A few changes happening in the Lake Murray area and how they affect you.
If you live in the Lake Murray area, there are a few things you should know. I’m here to update you on the market and neighborhood policies.
For the housing market, one great thing is that property values seem to be holding, although fewer homes are getting multiple offers on lake properties, and the number of days on market is increasing. There are fewer buyers nationwide, but that’s nothing to panic about. If you are selling a property on Lake Murray, get it out there. There’s not enough inventory for the number of buyers looking right now. Prices seem steady, although some say they may go down a little bit in the next six months.
The other thing to know about Lake Murray is that every winter the water is drawn down to maintain the shoreline and give the homeowners on the lake a chance to maintain their area. Certain weeds and plants die off when the water goes down, so it happens for environmental reasons and homeowner maintenance.
Usually, the lake in the summer is about 358 feet above sea level, give or take a foot. In the winter, they draw it down about five feet. Then every five years, which is this year, the water is drawn down even further to about eight feet below normal. That means a lot of properties you’ll see on the lake won’t have water at their dock. Therefore, if you’re buying, don’t panic. This is a normal thing.
If you have any questions about either of these facets of Lake Murray, don’t hesitate to reach out. We’re the number one team on Lake Murray and have been for years. Call us or send a message on Facebook; we’ll be glad to help.