Lake home buyers differ greatly from their residential counterparts. Lake Homes Realty’s CEO, Glenn Phillips, breaks down the traits of these types of buyers.
- Money / Financing: Over half of lake home transactions are with cash. If buyers do decide to get a mortgage, they are more than likely favorable candidates for them.
- Motivation: The average lake home buyer has one of two reasons for moving closer to the water. They’re either eager to move because they’ve become enthralled with the idea of a lake home, or they want to enjoy the slower-paced lifestyle of lake living.
- Timeframe /Patience: These buyers are searching for their dream home, meaning any old property won’t do. They have plenty of patience, and time on their side.
- Impact of Economy: Even in times of economic uncertainty, lake home buyers are still active in the market. Although a lake home is a discretionary purchase, it can be a great place to hold your money.
The best way to cater to a potential lake home buyer is to understand their behaviors and what they want in their dream home. This insight should make your real estate journey much smoother!