LAKE LANIER MIDYEAR 2010

Lake Lanier is in a period of healing. Rocked by a triple whammy of perpetual low water levels, economic collapse affecting affluent buyers/sellers and the shaking consumer confidence evaporating 2nd home buyers. The vibrancy of the market must be kick started – re energized.Now that we’ve reached full pool sidelined sellers have flooded the market and inventory has soared● ● listings up from 341 to 477 in 6 months.

But the good news, NO THE GREAT NEWS, is that closed sales are up 40% resulting in months of supply dropping from 36 to 31.8 months. In a normal market, had supply remained level that might have been down to as much as 22 months. Prices of homes sold have dropped significantly. Sales of foreclosures, stressed sales, long aged listedproduct and short sales have applied downward pressure on sales prices. Mid year average is 426,500.

The harsh reality of the market is that the overhang in inventory and the National economic doldrums will continue to place pressure on ALL SELLERS. Buyers today have their mask on and gun out ready to rob the bank. Reality is today’s sellers must dress their property for success. A million dollar house has got to look like a million and a half. The best homes price, best presentation , best condition sells first.

Reality is the first offer is still always the best.

Reality is that before you tread into Lake Lanier market you must have a professional “Lake” broker by your side. Today’s lake broker understands how to guide the buyer or seller through this moving asteroid belt of moving parts.

The Reality is that in a market in flux, sellers must be patient, deliberate, and focused. It took 4 years for the lake’s environmental health to recover. It will take an equal amount for it’s economic health to do the same.