By Tiffany Hazelwood, Associate Broker, Lake Homes Realty

Wait, is the market stagnant? Debbie Downers who are only focused on higher-than-recent interest rates, but lower-than-historically-high interest rates would say yes. But supply-and-demand actualities reveal that there are still more buyers than homes for sale (in most markets), and with lake homes being second homes for a lot of owners, there is not the typical cause and effect of selling also equals having to buy something else. Many sellers currently find themselves in a holding pattern because they fall under the predicament of “Why would I sell now and then turn around and have to secure a mortgage at a higher interest rate when I buy?” Many buyers find themselves hesitant to make the next move – even if obvious demands would otherwise necessitate a move – with the main factor being that monthly payment at a higher interest rate.

But here’s the part where Lake Anna, and perhaps lake homes in general, fall immune to circumstantial market changes… Each lake home, or especially waterfront land, is so unique and rare that when it becomes available, there is often a buyer who has been waiting for that specific offering to become available, and when it does, they will pay a premium! Those buyers may have cash and/or be less concerned with the premium associated with something so coveted that they have eagerly awaited – possibly for years. How do you put a price tag on that?! “Beauty is in the eye of the beholder” – and in this case, ‘the beholder’ may be coming from a market where our prices look like a steal!

Sellers of lake homes, especially those folks who have also capitalized on them as vacation rentals, will realize the fall to be ‘the serious season’ – aka that sweet spot where peak season is over and the new owner may want to enjoy the property for the holidays and make any necessary changes and improvements before the spring season resumes. This can be a win-win for sellers to duck out before dormant winter carrying costs kick in and also for the new owners to savor some holiday time in their new investment before acquiescing to next season’s rental market. Even sellers who have not used their lake homes as a rental can appreciate cutting their losses before the uncertainties of winter and trying to maintain their home from afar.

Also, as the market appears to be shifting in several ways, we are seeing price reductions for the first time in a long time on listings that have been sitting on the market, leaving some sellers wondering if prices have officially capped out. Which also points towards cut your losses and sell now anyway.
Buyers, let’s blow on your dice for a second… you buy now and rates go up? Then, you’re happy you bought when you did, and at least you’ve scored your dream sooner rather than later and you’re building equity. You buy now and rates go up? Well, then you refinance, but again, at least you’ve already started building equity and you didn’t wait for rates and prices to change before you pulled the trigger!
So, what is the most premium real estate currently on the market at Lake Anna?! Currently, the most premium waterfront house (with two additional parcels) is listed at $3,498,000 and the most premium waterfront land (with improvements) is listed at $1,625,000. See featured listing (see page 15 – 3023 Moody Town Rd. Bumpass, VA)

Tiffany Hazelwood

Tiffany Hazelwood has a degree in Journalism from the University of Richmond is a full-time Real Estate Broker with Lake Homes Realty, a lake-focused real estate firm, where she serves as the Anchor Agent for the Lake Anna market. She has been a licensed realtor since 2008 and has been specializing in real estate here at the lake since 2016. She has enjoyed writing the real estate section for the Lake Anna Breeze™ since 2019. In her spare time, Tiffany enjoys jet-skiing and boating on the lake, traveling with her boyfriend, Tom, and time with their 3 dogs.