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!