2010 proved to be a trying year for homeowners on Silver Lake. Of the four area lakes I service, Silver Lake suffered the most woes. With the second highest amount of available properties for sale (52), it had the lowest number of sales (4), leaving a whopping 13 years of inventory on the market!
Having personally listed and sold two of the four listings, one for full price and the other for 96% of list price, I can honestly say that pricing had everything to do with successfully selling these properties. Putting the "perceived value" to bed and awakening the fair market value proved to increase activity, reduce the days on market and most importantly produce a sale, allowing the homeowners to move forward.
Active properties have diminished from 62 to 30 and are available in all shapes, sizes and prices ($74,000 to $1.49 million); proving there's something to fit every budget. With the hint of spring we are starting to see an increase in inventory with some "expired" listings re-entering the market as well as first time offerings. Only time will tell how 2011 will shake out. However, my opinion is that if perceptions and prices remain unchanged, homeowners will find their properties added to the mounting list of inventory and staying put rather than moving on.
For more information on buying or selling property on Silver Lake contact susan@homewaters.net.
To view all properties available on Silver Lake Click Here.
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