You Have To Get Up Pretty Early In the Morning To Catch a House at Smith Mountain Lake 2023 Photo Copyright: Noreen Hartkern Photography (aka: Nth Degree Photography)
While it is no surprise that Smith Mountain Lake residents are staying put during these uncertain times, you can be sure of one thing! It’s creating an unprecedented Waterfront Housing Shortage, the likes of which I have not seen for OVER 22 years here.
It’s not uncommon–in fact, it’s a Seller’s Market in most of the Waterfront/rural areas of the nation right now because that’s what everyone is clamoring for.
Simply Put: People are Escaping to the Country….and for good reason.
Covid-19 and their variants are somewhat lower out in rural America–especially areas that are not easily accessed by main highways and take some time to get to.
But that’s what makes our area so nice–it’s off the beaten path.
The problem is, that Buyer’s are agitated. There is little to no inventory, prices are high and there are bidding wars at every turn, and like all real estate markets you simply cannot have it both ways.
Unless you have a 1031 Exchange on an in-demand rental property and can sell high, or are sitting on an investment someplace else that’s crushing it, [which would allow you to “Sell High”–and even if you needed to “Buy High” you’d basically be “flush”.] you may be a bit disappointed by today’s market at Smith Mountain Lake.
There is only one way to beat this system and that is this:
You have to be READY, WILLING AND ABLE TO BUY. That means that you need a PreQual Letter from your lending institution, have your Good Faith Deposit monies available (aka EMD, Earnest Money Deposit, etc…) have your financial advisor or accountant on “speed dial” and get ready for a whirl-wind tour in 2023 at Smith Mountain Lake.
Be ready to pounce.
Know your Limits.
Be ready for bidding wars.
Consider pooling your financial resources with friends or family! (<- check this out)
Be aware that waterfront $300K’s, $400K’s and $500K’s are basically a thing of the past at Smith Mountain Lake, unless you are looking at a 1-2 BR condo and even then, it’s a difficult find in that price range with deeded water rights to SML.
It’s going to be a crazy season, as we are starting the Spring off early– with less than 30 waterfront listings to choose from ( and many of these are $1 million and up).
Typically–in years past— we have about 200 listings this time of year….
Just try to stay positive that you will find “the one”…but know that in 2023 “beggars can’t be choosers” and you have to stay open to the idea that the inventory “is what it is”.
Get on my list and stay informed–I don’t have much time to post here, so reach out and contact me directly.
Stay Safe and Be Well!
Noreen
ABOUT THE AUTHOR: Noreen Hartkern is a well-respected Zillow 5-Star Agent on Smith Mountain Lake, Virginia, with over 26+ Years of Real Estate Expertise. Noreen is an Accomplished Realtor, Real Estate Consultant, New Construction Specialist, Blog Writer & Photographer. In Addition to Listings and Sales, Buyers and Sellers Agency, She has Extensive Experience as a Home Renovator, Rehabber and Flipper, and is a Published Author on That Very Topic.
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