BY LIBBY SANDRIDGE
The Lake Anna real estate market is still slower than it was last year at this time. Mortgage rates have dropped some but not far enough yet, as affordability is still a concern for many buyers. Home pricing growth is slowing, and I have seen some price drops recently as sellers are starting to realize that the pandemic boom has ended and they need to price correctly based on comps.
Zillow is reporting that typical home values are down .09% from last year and they are predicting that they will fall 1.7% by spring of 2026.
Currently we have 103 homes listed for sale and the prices range from $349,000 to $4.7 million. Of those homes currently listed 50 are waterfront and 53 are lake access.
So far this year there have been 165 homes sold at the lake with 75 being waterfront and 90 lake access homes. Compare that to last year in the same period when we had 199 homes sold.
We are experiencing the same down trend for sales of land on the lake. Last year we sold 184 lots during the same time frame and so far, this year we have closed on 138. Of those sold this year 52 are waterfront and 86 access lots and the prices range from $84,000 to $ 999,000 and like last year many of those purchases were by builders.
The rise in inventory is fueling slower price growth and, in many cases, causing falling listing prices. The housing market affordability was created by the pandemic when values jumped over 40% and then the mortgage rate went from 2.5% to over 6%.
I am predicting that home values are going to level out and many sellers will be forced to negotiate giving buyers a better chance of achieving their lake home dreams. Also, with mortgage rates expected to soften and with inventory up, I believe that we will see a rise in sales by the end of the year and hopefully by next spring. Excitement is building as we all wait for the outcome of the Fed meeting that is currently taking place and hopefully by our next writing, we will have a much more positive outcome to report.
As always, if you are contemplating selling your lake property or purchasing one, you need the guidance of an experienced local realtor. Buyers need an agent that can get you all the info in each community as they are all very different and knowing what you can or can’t do will have a huge impact on the enjoyment that you expect from your lake property.
It is never fun finding out after you buy that you cannot do something that you planned on.
Also, sellers need to have an agent that works with the community so they can rest assured that the sale of their property meets all the legal requirements by the property owners association to transfer to a new owner.
Hiring an agent that will represent your property correctly is most important. It is always frustrating to see a listing that is incorrectly represented which will most likely be passed up by potential buyers.
An experienced real estate agent will be able to successfully market your property by providing excellent communication skills both written and verbal, to create a successful outcome.
So, before you decide to buy or sell do your due diligence and reach out to an experienced local lake agent.
Questions about what you read here? You can reach out to the author anytime. 540-223-0350 Libby.Sandridge@penfedrealty.com
