Great Deals, Sound Investments at the Lake

Looking for a great place to put your savings? Looking for a great return on your money over the next few years? It is time to take advantage of our fantastic deals at Smith Mountain Lake. The smart investors I am working with, those that have some cash to invest and are comfortable holding their property investments for the next 4 to 5 years, are setting themselves up to ride the price rebound wave at the lake.
With flexibility on your part, we can find you a sound investment that will weather the current fluctuations in the real estate market and make you look like an investing genius, as your property value rebounds in the upcoming years. In the past eleven years of selling real estate at the lake, while introducing new buyers to our area, I have heard them say repeatedly, “If I had only purchased a lake property back then, I would have made a lot of money.” Now is the time to be that smart investor, buy now & let your investment make that money for you.
Interest rates continue to be at an all time low, with a wide variety of options in lending and lenders eager to work with you. Current lake prices are starting at about $300,000 for a lake condo, and around $400,000 for a lake home. Savvy buyers are getting some fantastic deals right now, as sellers are eager to move on and sell their properties.
One of the main points I tell my buyers is the best way to be a smart investor is to remain flexible, especially if you are in the entry level price ranges. Don’t look for that perfect lake house, look for the great deal. That means purchase a home that has good structure on the best lot you can afford. These are the homes that will increase in value the most.
If your investment allowance will let you purchase in the $600,000 range, our inventory is excellent, with some very beautiful homes available. This range would give you the best flexibility in available homes. The inventory is still good in the $400,000 & $500,000 range, but looking for that great deal will mean looking at a smaller or older home, or a steeper lot in some cases. The key items we look for when finding that great deal is as follows: How long a property has been listed for sale, what price reductions the seller has had, when did the seller acquire the property and at what price, and what mortgages they currently have on the property.
Having this history on the property pinpoints the potential properties that may be obtained at a lower offer. Many “new” purchasers at the lake, those that purchased their properties over the past two to three years, have mortgages that would not allow them to dip to the levels we are looking for. We want to find those that are ready to sell and able to sell at a low price.
A perfect example of a this is a sale I had this week, a lake home that was assessed in 2007 in the mid $600’s, on a very nice lake lot with a dock and plenty of views. We were able to get the home under contract for my purchasers more than $200,000 below the assessed value. Now that is a deal & a sound investment.

A few keys items to keep in mind when buying at a big price reduction:
1. Don’t get caught up in looking for that perfect house. Stay flexible and look for the great deal, or buy a building lot and build your perfect house. There are many building lots to choose from.
2. Preview homes in the price range above & below your comfort level. Only you know what your comfort zone is when it comes to how much you feel you can invest. By relaying this information to me, I can make sure to show you the best homes in that range, to find you the best deal possible. If your top range is $550,000, for example, we would want to look at homes that meet your criteria in the $600’s, looking for the seller that really needs to sell, as well as homes in the $500’s and $400’s.
3. The lay of the land & gentleness of the lake lot is more valuable than the home. Buy your home on the best lot you can afford. You can always update and change the home, you can not change the lot. This will pay off in the future.
4. Be ready to act quickly when a great deal comes up. Living at the lake gives the local investors an advantage. If you are close enough get here quickly and often to look at available homes, you can still take advantage of a quick reduction or a new listing priced low. Have your finances ready so that you can offer a quick closing, and be ready to jump in the car and look at these properties, once you receive my emailed information and pictures. Stay current and active, plan on finding that home as soon as possible, before our prices rebound.

If the time is right for you to invest at the lake, there are sellers who need to sell their homes. Let’s get out and find you a lake home and a sound investment. Give me a call or drop me an email. I would be happy to meet with you and show you what great deals are currently available at the lake. I am ready to help you make that sound investment.

Looking forward to working with you,

Carol Myers, Owner/Broker
See The Lake, Realtors, Inc.
540-420-1327 Cell
Email: SeeTheLake@msn.com