I
f you've been dreaming of owning a lake house, now may be the perfect time to make it happen. Typically, lakeshore sales peak in the summer when kids are back in school and docks are out of commission for the winter. However, with four years of record-breaking sales, higher mortgage rates, and stricter return-to-work policies, the fall and winter seasons offer a more relaxed shopping experience.

    According to lakeplace.com, a Minnesota brokerage specializing in lakeshore properties, there were 5,410 active listings and 922 sales of single-family lake homes outside the Twin Cities metro during the first half of the year. This represents a 3% decline in closings and a 26% increase in listings.

    Dave Gooden, broker and co-founder at lakeplace.com, notes that while there's a better balance between supply and demand, buyers will still pay more than they did four years ago, especially for affordable cabins. The sweet spot for lake properties is priced between $300,000 to $500,000, which has become the new entry-level price point.

    Higher mortgage rates have also contributed to a slowdown in lake home sales, said Paul Eisenschenk, a broker/agent in the Alexandria area. Election-year jitters are making many potential buyers hesitant to make discretionary purchases. A national analysis by Redfin showed that mortgage originations for second homes fell twice as fast as primary home demand last year.

    The best time to shop for a lake home depends on your perspective. If you want the lowest prices, winter is the way to go, with a median list price of $450,000 in January. However, if you prefer more options, listings tend to peak in spring and fall, leaving winter buyers with about half the number of houses.

    Sales also peak in late summer, but this year's closings peaked at 395 in August, reflecting deals likely signed two to three months earlier. The low point for sales was in February when there were only 65 closings. At the end of October, there were nearly 260 pending sales with a median list price of $495,000.

    To find your dream lake home, consider visiting local brokerages' websites, such as lakeplace.com or Edina Realty, which offer advanced filters for searching lakefront, waterfront, and riverfront properties. You can also use third-party listings sites like Zillow or realtor.com to filter for waterfront properties and listings with a view of water. Social media platforms like Facebook Marketplace and Craigslist often include lake home listings, especially those for sale by owner.

    If you have your heart set on a specific area, visit the nearest town and meet with local brokers who may not list their properties on national sites. Local newspapers, bulletin boards, and coffee shops can also be great resources for discovering under-the-radar listings.