Even though list prices on waterfront homes on Lake LBJ have remained high, the market is in fact cooling. We have started to notice that sellers are more willing to consider offers that are significantly below list. In fact, since July 1st of this year, the average sales price is closing for 11% below list price. This is a major shift from just a few months ago, when homes were selling for above list price.
Some recent examples of lake houses that have closed for significantly below list price include:
• Kingsland waterfront sold for $600,000 below list price
• Blue Lake waterfront sold for $349,000 below list price
• Sunrise Beach waterfront sold for $150,000 below list price
These are just a few, and there are many other lake houses that have sold for below list price in recent months. Remember, the list price is just the “asking” price; it does not have to be the sales price. Serious Sellers are becoming more willing to negotiate. And if the house has been sitting on the market for a while, you’d be surprised at how much of a discount you may be able to get.
Here are some tips for negotiating a great deal on a lake house:
• Do your research. Understand the market and what comparable lake houses have sold for recently.
• Be prepared to walk away. If the seller isn’t willing to negotiate, be prepared to walk away from the deal.
• Work with a real estate agent who is experienced in negotiating lake house deals.
• Don’t be afraid to make an offer that is below list price. The worst that can happen is the seller says no.
With a little bit of research and negotiation, you can find a great deal on a lake house in Central Texas. So, if you have been waiting for an opportunity to make an offer, now is a great time to start actively looking, presenting and negotiating offers.