Whiteboard Topics: 5 Tips to Get Your Dream Home

If you’re thinking of buying a lake home in the near future, here are 5 tips to ensure your success in the current market and get your dream home: 

  1. Be Prepared to BUY! Instead of saying “I’ll think about it,” you should be ready to make a down payment on a lake house. Otherwise, good listings will be gone. 
  2. Find a Local, Lake Agent. These agents will be aware of local market changes that you won’t see online. You can find a great agent at Lakehomes.com.
  3. Use Escalation Clauses. Many buyers use these clauses which essentially say “If I’m not the highest, I’ll increase my bid up to a certain point.” This “auto bidding” can be helpful to ensure your bid is the highest. 
  4. Be Ready for a Low Appraisal. Remember that appraisers are looking out for the bank rather than you. 
  5. De-Risk the Deal! Many offers have a great price, but they also include other contingencies for the loan. Be on the lookout for these risky buys. 

For more information on buying or selling a lake home, visit the Lake Homes Realty blog or connect with one of our lake expert agents. We wish you the best of luck in finding your dream home! 

 

Whiteboard Topics: 3 Tips for Selling and Buying a Home During a Peak Market

In today’s active real estate market, you may want to sell your house but are unsure if you will be able to buy another one with the current inventory shortage. If you’re nervous about being able to buy a house upon selling your own, check out these 3 tips on navigating that situation from Lake Homes Realty’s CEO, Glenn Phillips.

  • Buy First. If you’re not able to support a second mortgage, you may want to find the home you’re wanting to buy, make that deal contingent on the sale of your current home, and provide other incentives to make that deal appealing to the seller.

  • Sell with a Lease Back. This allows you to sell your home and lease it back for a certain period of time with the buyer.
  • Move Twice. Sell your home while the market is at peak pricing, move your belongings into storage, then find somewhere small to rent while you look for your next home.

Whether you’re buying or selling your lake home or property, our agents at Lake Homes Realty can help provide insight in today’s lake real estate market and guide you in your home journey. 

Did you enjoy this article? If so, you might be interested in Why Buyers are Investing in Lake Houses During the Pandemic.

Whiteboard Topics: 5 Things to Know About Your Highest & Best Offers

In real estate, especially in competitive markets, agents typically ask for the “highest and best offers.” It’s important to understand what this means, and whether you’re buying or selling your lake home, here are five things you will need to know about “Highest and Best” offers.

  1. This is not an auction. The biggest number doesn’t always win the deal. Ultimately, the sellers decide on what is best for them.
  2. Mortgage vs. cash. Cash transactions typically don’t go through an appraisal process (there are exceptions). There’s usually a pre-approval process with transactions involving mortgages, which could lead to an inconvenient holding pattern, thus making it a riskier transaction than cash.
  3. Timeframe matters. You can de-risk the deal to a seller if there is a shorter timeframe from contract to close.
  4. Earnest money. A large amount of earnest money offered ensures the buyer’s level of commitment, which further de-risks the deal.
  5. Connection. An emotional connection can help make an offer highest and best.

Whether you’re buying or selling your lake home or property, our agents at Lake Homes Realty can help provide insight in today’s lake real estate market and guide you in your home journey.