Welcome to our Chautauqua Lake blog. We want to provide you with informed information on Chautauqua Lake and Chautauqua Institution living and real estate. We will regularly post up to date comments and information on the activities and real estate market on and around Lake Chautauqua and Chautauqua County NY.
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Tuesday, May 01, 2012
Why are some Chautauqua Lake Homes on the Market for so long?
We are often ask the title question:
There is no ONE answer but, I'll give you our
experienced response: Pricing and Market exposure
sell houses. These are 2nd homes (toys) generally purchased for all cash or with
considerable equity. Nobody has to sell, the tendency to overprice a home can be
greater than on a primary residence.
We sell lakehomes year round the prime selling season is April
thru October. If not sold in that time many owners withdraw the house for the
off season and put it back on the following season/year.
Because our clients live outside the area weather plays a part, no
snow buyers come out snow they stay home.
Because nobody has to purchase a second home buyers can be slower
to respond to opportunities. We work with many buyers for a number of years
before they purchase. Some buyers continualy think something better will
come along. Some sellers think a better offer will come along and turn down a
We run into everything, houses are rented and can't be shown,
seller using it and doesn't want it shown. The stock market is up, the stock
market is down. The media announces the world is ending.
Many properties are on for 2-3 seasons and sell for list price or
within 3-6%. Just waiting for the right buyer.
As I stated there is no direct answer, all of the above and more
keeps the DOM clock ticking. If a property is priced right and many times even
if it isn't (buyers are not shy about offers) ALL houses sell.
We have been fortunate that we never had over building,
speculation or flipping. Our market was affected by 2008 like every market but,
to a much lesser degree.