If you want to make maximize your return on your lake home, check out these tips from Lake Homes Realty’s CEO, Glenn Phillips.
Remove Attachment: Refrain from equating your attachment to the home with its value. You should treat this process like any other transaction.
Price Strategically (Appropriately): Overpricing your home will cause it to become stale on the market, which will inevitably force you into a series of price cuts. Soon, you’ll notice buyers only presenting you with lowball offers.
Use Time Correctly: If you sell your home too quickly, you may be leaving money on the table. Give out-of-town buyers a chance to present you with better offers.
Think NET vs Price: Commission fees will affect the net earnings on your home, but investing in a solid real estate agent will ensure you walk away with the most money possible.
Extra Exposure: The right exposure will make all the difference in selling your home. Websites like LakeHomes.com have a database full of qualified buyers looking for a home like yours.
Before you put your house on the market, be sure to consider these factors to get the most from your investment!
Having a lake-focused real estate as a buyer will make all the difference. Lake Homes Realty’s CEO, Glenn Phillips, shares variables about lake home buying that make a lake expert crucial.
Water is Not All Equal: Where you want to be on the water can have a considerable effect on lake activity, home price, etc.
Leased Lots: This transaction type is extremely common on the lake, and is nothing to fear. The length of your lease can be up to 100 years and is transferable when you’re ready to move.
Financing is Different: The average lender may not be familiar with lake-specific transactions like leased lots. A lake-focused agent can connect you with a lake-focused lender to help prevent confusion.
Unexpected Regulations: Don’t find out about lake restrictions after you’ve bought your home. A lake expert can help you navigate your lake’s regulations during your home search.
Lake-Induced Price Variables: Two identical homes on a lake can have vastly different price tags depending on their relation to the lake.
Different Types of Sellers: Traditional sellers are bound to a timeframe when trying to move. Lake home sellers don’t have the same haste, as this is a discretionary purchase.
Don’t settle for a real estate agent with minimal knowledge of the lake, when you can find a lake expert at LakeHomes.com!
Leased lots are more common around the lake than you think. Lake Homes Realty’s CEO, Glenn Phillips, shares why you should consider purchasing these properties.
Common on Many Lakes: Larger lakes were built by power companies, and in order to maintain control of the surrounding land, they prefer to lease lots instead of selling them.
Buy House, Transfer Lease: When buying a home on these lots, the lease will get transferred to the new owners of the property.
Reconsider Time of Homeownership: There’s no need to fear the time length of a lease. If you want to stay longer than your allotted time, you can always renew it. If you’d like to leave sooner than expected, the lease will be transferred to your buyers.
Can Still Finance a Home: Local lenders who are familiar with this structure will have no issue helping you finance.
Buying on a leased lot is a great option for buyers. Remember, you aren’t restricted to the timeframe of the lease because of renewal and transfer options!
Have you been wondering if buying a lake home is the best financial move for you? Lake Homes Realty’s CEO, Glenn Phillips, gives 4 reasons why lake properties are a good investment.
Discretionary Asset: People in this market don’t feel pressure to make rash decisions around a home, making lake real estate more stable than others.
Little Impact from Mortgage Rates: The majority of transactions are cash and those who choose to finance through other means almost never have issues. Because of these reasons, mortgage rates don’t play a major role in their decision-making process.
Foreclosures are Rare: When you’re in competition with cheaper, foreclosed homes, it’s harder to sell your home for what it’s actually worth. In the lake market, this issue rarely happens to this demographic.
Somewhat Economy Independent: Even in economic uncertainty, lake homes tend to hold their value, making them a great placeholder for your money.
Nothing is completely risk-free, but purchasing a lake home is one of the safer ways to invest your money!
When listing your lake home with an agent, working with an agent that specializes in your lake will make all the difference. Lake Homes Realty’s CEO, Glenn Phillips, shares 5 reasons a lake home seller needs a lake expert.
Pricing is Different: The price of a lake home isn’t just determined by traditional factors. You have to consider its position on the lake to know its actual value.
Timing is Different: Many lake home buyers come from across the nation, and selling a lake home too quickly will limit the owner’s potential profit.
Urgency is Different: The lake real estate market moves at a much slower pace because it involves discretionary purchases. Most buyers can afford to wait when searching for their dream lake home.
Exposure is Different: Your home has to be seen to be sold. Working with an agent that has the ability to list your home with LakeHomes.com means all the right buyers will see your property.
Buyers are Different: A lake home buyer has different buying habits than your typical residential buyer. A lake-focused agent will have expertise working with this demographic.
The needs of a lake home seller and a primary residential real estate are inherently different. To ensure the best outcome, work with a lake real estate expert!
You may think you’ve gotten the real estate market figured out, but Lake Homes Realty’s CEO, Glenn Phillips, has 6 surprises you probably didn’t know about.
Not All are a Realtor ®: There’s a difference between being a real estate agent and being a realtor. Real estate agents must become a member of The National Association of Realtors to achieve the status.
What Their Training Includes: Most of their mandatory training involves learning the legal aspects of real estate such as contracts and state-specific laws. It doesn’t include soft skills like negotiation and real estate marketing.
Less than Half are Full-Time: Because the threshold to obtaining a real estate license is lower than other forms of education, this is a part-time commitment for most agents.
1 Out of 70 Adults: There is a large number of people that hold an active real estate license, meaning a lot of people, with varying skill levels, can represent someone in a transaction.
Top 5% Land 10% More $: The top 5% of agents alone are able to make drastic amounts more for their clients because they have more experience in their market and have been trained to become a well-rounded agent.
May Not Be Representing You: A Buyers Agency Agreement is a secure way to ensure the agent you are communicating with is working in your best interest. Before making this commitment, however, it’s crucial you research the agent thoroughly.
Real estate can be tricky when you don’t know what to expect. Keeping these tips in mind before beginning your home search will help you navigate the market with ease.
You shouldn’t give up on finding a good deal for your dream lake home just because it’s a discretionary purchase. Lake Homes Realty’s CEO, Glenn Phillips, shares four ways to find a great price for your future property.
Think Rural: Location plays a big part in home prices. Typically, the more rural the area, the better deal you’ll get for the lake home.
Smaller Lakes: While major lakes may be the first to come to mind, don’t count out nearby smaller lakes that can provide a similar lifestyle.
Be Flexible: It’s great to have your list of must-haves, but you have to be willing to make some compromises in order to find the right price.
Lake-Focused Agents: Finding an agent who specializes in lake real estate will make all the difference in your home search. Lakehomes.com has a plethora of lake experts committed to finding you what you’re looking for.
Take these tips into consideration before you buy in order to find the right lake home for the right price!
Lake home sellers differ from those in other markets for many reasons. Lake Homes Realty’s CEO, Glenn Phillips, shares the most significant factors to consider before searching for your dream lake home.
Older: Because a lake home is a discretionary purchase, most sellers fall into the older demographic.
Economy Blind: These sellers aren’t as affected by changes in the economy due to their ability to afford a more expensive lifestyle. This factor may also dampen the appeal of a cash offer, as this is extremely common on the lake.
Lack Necessity: Owning a lake home is an elective purchase, meaning those who choose to have one can afford to keep one. Because of this, owners lack haste when selling.
Patient: The biggest incentive these sellers would need to sell their home is a grandiose offer. Without one, most don’t have a big enough reason to budge.
Understanding the demographics of the lake real estate market will help your chances of buying your dream home on the lake!
Just because a lake home is a discretionary purchase, doesn’t mean you should overpay for one. Lake Homes Realty’s CEO, Glenn Phillips, shares how to spot an overpriced property.
Price… “Sort Of”: What’s considered overpriced for one home on the lake may be a great value for a similar property in the area. You have to keep certain factors in mind before you start comparing homes.
Days on Market: A high number of ‘Days on Market’ is usually a sign that other home buyers have deemed it inappropriately priced.
Clues in Photos: Assess photos for current conditions. Sellers may try to reimburse themselves for the money they’ve invested in the past despite it being outdated.
FSBO: These sellers aren’t as knowledgeable about today’s market as a traditional agent would be. This typically leads to them overshooting the current value of their home.
Watch out for these signs and you’ll find your dream lake home with the right price tag!