Maine Lakefront Real Estate – “Why Are They Selling?”
July 8th, 2008 categories: Observations and Commentary
Lakefront buyers usually come in pairs, like a husband and wife. Usually one is impulsive, passionate and emotional; the other reserved, rational and reasonable. One is looking for something he or she likes, while the other tries not to show much enthusiasm or partiality about any particular property.
I can usually tell when the more rational of the two is interested in a property when I am asked, “do you know why they’re selling?”
The rational one likes the particular place, finds the property well priced. But wait! Something must be wrong with it. Thus the question, “why are they selling?”
Here’s what I can share with you. I visit with over 150 lakefront homeowners each year. Most have contacted me in order to get a free, no-obligation, comparative market analysis. In other words, they are thinking about selling and want to know what their property is worth.
Most lakefront homes are “second” or vacation homes. Unlike primary homes that on the average “turnover” every seven years, most lakefront homes are in the family for 20 to 50 years before they “turn”, or go up for sale.
Most sellers are in their seventies or eighties. Most have decided to sell NOT because they’ve decided to balance the portfolio, but because…well, when I ask them, most times they just say, with a deep sigh, “Because it’s time”.
“Our kids are all grown and have moved away. They don’t have a chance to visit us very often. We are getting to the age where we aren’t physically able to maintain two homes.”
“We never ever thought we would sell the place. We always intended to give it to the kids. But our dream of passing the place down to the kids is not meant to be.”
When I am listing a lakefront home I try to be as business-like as possible. I sense the owner’s sadness, but try not to open that door. Selling, for them, is not automatic or impersonal.
It’s heartwrenching.
More than a few folks have said something like this to me: “The happiest days we ever had as a family were the days we spent together at our place at the lake up in Maine”.
Why are they selling? Because it’s time.
By the way, if you’d like to take a look at some current lakefront listings it’s as easy as clicking right here on our Lakefront Locator. View all the current lakefront listings for the entire state on this single website!
Tom - MrLakefront
Great looking blog! This has shaped up so nicely. Great work and beautiful picture in this article.
as usual great article- I always look forward to your e-mail and forward to my friends