By: Mike Kennedy mkennedy@railey.com 301-616-6106 May 1st, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate, Wisp Real Estate

Almost daily I get asked the question “How is the real estate market doing at Deep Creek Lake?” - and then most times the discussion eventually turns towards the national economy.

I certainly don’t claim to be an expert on the national economy but like most people I try to educate myself and learn as much as I can. Recently I ran across an article in the Pittsburgh Post-Gazette that is very well written, easy to understand, and seems to suggest we may have just “hit the bottom” from a national economic perspective and how we might be turning the corner towards a recovery.

As for the real estate market here at Deep Creek Lake and the rest of Garrett County most of the buyers we work with these days seem to waiting until someone in the national media proclaims that we’ve “hit the bottom”. I can tell you over the past month things have picked up in our market. As of today there are 45 residential properties currently under contract. A few months ago that number was in the teens!  Now does this mean sales activity will pick back up again to the 2001-2005 real estate boom levels?  I doubt it - but this is a nice subtle, positive trend to see right now.  And maybe it’s a trend that we’ll be able to look back on in a year or two and say - “that was the bottom”??

If you are an investor or someone buying long-term for lifestyle purposes there are some good deals and great properties very much available right now at Deep Creek Lake. That may change if the pace of sales continues to improve like it has recently.  As history has shown those people and investors that buy near the bottom usually do much better than those who wait until the media proclaims we’re in a recovery. By time the media reports we’re in a recovery it’s usually too late to still get a good deal!

If you’re thinking about buying a vacation home in the Deep Creek Lake area and want to work with the area’s most experienced and knowledgeable Realtors give us a call at (800) 544-2425 or drop us an e-mail at info@railey.com. We can expertly guide you through the vacation home buying process.

Tags: Deep Creek Lake Real Estate, Garrett County Real Estate

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