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.
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.
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.
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.
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.
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.
Are you thinking of selling your home this year? You might think that spring would be the ideal time to sell your home, but we think otherwise. Here are 5 reasons why you should list your lake home before spring.
Lake buyers schedule. Lake home buyers have a different schedule. Because lake homes are not considered a discretionary purchase, the average lake home buyer is not affected by decision-making drivers such as school year cycles, job relocations, etc.
Hot for selling. The lake real estate market is hot right now. There are buyers wanting to buy now and have their home ready for spring.
Economy. The economy is strong right now but during these unprecedented times, the state of the economy is unpredictable. Therefore, buyers are less likely to pay an optimal price or might opt to wait on purchasing their lake home.
Reduced inventory. Lake home buyers are wanting to make a purchase now. If you wait until spring to list your lake home, you’ll be faced with increased competition as more home sellers will be listing their homes as well.
Time Value of Money. Expenses such as a mortgage, utilities, and home maintenance costs could be reduced if you list and sell your home now instead of waiting until spring.
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.
The current real estate surge has led to an inventory shortage in most markets, but LakeHomes.com has tens of thousands of lake property currently listed. So, what motivates someone to sell during this frenzy? While there are some outliers, here are three reasons why people in this economy are interested in selling a lake home:
Age. Even before the pandemic, age-related transitions were on the minds of sellers. Whether it’s because the kids have moved out and they are now looking to downsize or they are looking to go live with family elsewhere, sellers making age-related decisions are creating some turnover in the lake real estate market.
Financial Need. As the economy shifts, financial need will become more of a motivation for sellers than it already is. Right now the real estate market is at its peak, so if a seller has a financial need, now is a great time to make that property very liquid and get cash for the home.
Financial Opportunity. This is the best time for someone with a lake home to seize the opportunity to get maximum return on their lake property. Though sellers should avoid overpricing their lake home, these are the homes that can be sold quickly because of the strong demand right now.
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.
In real estate, it’s common knowledge spring is the best time to put your house on the market. However, this restriction doesn’t apply to lake homes.
According to the New York Times, “putting a vacation property on the market requires a different strategy than selling a primary residence.”
At Lake Homes Realty, our agents sell billions of dollars of lake real estate all year long. In fact, listing your home in a season other than spring might help you stand out. At all times of the year, we have important tips for selling.
That said, if you’re considering selling your lake house this fall, here are some seasonally-specific tips to keep in mind.
Some say that image isn’t everything. But when it comes to selling a lake house, it is.
Especially in our current virtual world, buyers place a strong emphasis on their first impression of your home on the internet. Homes with good quality photography sell 32 percent faster than those with low-quality photos.
Although you’re selling your lake house during the fall, your photos don’t have to depict brown leaves and overcast skies. In actuality, using spring photos improves sales.
When buyers imagine themselves at a lake home, they’re picturing warmer weather. So, posting pictures from spring will play into this vision that buyers want.
Prioritize Curb Appeal
Fall leaves are beautiful, but not when massive piles are blocking the entryway to your lake house. Similarly to our first tip, aesthetics matter.
It’s a bit more complicated at the lake. In a traditional residential home, curb appeal means mowing the lawn and cleaning up the porch. However, on a lake property, the shoreline requires landscaping as well.
It’s almost like having two curbs. Our CEO, Glenn Philips, says in this Whiteboard Wednesday video that sellers must make their homes “picture-perfect move-in ready.”
As such, prioritize curb appeal and consult your agent about what curbside changes will enhance your lake home.
Real estate investor Scott McGillivray, the host of “Income Property” on HGTV, told U.S. News that sellers should put away over-the-top seasonal decor or overtly religious themes. The occasional pumpkin is fine, but buyers may turn their attention elsewhere when the house looks like a Party City store.
When selling your lake house, stick to a neutral decor.
Price It Correctly
Due to COVID-19, there’s a shortage of appropriately priced inventory nationwide. At the same time, buyer demand has increased because lake homes are perfect social distancing destinations.
“We have buyers who are ready to buy right now on almost all of our lakes,” Glenn Phillips says in this Whiteboard Wednesday video. “However, they aren’t going to overpay at what they believe to be the peak price.”
In other words, there’s a limit to how much money this influx of buyers will spend. As such, if your home is priced appropriately, there’s a good chance it will sell.
Government programs like stimulus checks and the PPP have created a false economy that may decline by late fall. Before this happens, take advantage of this period by selling your lake house.
Contrary to what many people think concerning the pandemic, this is a great time to put your home on the market.
Find a Lake-Focused Agent
In many ways, lake real estate is a different ball game than traditional markets. Unlike residential homes, lake homes are an aspirational product.
Buyers often have other priorities for these second home properties. When catering to these buyers, it’s essential to know what they do and don’t care about to succeed. It’s also crucial to understand your lake’s niche market.
For expertise in both of these areas, hiring a lake-focused real estate agent is the answer. Unlike many traditional agents, lake agents often live in the markets they serve and are intimately familiar with the area.
At Lake Homes specifically, our national network equips agents to build connections at lakes across the U.S. As such, the combination of local and national experts will facilitate your sale. These agents will also be aware of how the fall season affects the market.
Ultimately, the best time to sell your lake home is when it’s right for you. If you’re still enjoying the lake lifestyle, keep doing so. But if it’s time to sell, don’t let the myth of “springtime is selling time” fool you!
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.
This is not an auction. The biggest number doesn’t always win the deal. Ultimately, the sellers decide on what is best for them.
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.
Timeframe matters. You can de-risk the deal to a seller if there is a shorter timeframe from contract to close.
Earnest money. A large amount of earnest money offered ensures the buyer’s level of commitment, which further de-risks the deal.
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.
When you’re starting to think about selling your lake home, it can be hard to know when the best time to do so. In this video, Lake Homes Realty’s CEO, Glenn S. Phillips, shares THREE reasons why this fall may be the BEST time to SELL your lake home.
Spring is old school. People looking for lake property are not influenced by the typical school year.
Limited sellable inventory thus creating high demand. Many are opting not to sell their homes during the pandemic.
Economic turmoil looming. Uncertainty surrounding stimulus money and COVID-19.
If you’ve determined that right now is the time to sell your lake home, we’re here to help. Our national network of agents facilitates knowledge of the competition, quicker home sales, and relationships with buyers. Be sure to connect with one of our agents at Lakehomes.com today!
When it’s time to sell your lake property, it can be difficult to know what should be top of mind. In today’s Whiteboard Wednesday video, Lake Homes CEO, Glenn Phillips, shares three things to consider when selling your lake home.
Your competition in other lake markets
How long an agent’s houses are on the market
How to connect with the buyers more actively
At Lake Homes, we help you navigate these important aspects of selling your lake home. Our national network of agents facilitates knowledge of the competition, quicker home sales, and relationships with buyers. If now is the time to sell your lake home, connect with one of our agents at Lakehomes.com today!
If you’re preparing to sell your lake home, it’s natural to wonder how the market will be doing this Fall. Although COVID-19 has left the market’s future more uncertain, some reliable predictions still exist. Lake Homes CEO, Glenn Phillips, shares five things to consider when predicting the Fall real estate market:
Stimulus checks, the PPP program, and other initiatives have created an artificial economy that will likely continue through the Fall
A high demand for lake houses has persisted throughout the pandemic
Despite the demand, there’s a housing shortage of appropriately priced inventory for lake homes
Consumers’ fear of uncertainty means they are not willing to overpay for homes
As stimulus money fades later in the year, an economic cliff is likely to happen when the true state of our economy becomes clearer.
If you’re buying or selling a lake home, it’s important to keep these Fall real estate market predictions in mind. As a national specialist in lake real estate, we’re here to help. Check out our website for more information.
When selling your lake home, you may think that taking the highest priced offer is the best choice. However, there’s an anomaly happening in the real estate market now. Lake Homes CEO, Glenn Phillips, explains why taking the highest and best offer can create some problems.
Picture this: You put your lake home on the market at a reasonable price. You receive a high offer with a pre-approval letter. Then, the appraisal comes back short or the lender isn’t sure they’ll approve it. You’re back to square one.
To avoid this scenario, get an appraisal yourself. It’ll help you negotiate and price your home appropriately. Further, if you get several potential buyers, consider more than the highest offer. Finally, find a lake agent who knows the market, is familiar with pricing, and can successfully sell your lake home.
