Tag: home sellers

Whiteboard Topics: 6 Pricing Secrets for Sellers

Posted on Linda Thach

When selling your 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 six pricing secrets for sellers. 

  1. Hot ≠ Stupid: Even though the market is hot, this does not mean buyers will pay crazy, overpriced houses. Start at the right price instead of receiving no offers and having to cut the listing price.  
  2. List $ ≠ Sold $: Comparing your listing price to neighbors’ listing prices will set you up for disappointment. Listing price does not mean the house sold for that price; knowing what homes are selling for is more valuable. 
  3. Local Comps ≠ Lake Market Comps: Buyers could be looking at multiple lakes or even in different states. Working with an agent who understands the entire lake house market will set you up for success.
  4. Pretending ≠ Selling: Include an honest description of the home and make sure you are serious and committed to selling. 
  5. Time = Money: The longer a house is on the market because of a too high listing price, the more money it will cost you. Buyers will believe something may be wrong with the house or are simply unwilling to pay the listing price. 
  6. Start Too High ≠ Best $: Starting too high on your listing price means eventually having to cut that price. This leads buyers into believing you will cut the price further and therefore offer even lower.

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!  

4 Reasons Lake Home Sellers Should Focus on “Seller Net”

Posted on Linda Thach

Do you know what the term “seller net” means? “Seller net” is the amount of money a seller makes from a real estate transaction after all costs and fees are accounted for. When selling a lake home, there are many factors that could distract you from the overall “seller net” equation. In this video, Lake Homes Realty’s CEO, Glenn S. Phillips explains four reasons lake home sellers should focus on the “seller net.”

  1. Cost of Selling. A common mistake most lake home sellers make is being fixated on the small details of home selling costs such as commission fees.
  2. Time Matters. The time your house stays on the market affects your bottom line. Things home sellers often overlook are mortgage payments, insurance, and home maintenance costs that cost you more over time.
  3. Brokerage Commission. If you pay a lower commission rate and get a lower price for your house, that could affect your “seller net.” In other words, you get what you pay for.
  4. Service Level of Agents. When selling a home, it’s important to look for an agent that can provide you with exceptional service. This includes someone that is knowledgeable about your lake property and location and is capable of properly pricing your home for the best return on investment.

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: 4 Reasons Some Real Estate Agents Want to Sell Your Home in 1 Day

Posted on Linda Thach

It might sound good to have your lake home sold in one day but it might not be in the best interest of you, the home seller. In this video, Lake Homes Realty’s CEO, Glenn S. Phillips provides four REAL reasons why real estate agents want to sell your home in one day.

  1. Less work. If an agent is able to get your home sold in a very short period of time (which is very likely in a hot market), it’ll mean less work for them. Because of this, you may or may not get the optimal price for your home. 
  2. Commission is similar. Since how much an agent gets paid doesn’t differ much between a good sale price and a great one, there isn’t much incentive for them to go the extra mile to get the best return on investment for your lake property.
  3. Self-promotion. Being able to move a property off the market in record time comes with its own “bragging rights.” But in some cases, it’s the hot market or high demand that is the leading factor behind quick sale transactions and not necessarily the effort that the agent is putting in.
  4. Limit competition. In this current real estate market where the demand is high, agents oftentimes have buyers on hand that are ready to buy (sometimes within the hour!). If a quick sale is something you’re interested in, that’s great! But if you’re looking for the most bang for your buck, you might want to consider having other buyers join in. More competition will benefit you as a home seller since you’ll likely have more offers driving up your home selling price.

If you’re interested in selling your lake home or property and need a lake expert who understands lake property and will help you get the most return on your investment, we’re here to help.

Whiteboard Topics: 3 Reasons Why The Highest Offer For Your Lake Home May Not Be The Best Offer

Posted on Linda Thach

There is no doubt that right now is a hot market for real estate, but a high offer does not always mean you get that amount at closing. The highest and best offer are not always the same thing. If you are looking to sell your lake home or property, here are three reasons why the highest offer might not be the best offer for you.

  1. Loan Contingencies. This means that if the buyer does not get approved for a sufficient loan, they can get out of the contract. This can be an issue if they give you a high offer that they are unable to follow through on, leaving you back at square one.
  2. Inspection Contingencies. This can lead to negotiating the price if issues are discovered about the property. While these issues may not be a deal-breaker in your mind as the seller, they could be a way for the buyer to get out of the contract or leverage the price in their favor.
  3. Appraisal Issues. With a high-priced market, the appraisal may not come back as high as the price you have set as the buyer. A bank will only loan out so much money, so the issue of who is going to come up with the difference in price can be a challenge. If a buyer does not have the means to cover part of the appraisal gap, their high price may not be as high as expected.

We hope you find these tips valuable as you venture out on your journey to selling your home. Please feel free to reach out to our lake experts for guidance.

Whiteboard Topics: 6 Danger Zones To Master If Selling Your Lake Home Yourself

Posted on Linda Thach

Are you thinking of selling your lake home yourself? If so, you probably already thought about negotiating pricing and marketing, which are important, but there are other aspects you may not be ready for. Here are six dangers you must know before you do so.

  1. Fair Housing Laws. You may want to get to know the people interested in your home, but if you look like you are filtering by demographics, check these laws to make sure you stay fair and abstract. Build a wall when making your selections because not only are you negotiating the property, but you are also vetting it as the seller.
  2. Evaluating Multiple Offers. In a hot market, if you price your home appropriately, you will get multiple offers quickly. Are you prepared to evaluate those offers in a timely manner and how they all differ?
  3. Inspection Contingencies. If someone makes a great offer, maybe in all cash, but they have a home inspection, it gives them a caveat to get out of the contract. It is important to understand what this contingency is, whether it introduces risk into your contract, and if there are problems, it could open negotiations or kill the deal.
  4. Loan Contingencies. One great thing about lake properties is that over half the deals in our country are cash, but loans are still used as well. A pre-approval letter may not carry as much weight as you think, and if you accept a deal with this contingency, it could fall through.
  5. Escalation Clauses. If the bids come in, that is typically the buyer’s offer unless someone beats it. These competing offers can become complicated because they can escalate to different amounts or triggers. Be prepared for this in a hot market because buyers do not want to miss out.
  6. Property Disclosures. You must disclose the property and the issues involved otherwise you could be sued later. You need to understand what you disclose and what you do not disclose, which can be confusing.

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 Surprising Risks When Selling a Lake Home in 2021

Posted on Linda Thach

There are different aspects to selling your lakefront property than if you were to sell a landlocked property. These are the surprising risks to be aware of when maximizing the return on your value and investment. 

  1. Sell really fast. Selling your home quickly will not get you the best return on your dollars. A lot of lake home buyers are from out of town or out of state, and you may limit the number of buyers that can’t respond quickly enough. 
  2. Rushing through the transaction. This is a legal transaction involving a lot of money and it’s important to read and understand what you’re signing. Avoid any legal issues in the future by taking your time.
  3. Overpricing. The best way to get the best price is to price appropriately and leave room for competition. Overpricing drastically for the current market will cost you time and money, even in a hot market.

We hope you find these tips valuable as you venture out on your journey to selling your home. Please feel free to reach out to our lake experts for guidance.

Whiteboard Topics: 5 Things to Promote When Selling Your Lake Home

Posted on Linda Thach

The pandemic has forced many to change their lifestyles and this includes living spaces as well. So, if you’re thinking of selling, here are 5 things to promote when listing your lake home.

  1. Internet. With more people working and spending more time at home, having reliable high-speed internet access is crucial.
  2. Cell Signal. Many lake homes are located in mountainous or rural areas where cell phone signal might not be at its optimal strength. If your lake home has strong cell signal, this is a feature that is worth mentioning.
  3. Home Office. The pandemic has allowed many people to work from home, therefore a home office is a requirement that most lake home buyers are looking for in 2021.
  4. Extra Storage. Unlike traditional lake homes/vacation homes where people often visit for short periods, living at the lake requires extra storage space for everyday household items and perhaps a garage for a car or other vehicles.
  5. Time to Airport. Travel time to and from an airport is an important factor that many lake home buyers might consider when looking for a lake home. Even though travel has temporarily stalled due to the pandemic, it is expected to resume in the near future.

We hope you find these tips valuable as you venture out on your journey to selling your home. Please feel free to reach out to our lake experts for guidance.

Whiteboard Topics: 4 Think-Ahead Questions for Lake Homeowners

Posted on Linda Thach

Do you own a lake house and are not sure whether or not you should keep it? Here are a few things to consider if you are on the fence about keeping or selling your lake home.

  1. Use or habit? Do you use your lake home on a regular basis? If you find yourself not visiting the lake as often as you’d like, then odds are keeping your lake home is probably not worth the time or money.
  2. Right size? Your kids might’ve moved out or you’ve added a few new family members since you first bought your home. So, the question is: “Is your lake home the right size for your life right NOW?” If the answer is no, then you might want to consider selling it.
  3. Family REALLY use it? Would your family actually use it if it was inherited? Just because you enjoy having a lake home doesn’t mean your family would appreciate it as much as you did.
  4. Duration of peak market? By holding on to your lake home for too long you might run to risk of missing out on the “peak” market. Lake real estate doesn’t always appreciate in value in the short-term interim.

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 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.