Tag: CEO Insights

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: 3 Reasons to Not Sell Your Lake Home Now

Posted on Kamari House

With high demand and low supply, selling your lake home might seem like the right move, but is it? Lake Homes Realty’s CEO, Glenn Phillips, gives reasons why you may want to reconsider letting go of your lake property now.

  1. Lake Life Matters: If you love the lake lifestyle, life is too short not to enjoy it. Spend time making memories on the lake of your dreams.
  2. Where Do We Go?: When your lake home is your primary residence, it can be daunting to find a new place to live. It could mean it’s time to make your lake home, your permanent home.
  3. Money Does Not Matter: Even though we are currently in a seller’s market, if you’re in a stable financial situation, the money may not matter. The value of life at the lake may overshine the money you’d make from your home now.

Don’t let the lake life you love pass you by if you’re not ready to let it go. Take some time to enjoy your lake home before you put it on the market! 

Whiteboard Topics: 4 Reasons Buyers Need A Lake Expert Agent

Posted on Kamari House

You need to be sure that the home you choose is on a lake that allows you to have the lake lifestyle of your dreams. Lake Homes Realty’s CEO, Glenn Phillips, explains why choosing a lake expert is so beneficial for a buyer.

  1. Unlike Other Property: Lake real estate is a specialized market. Agents that only focus on primary residence homes lack critical lake knowledge that only a lake expert would have.
  2. Regulations: To live your preferred lake lifestyle, you need an agent who can tell you the rules and regulations of the water. Owning a property doesn’t automatically give you the right to make changes or engage in certain lake activities. The rules also vary from lake to lake.
  3. Lake Behavior: A lake’s water level can depend on the season or even the time of day. A lake expert can detail the behaviors of your preferred lake so that you aren’t surprised after you buy.
  4. Zoning and Restrictions: While many lakes have regulations for residents to follow, there may be so parts of a lake that don’t have to follow the same rules. You’ll need an expert from that lake who can show you homes that follow or bypass these restrictions.

Don’t settle for a real estate agent who is unfamiliar with your lake of choice. Working with a lake expert will make all the difference to your buying experience!

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: 4 Reasons Sellers Need A Lake-Expert Agent

Posted on Kamari House

To understand lake real estate, you have to realize that it’s in a class of its own with rules specific to the market. Lake Homes Realty’s CEO, Glenn Phillips, shares why you need a lake expert to help you navigate the world of lake real estate.

  1. Specialty Property: Your home is unique and requires an agent knowledgeable in the lake market to help you sell it.
  2. Remote Buyers: Out-of-state buyers make up a large portion of potential prospects. With this in mind, it’s essential that your agent is comfortable engaging with and bringing in those remote buyers.
  3. Thinks Long-Term: A lake home is a discretionary product, which can make purchasing one a lengthy process. To combat this, a good lake-expert agent will already have a pipeline of interested buyers with whom they have developed long-term relationships.
  4. Local is Not Enough: Most of the time your buyer pool won’t include your neighbors on the lake. You need an agent who has experience marketing lake homes nationally.

Lake real estate varies from the typical commercial market in a lot of ways. To stay on top of the lake market, be sure to find a lake expert agent to help you sell your home!

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!