The Grand Lake Home Market remains robust on the homes that have good locations, good appearance and upkeep, and priced right-how beit pricing still has sticker shock if you have been out of the market for several years. Like most of the country we lack inventory of Grand Lake Waterfront Homes for sale, Golf Course Homes for sale, and Grove, Ok residential homes for sale. If a home comes on the market with all above traits it generally moves fast. If one or more traits are listed they may linger on the market for sometime.
Why are home prices still higher and inventory low here as it is all across the US. Many people bought when they could get a mortgage for under 3% interest and they don’t want to give up this cheap rate vs todays 7% plus rate just to get a larger home or even better location. Builders are still building but not at the rate needed to get to a normal supply of new homes. Cost to build a new home is still high, some products used in building are lower such as framing lumber but many other items such as plumbing, electrical, and floor coverings have not come down nor has labor rates to add such items to a new home.
If you look at the rise in home prices from 2008 financial crisis to now, the annual rate of increase of price of a home is about in line. However for most of those years the market price stayed about the same and then shot upward all at once in 2021 after Covid and its effects set in. In the lake market, many folks found they could work remote during Covid and liked being able to play outside without being close to people. Thus a new group of lake home buyers were formed and bought and enjoyed.
A Grand Lake Waterfront home or any home with nearby lake access is still a good buy compared to most areas of the country. You can enjoy life on Grand Lake, have a good investment in real estate, and develop family memories here with full time lake home living or with having a vacation lake home.
To learn more about the Grand Lake Real Estate Market in NE OK contact our Keller Williams Grand Lake Team at Keller Williams Realty Grand Lake. Amy Wright at 918 791-1594 or Joe Neill at 918 640-3300 or email@example.com. We know the area, the market, the lake area rules and will guide your buying experience to help you find the very best property available.