Tag: home buyers

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!

Whiteboard Topics: 3 Reasons Why Fall and Winter Are a Great Time to Buy a Lake Home

Posted on Kamari House
Now that fall is officially here and winter is approaching,  Lake Homes Realty’s CEO, Glenn Phillips, explains why now is the best time to purchase your dream lake home!
 
1. Summer Enthusiasm Has Faded: Now that summer has ended, the initial wave of enthusiasm has worn off. This will prompt more homeowners to list their lake homes.
 
2. Winter Water Levels: You’ll get insight into the water levels of the lake during the fall and winter seasons. Seeing it firsthand can make all the difference.
 
3. What is Open Year-Round: You can see how active this lake is during the fall/winter seasons. Are shops and restaurants still open? Are events still happening?
 
Although the fall/winter is typically considered the ‘off-season’ for lake homes, it may be the perfect time to buy one. Visualizing your dream lake home setting in every season can help you make the right purchase!

Whiteboard Topics: No, Don’t Wait on Foreclosures to Buy a Lake Home

Posted on Linda Thach
Although buying foreclosed homes is becoming popular, waiting for them to hit the market may not be the best way to buy your dream lake home right now. Lake Homes Realty’s CEO, Glenn Phillips, breaks down three reasons why you shouldn’t wait to buy!
  1. Not the 2008 Market: Unlike the 2008 market, there is a shortage of homes, which means high competition and a low probability of getting a home.
  2. Banks are Well-Positioned: With the economy doing as well as it is, banks no longer have to liquidate these houses because there is rising demand for these homes. Banks are also able to renegotiate with current homeowners.
  3. Majority Do Not Have a Mortgage: More than half of the lake homes transitions are in cash, which means there is no one to foreclose them.
Buying a foreclosed property can be a smart financial move, but with this current market, it may not be feasible. Waiting for a lake home to foreclose can cause you to miss out on purchasing one entirely!

Whiteboard Topics: 5 Common “Buyer’s Remorse” Issues to Avoid

Posted on Kamari House
Home buyer’s remorse is very real, but can be avoided when you’ve done your research. Lake Homes Realty’s CEO, Glenn Phillips, introduces five factors to consider before purchasing your lake home to prevent buyer’s remorse!
  1. Relying on Appearances: This can lead to miscommunication and disappointment. For example, the placement of a fence isn’t always a great identifier of a property line.
  2. Assuming HOA Rules: The rules of every lake association differ per lake, so it’s important to stay updated on the current rules in place.
  3. Assuming Shoreline Usage: These rules also differ per lake. Just because you see others with a pier or dock, doesn’t mean you have the right to build one. 
  4. Ignoring Flood Insurance: Flood insurance should not be ignored or taken lightly. The benefits outweigh the cost, but you must take the added expense into account.
  5. Grossly Overpaying: The market is extremely hot right now, but that doesn’t mean you should pay extreme prices because of the rising demand.
You should have the confidence to buy your dream lake home with no regrets. Buyer’s remorse can be prevented when you know what you’re getting yourself into. Do your research!

Whiteboard Topics: Buying a Lake Home? Do Your Homework First!

Posted on Linda Thach
Lake Homes Realty’s CEO, Glenn Phillips, gives 5 need-to-know tips before purchasing your first lake home. These tips will help you save money and help you understand what to expect when living on specific lakes!
 
1. Shoreline Requirements: These requirements vary by lake areas which can, in turn, determine certain limitations such as what you can build, removal of vegetation, etc.
 
2. Dock Requirements: Some lakes have specific requirements concerning the addition/alteration of docks to your lake home, so do not assume anything goes.
 
3. Water Level: Understand how the water levels change on your lake because it can determine the height of your dock, the time of year/day you fish, etc.
 
4. Water Quality: Knowing the quality of lake water, clarity, for example, can give you clear expectations of how it’ll appear year-round.
 
5. Lifestyle: Determine the type of lifestyle you’d like to live on the lake, whether quiet or active, as it will help you decide which lake and where on the lake to buy property.
 
Doing your homework before purchasing your dream lake home is essential! It’s better to understand what to expect before making such a big commitment.

Whiteboard Topics: 4 Reasons Why Inflation Matters to Lake Home Real Estate

Posted on Linda Thach
Lake Homes Realty’s CEO, Glenn Philips, explains why inflation has such a big impact on real estate as a whole, and why you need to understand how it affects lake real estate if you’re interested in purchasing/selling a lake home.
  1. Mortgage Interest Rates: The combination of low mortgage interest rates and a steady increase of inflation may affect buyers who typically pay cash for lake homes
  2. Stock $ Impact: Lake home owners are usually also investors, and depending on how inflation is affecting stock value, this could influence whether they keep or sell their homes.
  3. Influence of Headlines: The buzz generated from worlds like inflation can have an impact on how potential lake home buyers/sellers participate in the real estate market.
  4. Investment Value: Real estate is usually a good way to hold investments, so purchasing lake homes as your second home is a viable option.
Knowing how big of an influence inflation can have on lake real estate will help you navigate this market when buying your dream lake home!

Whiteboard Topics: 4 Tips for Leveraging Backup Offers for Lake Home Buying

Posted on Linda Thach

When buying a lake home, it’s important to put yourself in the best position. This means understanding the market, or working with an agent who does. Lake Homes Realty’s CEO, Glenn Phillips gives four tips for leveraging backup offers for lake home buying.

  1. Patience: Being in a hurry to buy a lake home can damage the chances of a purchase being made. Leveraging backup offers means waiting for an offer to fall through.
  2. Add Contingencies: Ensuring a higher quality offer with contingencies can 
  3. Don’t Ask, Just Submit: Instead of waiting while more offers can be made, submitting your offer can put you in the best position.
  4. No Guarantees: While an offer may seem perfect, nothing is guaranteed.

Selling your lake home doesn’t have to be difficult. Set yourself up for success and work with an agent who knows not only your lake area but the lake house market!  

Whiteboard Topics: 4 Tips for Lake Home Buyers in this Hot Real Estate Market

Posted on Linda Thach
You can never be over-prepared when buying your future lake home. Lake Homes Realty’s CEO, Glenn Phillips, has four tips for buyers in this hot real estate market that you’ll want to check out before you make your next offer!
  1. Easy to Understand: When making an offer, ensure that it is easy to understand. Making it too complex can confuse the homeowner and their agent.
  2. Ready Cash: Having plenty of cash available can help you stand out against other buyers with loans. Sellers feel more secure with cash offers because of the added security.
  3. Improve Credit Score: Improving your credit score beforehand will help with your buying power. It can help with loan approvals and lowering interest rates.
  4. Follow Seller’s Rules: Be sure to follow the rules of the seller when showing interest in their home. Failure to do so can cause your offer to be overlooked.
Buying a lake home shouldn’t be complicated. Following these four tips can help ease the process, and give you a better home buying experience.

Whiteboard Topics: 5 Questions First-Time Lake Home Buyers Should Ask

Posted on Linda Thach

Are you thinking of buying your first lake home? Buying a lake home is unlike buying any other home so here are 5 important questions to ask when you know you are ready to buy.

  1. Dock Regulations? The rules and regulations on what you can and cannot do to a dock will vary from lake to lake. Some might not allow the existing docks to be modified. Before you decide to build one or fix up an existing dock, be sure you understand the regulations.
  2. Internet Access? Most people often think that the internet is widely accessible, but this is not always the case with lake homes. Sometimes houses on the lake are located in secluded, rural areas where internet access is not always readily available.
  3. Water Levels? Water levels vary on different lakes. Some lakes could have water levels that vary from day to day while some are seasonal. For instance, a lake might be at full capacity in the summertime and be completely dry in the winter.
  4. Boat Traffic? You might not realize that your ideal lake home is situated on an area of the lake that has high traffic. The buzzing of passersby might be appealing for some but if you’re looking for a more tranquil setting, an area with high boat traffic might not be a good fit for you.
  5. Grocery Store DRIVE Time? How long does it take to get to the nearest grocery store? Always calculate the time and not the distance because the shortest distance does not always equate to the fastest time and vice versa.

If you’re ready to make your very first lake home purchase, be sure to contact our lake experts to help guide you on this special journey.