The war between Russia and Ukraine may be a good distance away, but it affects the American real estate market more than you think. Lake Homes Realty’s CEO, Glenn Phillips, shares how could affect your real estate transaction.
Crisis Fatigue: From the pandemic to inflation to the war, all of these back-to-back crises can start to weigh on everyone. This can encourage buyers to buy more lake homes as a way to relax and ‘get away’ for a while.
Life is Short: With everything going on, people are realizing now more than ever that life is short. Why push off buying your dream lake home when the future is not always promised?
Inflation: An overall rise in prices has been taking the country by storm, and the Russian/Ukraine war will only further expedite this. This could deter buyers from buying, and encourage sellers to sell in order to avoid unnecessary costs.
It can be jarring to know that something happening across the world can directly affect the lake real estate market right here in America. Staying informed will help you navigate the market as it adapts to fit in today’s world!
Buying a lake home is a big commitment, so you have to be sure the timing is right. Lake Homes Realty’s CEO, Glenn Phillips, shares 4 reasons why you may want to postpone purchasing your dream lake home.
Peak-ish Prices: We are still at the peak of the real estate market. Because of the high demand/ low supply of homes and growing interest rates, now may not be the best time to invest in a home.
Patience Required: Competition for lake homes is at an all-time high which will make it difficult for you to get the home of your dreams. It may be best to avoid the hassle of waiting for the perfect property until demand starts to slow.
Time: Taking on a new lake home is exciting, but it doesn’t come without its maintenance. If you don’t have the time to go between two homes, travel to and from the lake, and do general upkeep, now may not be the time to take on the responsibility.
Chapter of Life: Before you buy, it’s important to assess what chapter of life you are in. Are you ready for a change in pace and to relax by the lake, or are you still heavily involved in your job and other time-consuming activities?
‘Not now’ doesn’t mean ‘Not ever’. Wait to buy your dream home until the market is right, and you feel ready to take on the long-term commitment of lake living. You’ll find that the perfect home is worth the wait!
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.
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.
Mortgage Rates MIGHT Matter: This could have an impact on the peak slowing because inflation causes buyers to be more conservative with their money.
Historically Low Inventory: Inventory is so long nowadays that agents have buyers just waiting for appropriately priced properties to become available.
“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.
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!
Not every lake home is waterfront, but they all have their advantages. Lake Homes Realty’s CEO, Glenn Phillips, breaks down the differences between types of lake homes.
Sometimes, But Not Always: Not every lake home is on the water. There are many options available including lakefront, lake access, and lake view.
Lakefront: This property is also known as waterfront, and is actually on the water. The home has direct access to the lake.
Lakeview: These homes are some distance away from the lake, but have a beautiful view of it from where they are. For some, the view is the highlight of lake living.
Lake Community: Typically a large community with plenty of amenities including golf courses and clubhouse access. You’ll also be a fair distance from the water but said amenities will more than make up for it.
Whether your home is right on the water, or some ways away, you can still make the most out of your lake living experience. Think about what’s most important to you before you buy your dream lake home!
Unfortunately, some real estate agents are known for using catchy phrases and buzzwords to attract unsuspecting homeowners. Lake Homes Realty’s CEO, Glenn Phillips, gives five tactics to ignore when choosing a lake real estate agent.
“No Cost to the Buyer”: There is always a cost because agents are getting compensated for representing you. You want to get the most value because you are paying them indirectly.
“Million Dollar Producer”: A million dollars sound like a lot, but can be misleading. Selling one million dollars of property can be done in four transactions, which isn’t very much.
“The Most Listings”: Having properties available isn’t a bad thing, but the problem arises when those properties have been on the market for long periods of time.
“Largest Local Office”: The size of the office doesn’t determine how motivated a brokerage is to sell your home. Depending on their processes, they can even limit your pull of buyers.
“Marketed on Thousands of Websites”: Being marketed on thousands of websites means nothing if no one is visiting those websites. You want your properties to be seen on high traffic, real estate-focused sites.
If something sounds too good to be true, that’s because it usually is. Be ahead of the game, and know what you should and shouldn’t take into consideration when choosing your lake home real estate agent!