A very interesting real estate market this summer! After 18-to-24 months of sellers being in control with multiple offers and bidding wars pushing closing prices up drastically, it suddenly feels like a buyer’s market. Macroeconomic influences have been the biggest contributors; higher interest rates, declines in stock market wealth, recession fears, and overall spending caution have slowed the previous seller’s market. We are now seeing a steady increase in lake home listings, especially cabins, 2nd homes, and investment properties. If you’ve considered a waterfront home, now may be the time to come out and look!
Inventory is growing and we are seeing many price decreases across all price ranges. Still not many metro lake front listings, as they are mostly full-time residences, but a lot of appealing waterfront listings throughout Greater Minnesota and Wisconsin. As summer comes to an end many sellers will continue lowering listing prices to try and sell before winter. With less buyer demand and numerous interest rate buydown programs, it might be the right time to buy a lake home!
Contact me any time to start your lake home search or to take your real estate website browsing to the next level! I’m ready and willing to travel Minnesota and Wisconsin to find you the perfect waterfront property. Thanks!