August 27, 2010
Recently it’s been tough to find a positive real estate news story… regardless of where you look. But, as they say, all real estate is local. Which begs the question… How is the Lake Vermilion area real estate market? Well, using year-to-date Lake Vermilion cabin and home sales as a gauge the report is encouraging.
To date in 2010 the number of completed sales is nearly twice 2009, almost tripled 2008, two more than 2007, and just one less than 2006! (Data sourced from the local MLS.)
I’d say the credit goes to Sellers with the ability and willingness to work within the challenges of a heavily weighted Buyers market. Also, credit should be given to successful Buyers who have done their due diligence, researched their numerous buying options, and negotiated in good faith to a mutually beneficial agreement with their Seller of choice.
The opportunities are there but it takes an extra effort by all parties to overcome the significant changes in a market that is the subject of so much less-than-positive news.