Lake Vermilion Real Estate

It’s only May.

But I have heard, on numerous occasions since the first of the year, this similar comment from local real estate Sellers:

“We want to sell this summer!”

On the Buyers side there is another frequent comment.  It’s an understandable concern about how to approach a Seller.  The common Buyer question is:

“How do I know what price to offer a Seller?”

In an attempt to encourage a dialogue… here’s a bit of information that both parties may find useful.

To this date, in 2011, our local real estate market, overall, has produced 281 completed transactions.  Of that group the final selling price was, on average, 78.8% of the original asking price and 87.8% of the most recent asking price.

Of course, each transaction is unique.  Those numbers may not apply to all Buyer and Seller needs.

I have additional details.  Please send me a note.

Two significant aspects of a Buyers Market are 1) more motivated Sellers and 2) increased numbers of listings.

The Northeast Minnesota real estate market contains hundreds of lakes, streams, and rivers.  On those waterways within the local MLS boundaries, there are 354 lake frontage homes and cabins currently offered for sale.  There are also 297 undeveloped lake and river frontage lots on the market.

As a Buyer, if you ever hoped for an enhanced selection of available listings, this is your time!

Here is the total list of waterfront properties for your shopping pleasure:

Waterfront homes and cabins
$27,500 to $199,900
$199,900 to $298,500
$298,500 to $619,500
$619,500 to $2,865,500

Waterfront undeveloped lots
$10,000 to $$79,900
$79,900 to $121,900
$121,900 to $198,000
$198,000 to $2,900,000

Still can’t find that perfect property?  Please contact me for additional information.

This probably goes without saying and I may have said it before but…

If you consider yourself a serious Buyer you have, most likely, spent a fair amount of time searching for buying opportunities via online resources.  If you use this web site, I appreciate your patronage.

I believe time spent in online research is invaluable for all Buyers.  I also believe the abundance of market and listing information can be overwhelming.

I get a semi-common request from Buyers.  It normally goes something like this… “We know our wants and needs.  We have selected a list of properties that might be of interest.  Would you provide additional information and insight for each property on our selected list?”

That’s a very reasonable request because active real estate brokers (in any market) certainly have the tools, knowledge of the local market, and access to information to help you make a final buying decision.

If you’re actively refining and editing your property list, please send me a note or give me a call.  I am, obviously, happy help you make an informed and comfortable buying decision.

Knowledge builds enthusiasm!

My anticipated blog entry for today was a comprehensive post about how, where, and when to prepare for the May 14th Minnesota Fishing Season Opener (this coming Saturday).

Then I discovered the Minnesota Department of Natural Resources has got it covered.

Thanks, Minnesota Department of Natural Resources!

I hope you’re ready and have the time to share your fishing boat with your fishing buddies.  It’s time well spent.

See you on the lake!

Here’s the April graph that compares year to date completed sales activity for all transactions on Lake Vermilion (including homes, cabins, and lots) since 2005.

I believe this information may help define the health and direction of our current local real estate market.

Please let me know if you have any questions about this information. Your comments are welcome, too.