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 Sellers may try to reimburse themselves for the money they’ve invested in the past despite it being outdated.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!