The Good-  A Buyers Market  With prices and interest rates at their lowest points for quite a while, it's been an amazing market if you're looking to buy property.  Many of our buyer clients purchased homes on bodies of water or in areas that just a few years ago were out of reach for their budgets.  For each seller who unfortunately did not realize the appreciation they may have in the past, there is a buyer who is likely to be in a terrific financial position in the future because of the market conditions they were able to take advantage of.  While some markets have stabilized, list prices in other still need to come in line, so there are better deals yet to come in some areas.  Get in touch with one of our agents to target those markets you're most likely to find the best opportunities.

The Bad- Falling Prices  The flip side of a strong buyer's market is those sellers who are not going to realize the gains they had anticipated when they purchased.  Some sellers have decided to simply remove their properties from the market and wait for better times instead of selling.  They look at their properties like any other investment and don't feel it's wise to sell at the bottom.  This has helped to reduce unneeded inventory and stabilize the market a bit.  Other sellers have decided to simply take the hit and price their properties within market value or negotiate terms on an offer that simply got them out of the property.  Again, this has helped to reduce inventories and stabilize things a bit.  A much smaller percentage of property owners simply could not afford to hold onto their property, short sale terms can sometimes be negotiated with the lender or the property may simply have been foreclosed on.  it's important to recognize, as a buyer, that his truly is a very small percentage of the total properties available in a vacation market like ours.  We get a tremendous number of calls from buyers seeking waterfront foreclosures and there simply are not that many of them available on a relative scale.

The Ugly- Much of the Inventory  For those who have been actively looking to purchase, you've probably realized that most of what's currently available has sold for reasons other than the poor economy.   A lot of the properties being offered for sale are on the market due to generational turnover.  These are homes or cottages that were built or purchased by a family in the late 1960's, 70's or early 80's as a family getaway.  Because they were used so little, many are in terrific condition.  Unfortunately that means the green shag carpet and goldenrod appliances are also in good shape and have never been updated.  These are terrific homes to buy if you're willing to put in a little work and money to update the decor.  A lot of the foreclosed homes on the market are also some of the poorest in terms of condition.  The sellers did not have the resources to make payments on the property and were not likely to have funds available to do the basic maintenance a home needs over time.  While many buyers seek foreclosures thinking they'll get a terrific buy, they often have a very difficult time finding one that doesn't need substantial improvements.