Tips on Buying A Poconos Lake House Summer 2021
At Lake Wallenpaupack, summer is always one of the most popular seasons for lake house and vacation home buying. This probably comes as no surprise, since summer is the season of fun in the sun and lake activities. If you’re planning on buying a home this summer, there are a few things you’ll want to keep in mind in order to be a savvy and successful home buyer.
This video from realtor.com offers useful tips buyers need to know if they’re planning to buy a home this summer.
Summer 2021 is the most competitive real estate season in recent history.
This is true all across the United States; not just in Northeastern PA and the Poconos. The competition is very stiff not only for waterfront and lakefront homes on Lake Wallenpaupack, Roamingwood Lake, and other lakes in Pike and Wayne County...but any lake house seems to be in high demand.
I listed a home in Indian Rocks; within three days we had multiple offers, some as high as $25,000 over the asking price. The story can be repeated with every community from The Hideout and Hemlock Farms to Wallenpaupack Lake Estates and Wild Acres.
Three tips to keep in mind when buying a Poconos lake house in 2021:
- There are fewer choices—and higher competition. Inventory is at an all-time low in markets across the country, and that is especially true in Pike County and Wayne County. There are fewer homes to choose from and higher competition for the choices that are available. Have your proof of funds lined up, and get pre-approved before you start looking. (side note: ask me about zero-fee mortgage options from Keller Mortgage! You could save thousands in closing costs!)
- Flexibility is a must. With low inventory and high demand, you may have to be flexible with the conditions of your home purchase. You may need to allow sellers a longer time to close, or have as few contingencies as possible. You may have to adjust your expectations when it comes to updates in the home.
- Make the first offer your best offer. Most sellers are getting multiple offers on their home. So if you’re going to make an offer, make sure to put your best foot forward—and make your initial offer as high as you’re willing to go. Throw in some other incentives such as paying some of the seller's closing costs or waiving certain contingencies.
Bottom line? If you want to buy a lake house in the Lake Wallenpaupack and the surrounding area this summer, you need to be prepared for what’s happening in the 2021 market. These tips will help you position yourself in a way that will increase your chances of successfully buying a home.
Hey, In Case You're Interested in Market Reports...
You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active, and just sold properties so you can see actual homes in the neighborhood of your choice. You can review your area on a larger scale, as well, by refining your search any way you wish. As you notice price and size trends, please contact me for clarification or to have any questions answered.
I can definitely fill you in on details that are not listed on the report and help you determine the best home and/or neighborhood in Northeastern PA for you.
If you have a home in Pike or Wayne County and are wondering if now is the time to sell, please try out my INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, I hope to hear from you soon as you get to know our lakes, neighborhoods and local real estate market better.