Housing markets stay afloat

LAKE COUNTY — Some would speculate that with the recent housing crisis and poor economy, fewer people are purchasing homes. But that does not seem to be the case in Lake County.

“We’re more protected than other places,” realtor Lori Schrader said, adding that there are several reasons for the county’s housing-market stability.

For example, the interest rates on homes have gone to an all-time low, approximately somewhere between 4.5 to 5 percent.

“These are unprecedented interest rates,” she said.

The interest rates are not the only incentive for home buyers. First-time homeowners also receive a tax credit of $8,000 when they purchase their first home.

“All we hear is doom and gloom, but it’s really a lot of good,” broker Ed McCurdy said.

McCurdy expects the market to be slow in light of the national housing market crisis, but he has seen little negative change within the county.

Lake county is an interesting place for real estate. Low-end property, where properties run under $200,000, mix with retirement and recreational properties.

There have also been a few price reductions in lakefront homes, Schrader said.

“Those properties aren’t moving now,” she said, adding that weather also plays a hand in the way properties sell. “We’ve been getting more calls now that it’s spring.”

Schrader said the economy has played a role in the housing market, as the prices of homes have decreased with the economy and building costs.

The trends of the housing market can not be easily traced.

In the last six months rural residential lands have been sold at a surprisingly large rate.

“I don’t know what that means,” Schrader said, “maybe now those properties are more reasonable in prices.”

McCurdy said the properties and homes within Lake County are ideal for real estate.

“The inventory’s good,” he said, adding that the county is “insulated from foreclosures.”

The fact that many homeowners within the county are retirees and summer tourists could help to explain this. However, McCurdy said he has seen the number of sales on low-end real-estate-owned properties increase.

Schrader said recreational property sales have also increased, and that may be due to the fact that the market picks-up during tourism season.