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 Spring 2008 - Page 13 of 36 -
- Real Estate Value on Lake Hartwell, Influenced by low water or national lending crisis? -
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Real Estate on the Lake
Now is the Time to Buy
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By James Gray
Clients ask me all the time, “When is the best time of the year to buy a home on Hartwell Lake?” The answer becomes obvious when considering supply and demand. A limited number of lake-front properties are available or will ever become available. Of those for sale, an even more limited number meet the needs of the prospective buyer. When is the right time to buy? As soon as you find the home you desire. Lake-front properties never last long, and the one that fits your lifestyle may come along literally once in a lifetime.
Seasonal opportunity is a mythSome clients think of buying lake homes the way they think of buying boats. Will more be available in the winter? Can they get more for their money during cold weather? I have never seen season significantly affect the number of available lake properties or purchase prices. The demand for homes and lots on Hartwell Lake is and forever will be higher than the available properties, no matter what season of the year. The best time to buy is when you find the home you want and can afford. Act immediately: later down the road — if your desired home is still available — you will end up paying more.
National trends rarely affect the lakeI have talked with some clients who find themselves hesitant to buy because of what they refer to as “current market conditions.” A savvy investor will recognize that the market for lake-front property operates differently than most real estate markets. In fact, a slump in the national housing market rarely affects Hartwell Lake. However, this national downturn may create hesitancy on the part of some prospective buyers, which presents a perfect buying opportunity for smart investors. When purchasers pause in the Hartwell Lake market, opportunities are created. There is more choice, more properties available in your price range. Media has also focused attention on nation-wide foreclosure rates and tightening mortgage requirements. |
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| This leads to some prospective buyers being less confident in their ability to get financing on second homes and lake lots. Perhaps some homeowners with adjustable rate mortgages on real estate have turned their attention to refinancing properties they currently own, and put the dream of owning a home on Hartwell Lake on the back burner for a while. Again, when purchasers pause, opportunities increase for those who act. Contrary to common perception, my current clients are enjoying better mortgage options and rates than ever before. And they have more properties to choose from.
Lower pool offers buyers greater insight on propertyWhile some buyers may frown at low lake levels, I have always preferred to show Hartwell Lake homes and lots when the lake is down. This provides buyers with an unrestricted view of the property and the lay of the lake. Examine the property and ask these questions:• Is a dock placed far enough out in the water?• Is a quiet and peaceful cove affected by drought?• Is the new beach, revealed by the low water level, gently sloped, perfect for children? |
• How does the lake front compare community by community? Observing property at this low ebb provides purchasers with an exceptional opportunity to see what is otherwise easily overlooked in a quick tour of the lake and home. When the lake is below full pool, buyers have the benefit of making decisions and presenting offers when differences in lake levels are visible and a part of the overall purchasing process. I cannot remember a better time to buy real estate on Hartwell Lake. |
In a market where there is always a larger demand than properties available, there are unique opportunities for savvy investors. The effect of national trends on the attitude of some potential buyers has resulted in more properties to choose from, a situation that can quickly evaporate. Now is the time to purview Hartwell Lake properties, taking advantage of choice, opportunity, and special insight, during this prime real estate buying time. |
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