I got a call last Saturday from a gal inquiring about a property. She said, “Tom, you probably don’t remember me, but you showed us some lakefront properties a few years ago.” I immediately remembered her and her husband as nice folks from Massachusetts.
She said, “We’ve been looking for 5 years and can’t seem to find a place we like. There’s always something missing or something we don’t like with the ones we look at.”
I then asked her, “What are you looking for in a lakefront property?” and “What’s your price range or budget?”
She then described for me what she wanted in a lakefront property. A nice flat lot with a sand beach and sunset views. She wanted a nice private lot too, with neighbors not too close. She described the type of house, number of bedrooms and baths. No camps either. “We might want to come up in the winter,” she explained. She said she didn’t want too big a lake, but nothing too small either.
What she described to me was a $500,000 lakefront home. Plenty of those around, right? What’s the problem? The problem is her budget. “We want to stay under $350,000”. She wants a $500,000 property for $350,000. That’s a problem.
Now, the market is slow and there’s never been a better time to get a deal. Sellers are motivated. But, prices have not collapsed.
She asked whether one of my agents could show her some homes that afternoon. She explained that they could be up from Massachusetts in 2 hours. Ever eager to please, Sandi Potter, our exclusive buyer agent extraordinaire, took them out that afternoon.
Before she left, I told Sandi about a terrific property that was priced right and would be a perfect fit for these nice people. Sure enough, Sandi reported to me later that they really liked the house, the lot and the lake, but it was located on the “wrong” side of the lake. “They want sunsets, remember?” Unlike baseball, in real estate it’s one strike and you’re out.
When does one’s property search become a quest ? When one is unwilling to either lower one’s expectations or increase one’s budget. If a property meets 80 to 90% of your requirements, seriously consider buying it.Perfection is overrated – and generally out of most people’s budgets.Now, I know what you’re thinking. “The buyers market is beginning to get to Mr Lakefront.” Not really!
The real victims are the buyers themselves. When they started looking 5 years ago, their children were ages 9,7 and 5 . Five years later they are now 14, 12 and 10. The children of these nice folks from Massachusetts have missed five golden summers here on our beautiful lakes. Those summers are gone forever.
When you’re raising kids you think they’ll be with you forever. They’re not. Before you know it they’re off for college and they don’t come back.
The oldest of their children will be 16 years old in a couple of years and will want no part of coming to the lake. He’ll want to get summer job in Massacusetts and stay home to be with his friends.
So dear lakefront buyers, when your search starts taking on the look and feel of a quest, remember: lower your expectations or increase your budget. Don’t deprive your family of your own lakefront home in Maine.
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!