Whoa Nelly!! The best way to describe the last few months for us and this market is Richland Chambers Lake Mania.
As on August 10, 140 sold lake lot listings. And 53 pending lot listings in last 60 days.
We have never seen anything like it and I am not sure if we ever will again!
The amount of inventory built up over the last 10 years, quickly dissipated
In a flurry of Covid 19 motivated escapes from the City and the perceived dangers there.
The travel challenges imposed on the masses have motivated buyers to rethink a lake place,
A place away for the city….a place to go where they can work in a peaceful setting with an alternate reality.
Due to inventory shortages, and low mortgage rates, prices are up. Yet sellers are not selling and reluctant.
We are now in the dog days of summer(August) which has traditionally been a slower month to sell. But not the case now!
With the number of homes that went into forbearance for the Covid 19 Crises, we will begin to see foreclosures as early as next year. This is will change our market. But for now, and for the lake area, traditionally foreclosures have not been
Part of our market and I hope it remains that way.
What does this mean for us? Our lake is a changing. Construction starts are way up!.
Boat traffic is up and we are seeing the changes before our eyes….
Richland Chambers Lake is no longer “The best kept secret in Texas”
It is the place to go to escape!
If you need to buy or sale during this flurry of activity, there are a couple of things to remember.
If you are a buyer, it is important to research agents and hire someone that has local market knowledge.
There are many pitfalls that can be avoided by shopping with a a lake area expert that is in tune with the
Ins and outs of all the different areas and subdivisions.
If you are a seller, NOW is the best possible time to put your best foot forward and grab a buyer.
We can help you navigate the process as painless as possible and help you in getting the best return
For the investment you have made in your lake area property!
Call us if you are just tinkering with the idea, it may just be the time to make the move you have been contemplating!
According to Zillow, we have seen 25% less inventory the summer. Some are thinking not a good time to sell..?
Julie Teel 8/2020
