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The Best Year in Smith Mountain Lake Real Estate Since 2008

If you’ve been wondering how the Smith Mountain Lake real estate market weathered 2017, get ready for some good news. Last year was the best year in Smith Mountain Lake real estate since 2008, and we have the data to support it.

Here’s the Proof

Winter weather hasn’t slowed down the SML real estate market, and data supports ongoing growth. January saw the sale of 22 waterfront homes, versus 14 in 2017. That equates to a 57% increase with an additional 33 under contract and pending sale.

What This Means for Buyers and Sellers

If you’ve considered purchasing a Smith Mountain Lake home, get in now while prices are still under pressure and interest rates are low. Conversely, if you’re thinking of selling your Smith Mountain Lake home, know that buyers are coming back. If numbers continue to perform as well as January, we’re in for a very hot summer.

This Smith Mountain Lake real estate market report compares sales between various properties during the last quarters of 2016 and 2017.

Best Energy Efficient Upgrades to Entice Buyers

Competition is heating up in the housing market, and sellers are renovating their homes in hopes of enticing the best leads. With energy-efficiency and sustainability on trend, homeowners are anxious to upgrade their living spaces. With so many options to choose from, honing in on the most sought-after advancements will help increase your listing’s appeal to motivated buyers.

Below are a few of this season’s most popular energy-efficient upgrades:

Efficient Windows and Doors: While installing new windows and doors may not be the most exciting upgrade imaginable, it’s necessary for those wishing to create an energy-efficient home. New energy-efficient windows have multiple panes, which help with insulation, security, and soundproofing. And if you live in an older home, this upgrade is a must.

Solar Panels: Advancements within the solar panel industry have introduced fresh, innovative designs for homeowners. Older solar panels that connect via racks and wiring are being replaced by sleek panels that are integrated within the roof itself. The result is a more aesthetically-pleasing and energy-efficient solar roofing system. Some models can even be tracked via smartphone so that the owner can see exactly how much energy each panel is producing.

Smart Technology: Products like Amazon Alexa and Google Home have made smart technology a must for home automation. These products work seamlessly with other smart home devices such as lighting systems, thermostats, security systems, and appliances. If you haven’t started the process of upgrading your home’s smart technology, now is the time to start.

The smallest upgrades affect your home’s energy efficiency, and will foster a more attractive listing to buyers who prioritize sustainability. If you’re unsure of where to start, ask your realtor for advice on which upgrades trend well in your market.

Source: RISMedia.com, Top Energy-Efficient Upgrades That Buyers are Looking for in 2018

Buying a Smith Mountain Lake Home in Winter

With temperatures climbing to a balmy 20 degrees, it’s hard to imagine bundling up the family to tour available homes on Smith Mountain Lake. Besides, experts have always preached that warmer weather months are ideal for real estate. But what if you’ve outgrown your current living space, or just happen to have the free time during the colder months to dedicate to finding your new home? Should you start looking now, or wait it out until spring?

While it’s true that summer is the most active season in real estate, there are distinct advantages to house-hunting in the winter. For starters, you’re competing with fewer interested buyers, which translates into fewer bids being placed. You’re also shopping from a pool of motivated sellers, which may work to your favor in regards to offers and negotiations. That means that the listing for the lake access townhome in the development that you’ve been eyeing will have fewer applicants, and chances that the seller will accept your offer are good.

If there is a Smith Mountain Lake home for sale that you’d like to know more about, contact me today. Whether you’re upgrading to a lakefront property or downsizing to a waterfront condo, I help my clients find the exact property they’re looking for…regardless of season.