Smith Mountain Lake Sales Double at the Onset of 2015
Waterfront properties in Smith Mountain Lake are hot property this year – as they often are. Sales for properties in the area were double for January compared to the same period in 2014, starting the year with a great momentum for buyers and sellers in the area.
No tax increase in Bedford County
The county’s board of supervisors has declared that there is no anticipated tax increase for the coming fiscal year. The decision was a result of a backlash that occurred when an increase of $0.02 was added to real estate tax in 2014, which resulted in a calculated loss of $1.5 million in land value for the area based on the county’s assessment. With real estate taxes not increasing anytime soon, buyers and sellers are at a great place to invest in real estate in the area.
Predictions for 2015
According to Forbes magazine’s prediction of what the housing market will look like for 2015, buyers have increased confidence when it comes to purchasing property. With home prices rising at a steady and predictable rate, housing continues to stabilize after almost seven years of being in a tentative state, prices are expected to level out. Great news for homebuyers looking to purchase much coveted waterfront property at Smith Mountain Lake!
Advice for buyers and sellers in Smith Mountain Lake
With a high demand for properties in the Smith Mountain Lake area, buyers and sellers are expected to deal with a lot of negotiations, which means you’ll need to be on your toes when it comes to dealing with the tough competition. Consider the fact that paying in cash doesn’t necessarily put you at an advantage, and that when it comes to negotiating, timing and confidence is important. For buyers in particular, be wary of going over budget.
It is predicted that millennials will take a huge chunk of the buyer’s market; eventually overtaking buyers who belong to Generation X. Sellers should take into account the difference in perspective and behavior of this market segment, as their consumer behaviors are distinct from those of Gen X-ers. Taking this into account will significantly require real estate marketing efforts to be more substantial and targeted.