Every time I talk to potential new buyers, they seem surprised that I’ve been busier than ever the past several weeks.
Fawn Lake Forest - Sold for $104,000. Listed Price: $119,900.
The economy, while depressing, has also encouraged buyers to invest in real estate, particularly vacation homes.
Perhaps it is because some people are no longer interested in spending thousands of dollars per year traveling, when they could instead be investing in a Poconos vacation home to spend their vacation and weekends off. Maybe the fact that they don’t have to make reservations or worry about check in / check out times is appealing. Maybe they like the idea of having a place with lots of activities to come to whenever the mood strikes them.
Some people have become disillusioned with the stock market and are instead investing in
Hideout Home - Sold for $114,000. Listed at $119,900.
something they can use and enjoy for several years, and later sell for a profit (to be safe, you should expect to own a home several years before seeing a profit; this is not a market for “flipping!”)
Who knows? All I know is that last month saw tons of real estate activity for my clients – we had closings in Masthope, Fawn Lake Forest, and The Hideout. One was an income / investment purchase, one was a vacation home purchase, and one was a first time home buyer purchase.
My clients currently have pending sales in The Hideout, Hemlock Farms, Wallenpaupack Lake Estates, and Paupackan Lake Estates. One of them is a relocation; the rest are vacation / secondary homes.
There are buyers out there – if your home is priced right, and in a desirable location, it just may be the time to put it on the market.
Paupackan Lake Estates Home for Sale - Under Contract
Filed under: Real Estate Market
Karen, how have prices fared for the Pocono’s vacation homes. Have they drop much ?
Prices have gone down somewhat. I am going to run a report and see what the overall median price for homes sold is – though it’s kind of hard. One area does very well and has lots of sales, while another one is stagnant.
The mid priced homes are the toughest ones to sell. The lakefronts and the cheapies, the opposite ends of the spectrum seem to be the ones moving the most quickly.