Ask any Realtor when the best time to buy real estate is. They will tell you, “Now”. From an investment perspective there is a lot of support for that answer, but if you asked the question, that is not what you were looking for.
When is the best time to buy a lake house?
Going under contract the first week of April is ideal, for these reasons:
- Spring listings will just be starting to appear. You may have some options to consider.
- Allowing six weeks for your sale to conclude, you would be signing documents for your purchase the first half of May. This allows you time to move-in and still have almost the entire warm weather lake season to enjoy the lake.
- Snow will be melted, so you should have full visibility of your shoreline.
- If you have another house to sell, you will be in prime season for buyers that are entering the spring market.
Now, the reality…
Having an ideal close time can be a guide, but if you are buying a lake house the planning and shopping process can take some time. Landing a specific contract date is a challenge, mostly because there may not be a house that is what you are looking for.
Shopping for a lake house is fun! You will have a lot of choices that include choice of lake, lot features, house features and price. Visiting the area to look at the lakes and the area can be a good start. This will give you an idea of the water quality, the cities or towns where you may live, and a high-level overview of the types of properties available. You can look at listings online. When you are ready to setup showings, you can do those in person if possible. If not, a virtual showing can be a good start. Sometimes you find your dream home right away. Sometimes not. You will discover what is and is not important to you. Developing a list of non-negotiable, must have features is helpful, with a set of other “nice to have” features as secondary considerations. With those in mind, as you look at lake houses, you will know you are getting close when you find a house that “checks a lot of the boxes”.
Do this:
- Establish your level of urgency. Do you want to finalize a purchase right away or do you have time to shop? The higher your level of urgency, the more aggressive you will need to be with your effort. Be clear on this with your real estate agent! The timeline is yours, not your agent’s. Your agent needs to flow with your timeframe expectations.
- Start reviewing listings – initially cast a wide net. Look at listings from any lake that you think may be a fit.
- Narrow your focus – whittle away options based upon price, lake, geography, or other factors that present themselves as important.
- Formalize your relationship with your Realtor. Get paperwork signed so you have your agent engaged in representing you on your purchase. Establish with your agent how you intend to pay for your house. If you are getting a mortgage, get your pre-approval from a lender (preferably a recognized local lender). Get your lender income documentation and whatever supporting documents they need to eventually get you a mortgage commitment. You are laying the groundwork here, so that when your ideal opportunity is discovered you are ready to go.
- Start visiting houses. Schedule in person showings or have your agent do virtual showings with you. If there is a short delayed-negotiation period, utilize the first day or two to do your showing. That will allow an opportunity to come back again for a follow-up showing if needed. If you are seriously considering a house, you should make every effort to try and visit in person.
- When you identify the house you want, immediately have a discussion with your agent about terms and prepare your offer. You may have the luxury of time in some cases, but often the best opportunities go quickly. It can be discouraging to find your dream home and miss-out because you were too slow. This is why you did the planning you did.
Reality continued…
You are probably not going under contract the first week of April. A warm weather purchase is likely though, because that is when the market is most active. Maybe you will land your dream home during the coldest days of winter. If not, off season you should at least be planning and shopping. Start getting excited!
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