The Finger Lakes continues to thrive as lakeside towns across the region swell with visitors and seasonal residents. As the summer of 2023 unfolds, we delve into the exciting developments of the Finger Lakes waterfront real estate market.
The seller's market in the Finger Lakes region has been a defining characteristic since the pandemic. Initial low mortgage rates, favorable economic conditions, and the region's allure have attracted a surge of potential buyers. As a result, sellers have been enjoying increased leverage, often receiving multiple offers on their properties, which drives prices higher. This trend has remained steadfast through 2022, making it essential for buyers to approach the market with a well-prepared strategy.
One of the primary challenges for buyers in the Finger Lakes area is the scarcity of available properties. The demand from both local buyers and out-of-state investors has outpaced the rate of new listings. This limited inventory situation has further intensified the competition among buyers, fueling bidding wars and frequently leading to properties selling above their asking prices.
A notable change is occurring in the Finger Lakes real estate landscape. Typically, we see the lakefront market bloom with new listings in the Spring months. This year we didn’t see a notable change in the number of listings until it felt like summer in June. Market indicators suggest that more homeowners are listing their properties for sale, marking a shift in the market dynamics. While the increase in inventory is a promising sign for buyers, it's crucial to approach the process strategically, as the market remains highly competitive.
For those looking to take advantage of the lingering seller’s market, time is of the essence. Being halfway through summer most new listings will likely close with limited sunny days left for new buyers. Additionally, this provides prime time to get high quality photography. Capturing your lake home in its prime state will showcase the lake like experience potential buyers are seeking. You will also be able to capture more potential buyers who are in the area during peak months.
The most crucial step for an easy and successful sale is to establish your selling strategy. In this market, there are many variables that will go into this strategy. Price is of course the one of the most crucial. Working with a real estate team who is vigilant in market trends and can accurately price your home based on recent transactions is key. Your team should also provide insights on the reasons why you should or shouldn’t do delayed negotiations, opens houses, and what marketing tactics will not only get your home seen by the most buyers, but more importantly, the right buyer.
Inquire with our local real estate team, contact us at sales@flpplake.com or call 888-599-4810.