November 03, 2010

Lake Geneva Lake Access Properties Sales Update: 1/1/10 to 11/1/10

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The end of the real estate sales year is coming to a close for 2010. As of today there are only 38 lake access transactions in our Multiple Listing Service (MLS). Why? That is a complex question for such a little word. I think we boil it down to three points: pricing, detached buyer attitudes, and inventory.

First, let’s address pricing. As a Seller the most important advertisement you can issue is your price – tell them you are a serious seller! A savvy buyer that has been educated to the market will recognize a value when it is presented. You do not get a second chance to make a first impression.

Second point I see is the posture presented by today’s buyer. They do not have to buy a second home, but they will if they find a home that they can justify as an investment. An asset is purchased with little or no emotional motivation. It has to make “cents”!!!! 

We currently have 80 lake access listings in our MLS. Not an excessive number, but only 4 of those indicate an accepted offer. Most significant statistic for you to consider is the average days on market. Currently homes that have not sold are at an average of 230 days on the market. That equates to 63% of the year that a buyer has not jumped on an opportunity because after viewing it on line they have dismissed it. The listings that have closed average 173 days. It is a safe assumption that these closed sellers priced correctly for inventory.

As a seller, you know what you have to do: revaluate your position in the market. Is your house priced to attract today’s buyer? Does your home scream value that will appreciate better than the rest? Are you making a positive impression in person or more importantly – on line?

What about me – the buyer? The consumer has been overloaded with options which has riddled them with indecision. The “I can afford to wait” attitude from both buyers and seller has cost time, money, and equity for all parties concerned. There are homes that are currently priced lower than the market in 2003! The low interest rates coupled with sellers that Have to seller could result in a bad case of the shoulda, coulda, woulda for today’s buyer.

Posted by:  Stacey Schultz

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