Common Turn-Offs for Lake Home Buyers

Estimated reading time: 5 minutes

Photo courtesy of Roselyn Tirado on Unsplash

Picture this: your listing agent calls you, saying she’s found the perfect buyers to view your home. Your lake house checks all of their boxes and happens to be in their price range, so your agent says she’s on her way to show the property.

When they arrive, you watch from the window as they admire your landscaping and fresh coat of paint. How exciting. However, when they walk inside, you see their expressions sour.

Suddenly, you realize your listing description failed to mention the dirty windows, the live-in dog, and that litter box smell wafting through the air that you’ve become accustomed to. Before you know it, the sale is lost, and you are mortified.

In real estate, first impressions mean the world and if you botch it, there may be no second chance. So when preparing your home for the market, pay special attention to these common turn-offs for lake home buyers. After all, the sale is in the details.

Unpleasant Odors

Photo courtesy of Kelly Moon on Unsplash

Showing a home filled with unusual smells is a surefire way to repulse potential buyers. Odors from cigarette smoke, kitty litter, dirty laundry, and mildew can stick to walls and furniture long after you’ve gone nose-blind to them. Potential home buyers want to envision themselves living happily in your home, and any curious smells may disrupt the illusion.

To freshen up, start by opening some windows to increase circulation throughout the house. Focus on keeping a clean kitchen 24/7, since that’s where most foul smells originate. Be sure to take out the trash more frequently and check for any standing water in the dishwasher. This’ll cut down on not only foul odors but also any critters looking for a midnight snack. Also, steer clear of cooking any strong-smelling foods. This includes curry, onions, fish, and even Brussels sprouts. While all of these things may be delicious to eat, their scents linger long after dinnertime is over.

Bold Paint Colors

Professional home stager Chrissie Sutherland of Ready-Set-Stage abides by a rule of thumb for her clients: “Fun colors are for living, but neutral colors are for selling.

Before you start showing off your home, be sure to neutralize rooms that have too much personality. You might love the brightly colored accent wall in the living room, but all a potential buyer will see is a headache when they have to paint over it.

It’s best to allow new owners to start fresh with a clean slate, so they can make the home their own. Stay away from stark white walls, which make too strong of a visual statement. Opt for grey, beige, or cream. That way, buyers will have no problems envisioning their own personal touches for the future.

Popcorn Ceilings

Photo courtesy of Popcorn Ceiling Removal

The 1970s called and they want their mistake back.

Popcorn ceilings, also known as acoustic or “cottage cheese” ceilings, were a common feature of homes in decades past. Once used to cover up imperfections in craftsmanship, they are now widely seen as an interior design faux pas.

Such ceilings accumulate dirt, are difficult to clean, and are nearly impossible to repaint. Also, if your home was built before 1977, it may even contain asbestos. That year, the substance was officially labeled a highly toxic public health menace.

The removal of a popcorn ceiling is a messy, grueling process that could potentially be a health risk to those involved. It can also cost anywhere from $100 to $5,000, depending on how much needs to be removed. While acoustic ceilings may not cost you a sale, today’s buyers would rather avoid these outdated nuisances. Since it could turn out to be a negotiation point, you may as well be proactive and eliminate them before listing your home if at all possible.

Poor Upkeep of Your Home’s Lake Frontage

Photo courtesy of Florian Sagstetter on Unsplash

Ragged waterfront landscaping and structures can be detrimental to your lake home’s marketability and are likely to be a turn-off to those looking for a lake home. Whether it’s a dilapidated dock in need of major repairs or a sloppy shoreline with overgrown weeds, it’ll all have the same effect.

Buyers are less likely to invest in a home where the property looks like a fixer-upper at first glance. So make it easy for them by sprucing up your lake home’s curb appeal. Trim and edge your lawn, winterize the dock, and address your boathouse’s structural issues. The less work the new buyers have to imagine themselves doing, the more valuable you’ll make your home.

The process of selling a home can be a delicate transaction, and the slightest slip-up can upset the balance. Be careful not to overlook these common lake home buyer deterrents, and your experience should be smooth sailing.

Whiteboard Topics: 5 Keys To The 2022 Lake Home Market

These past few years have had a massive impact on the lake real estate market, but real estate trends are never stagnant. Lake Homes Realty’s CEO, Glenn Phillips, breaks down 5 keys to this year’s market.

  1. Price Growth Peaking: The spike in price growth is beginning to reach a peak as the rush to leave the city due to Covid is slowing down. This year would be great to sell your home.
  2. Mortgage Rates MIGHT Matter: This could have an impact on the peak slowing because inflation causes buyers to be more conservative with their money.
  3. Historically Low Inventory: Inventory is so long nowadays that agents have buyers just waiting for appropriately priced properties to become available.
  4. “Less” Competition: Buyers aren’t in as big a frenzy to purchase lake homes as they were at the start of Covid. While competition has slowed, it has not completely disappeared.
  5. Long Distance Buyers: Sellers need to think about long distance buyers because most of the time, interested parties are not local to the area.

With a fluctuating market like lake real estate, you have to stay on your toes. Keeping up with this year’s trend as a buyer or seller is imperative for you to make a good investment!

Whiteboard Topics: 5 Home Pricing Mistakes Sellers Must “Get Over”

Selling your lake home can be challenging when you don’t understand the importance of proper pricing. Lake Homes Realty’s CEO, Glenn Phillips, shares five pricing mistakes sellers must “get over.”

  1. What You Paid for the Property: Buyers do not care what you paid for your property. Your pricing must be based on the current market, and not the one when you bought it.
  2. Prices of Nearby Homes for Sale: Ignore the prices of nearby homes that have been on the market for some time. These unsold homes are more than likely overpriced.
  3. Your Personal Effort: Just because you have put personal effort into your home doesn’t mean the market price will reflect what you feel it’s worth.
  4. Rumors of High Sales Prices: Outliers do exist, but you shouldn’t overprice your home because of them. Use the average sales prices as a guideline.
  5. Taking Low Offers Personally: Disregarding low offers can close the door on potential opportunities. Be sure to respond in order to begin the negotiation process.

Your lake home will never leave the market if you don’t do the proper research when listing it. Sell it for the right price in this real estate market now with these tips so you’ll know what to avoid!

Whiteboard Topics: 4 Reasons To Sell A Lake Home This Winter

Contrary to popular belief, selling your lake home this winter is a great financial move. Lake Homes Realty’s CEO, Glenn S. Phillips, shares why you need to sell before this winter is over.
 
  1. Market Strength (For Now): The market is still at a peak, but this trend could slow down in the coming future. This may be the best time to get the best return on your home.
  2. Buyers are NOT Seasonal: Serious buyers are looking for properties all year-round. Leaving your home from the market during the winter will make it stand out.
  3. Relocation Patterns: There has been an increase in buyers moving from their home states. These buyers are eager to leave now, but this may not last in the coming years.
  4. Coming Interest Rate Changes: Increasing interest rates will inevitably slow down the housing market, so it’s essential to sell your home before buyers get scared away.
Take advantage of the strong housing market this winter before it shifts in the opposite direction. There is no telling exactly when the market will slow down, so you need to be ahead of it!

Whiteboard Topics: 4 Reasons Your Agent Should Not Have A Local Office

Having a home office isn’t as big of an advantage for real estate agents as it once was. Lake Homes Realty’s CEO, Glenn Phillip, explains why your potential agent should not have an office.
  1. Office Cost vs. Service Capabilities: Money is being invested in an office space, and not reinvested in efforts to help agents buy/sell a home.
  2. Reasons Change: Before the digital age, offices were necessary for running the business. Now, all important documents/information can be stored on computers, phones, etc.
  3. Lake Home Buyers are Rarely Local: Potential buyers are not limited to the local community. Most of the time they will come from all across the nation.
  4. Value of Time: Stopping by the office before touring homes can feel like an unnecessary detour, especially for out-of-town buyers.
Having an office is outdated for a real estate agent. Having one takes investment efforts away from buying/ selling homes and can become a waste of time!

Whiteboard Topics: 6 Fatal Sins of Selling a Lake Home

Selling a lake home can be unnerving when you don’t feel prepared to take on the market. Lake Homes Realty’s CEO, Glenn Phillips, breaks down six sins to avoid when selling your lake home.
  1. Too Much Love: How much you love your lake home can lead you to make emotional decisions instead of smart, financial decisions.
  2. Justification of “Facts”: What you consider to be ‘facts’ regarding your lake home, may not be reality. Don’t let these ‘facts’ hold you back from selling your home.
  3. Limiting Exposure: Your potential buyers should not be limited to your local community. Many lake home buyers come from all around the nation.
  4. “Buddy System” Agent: Don’t base your final decision on your relationship with the agent. Unless your friend is an expert, you should find someone who specializes in the lake market. 
  5. Ignoring the Market: Find an agent who is well-versed in the lake market, and has the ability to break down why certain events occur.
  6. Ignoring What I Just Said: Be sure to heed all the warnings given above. Our lake expert agents have local and national reach and can help you with this financial decision.
Don’t let these missteps stop you from selling your lake home. Understanding what to avoid before listing your home will make the process so much smoother!

Whiteboard Topics: 4 Costly Mistakes When Selling a Lake Home

It’s easy to make costly mistakes when selling your lake home, especially if it’s your first time. Lake Homes Realty’s CEO, Glenn Phillips, gives four tips you should know before selling!
  1. Pricing Too Far Above Market: Pricing too high initially will cause your house to sit on the market. Eventually, you’ll cut the price, and may even get lowballed in the end.
  2. Agent-Only on Friendship: Your selection of real estate agents shouldn’t be limited to your friends. You shouldn’t feel pressure to hire your friend, especially if they are not the right fit.
  3. Agent-Only LOCAL Visibility: You need an agent who isn’t limited to local reach. There are potential, quality buyers across the country, not just the surrounding area.
  4. Not Thinking Nationally: Consider how the price of your lake home competes with other lake homes nationally. Plenty of buyers want the lake lifestyle, no matter the location.
You need to look at the bigger picture before selling your lake home. Choosing the right price, the right agent, and understanding your market will help prevent you from making those costly mistakes!

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

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 Lake Homebuyer Strategies That Sellers Should Understand

There is no doubt that we are now in a hot real estate market. What this means is that the demand for homes is high while inventory is low which oftentimes could fall in the seller’s favor. With that being said, before you rush off to put your home on the market, here are four need-to-know strategies that homebuyers are using in order to gain an advantage in this real estate market.

  1. Apples and Oranges. It’s important to take a close look at your contract as many homebuyers can submit one that would make it stand out from competitors when in fact, it doesn’t offer much advantage over others, the only difference is that the language makes it sound more appealing.
  2. Escalation Clauses. Oftentimes many homebuyers will submit escalation clause offers which in turn, puts your home into an auction environment. It can be a headache to sort through all of these offers so it’s important to understand the details and/or whether or not you would want to enter in an escalation clause.
  3. Win Contract Then Decide. Many homebuyers are opting to win the contract and then using contingencies to buy time to decide whether or not they want to purchase your home. You must be aware of this strategy and allow yourself enough time to sort through all of the details in order to get the best offer for your home.
  4. Aggressive Deadlines. Homebuyers will set short deadlines on offers in order to force the seller to make a decision. As a home seller, you must understand that there are more home buyers than there are homes available so it’s advantageous for you to take your time in order to make the best decision for you.

If you need a lake professional to help guide you on your home selling journey, our knowledgeable agents are available for assistance.