NOTE FROM BEV
WOW , what a crazy year we ’ re having ! This has been , by far , the best quarter we ’ ve ever had -- in the middle of a pandemic and contentious presidential race . Who would have guessed ? It has been the best real estate market since I ’ ve been in the business . Homes that are in good shape and priced right are flying off the “ shelf .” Some homes that have been listed for years finally closed .
BEV KNIGHT Lead Agent and Founder The Good Life Group
Last year , 95 lakefront Lanier homes with some kind of dock closed in the 3rd quarter . In 2020 , that number increased by almost 40 % to 131 homes sold . That ’ s remarkable . In addition , the average Lake Lanier home price increased 25 % from $ 638,000 to $ 796,000 . That level of increase is so unlikely , I went back and checked it twice . Jaw-dropping !
You may wonder why we saw such a dramatic change . In my opinion , the increase is due to people wanting to get out of the hectic , crowded cities . Whether it ’ s worries about COVID-19 in the congested urban areas , concerns over civil unrest or the confrontational ways some people express their political views , life just looks better at the lake . Hey , we ’ ve known that for a long time .
Now for the bad news . We are incredibly low on inventory ( i . e ., homes for sale ). A normal , neutral market is when there are about six months ’ supply of homes for sale . That means that at the current rate of sales per month , if nothing new is listed , we would completely sell out in six months . That is a healthy real estate market . At this point in time , we have just over one month of homes on the market . I ’ ve never seen it that low . Buyers have no choice but to be less picky , and sellers have the advantage of being able to sell their homes even if they ’ re not spot-on . Right after the great recession , buyers insisted on perfection , but now they find they can live with certain issues . It ’ s great for sellers but less so for buyers . That ’ s why we stay in touch with other lake agents to hear what ’ s coming soon . Very often , we are selling them before the house can get listed . That ’ s one advantage of using a plugged-in lake agent .
That doesn ’ t mean sellers can price their homes into the stratosphere . Today ’ s buyers know home values through their web searches ; plus , lenders are cognizant of the values and lend accordingly . One of the challenges of a rising market is making sure the home appraises even though comps ( comparable property sales ) might be a little lower . We work really closely with appraisers to help them find the value , so , we haven ’ t had problems ; but I understand other agents are not getting the appraisals they want . It ’ s a challenge and another advantage of using an experienced lake agent .
Y ’ all stay well and enjoy the autumn leaves . Call us if you need us . Hope to see you on the lake ,
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