Tag: home buyers

Whiteboard Topics: Should You Buy Or Build Your Dream Lake Home?

Posted on Kamari House

To buy or to build, that is the question. Lake Homes Realty’s CEO, Glenn Phillips, offers 5 factors to consider before deciding which path to take.

  1. What is your goal?: Take the time to access what you want from your lake home before making your next move. Buying and building both come with their own set of limitations, so it’s important to determine which route will lead you to your end goal.
  2. Timeframe: After pinpointing what you want, ask yourself how long you’d be willing to wait for it. Are you comfortable with the estimated timeframe?
  3. Inventory of Homes: The number of homes for sale, that meet your requirement, may be lacking. This can play a big part in your timeline, and therefore, your final decision.
  4. Lot Availability: Before you can even consider building your home, there has to be a lot available. Research what’s available in your preferred area before abandoning the idea of buying.
  5. Builder’s Schedules: There are a plethora of factors that can alter the availability of builders. The supply shortage due to the effects of the pandemic and the war in Europe will play a major role.

When you enter the lake real estate market, the big question is whether you should build or buy. The only way to make the best decision for you is to solidify what you want in your home in advance!

Whiteboard Topics: How Do I Buy An Overpriced Lake Home?

Posted on Kamari House

Finding the home of your dreams with an egregiously high price tag can be discouraging. Lake Homes Realty’s CEO, Glenn Phillips, gives six factors to keep in mind when facing an overpriced home.

  1. Keep Options Open: Becoming fixated on a home can cause you to miss out on other opportunities. Keep an open mind for all potential properties.
  2. Patience: Good things come to those who wait. Although it can be challenging, remember to take your time during this process.  
  3. Listen…and Ask: Be mindful with your questioning, and actively listen to your realtor when they share information. Doing so will help you adapt to your seller’s needs.
  4. Bring Data: Collecting your own information in regards to the market will help you during the negotiation process. It can help determine a realistic price for a home, rather than relying on an inflated number a seller wishes to receive.
  5. Flexibility: If you find your dream home, you don’t have to be so rigid when negotiating. Decide what you’re willing to compromise on to get to a deal both parties are comfortable with.
  6. Be Ready to Walk: Becoming attached to a home can cause you to make rash decisions. When you’ve exhausted your capacity for compromise, be willing to walk away.

When entering the lake homes market, a hefty price tag can be disheartening, but you shouldn’t let it deter you from buying the home of your dreams. Stay prepared, and you will be able to negotiate your way to a manageable price!

Whiteboard Topics: Has The Lake Real Estate Market Shifted?

Posted on Kamari House

Nothing in this world is stagnant, and that includes the lake real estate market. Lake Homes Realty’s CEO, Glenn Phillips, gives four tell-tale signs that the market is shifting.

  1. Inventory Increases: There is an uptick of homes on the market, which has been a positive shift in available inventory.
  2. Days-on-Market: The average time a home spends on the market is beginning to increase. The longer homes sit on the market, the more time buyers have to evaluate their options. 
  3. Price Cuts: The combination of increased inventory and growing day-on-market is leading sellers to cut down their prices; a trend we haven’t seen in the past few years. 
  4. Surge of ‘Better Hurry’s’: In an attempt to maximize profit, surges of sellers are putting their homes on the market while it’s still in their favor. 

As the world around us changes, so will the real estate market. The best way to secure your investment is to recognize these signs and plan your buying/selling strategy around them.

Whiteboard Topics: Has The Lake Real Estate Market Peaked?

Posted on Kamari House

It can be difficult to determine if the market has reached its peak when you’re not familiar with real estate patterns. Lake Homes Realty’s CEO, Glenn Phillips, breaks down three factors that are affecting the market as we know it.

  1. Modern Increase in Inventory: There are several components that go into this, some of which include: the economy, buyer fatigue, and life post-pandemic. Searching for a home, in a market this intense, can become overwhelming, and the effects are starting to show themselves.
  2. Days-on-Market Up: Homes aren’t flying off the market as they once were. This is a clear indication that the frenzy is starting to slow down.
  3. Fewer Offers: The competition isn’t as fierce as it once was. Homes are no longer being flooded with offers as soon as they reach the market.

Although noticeable changes are being made, this isn’t to say we are in a bubble or about to crash. Now is still a great time to sell your lake home for a return on your investment. On the other hand, if you plan to buy, waiting a little longer may lead you to more opportunities.

Whiteboard Topics: Buying? 4 Advantages Of Hiring A Lake Homes Realty Agent

Posted on Kamari House

When buying a lake home, the average commercial real estate agent just won’t do. Lake Homes Realty’s CEO, Glenn Phillips, explains the benefits of working with Lake Homes agents who specialize in the lake real estate market.

  1. Market Expertise: Lake Homes Realty agents don’t just dabble in lake properties. They specialize in their local lake area, which is essential in understanding the complexities of lake real estate.
  2. Price Knowledge: Our agent’s knowledge isn’t limited to their lake area. They understand the pricing trends of lake properties around the nation, which will help you get the best deal on your dream home.
  3. National Network: If during your search you discover the lake you’ve chosen isn’t for you, our agents can connect you to another Lake Homes agent whose lake you may prefer.
  4. The Lake Real Estate Specialists: We are the lake real estate specialists, which means our agents know the market better than the average realtor. 

When choosing a realtor, it’s important to work with someone who knows the lake real estate market better than anyone else. When choosing a Lake Homes agent, you can rest assured that you’ll be working with the best of the best!

Whiteboard Topics: 7 Tips For Finding Your Dream Lake Home In 2022

Posted on Kamari House

The lake real estate market can be difficult to navigate when you don’t plan ahead. Lake Homes Realty’s CEO, Glenn Phillips, shares 7 tips to aid in the search for your dream lake home.

  1. Be Realistic: A home may not fit every criterion, but that doesn’t mean it’s not a solid choice. Don’t let your new lake home pass you by because of unrealistic expectations.
  2. List Your “Got to Haves”: Shifting your mindset to realistic expectations is essential, but it’s important to make a list of must-haves you refuse to compromise on. Think about what you truly cannot live without.
  3. List Your “Nice to Haves”: Creating a list of wants versus needs allows you to discover what you can compromise on. These bonus items can help you choose between similar homes.
  4. List of “Don’t Care”: Sorting out home characteristics you are indifferent to will help broaden your scope of available homes that fit your other criteria.
  5. List Your “Do Not Wants”: This list will help you determine which homes are automatic no so that you don’t waste time. This market is hot, and you don’t want to spend time on a home you would never buy.
  6. Focus: Pay close attention to the detailed lists you’ve created when searching for your dream lake home. This will ensure you narrow your focus to homes that have potential.
  7. Put Your Agent to Work: Now that you’ve developed these detailed lists, it’s time to put your lake real estate expert to work. You’ve built the perfect roadmap for them to follow while they search for your dream home.

Great things in life come from great planning. It can feel tedious breaking down all of your wants into detailed categories, but being thorough will ensure you find the home of your dreams!

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: 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: 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!