Low Inventory Persists And What To Expect With A Winter Listing
By Libby Sandridge
According to current data the inventory of homes across the country is low and Lake Anna is no different.
We currently only have 58 homes on the market, and of those, 21 are waterfront and 37 are lake access.
Low inventory basically means that there are not enough properties to meet buyer demands, which is what has pushed home values through the roof since 2020.
Couple that with the highest interest rates in over 20 years, and you get reluctant home sellers and buyers alike.
Many sellers who would like to sell and buy new currently have a low mortgage rate and buying at the higher rate will add to the affordability of the new property.
Buyers are also experiencing the affordability issue due to high home prices and interest rates. Basically, the housing market is a hot topic due to economic uncertainty, and many experts are expecting home values to drop over the next 12 to 18 months before things start to stabilize.
Overall, the long-term outlook remains to be positive according to many researchers. Supply is expected to rise in 2024 due to rising interest rates and other market demands, and some expect new construction to slow.
Most experts expect the market’s supply and demand balance to continue to be a focus for homeowners and buyers.
With all the market chatter and as expected, we have sold fewer homes so far this year than in 2022. 196 homes have sold, which includes pending sales. Out of those, 95 were waterfront and 101 are lake access. Last year 223 homes sold with 99 being waterfront and 124 lake access homes.
Regarding land, we are on track to meet or to exceed last year’s numbers.
In 2022 145 lots sold, and of those, 45 were waterfront and 100 access. So far this year we have 141 sold and that includes the current pending sales. Also, like last year, more access lots sold than waterfront; with 53 waterfront and 88 access.
Builders are still riding the waves at LKA! So far this year 21 new homes (spec homes) have been sold and there are 37 currently for sale, making a total of 34 homes.
Keep in mind that does not count for private individuals who purchased land to build their lake dream home since those are not listed in the MLS database.
Regarding home sell prices this year, the highest sales price this year was $2.65 million! We also had seven homes that sold for over two million. Fify-one homes sold between one and two million. Seventy-two homes sold between $500K and $1 million, and 57 homes sold under $500K.
The highest price land sale this year was three properties on the private side, which were sold together for $3.15 million. We had four other large waterfront parcels sold between $1.2 to $2.3 million. Other waterfront lots sold between $99.5K and $670K. Lake access lots sold between $36,500 and $189,900.
If you are thinking of selling in the winter months here are some things to consider.
Limited inventory means less competition. The colder months can be a good time to highlight your home’s energy efficiency. Buyers looking this time of year are typically more motivated. On the other hand, you are most likely not to get any bidding wars and curb appeal is lacking due to the falling leaves and vegetation.
For those thinking of buying in the winter months consider these pros. Buying in the winter can knock out a large chunk of competition allowing a buyer to be more selective. Sellers this time of year tend to be more motivated and willing to make a deal. Buyers can see the homes energy efficiency during the cold month. Hiring movers is usually easier than the spring and summer months. November and December are your last chance to buy and use it as a tax write off for 2023.
In closing once again it is worth reminding everyone whether selling or buying to use a local Lake Anna realtor. This is especially true when you are an absent seller or buyer, you need a local agent that knows the lake and all the particulars about the rules and regulations of not just the lake but also each community.
You can reach the author at:
LibbySandridge@comcat.net
or 540-223-0350.
www.HomesatLakeAnna.com
