A Seasonal Market on Lake Martin

How long has Halloween candy been out at your local grocery store? My guess is since just after Labor Day. 

Did it surprise you? It did me.

I will also admit that just after Labor Day, when the lake level started dropping like Justin Bieber’s Non Fungible Token, I was surprised. Despite my obsession with Lake Martin, having my livelihood here, being “from here” on both sides of the family, and generally watching the water level like a hawk, I was surprised at its rapid descent.

And it happens every year. This place is seasonal. It should not have caught me off guard.

I should be used to the rhythm of the seasons. Lake Martin is a seasonal market. Most of our real estate sales happen between the months of March and October. When I say most, I mean a lot – the figure is actually about 80%. I have been telling my clients this for years, and I finally looked it up to make sure I was thinking correctly. Bearing this in mind, here is the advice that I normally give to buyers and sellers here at Lake Martin, this time of year.

Advice To Sellers 

If a potential seller is wondering how many homes will come on the market after October and how many sales will happen, you only have to look at past history. We don’t have really a steady flow of sales in the cold months. If you’re a seller, that means it’s most likely that your house is going to sell in between March and October. 

A common question I get from sellers should I just wait until spring? 

Usually I tell them that unless they have any big projects they need to do, let’s go ahead and get it on the market. 

In other markets, one statistic that everyone fears is a high number of days on market (DOM). The DOM is the number of days the house has been for sale. Some sellers think that if a house has a really high DOM, buyers might perceive there is a stigma around the house. The fear that some sellers have is that if the house does not sell in November and December, you might have accumulated 100 days on market by February. Whereas, their competitors might only have five. 

Personally, I don’t think the savvy buyer is too worried about days on market here at Lake Martin. They can look at the dates where the listing began and understand that many of those days were during the holidays.  I don’t really count it against a home, and most buyers realize how seasonal our market is on Lake Martin.

Another obvious, big disadvantage of waiting until spring is that the house is not on the market. In other words, if it’s not in the Lake Martin Multiple Listing Service, no one knows it’s for sale. Therefore, there is an almost zero chance it will sell. If you do have it listed and on the market, you at least have a non-zero chance to actually sell it.

Advice To Buyers

If you’re a potential homebuyer here at Lake Martin, you have to know the available inventory follows the sales trend as well. Inventory starts ramping up in February, peaks in August, and starts tapering off after that. 

Does that mean that buyers should wait until spring to start looking? I don’t think so. 

Another thing to consider on the buying side is that you have less competition from November to March. There are fewer instances of multiple offers and other hurdles to the buying process.

Also, from a buyer standpoint, with the water down, you really get to see what the lake is like around the house and pier. There are no mysteries when the water is down. You don’t have to wonder how deep the water at the end of the dock is. This is because you can see it with your own eyes. You don’t have to wonder if there are any huge rocks where your kids might be swimming. You can see it.  

Buyers can also see what type of repair the dock, floating dock, or personal watercraft float might need. Again, there is no mystery at all when it is laid bare. Not that that’s a bad thing. No dock is perfect. Personally, I like that you can see what you’re dealing with. This way you can see any potential improvements that you might have to make. I counsel my buyers to use that information to your advantage when you negotiate a purchase.

Now, can we all make a pact not to be surprised when we see Christmas stuff out in the stores before Halloween?

That gets me every year!

Real Estate on Lake Martin

If you are interested in real estate on Lake Martin, give me a call at the number on the top of this page. I would love to help you out! For more blogs about Lake Martin and the real estate market here, click the links listed below:

Market Report Lake Martin Alabama July 2024

2024 May Market Report | Lake Martin Alabama Waterfront Real Estate