As we spring forward into the Spring selling season at Lake Anna and the surrounding area I am excited for the opportunities for both my buyers and sellers! With many years of real estate experience, I have been asked what I thought about the market at Lake Anna and real estate in general. I have been hedging my bets. Finally, I can say I am optimistic!
What has caused this optimism? Well, for starters, sellers are becoming more realistic about their prices. Rather then worrying themselves about what their property was worth in 2006, they are starting to realize the buying power they have on the other side once they move their property. I do believe prices have bottomed out. There is less inventory than there has been in a while which should cause prices to rise, although not with the extremes we have seen in the past. Rather, most experts are predicting a much slower, more healthy growth.
Buyers, on the other hand have never had more buying power! Low prices coupled with low interest rates still make this a buyers’ market. What sellers are finally starting to realize is that if they are reasonable with their prices, they will recognize their increased buying power 0n the other end. This is a win-win situation. If, as the press says, lenders start to loosen their lending requirements even just a little, this should shrink existing inventory even more.
I have been fortunate to have listed several very reasonably priced waterfront homes on Lake Anna. If you haven’t already checked them out, you owe it to yourself to explore the opportunities before it’s too late. This could be the year you enjoy your vacation at your own lakefront retreat!
In addition, while there are still short-sales and foreclosures in the pipeline I believe they are also getting more scarce as more distressed properties are gobbled up by investors. Homeowners are also seeking more loan modifications or other avenues of keeping their properties including renting them. Lake Anna hasn’t seen too many of these distressed type of properties but there are still a few in the surrounding area.
I currently have a couple of listings that have great investor potential. One is a foreclosure and the other could have great rental potential at the price of an unimproved lot!
I would encourage anyone thinking about investing in real estate whether for personal use or for profit (or both) to jump off that fence with both feet while you still can. I will be happy to help you on either side of your real estate transactions at Lake Anna or the surrounding areas of Louisa, Spotsylvania and Orange counties. And don’t forget to “spring forward” rather than falling back. Set your clocks forward one hour this Sunday.