East Tennessee lakefront inventory is low, I mean VERY LOW! At the time of writing, there were only 11 homes on Tellico Lake for sale and 19 on Watts Bar Lake on the MLS. Definitely a Seller’s Market right now!
In the spring, COVID-19 put a big hold on the market, home selling understandably went dormant for a while. But now that lockdown restrictions are loosening up, home buyers are out with a vengeance—and many of them are eager to make up for lost time. There are countless reasons why people are relocating to enjoy the Lakefront Living Lifestyle, more and more buyers able to work from home, many moving to East Tennessee for the financial and tax benefits, the quality of life, and more!
While times are a bit strange, the lake market is unlike any other, there are not nearly enough homes to satisfy the demand. Here are some reasons why low inventory is a win for sellers.
High prices – Sellers are getting top dollar!
With so many more buyers in the market than homes available for sale, homebuyers are frequently entering into bidding wars for the lake homes they want to purchase. This buyer competition drives home prices up. As a seller, this can definitely work to your advantage, potentially netting you more for your house when you close the deal.
Greater return on your investment
Owning a lake home is not only a personal investment, but a wonderful choice in a financial investment! This year-over-year growth in home equity that has built up as you’ve owned you can use that extra money to buy a bigger home, or downsize and put some in the bank! Lakefront properties holds value like no other real estate, if you’ve been considering selling, there’s no better time!
Better terms
When we’re in a sellers’ market like we are today, you’re in the driver’s seat if you sell your house. You have the power to sell on your terms, and buyers are more likely to work with you if it means they can finally move into their dream lake home.
If you’re interested in taking advantage of the current sellers’ market on your East Tennessee lake or lake community, contact our lake specialists today to determine your best move. Lakefront Living Realty is the only brokerage dedicated to the lakefront properties and offer nationwide marketing with thousands of registered and qualified buyers.
Post by Mike Hogan, Lakefront Living, On The Lake Realty, TN.
Excerpts from Keeping Current Matters.