What Happened to the $150,000 Cottage?
This has been an interesting spring selling season. Inventory is a bit low at the start of spring mainly due to a run of sales early this year. Serious waterfront buyers scooped-up things on the market over the winter. Smart move on their part as we continue to see prices moving up. So what happened to the $150,000 cottage? Mostly, they are now pricing in the low $200,000 range, if you can find one. I still get calls every week from people looking for that $100,000 cottage. They are a rare breed for sure. Not too many cottages in that price range this year. Looking ahead, buyers need to up the price expectations a bit or they will not be finding a waterfront - but a place that has water access instead.
How about the waterfront homes? What are they doing this year? This spring is showing signs of waterfront homes in the high $300,000 range. You will be hard pressed to find a waterfront home under the $250,000 range. If you do, it will most likely need some updating or repairs. If you are a handy type person, this could be a win-win for you.
Whether you are looking for a cottage or a home this season; expect prices to be up a bit from last season. And when you find that special place, don't wait - things are going fast.