Are prices of second homes really dropping?

Posted Apr 23, 2008 @ 9:11 am, Viewed by 190 Visitors, Read 195 Times.

                   

Are the prices of second homes or vacation homes like Lake Hartwell really dropping? I have been on several listing appointments and urged seller that may want to reduce their price in order to move their homes more quickly. Most of the replies are "that’s ok we will just list at our price and see if we get any bites."

My next question is are they truly motivated to sell? In most cases yes the sellers are but they are willing to hold out in order to get the best price for their homes. Which has caused home prices around Lake Hartwell to maintain there value. Of course we are seeing less sells. Buyers are coming up to the lake thinking they are going to get a deal, half off, or buy a foreclosure. That is simply not happening here yet. Most of the home owners here  don’t have to sell. Also I have only seen a few foreclosures on the lake so far maybe four. This is a big lake with 962 miles of shoreline. That is pretty impressive seeing the news with all of the foreclosures in cities across America. It goes to show that every market is different.

I am sure as the summer draws near some sellers will give up their quest for the perfect offer on their home and reduce the price to meet the buyer expectation. At that time buyers will claim their victory of finding their lake place at the best possible deal.

 

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2 Responses to “Are prices of second homes really dropping?”

photo thataway61

Hi April! Are the Hartwell water levels pulled down like Lanier or more constant?  Hope ya'll are getting plenty of rain.  Be sure to send us your beach buyers!

Posted 3 months ago
photo tampa4u

Prices of homes are dropping. Primary homes, secondary homes, vacation homes, etc. The only niche we found where prices really haven't dropped much is in luxury homes ($2M and up). We have 4 deals going on right now in Avila (a community where football players reside and top CEOs) and sellers are not budging but are getting their price. I suppose people with money will always have money regardless of the state of the economy.

Posted 2 months ago
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lake agent April Martin is a lifelong resident of Lake Hartwell and as such, she knows this area “like the back of her hand.” She can tell you which are the best areas to live in and which to avoid. Read More

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