Hot (Seller’s) Market
This is an extremely competitive market and is advantageous to the seller. Sometimes, homes will sell as soon as they are listed or even before homes are listed. Typically, during a hot market, multiple offers will be made on each home and more often than not, homes will sell for more than the asking price. It is even more crucial to be prepared and to be ready as a buyer when the market is hot. It can be easy to get caught up in the bid for a home, but if you are prepared (pre-approved, solid in price range, realistic about your needs), it is easier to remain focused on your housing needs and price range.
Normal Market
In a normal market, there is a fairly large number of homes available and an average number of buyers. This market does not necessarily favor the buyer or the seller. A seller may not have as many offers on their home, but he or she may not be desperate to sell either. Again, it is the buyer’s responsibility to be prepared. During a normal market, the chances to negotiate are higher than in a hot market. As a buyer, you can expect to make offers at lower than the asking price and negotiate a price at least somewhat less than what the sellers are asking.
Buyer’s Market
In a buyer’s market, houses may be listed for more than a year and the prices of houses listed may drop considerably. This market is advantageous to the buyer. As a buyer, you have the time to make an offer that works to your best interest. It is not uncommon to low-ball and to find that sellers are accommodating to meet your needs. Keep in mind that even though this market is a great time for buyers, you do not want to lose your dream home by being unrealistic. Your goal is to get your dream home at the best possible price.
So what is the market like around The Hideout and Lake Wallenpaupack?
The real estate market around the Hideout in Lake Ariel, and around Lake Wallenpaupack is still holding steady, currently strong and vibrant although buyer demand has cooled a little bit since 2021 and 2022. The region is known for natural beauty and recreational opportunities, making it a popular vacation spot and a great place to live.
Properties around the Hideout, which is a private, gated community, are still in demand, particularly those with waterfront property and lake views. The community offers a variety of amenities, such as a golf course, tennis courts, and swimming pools, motorboat and non-motorboat lakes, and a variety of activities, making it an attractive option for families and retirees. The average home price in the Hideout is currently around $270,000, with waterfront properties selling for significantly more.
Lake Wallenpaupack is also a popular destination for those looking to buy a home. The lake is the largest motorboat lake in Northeastern PA, and it offers a wide range of activities, such as boating, fishing, and swimming. The real estate market around the lake is similarly strong, with high demand for waterfront properties. Well-priced homes in the area are selling quickly and we still see with multiple offers, depending on the price. The average home price for a lakefront home on Lake Wallenpaupack is around $850,000, based on the most recent sales since October 2022. Many properties will have a much higher price, depending on location and features.
If you’re looking to buy a home in either of these areas, it’s a good time to act as the market is currently moving to become more in favor of buyers.