As the lake season comes to an end, local real estate agents are taking a look back at how the market flowed throughout the season.
Chuck and Stephanie Henson of Texoma Premier Properties opened their real estate business in 2009 at Lake Texoma.
“We chose to open at the lake because it is a revolving door,” Stephanie Henson said. “Lake buyers normally buy vacation homes and then when they’re ready to move on, they sell. That is the progression and a lot of our buyers end up selling. You may be able to sell the same home two or three times. For this reason, we don’t worry about having enough inventory.”
When asked how this summer’s lake season went, Henson said that it was the best one since their opening in 2009.
“If you ask the striper fishing guides, they will say that this summer was the best fishing ever,” Henson said. “The clarity of the lake is so clear. And as far as real estate goes, it’s all over the place but usually our sweet spot is from $150,000 to $300,000 priced homes and this year people were really looking at higher end homes.”
Marie Ward with Tanglewood Real Estate Company, and current president for the Greater Texoma Association of Realtors, said the lake level has been good with no issues of drought, flooding or blue green algae this summer.
“Interest levels have held, which helps for second homes,” Ward said. “Not everything at the lake is a second home. A lot of people want to move to this area because of the school district, small town and proximity to the lake. Full time residents and second home purchasers alike are buying larger and more traditional homes near the lake instead of smaller lake homes, so that they can live in them full time.”
Henson went on to explain that many factors affect the real estate market at the lake and other vacation hot spots.
“Right now, we are waiting to hear what the president and government decides on a second home tax deduction,” Henson said. “There has been some talk that they might take away the deduction, which would negatively affect lake sales.”
Ward explained that the lake has sales year round but they tend to be heavier during the April to September time span. This is what most consider to be lake season but there are those that visit year round.
“The size of our lake is 89,000 acres and we have so many marinas,” Ward said. “There’s always availability for dry and wet boat storage. Even if they don’t have a home up here yet, they can easily drive up and rent a cabin or hotel. We can accommodate a lot of people. There are so many metropolitan areas within an hour to two hours. It’s an easy drive.”
Ward said that buying a second home is different from buying a first home. She recommends speaking to a local lender to find out more about the lending practices on a second home.
“For a second home, they will have to put a little more money down,” Ward said. “Depending on their credit, interest may be higher. We need well-qualified buyers and cash buyers.”
Henson said that she has found millenials to be less interested in investing their money in homes and more interested in travel.
“I have a daughter who only wants to travel,” Henson said. “She really doesn’t care about buying a house. I would say that is affecting homebuyers in some ways. I’m not saying young buyers aren’t buying homes but it’s not at the rate that baby boomers were doing at this age.”
Often times, homebuyers at Lake Texoma are looking to escape from the daily routine, Ward said.
“These are people that want trees and relief from the stress of work life,” Ward said. “They want it to be different. For a few years, the stock market was iffy and investing in a second home instead was a good investment. We’ve been very fortunate that the stock market has been fairly stable lately but a home often makes a good investment.”