Tag: home buying tips

Whiteboard Topics: 4 Ways to Help Your Real Estate Agent in 2021

Posted on Linda Thach

While real estate agents are here to help you with your lake home, there are some things you can do to make the process easier. Here are four tips to help the real estate transaction go smoothly for you and your agent.

  1. Accept the consequences. Be sure you understand that the lake market is a hot market in 2021. It’s different from other markets and knowing the nuances are important to be successful in the process.
  2. Do your homework. Agents will help you and answer your questions, but you have to know what to ask. Educating yourself and working with an expert agent will keep you out of trouble.
  3. Expert agent. Whether you’re buying or selling, working with a lake expert agent will help you navigate the nuances of each lake. The rules and regulations for each market can be different, so having someone who can guide you through those will help meet your expectations.
  4. Be prepared to buy. Do the prep work to make a thoughtful and competitive offer in a timely manner. You snooze, you lose!

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

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.

Whiteboard Topics: 5 Early 2021 Thoughts on the Lake Real Estate Market

Posted on Linda Thach

These unprecedented times have changed the way we do business in real estate. Whether you’re buying or selling in 2021, here are 5 early thoughts from Lake Homes Realty’s CEO that you must consider.

  1. Safe Home Showings. Home showings are a lot safer than initially thought. Keeping a safe distance from others and wearing a mask have limited the risk of exposure. Though taking safety precautions such as wiping down surfaces and proper handwashing are still important, having proper air circulation within your property is imperative to ensure a safe home showing.
  2. Step-Up Basis Repeal. The new administration under Joe Biden has proposed major changes to the step-up in cost basis for capital gains tax. This could influence your decision to sell or keep your inherited property. Learn more about the Estate Tax Reform Proposal here.
  3. Buyer Demand. There is a huge demand from home buyers in this current market, but homes are only selling if they are appropriately priced. Be sure to enlist a professional agent to help you properly price your lake home for competing bid offers.
  4. ACT Immediately. Be ready to act immediately. If you find a home that is appropriately priced, be ready to buy because it might not be on the market the following week.
  5. Think Multiple Markets. When buyers are looking for lake homes, chances are they are shopping multiple lake areas in multiple states. If you’re a seller, you must think of selling your property in relation to other markets and price it accordingly. To get the full scope on lake properties in various markets, be sure to download our Lake Real Estate Market Report.

Whiteboard Topics: 4 Gotta Haves to Consider When Buying a Lake Home

Posted on Linda Thach

When you are considering buying a lake home, particularly in a rural area, here are 4 “Gotta Haves” you will have to keep in mind.

  1. Cell Signal
  2. Internet Access
  3. Television Service
  4. 24-Hour Emergency Room

There might be hundreds of miles of lake shoreline, one side of the lake might have these services while the other side might not. Also, the terrain of the lake areas might determine the availability of these services as well.

Our knowledgeable agents are here to help you answer these questions and assist you in your lake home-buying journey.

Whiteboard Topics: 5 Tips to Get Your Dream Home

Posted on Camille Smith

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: 4 Things to Consider When It Comes to a Guaranteed Sale Program

Posted on Linda Thach

Even though we do not do this as a brokerage, some businesses in the real estate industry may propose a guaranteed offer for your home if they don’t sell it. And while that could be a good opportunity in some cases, here are four reasons why you should be thoughtful when considering an offer like that as you plan to sell your lake home or any other property.

  • Understand. Make sure you fully understand what this offer entails, including the fine print. Some people may assume that if their home does not sell, the company will take their asking price and give them that amount. However, there are usually some caveats to this offer that are not always obvious. Be sure to ask questions and do not be shy — this is your house!
  • Not Full-Price. A “guaranteed” offer is not necessarily a “full-priced” offer. Since there are so many wholesalers who partner with brokerages, these offers are usually discounted. Understand what “guaranteed” means relative to price.
  • Cost of Time. A lot of these deals have timelines where if your home does not sell in a certain number of days, then they will move forward with their process. This means that if that path does not come to fruition or you do not want to take one of the guaranteed offers, you may have to start over with your marketing, thus making your home appear stale since it’s been on the market for a while. Be aware that if everything does not work out, you need to know how much time that will cost you.
  • If It Looks Too Good… This does not mean that anyone is being deceitful, but oftentimes if it looks too good to be true, it just might be. Make sure you know what the offer really is and how it applies to you and your situation. 

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

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

Posted on Linda Thach

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

Posted on Linda Thach

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.