WATERFRONT - Current Trends
A huge transformation in attitudes regarding "sense of place" and "what is home?" has come about through this unprecedented pandemic we have experienced. This transformation has brought greater attention to our area as DC METRO area homeowners seek out "high value / home retreats" within a 1.5 hour drive. Key purchase decisions center on homes with greater safety and privacy, more expanded living space, and more recreational offerings - especially waterfront. Now that many people now work from home, many out of town buyers seek homes with unique lifestyle qualities that inspire life’s passions and higher calling.
Looking Ahead to 2023
Since the beginning of the pandemic, increased buyer demand for bay front, river front and creek front homes have pushed prices 20% over pre-pandemic levels. Bruce sees moderate demand and slightly declining pricing for waterfront properties though 2023 as more and more buyers become sidelined because of the troubled economy and affordability issues with increasing interest rates. Buyers leveraging cash will be in a stronger position than buyers requiring financing. Sellers will need strong guidance to sell in this environment. Prices will need to be razor sharp and more attention and focus will be required in preparing homes for sale.
"The Best Way to see Waterfront Real Estate is from the WATER - by Boat!"