102 waterfront sales this year compared with 98 in 2007. 2011 showed an increase of 208% when compared to sales in 2008 and it’s NOT due to discounted prices. The average YTD sales price is at a 3 year high and is within 4% of the average sales price in 2007.
We occasionally hear that buyers are waiting for the market to bottom. These metrics clearly show that the overall market for waterfront property has bottomed and that recovery is well on its way.
There are still some great opportunities available and that’s where we come into play. If you are in the market for lakefront, and you’re positioned to make a purchase this year, we can identify those great bargains for you. We specialize in everything waterfront and if we don’t have what you are looking for, we will find it for you. Through our Buyer’s Brokerage Program we can locate, help you negotiate and close on your dream waterfront property. So what are you waiting for? With the upward swing already taking place and interest rates at a historic low, NOW is the time to buy and we’d be honored to assist you with your purchase.
