As the summer of 2023 unfolds, we delve into the exciting developments of the Finger Lakes real estate market. We'll shed light on the emerging trends, how buyers need to adapt their approach, and the strategies required to secure their dream property.
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Limited Inventory Persists
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 Summer Shift
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.
Buying A Lakefront Home
Purchasing your dream lake home should be a fun experience. In the current market, we recommend the following tips to set you up for success.
1. Preapproval and the Best Offer
To stand out in a competitive market, prospective buyers need to be proactive and prepared. Obtaining a preapproval from a reputable lender demonstrates seriousness and financial capability to sellers. This gives buyers a competitive edge and positions them well in the eyes of sellers, potentially tipping the scales in their favor during negotiations. Buyers must also present their best offers right from the start. With multiple offers being a common occurrence, there's little room for hesitation or lowballing.
2. Offers Over Asking Price and Varied Contingencies
Buyers need to carefully assess their budget and discuss their limits with their real estate agent. While offering over the asking price can help secure a deal, it's vital to avoid overstretching financially. Some buyers may choose to get creative and include varied contingencies in their offers, such as flexible closing dates or offers with fewer inspection requirements. However, these contingencies need to be balanced with the seller's preferences and the overall competitiveness of the offer.
3. Crafting a Winning Offer Strategy
The strategy should consider the current market trends, the property's unique aspects, and the seller's priorities. Here are a few key components to include in a winning offer strategy: Prompt Response, Flexibility, Personal Touch, and Escalation Clause.
The Finger Lakes real estate market continues to captivate buyers with its natural beauty and thriving community. This market demands a strategic approach from buyers. By being preapproved, presenting strong offers, and discussing a well-crafted strategy with their real estate agent, buyers can enhance their chances of success of purchasing their dream lake home.
If you have questions about purchasing a lake home in the Finger Lakes, contact our dedicated lakefront sales team at 888-599-4810!
Wishing you happy house hunting!
