Greetings from Deep Creek Lake-Spring Break, Golf Rates. I hope you had a fantastic spring break, if you were lucky enough to have one this year. Betsy and I spent some quality family time showing off little Griffin to my family and friends in Virginia Beach and in the Outer Banks of North Carolina. The biggest reward a second home can offer are memories with your family and friends that you will retain for the rest of your life. This investment is much more than a financial venture. Many of our past clients share with us wonderful stories about DCL such as adventures with their children or grandchildren when they first learned to snow or water ski. We understand this feeling first hand as we watch our 4-month old son develop week-by-week and realize how lucky in life we are to be able to share the mountain and beach life with him.
Speaking of children…The Community Aquatic and Recreation Center (CARC) here at the lake has put together some really interesting summer camps for the children. If you are not familiar with the fairly new CARCCenter at GarrettCollege, check out their website and all the wonderful things they have to offer (see hyperlink above).
Golfers, please be advised of the new Lodestone rates. My understanding is that the new owners of Wisp Resort and Lodestone Golf Club plan on keeping the course in stellar condition with a tentative opening date of May 1st. Wisp Golf Course rates are also available with an opening date tentatively planned for April 19th. Get your game on and enjoy the perfect spring weather we will be having at the end of April-beginning of May!
Real estate market looking up at Deep Creek Lake. YES, this statment is proving to be true! There have been 17 residential sales thus far in 2010, with sales prices ranging anywhere from $80,000-825,000. On top of that, there are 32 additional residential properties that are under contract or pending sale with asking prices of $42,900-2,250,000. This is potentially 49 sales for the 1st quarter of 2010. Nothing to shrug off considering the low consumer confidence we’ve seen over the last 18 months.
For comparison, there were 18 home sales during the same time last year ( 1/1/09-3/1/09), 32 sales in 2008, 49 sales in 2007 and 67 sales in 2006. Our average list price to sales price ratio is still 91%, which is considerably good when looking at the nation’s averages. (Source for # of units sold: Metropolitan Regional Information Systems, MRIS)
We’ve made it through the first 36-48” we received at Deep Creek Lake this weekend and now we’re bearing down for the next 12-20” coming tonight and tomorrow. Having been housebound for a day, I was able to catch up on some market tidbits and interesting facts recently released by The National Association of REALTORS® (NAR®).
NAR® has recently released a book that outlines the buying habits of the previous year, 2009. What we have believed over the past year is now official…90% of buyers use the internet to search for real estate. Although these statistics are geared toward a primary residence homebuyer rather than a second homebuyer, the tactics are still the same for any buyer. This information is helpful in ‘moving with the market’ and adapting your business plan to meet the wishes of your target market.
47% of recent homebuyers were first-time.
21% of recent homebuyers were single women.
Typical homebuyer searched for 12 weeks and saw 12 homes before buying.
Recent sellers sold their home for 95% of asking price and 60% had reduced the price at least once.
42% of recent sellers offered incentives in terms of warranties and closing help.
Sources recent buyers used in home search: 90% internet, 87% agent, 59% yard sign.
Most frequently used sources by buyers: 76% internet, 68% agent, 24% yard sign.
“Most useful” information for buyers was found: 81% agent, 77% internet, 42% yard sign, 2% newspaper.
Buyers found the home they purchased using: 36% agent, 36% internet, 12% yard sign, 2% newspaper.
What buyers want most from real estate agents: 46% finding home, 16% negotiating terms, 13% negotiating price, 9% help with paperwork, 8% comps.
What buyers considered benefits of using an agent: 63% understand process, 53% pointing out unnoticed features/faults, 42% negotiate terms, 41% improve knowledge of search area, 41% improved list of vendors, 20% expanded buyers search area, 18% narrowed buyers search area.
Number of agents interviewed by buyer: 66% one, 19% two, 10% three.
“Most important” factors for buyer agent selection: 98% honesty/integrity, 95% knowledge of purchase process, 93% responsiveness, 92% market knowledge, 84% negotiating skills, 83% people skills.
Methods used to find agent: 40% referral, 24% used agent used previously, 5% met agent at an open house, 3% saw contact information on yard sign or open house sign, 1% calendar, magnet, etc.
“Most important” factors for listing agent selection: 22% pricing help, 21% find a buyer, 19% marketing help, 19% selling home within specific timeframe, 10% find ways to fix-up home so it will sell for more.
As always, feel free to contact me anytime concerning Deep Creek Lake or Garrett County real estate 301.616.5022. With the upcoming President’s Day holiday and the fresh powder, it’s the perfect opportunity to visit Deep Creek Lake, Maryland for a long weekend and take on Wisp Ski Resort’s 30+ trails.