How Summer Impacts The Sunriver Real Estate Market
Sunriver Real Estate Price Reductions
Summer is thought of as the “high” season within real estate. Sunriver is really no different than most real estate markets, with a few exceptions…
Sunriver is comprised of over 4,000 residences, including townhomes, condos and traditional single family homes. The majority of those 4,000 plus homes are either second homes or vacation homes. Many of the homes in Sunriver are rented on a per night basis to visitors and vacationers, predominantly from Northern California and the Northwest. Peak season in Sunriver for visitors are the Summer months, traditionally thought of as the time between Memorial Day and Labor Day. Of course, the Summer influx of visitors to Sunriver affects the Sunriver real estate market and Sunriver homes for sale. Sunriver home buyers sometimes have a difficult time viewing homes that they have a particular interest in purchasing because the home (perhaps a nightly vacation rental) may be occupied by a family enjoying their Summer vacation. In turn, many homes for sale in Sunriver go unseen during the Summer because they are such popular Summer retreats. The high level of summer occupancy ultimately causes a couple things to happen in Sunriver…
In the Fall, real estate activity increases because buyers return to view properties they formerly could not view during the Summer and Sunriver home owners with Sunriver homes listed for sale often times end up reducing the price of their home for fear of missing out on the “busy” or “high” selling season.
This is where a thoughtful, knowledgeable and hard working Real Estate Agent comes in handy. Many times, hasty Summer price reductions have led to Sunriver homeowners leaving money on the table because their Summer price reduction wasn’t effective. There is a strong possibility that homes reduced in price during the Summer would likely not have sold anyhow due to the inability of buyers to view the home.
My number one piece of advice for sellers would be to find a Real Estate Agent you trust. Then listen to your Real Estate Agent and price your home appropriately in the first place and avoid price reductions completely. Reductions should really only occur do to extenuating circumstances. If your home doesn’t sell within the first 3-6 months of being listed, fire your agent and get a new one. The caveat being… Only do so if you are allowing your agent to set the price based on market statistics and their local market knowledge. If you are dictating the price to your agent based on what you are hoping to sell your home for or want it to sell for, their hands are tied and the 3-6 month time frame will not be achieved. Also, keep in mind that the pattern of Summertime price reductions only holds true in general. IE There are instances within certain Sunriver real estate mini markets where Summertime price reductions may make more sense than in others.
Interested in what your home is worth but not ready to sell? Sign up for the PIP program or Property Investment Profile here… It is a free report emailed to you once a month and informs you of the Sunriver market and how it relates to your property.
Want to sell now? Contact me here and obtain a CMA or Competitive Market Analysis regarding the specific value of your Sunriver home and knowledgeable insight into the home selling process.