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Advice
Posted in: Lakeshore homes, Buying a home

Is it time to buy a lakeshore home?

Time to buy lake home

If you’ve been dreaming of a lakeshore home, you're not alone. After a lull in sales during the winter months, waterfront home sales in Minnesota and western Wisconsin have picked up this year.

Lake home sales are up

The Minneapolis Area Association of REALTORS® (MAAR) reports that pending sales of private waterfront properties from July 2012 through June 2013 were up 8.4 percent over the same period the year before. This sales increase is occurring even as the inventory of private waterfront homes for sale is down nearly 20 percent.

Lake home buyers should expect competition

As a result of high demand and low inventory, waterfront homebuyers should expect to move quickly and even compete over quality lakeshore listings. And of course, whether you’re purchasing a weekend getaway or a permanent residence, you should expect to pay more for a waterfront property.  

“The median sales price of a home on the waterfront is $375,000 compared to $174,500 for a non-waterfront home,” said Bob Peltier, president and CEO of Edina Realty Home Services, quoting MAAR statistics.

“That alone tells the story of how much more valuable a home on water is. With inventory this low, it’s important to move quickly and be prepared to put in a competitive offer,” said Peltier.

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Status Definitions

For Sale: Properties which are available for showings and purchase

Active Contingent: Properties which are available for showing but are under contract with another buyer

Pending: Properties which are under contract with a buyer and are no longer available for showings

Sold: Properties on which the sale has closed.

Contingent and Pending statuses may not be available for all listings