Selling lakefront property has many intricacies that you don’t want to get wrong. Understanding the target market is critical to making a good deal. You might want to know if the value of the lakefront property rises. When is the best time to sell your lake property?
Swimming, boating, barbecuing, and taking in all those breathtaking lakeside views are some of the benefits of having a lakefront home. It is an incredible way to appreciate nature and breathtaking vistas from the comfort of your own home.
Lakefront properties are a great investment too. They have a higher intrinsic value due to the view, proximity to the water, and increased seclusion. With more Canadians able to work from home, achieving the elusive work-life balance is becoming more feasible. The value of the lakefront property and recreational space is predicted to increase by 15% in the coming year. Is this the time to sell your lakefront property for a better value?
This article will discuss the best time to list your lakefront home as well as some tips to sell it for a higher value.
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Is Winter Warmer for Lakefront Properties?
Everyone knows that winter is the dead zone for real estate, right? But popular belief doesn’t always hold. There’s always the possibility of selling lakefront property in winter. The first reason is that there is very less inventory. Sellers want to hold on to their property until the spring. As a result of little to no inventory, you might succeed in selling your lakefront cottage at a reasonable price.
Secondly, ski lovers are quite interested in lakefront homes in winter. Some want to rent, and other enthusiasts can be interested in buying too.
That being said, selling lakefront property in the colder months requires a lot of effort. You might have to shovel and drill through several feet of ice to show your property to potential customers.
In addition, buyers usually expect clear water, recreational sports, vacation vibes, and health benefits, when they imagine buying a lakefront home. They might not feel attracted to seeing the lakefront property all covered in snow.
Another reason why selling in winter is not a good idea is the fact that people don’t want to wait for months to enjoy their lakefront homes. They quickly want to settle in and enjoy their new home in the best season.
Considering all these factors, listing in spring is perhaps the best time. There are several advantages to it.
Benefits of Listing in Spring
Many realtors believe that the best time to list a lakefront property is from spring to summer. It’s for a variety of reasons.
Access
One reason is easy access. Some of the lakefront properties can be buried in snow during the winter, and the buyers would like to see the house when the lakeshore is not piled high with snow.
Increase in Average Sales Price
The average sales price increases in the summer. This is the best time to sell if you want a better profit. According to a study published on Newswire, 84% of respondents in Ontario indicated a decrease in inventory this year compared to the previous year. Similarly, 87% of respondents reported that at least seventy-five percent of the properties in their region sell for more than the asking price during spring season. These trends indicate that you are likely to get a better price for your lakefront home if you list it in spring season.
A Seller's Market
There are many more buyers interested in lakefront living in summers, giving the seller the upper hand in negotiations. In this scenario, it is best to sell lakefront property when the market is robust.
Fast Selling
Buyers are eager to move into their lakefront property in summers. Listing your lakefront home in the spring allows purchasers the time to visit comparable properties, make an offer, bargain, and close with sufficient time to enjoy their new lake cottage. The sooner you list, the more chances are there for quick selling.
Potential for Vacation Rental Income
Buyers who intend to convert your house into a holiday rental will want to secure summer reservations to generate as much cash as possible. If you list in the spring, such buyers are likely to quickly purchase.
Springtime cleaning
Every spring, home owners usually work on home renovation and improvement. They usually clean debris from the beach, consider modifications to the interior design, and perform minor repairs around the property. When your home is in tip-top shape, you can use this opportunity to list and sell it quickly.
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Factors to Consider Before Selling Your Lakefront Property
There are several factors to consider before selling your waterfront home.
Pricing
Pricing a beachfront property correctly from the start is crucial when selling it. Pricing waterfront property requires experience. A good real estate agent will utilize a variety of pricing strategies when calculating the list price of a home. Comparative market analysis will often determine the cost of a home.
Size of Waterfront
The size of the body of water that a property borders is crucial. There is no standard formula for determining pricing depending on the size of the waterfront; nonetheless, the size of the waterfront can have both good and negative effects on the value of a waterfront home.
This is a very essential component that must be taken into account when a Comparative Market Analysis (CMA) is performed by a real estate agent. In general, the greater the frontage, the greater the cost. Some other factors to consider are the shape of frontage, depth of water and the possible uses of waterfront property.
Amenities
Numerous beachfront properties are “communal” assets. Common features in these neighborhoods include clubhouses, pools, and fitness centers. These features are typically accompanied by a homeowners’ association fee (HOA). In addition to the community amenities, a real estate agent must be aware of the waterfront property’s features, such as private docks and beaches.
Appraisal
An appraisal is the most reliable way of calculating the selling price of waterfront property. An independent appraisal ensures the buyers that there are no underlying faults and that the property is worth the investment.
Tips for Selling Waterfront Property in Spring
Make your Property Functional
Depending on your living arrangement, your waterfront property may be a secondary residence that receives limited use during the winter. Before displaying your property to potential buyers, ensure that it should be fully functional. This includes turning on the water and electricity, as well as tiny matters such as placing garbage bags in trash cans and ensuring that the pantry is free of food from the previous year.
Ensure that the bathroom and kitchen are stocked with essentials like hand soap. Small touches like these do not matter much when you are opening the camp for the season and enjoying it with your family, but they do matter to potential purchasers.
Keep the Home in Tip-Top Shape
Keep your home in the best possible shape. Consider placing mats for potential purchasers to use to clean their feet. Nobody appreciates a filthy home with muddy floors. By laying down mats, you draw less attention to the chance that flooring will become soiled in the spring, particularly near water.
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De-clutter and Clean
Branches or even small trees may have fallen throughout the winter. Remove the branches and twigs from the walks and rake any pine needles or fallen leaves. Examine your deck for any nails that may have become dislodged. Potential buyers will undoubtedly want to wander about your property, so eliminate any potential hazards.
Prepare the Dock
Direct proximity to the water is the most obvious advantage of a lake house! Ensure that your dock is accessible to potential purchasers. Examine it and fix it in case it is damaged. If you have one, consider placing your boat in the water for staging purposes. You want potential buyers to visualize their own families enjoying a day at the lake on a hot summer day.
Key Takeaway
Selling your lake property in spring is advisable for many reasons. All the benefits of lakefront property become more visible in warmer weather. Buyers also aim at buying in the spring season so that they can settle into their new home before summer and enjoy their waterfront home in the best season.
Contact one of our professionals this spring for assistance in selling your beachfront home. We have plenty of potential buyers to show your lovely waterfront home. Please let us know if you need any assistance preparing your lakefront home for showings.
