Like many areas, the Deep Creek Lake housing market is facing historically low inventory. That’s good news for sellers as it often means fewer days on the market and a prime selling price.
The Taylor-Made real estate team shares their perspective on the current market and offers tips for buyers and sellers.
Market Breakdown from Taylor-Made Real Estate
Why is inventory so low right now? Over the past two years, more people gained the ability to work from home. Couple that with the highly desirable Deep Creek Lake lifestyle, and you get huge buyer demand. Also, many folks who own homes here want to stay here. What was once their second home may now be their primary residence thanks to remote work. Additionally, there was a decline in new construction after the last recession. That left a bit of a void in terms of new homes.
People who are interested in selling, should seriously consider this dynamic. It puts them in a great position. There is high demand and low competition. That means homes are selling fast.
Buyers need to be ready to purchase with pre-approval. They can also take advantage of interest rates that have remained relatively low. It is also key to partner with an experienced sales agent. Let them know your absolute “must haves.” The more flexible you are with your criteria, the better selection you will have.
In Conclusion
One thing is for certain, the real estate market it always changing. Understanding the nuances of Deep Creek Lake real estate is Taylor-Made’s specialty. Whether you are buying or selling, you can count on us to help you position yourself for a successful transaction.
VIDEO TRANSCRIPT:
Some of the questions that we hear all the time, almost daily are, why is inventory so low? How did this happen and how did this housing market become so tight? Our experienced group of agents talk about what they think are the factors for the low inventory, not just nation-wide, but especially here in the Deep Creek Lake area.
In my view I think Deep Creek has always been a want-based market. People want to be here, and people want to have a vacation home, and I think during the last two years that changed. As remote-work became necessary and more prevalent, people were able to get- away from the city. Real estate prices were spiking, and I think a lot of people took advantage of that and wanted to move to Deep Creek, maybe to live their life, and enjoy their life a little bit more. I think that’s part of the reason we have an inventory shortage now, it’s that all these people still like being here. Even though prices are really high, they want to be here, wake up from Deep Creek Lake and work here, and send kids to school here. I think that to me, is really the biggest factor. – Jay Ferguson
In my opinion, the lack of inventory was caused by a recent lack of building. Builders took a little bit of time off after we had the last recession and they weren’t quite ramping things up as needed. Then, as the market recovered, now you have a lot of people that have also migrated to this area, interested in the many things that Deep Creek Lake offers so you have all those people coming in and now we have nothing really to give them. So now it’s a perfect time to list. There’s still a lot of people looking, we’re getting calls everyday. – Dan Shockey
The sellers want to hold onto their houses now, and I believe it’s because Deep Creek Lake is so inviting and people have found out that you can work from home. When the buyers come in, especially ones that haven’t been here before, they get so excited about the area. When we do have houses that do want to sell, they sell quickly. – Angie Bosley
If you are interested in buying real estate, my advice to you is two things. One, have your financing lined up and ready to go, so if you decide to present an offer you can give the seller proof of your ability to buy the property. Two, be ready to get down here right to look at the property, because we’re still having homes sold sight-unseen. – Bob Everett
Right now interest rates are still relatively low, which is increasing buyers’ purchasing power. So, that could be a reason why we’re seeing inventory shrink. People are still buying up whatever they can while these interest rates are still low. – Eric Crawford
I’ve been here long enough, I remember paying 17% interest and I thought that was a deal because it got to 21%! The current 3% is nothing. So, interest rates are still historically low. Get yourself a good real estate agent, be sure to tell them the main criteria you’re looking for, but the more criteria, the less supply, and interest rates that will take care of itself. – Beverly Everett
You know people might be buying houses but owners are a little reluctant to sell because where are they going to go once they sell their current property? – Eric Crawford
Don’t give up. Get yourself a good, educated, seasoned agent who knows this Deep Creek Market very well, that will keep you updated even with properties that are coming-soon, which means the home hasn’t quite hit the market yet, but the agent will have access to let you know about it early. – Beverly Everett
It is crucial to have some patience, and to partner with an agent who is working full-time. Not just to wait and see what comes on the market, but to help you go and find the right home for you. That’s what our team at Taylor – Made does every day for our buyers and we would love to help you as you navigate this competitive market – Terah Crawford