Smith Mountian Lake is a great investment.

Smith Mountain Lake is a great investment. This area has seen enormous growth in the last few years, and it will continue to grow. There is great diversity in lake property. There are many characteristics that make each property different, such as, how steep or flat a lot is. Whether it is in the back of a cove or on the main channel. Some have great views, where others are more private. Every buyer is different and so is every lake property at Smith Mountain Lake.With the market slower than it has been in past years, you now have more choices. The amount of properties for sale at the lake is the most we have had in a long time. Prices have also come down a great deal. This truly is a "Buyer's Market". Call Today if you would like any information about the area or to set up a time to take a look at what Smith Mountain Lake has to offer.

There is some really good information and statistics about the real estate market in our previous posts.

Ben Myers
See The Lake, REALTORS
(540) 420-4926

Smith Mountain Lake, Invest with Confidence!

Looking for lake property in the Mid-Atlantic region? Smith Mountain Lake just may be the lake for you. Nestled into the foothills of Virginia, Smith Mountain Lake offers a rural, relaxed lifestyle, surrounded by the beauty of rolling farmland and mountains. Close to the cities of Roanoke, Bedford and Lynchburg, this lake has grown to give the boating enthusiast, and nature lover, a wonderful vacation destination or a relaxing, safe environment to retire in.

Lake home prices rose significantly from 2003 to 2005, catching up with other comparable lakes to the North and South, however, we are seeing the anticipated price adjustments. Many of our buyers are taking advantage of the high inventory and purchasing a beautiful lake home at a significantly reduced price, making for a sound investment and home they can enjoy.

With our excellent buyer representation, we are able to sit down with our buyers to find out what type of property suits their needs and their budget. Many different issues effect our buyers, from location on the lake, proximity to different cities, desire to place their home in the rental programs, to the type of property they prefer. We listen to your desires, offer our experience and advice and work together to find the property that suits all your needs.

Searching the internet is an easy way to become familiar with property values at Smith Mountain Lake. Lake home prices generally start in the low $400,000 range, with the most abundant inventory in the $600,000 to $700,000 range. Sellers are looking seriously at most offers, even offers written 15% lower than the asking price. In many of our sales contracts we are asking the sellers to pay incentives to the buyers, making a good deal a better deal for our buyers. Internet access to our local Association of Realtors is available on our website at www.SeeTheLake.com, and will give you access to the full Multiple Listing Service serving the lake. Make sure to search property prices higher than what you feel comfortable paying, to take advantage of the current buyer’s market. When you locate properties that interest you, email or call us with the MLS numbers so that we can bring to your attention any pertinent information about the property, and email you a full detailed report and listing history. We make sure all our buyers are up to date on current market conditions and knowledgeable on property values so they can make the best offer they can.

Purchasing a lake property should be an easy, pleasant experience. We offer our 20+ years of experience to you, to make sure your transaction goes smoothly and you get the best deal you can at Smith Mountain Lake. Call or email us and we can get started today. Looking forward to hearing from you,

Carol

Carol Myers, Owner/Principal Broker

See The Lake, Realtors, Inc.

Market Statistics Through October

Quick Reference Statistics

• $814,012.- Average Asking Price of 3 bedroom Lake Home
• $692,336.- Average Sale Price of Sold 3 bedroom Lake Home
• Highest Priced Lake Home $5,800,000.-
• Lowest Priced Lake Home $174,500.-
• 266 Lake Homes Available under $1,000,000
• 65 Lake Homes Available over $1,000,000
• 171 Available Lake Condos & Townhomes
• 21 Lake Homes & Condos Currently Under Contract
• 548 Available Lake Building Lots

Market Statistics From September

• 520 Lake Homes, condos & townhouses currently available
• 152 Lake homes currently available under $650,000
• 128 Lake Condos currently available
• 554 Lake Front Building lots currently available
• $638,000 is the average price for a 3 bedroom, 2 bath lake home
• $5,800,000 currently the highest priced lake home on the the market
• $174,500 currently the lowest priced lake home on the market
• $699,000 average sale price of a Lake Homes in 2007
• Only a 3% drop for a 3 bedroom Lake home from Spring/Summer 2006 to Spring/Summer 2007
• 72 Homes on the market with an asking price of more than $1,000,000
  

Word From The Broker- Why the time to buy is Now!

Are you planning to purchase lake real estate in the next year? If so, don't wait for the bottom to get here. Many national financial advisor's are forecasting a turn in the real estate market and a national real estate market recovery in 2008.

We are urging all of our buyers not to wait until we see the market turn. Being a buyer in today's market is smart for many reasons.

The inventory is very plentiful. The Best it has ever been. That means there are many homes to choose from at great prices. With huge diversity in lake homes, that lets you find a much better home for your money.

Failing prices shouldn't scare you. The national average forecasts that prices will drop an average of 7.7% from their high in late 2005, greater in some cities and lower in others. Smith Mountain Lake property values have already dropped, and at a lower rate than the national average. I am recommending my buyers take that reduction into consideration when they make their offer. In today's *buyer's* market, my buyers are able to purchase a property up to 15% off an asking price that is already reduced considerably from our 2005 prices. These savvy buyers get a wonderful lake home to enjoy at a significantly reduced price. All on their terms, with great inventory to choose from.

When the bottom hits, it will get crazy. The number of buyers waiting for the bottom is phenomenal. We expect a six to nine month return to the buying frenzy we saw in 2005, where sellers are back in the driver's seat and happy to have multiple offers. Those buyers will be paying the premium prices for the most desirable homes.

Over the years, buying a lake house at Smith Mountain Lake has changed from a nice place to retire, to a smart place to invest money. Informed buyers are buying houses just as they invest in the stock market, buying low and selling high. make sure you get the very best investment you can. Buy while inventory is high, at the best price. As long as you hold onto the investment for a few years, you can't go wrong!


- Carol Myers, Principle Broker