Is Fall A Good Time To Buy or Sell My Lake Geneva Lakefront Home or Condo?

IS FALL A GOOD TIME TO BUY OR SELL MY LAKE GENEVA LAKEFRONT HOME OR CONDO?

I often get this question this time of year from Buyers and Sellers alike. Fall, with its vibrant colors, crisp air, and lack of crowds, marks the start to one our most powerful Lakefront and Vacation Home Real Estate Markets on Lake Geneva and the surrounding lakes of Lake Beulah, Delavan Lake, Lauderdale Lakes, Powers Lake, Twin Lakes and Whitewater Lake.

It’s true, the hectic pace of 1st time lake home showings does indeed taper off as lake temps cool, summer activities wind down, and city folk retreat to their urban dwellings. However, as any seasoned Realtor knows, a percentage of those summertime prospects will return as qualified fall/winter buyers giving us a spike in real estate closings and momentum as we go into the 3rd & 4th quarters of each successive year (see the Chart of Monthly Closings on Lake Geneva below). This is just the market’s way of separating the summer tire kickers from the truly motivated and qualified buyers.

All too often Sellers mistakenly take this reduction in 1st time showings as an indication of slacking seasonal demand, and start thinking about closing up the cottage and taking their home off the market for winter, just as many buyers are getting ready to make their move. Because you see for many, buying a Lake Geneva Lakefront Home is a process, not a quick decision. One that can take many months, if not years, to run its course. (See my Hook Line & Sinker blog)

Buyers find fall an especially advantageous time to purchase for a number of reasons. Most importantly they find it easier to free up time, with children back in school and hectic summer schedules behind them, they can break out to the country in the pageantry of bursting colors and cooler weather to a take a 2nd or 3rd look at homes they may have seen only briefly over the summer. They have also had a summer full of trips to the lake, exploring and researching the various lake communities and real estate markets, getting advice from local Realtors, lakefront owners, and neighbors alike.

Savvy Buyers know Sellers are typically more motivated this time of year, having already made a decision to sell, their “fair well to the lake cottage” parties behind them, and winter heating/maintenance costs, estate planning, and year end tax benefits looming considerations.

Seller motivation turns into price reductions and incentives as the annual year end “jockeying for position” occurs among motivated Sellers. Sellers anxious to sell, ratchet down their prices, hoping to position themselves below the competition and recent summer sales. This sets up a pattern of price reductions that don’t go unnoticed by savvy buyers.

Buyers are motivated as well, wanting to lock in year end price discounts and get a head start on landscaping, remodeling, decorating, or new construction projects over the winter in preparation for the coming summer season.

Thus there are benefits to be had for both Buyers and Sellers alike, and you would be smart to take advantage of one of the most active times of the year, with recent summer sales as a guide for negotiating your best value.