Why now is the time to sell your Smith Mountain Lake home

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If you pay attention to the real estate market, you’ve probably heard that current housing inventory is low. That means there are fewer homes on the market than usual — and fewer homes than interested buyers.


The Smith Mountain Lake real estate market is something of a specialty market. It doesn’t always follow national trends or even the trends of the Roanoke Valley market overall. However, in terms of inventory, we’re falling in step behind the rest. Inventory around Smith Mountain Lake is lower than usual.


So what does that mean if you’ve been considering selling your property at Smith Mountain Lake?


Two important words: Less competition. Simply, fewer homes on the market means you’re competing with fewer sellers to get the attention of buyers. By spring, many more would-be sellers will have taken the plunge and listed their homes for sale, as well.


Besides competition, two other factors are working in your favor:


Interest rates: While mortgage rates have risen over the last several months, we’re still seeing good, solid lows for buyers, especially those who are well-qualified. In addition, while a sudden spike in interest rates is unlikely, many buyers want to close soon to avoid additional increases.


Prices: The price increases we saw throughout 2018 have slowed, but they haven’t stopped or reversed. High-quality properties that have been well-maintained and upgraded are still fetching good prices. In addition, if you bought your home during or just after the recession, you probably have more equity than you realize. Historically low mortgage rates and lower home prices in the past can work to your advantage now.


All that said, the very best way to decide whether this is the time to list your home is to speak to a real estate agent about your specific circumstances. If you’ve been considering listing your Smith Mountain Lake-area home, I’d be happy to talk with you about your options and perform a comparative market analysis to help you determine the best listing price. With decades of experience in the Smith Mountain Lake market, you can be sure that when I list your home for sale, you’re getting the expertise you need to sell what is possibly your most valuable investment.


Contact me today at 540-493-9800 or penny@pennyhodges.com to learn more about our local market and figure out how we can use it to your advantage!


Penny Hodges
Penny Hodges