Tag: buyers advice

Whiteboard Topics: 4 Dangers Of Buying A Lake Home “Sight Unseen”

Posted on Kamari House

The market is difficult to navigate right now, but that doesn’t mean you should jump on just any home you see available. Lake Homes Realty’s CEO, Glenn Phillips, breaks down the risks of buying a home ‘sight unseen’.

  1. Location Matters: Lake homes have specific qualities to look out for when it comes to location. You need to know things like the proximity to the lake and whether it’s a lake view, lakefront, or lake access property. 
  2. Photos Oversell: With the right photos, any home can look flawless. The only way to get a solid feel of what the home is like is to visit it in person.
  3. Lake Access: Depending on angles and lighting, the ‘lakefront’ home you were expecting could actually be water access. Variables like the season and time of day can also make determining this more difficult without seeing it in person.
  4. Contingency Games: Sellers are becoming more aware of the contingency games buyers may play because they are putting an offer on a home ‘sight unseen’. Participating in these games could lead to your offer being disregarded, or a home with problems you weren’t aware of.

It can seem impossible to secure a home when it feels like nothing stays on the market long enough for you to even consider it an option. However, the benefit of touring a home in person is worth the wait!

Whiteboard Topics: 3 Ways Russia is Impacting Real Estate

Posted on Kamari House

The war between Russia and Ukraine may be a good distance away, but it affects the American real estate market more than you think. Lake Homes Realty’s CEO, Glenn Phillips, shares how could affect your real estate transaction.

  1. Crisis Fatigue: From the pandemic to inflation to the war, all of these back-to-back crises can start to weigh on everyone. This can encourage buyers to buy more lake homes as a way to relax and ‘get away’ for a while. 
  2. Life is Short: With everything going on, people are realizing now more than ever that life is short. Why push off buying your dream lake home when the future is not always promised?
  3. Inflation: An overall rise in prices has been taking the country by storm, and the Russian/Ukraine war will only further expedite this. This could deter buyers from buying, and encourage sellers to sell in order to avoid unnecessary costs.

It can be jarring to know that something happening across the world can directly affect the lake real estate market right here in America. Staying informed will help you navigate the market as it adapts to fit in today’s world!

Whiteboard Topics: Busting 3 Myths About Lake House Foreclosure

Posted on Kamari House

Buying a foreclosed home may sound like a great idea in theory, but the process may not turn out the way you expected. Lake Homes Realty’s CEO, Glenn Phillips, busts three myths about lake home foreclosures to help settle your expectations.

  1. You can “Get a Deal”: With the market at an all-time high, foreclosed homes won’t be selling as low as they would if the market was down. Banks may even turn a profit after listing a foreclosed home because of the demand for property.
  2. Foreclosures are Up!: Foreclosures may be common in other real estate sectors, but it’s rare to see them at the lake. The general population that owns lake homes is older and more financially stable.
  3. Banks Will Discount Foreclosures: Again the demand for lake property is so high right now, that banks don’t need to discount foreclosed homes. The home market is not crashing, and as we mentioned, banks could likely make a profit off the homes they have in their possession.

You know what they say: if it sounds too good to be true, it’s usually because it is. Before you begin your lake home foreclosure search, you need to know the truth about these properties!

Whiteboard Topics: 4 Reasons To Not Buy A Lake Home Right Now

Posted on Kamari House

Buying a lake home is a big commitment, so you have to be sure the timing is right. Lake Homes Realty’s CEO, Glenn Phillips, shares 4 reasons why you may want to postpone purchasing your dream lake home.

  1. Peak-ish Prices: We are still at the peak of the real estate market. Because of the high demand/ low supply of homes and growing interest rates, now may not be the best time to invest in a home.
  2. Patience Required: Competition for lake homes is at an all-time high which will make it difficult for you to get the home of your dreams. It may be best to avoid the hassle of waiting for the perfect property until demand starts to slow.
  3. Time: Taking on a new lake home is exciting, but it doesn’t come without its maintenance. If you don’t have the time to go between two homes, travel to and from the lake, and do general upkeep, now may not be the time to take on the responsibility.
  4. Chapter of Life: Before you buy, it’s important to assess what chapter of life you are in. Are you ready for a change in pace and to relax by the lake, or are you still heavily involved in your job and other time-consuming activities?

‘Not now’ doesn’t mean ‘Not ever’. Wait to buy your dream home until the market is right, and you feel ready to take on the long-term commitment of lake living. You’ll find that the perfect home is worth the wait!

Whiteboard Topics: 5 Ways To Know An Agent Is Not A Lake Expert

Posted on Kamari House

The rules of real estate are difficult enough to grasp, but the rules of lake real estate can get even trickier. Lake Homes Realty’s CEO, Glenn Phillips, shares why you need a lake expert, and how to tell if your agent meets the criteria of one.

  1. History: Having general real estate knowledge is valuable, but the lake real estate market is a specific market that only lake experts can successfully navigate.
  2. Water knowledge: Water levels can be affected by a variety of causes such as seasonal conditions, flood preparations, and location. It’s imperative that your lake agent is able to break down the habits of your prospective lake.
  3. Regulations Knowledge: Regulations vary by lake and can have specific restrictions regarding motor crafts, dock additions, and other water activities. Rules like these should be communicated thoroughly by your agent before you make the commitment to live on a lake.
  4. Generic Out-of-Area Marketing: Question if an agent lumps in lake listings with other generic real estate properties when marketing homes. Lake real estate is a unique market, and true lake experts take the extra step to ensure lake properties are reaching a targeted demographic, similarly to the Lake Homes website.
  5. Dismisses Differences: Again, the rules of the lake real estate market set it apart from other generic property transactions. If your agent dismisses fundamental differences within this market, it’s a clear sign they are not a lake expert.

There are so many moving parts when you enter the lake real estate market. The only way to make the most out of your investment, as a buyer or seller, is by ensuring your agent is a lake expert!

Whiteboard Topics: 5 Keys To The 2022 Lake Home Market

Posted on Kamari House

These past few years have had a massive impact on the lake real estate market, but real estate trends are never stagnant. Lake Homes Realty’s CEO, Glenn Phillips, breaks down 5 keys to this year’s market.

  1. Price Growth Peaking: The spike in price growth is beginning to reach a peak as the rush to leave the city due to Covid is slowing down. This year would be great to sell your home.
  2. Mortgage Rates MIGHT Matter: This could have an impact on the peak slowing because inflation causes buyers to be more conservative with their money.
  3. Historically Low Inventory: Inventory is so long nowadays that agents have buyers just waiting for appropriately priced properties to become available.
  4. “Less” Competition: Buyers aren’t in as big a frenzy to purchase lake homes as they were at the start of Covid. While competition has slowed, it has not completely disappeared.
  5. Long Distance Buyers: Sellers need to think about long distance buyers because most of the time, interested parties are not local to the area.

With a fluctuating market like lake real estate, you have to stay on your toes. Keeping up with this year’s trend as a buyer or seller is imperative for you to make a good investment!

Whiteboard Topics: 6 Recent Trends in Lake Real Estate

Posted on Kamari House

The lake real estate market is forever changing, and it’s important to be in the loop if you plan on buying/selling a home in the near future. Lake Homes Realty’s CEO, Glenn Phillips, shares six trends you should stay on top of.

  1. Demand: The demand for lake homes will begin to slow slightly, but will still remain high when compared to industry standards.
  2. Inventory: The supply of appropriately priced homes on the market is at an all-time low and will continue to be scarce.
  3. Lots: Buyers are finding it difficult to discover a lake home with everything they want and are now resorting to purchasing lots to build the home of their dreams.
  4. Competitive Bidding Slowing (Slightly): Bidding was extremely aggressive during the beginning of Covid, but has slowed some in recent times. This is due to the world reopening and buyer fatigue.
  5. Delusional Pricing: Some lake homes are wildly overpriced. This is due to homeowners basing their price on what others sell their homes for rather than what their own home is worth.
  6. Multiple Lakes: Buyers aren’t limiting their scope to just one lake. The Lake Homes website shows that one user will typically look for homes on different lakes in different states.

You can never get too comfortable with the lake real estate market because trends can change from year to year. Be prepared for what’s to come by educating yourself on where the market is headed before you buy/sell your home!

Whiteboard Topics: 5 Things Lake Homebuyers Must Know About Mortgage Rate Increases

Posted on Kamari House

Increasing mortgage rates are unpreventable, and have an impact on how you, as a buyer, will purchase your dream lake home. Lake Homes Realty’s CEO, Glenn Phillips, shares five need-to-know factors involved with the rise in rates.

  1. Less DIRECTLY Important: Depending on the size of the mortgage, it can affect the amount of home you can get for the same monthly cost.
  2. Investment Sense?: Buyers are more likely to take out a mortgage for a lake home now when interest rates are still low, and pay it off with ‘cheaper dollars’ in the future as rates increase.
  3. Slow Price Appreciation: No matter the market, lake homes need to be priced appropriately, especially as rates rise. Not many buyers will continue to be enthusiastic to pay such high prices.
  4. Do Not Solve Inventory Shortage: Rising interest rates will not be enough to stop the lake home shortage. This means that although buyer competition has slowed, it hasn’t stopped completely.
  5. Expertise Still Matters: Ensure you are still making a smart investment in this shifting market with the help of a lake real estate expert. 

The market is ever-changing, and knowing what to expect can help you make smart investment decisions. Having a lake real estate expert who knows how to guide you through these rising rates will ensure a smooth buyer experience!

Whiteboard Topics: 5 Surprises about Lake Real Estate

Posted on Kamari House

What seems unusual to the average home buyer/seller may be completely normal in the lake real estate market. Lake Homes Realty’s CEO, Glenn Phillips, shares five surprises about lake real estate you should be prepared for.

  1. > 50% Cash Deals: More than 50% of lake home transactions are cash deals. This happens because those who are purchasing lake homes can afford
  2. Multiple Lakes: Buyers aren’t looking at one lake, so it’s important to price your home to compete with those out-of-town locations.
  3. Leading and Trailing Markets: The lake market is always changing within itself. Popular locations will get hot first, but the surrounding lake homes will find their way up in demand.
  4. AVMs Struggle: It’s best to avoid using online tools when finding the price value of your home because they can be extremely inaccurate when measuring lake properties.
  5. Land and Location: The location of a home can have a big effect on its price. Buyers have to remember, they are not just paying for the property, but also the land it resides on.

The lake real estate market is unique and plays by rules that don’t apply to the average market. Understanding why the lake market moves the way it does will help you avoid getting surprised!