Tag: home selling advice

Whiteboard Topics: 5 Keys To The 2022 Lake Home Market

Posted on Kamari House

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”

Posted on Kamari House

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

Posted on Kamari House
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

Posted on Kamari House
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

Posted on Kamari House
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

Posted on Kamari House
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”

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 Lake Homebuyer Strategies That Sellers Should Understand

Posted on Linda Thach

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.

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.