Tag: lake activities

Whiteboard Topics: Speculative Selling Will Cost You Money

Posted on Chris Melton

When you decide to sell your home, you need to figure out the strategy for setting your listing price. One method is speculative selling, or listing the selling price above the current market value. Glenn Phillips, CEO of Lake Homes Realty, explains why this strategy will cost you money:

  1. Two Types of Sellers:
    • Motivated: Most sellers of primary residential homes have some motivation to sell their homes. This typically includes life events such as new jobs, moving towns, changes in the number of family members, or limiting health concerns.
    • Speculative: This often happens with discretionary property, such as lake homes. Speculative sellers don’t have to sell and don’t necessarily have an urgency to sell their home. They typically list their home over the market price to see if they can get a high bid.
  2. Speculative Selling Risks: If you are considering a speculative selling strategy, consider these risks.
    • Increased Time on Market: Due to the overpriced nature of speculative listings, they tend to sit on the market for an extended amount of time. Buyers today use a plethora of online tools that inform them of what the current market is like. These buyers aren’t willing to pay the extra premium if the price is way above the market value.
    • Lack of Urgency: With speculative selling, sellers tend to be unmotivated to sell the home. Even if interested buyers want to look at the house, speculative sellers may decline them because they have other plans that day.
  3. Consequences:
    • Increased Time-On-Market Creates Buyer Doubt: When buyers see an overpriced house sit on the market for too long, they begin to question if the house has other issues.
    • Repeated Price Cuts Teach Buyers to Offer Low: Buyers pay attention to continuous price cuts on your listing. This teaches them to offer lower than the current listing price, even if it’s a good market price.
    • Eventual Sale Price Often Less Than Market: Speculative selling can lead to fatigue, and they just want to be done with it. Sitting on the market for so long also comes with other costs. These can be HOA dues, insurance, utilities, and more that will eat into your selling profits.

Before selling your lake home, think about the pricing strategy you want to use. You need to decide if you are a motivated or speculative seller. However, you need to be aware that speculative selling comes with risks and consequences. To connect with agents who can help you with listing your house, visit lakehomes.com.

Whiteboard Topics: Have Lake Home Buyers Given Up?

Posted on Chris Melton

Recently, the question “Have lake home buyers given up?” has been asked frequently. Many agents say buyers don’t have an interest in the current market. Agents also comment that buyers don’t ask to see properties as much as they have previously. Glenn Phillips, CEO of Lake Homes Realty, discusses some explanations.

  1. Insight from LakeHomes.com: On the Lake Homes website, the company sees customer traffic and what they do, even if they aren’t reaching out to agents. Based on web traffic, Lake Homes Realty sees that buyers haven’t given up. Millions of people visit the website and view properties, but they don’t always reach out.
  2. “I’m not hearing from as many buyers.”: This is a common issue across all of real estate in the current market, not just lake homes. Lake Homes Realty agents, other brokerages, and even primary residential real estate companies have seen fewer leads recently.
  3. Inventory Problem: While inventory exists in the current market, some twists could catch those who don’t study the market off guard.
    • “Phantom Inventory”: This happens when sellers list their home way above market price, attempting to get previous peak prices still. Listers in this situation may not have to sell but would consider it if they got an offer at that high price. These “lottery ticket” seekers somewhat inflate the market.
    • Appropriately Priced, Sell Fast: Today’s buyers are prudent and don’t want to overpay for lake homes. Because of this, appropriately priced homes sell fast, so they disappear from the market quickly.
    • Buyers Not Gone: Watching & Waiting: Buyers visit websites looking for homes and pounce on homes that interest them at an appropriate price. As speculative sellers lower their prices and inventory increases, engagement from buyers will increase.

The real estate market ebbs and flows. During periods of slow business, you may think buyers aren’t interested in homes anymore. Once you look at the data, however, you see that buyers are there, but they’re waiting. Visit lakehomes.com to connect with agents who understand inventory in your market.

Whiteboard Topics: The Wrong Questions When Picking a Lake Real Estate Agent to Sell

Posted on Chris Melton

Selecting a real estate agent often seems like an easy decision. You may choose a friend or just the first agent you come across. Other times, the number of real estate agents to choose from intimidates you. However, before deciding on an agent, consider your goals and what you want from selling your house. Motivated sellers want to sell their homes for the highest current market price in a reasonable time. Glenn Phillips, CEO of Lake Homes Realty, discusses the wrong and right questions to ask when choosing a real estate agent.

  1. Wrong Questions
    • Which agents have the most listings? While there are great agents who have numerous listings, it isn’t always an indicator of success. Effective agents sell their homes and don’t let their listings sit on the market forever. Instead, ask about how many houses they sell.
    • Which agent do I personally like? You aren’t selling your house to make a new friend. Working with someone who you work well with is important; however, just because they’re your friend or family doesn’t automatically make them the best option. Don’t look to make selling your home personal. It’s a business transaction, and that’s how it should be treated.
    • Do they have an office nearby? Several lake home buyers come from out of town or even states away. When they come to town, they want to visit the house, not an office.
  2. Better Questions
    • Are all agents the same? No, not all agents are the same, but it can be hard to tell the difference. Look for someone who is experienced; they should be able to explain the process and have a plan. Seasoned agents are successful at selling lake homes and can get you the best price.
    • Which agents are focused on lake real estate? When selling lake homes, exclude any agent not focused on lake real estate. Assume the buyer and their agent don’t understand the nuances of lake property. Having agents who don’t understand lake property leads to confusion and unexpected turns.
    • Which agents can prove they have a pipeline of out-of-town buyers? The right agent can produce a list of where their buyers are coming from. Putting your home on multiple different websites doesn’t always produce results. Good agents instead target buyers who are already interested in your lake.

Selling your lake home is a complicated process, so agents are there to help you. However, choosing the right one isn’t always the easiest job. Friends and family often make a strong case but aren’t always the best option. Visit lakehomes.com where agents who understand lake real estate can help you navigate the process.

Whiteboard Topics: Why Lake Homes Realty Does Not Buy Homes

Posted on Chris Melton

Some companies like to guarantee you an offer for your home, such as an offer to buy your home if it doesn’t sell. Other companies offer to buy your home directly from you for fast cash-only transactions. Glenn Phillips, CEO of Lake Homes Realty, explains why Lake Homes Realty does not adopt these practices.

  1. Guaranteed Offer is NOT the Same as Full-Price Offer: Guaranteed offers are generally lower than regular offers. They can be a good option if your only concern is selling your house quickly and you aren’t concerned with getting the full price. However, if you’re looking to get a good price for your house, guaranteed offers may not be for you.
  2. Time: For typical residential property, transactions happen in a quick time frame. However, transactions for lake homes can take several years to finalize. Because of the sometimes unpredictable time frame for lake real estate, it’s difficult to determine a specified time frame for guaranteed offers.
  3. Discretionary Buyers are Different: Lake home buyers are patient and can wait years before buying a house. With discretionary property, like lake homes, the buyers don’t have to buy the home. This nature of discretionary property doesn’t work well with the guaranteed offer strategy.

If your only concern is selling your lake home quickly, even if it means less money, then guaranteed offers can be the solution you need. However, the nature of lake real estate and lake home buyers is why Lake Homes Realty doesn’t adopt them. Visit lakehomes.com to find agents to help you navigate the lake real estate market.

Whiteboard Topics: Selling? 5 Things Lake Home Buyers Don’t Care About

Posted on Chris Melton

If you’ve decided to sell your lake home, it’s important to understand what buyers do and don’t care about. Thinking like a buyer can help you sell your home quicker. Glenn Phillips, CEO of Lake Homes Realty, discusses five things buyers don’t care about, but many sellers think they do.

  1. What Seller Paid: While the pricing history can be important, buyers don’t care what you paid for the house. Buyers are concerned with the current market, not about how much you need to get from your house.
  2. Listed Price of Nearby Homes for Sale: The listing price of nearby houses doesn’t reflect their value. Many of those houses may be overpriced, especially if they’ve been on the market for a while. Buyers are more concerned with what the house is worth than the listing prices of nearby homes.
  3. Seller’s Personal Effort: Patios, decks, and other features of the house can add value for some buyers. Oftentimes, sellers have emotional attachments to these features; however, buyers don’t always feel the same way. Buyers may want to remove those add-ons and see them only as an additional cost.
  4. Outlier Sales at High Prices: Just because a nearby house sold for an irregularly high price doesn’t mean yours will too. Buyers understand the trend in prices of the pool of houses in the market, and most won’t pay that irregular price. Outliers generally aren’t repeatable, and buyers will buy at market price.
  5. Taking Low Offers Personally: Buyers don’t make offers to offend you. Additionally, a low offer is still better than no offer. Not responding to low offers can cut off potentially interested buyers by leaving negotiation off the table.

As a seller or someone who’s thinking of selling your lake home, it’s important to think like the buyer. Considering what the buyer is looking for can help you sell your home quicker and maximize your potential profit. Visit lakehomes.com, where you can find agents who will help you navigate the home-selling process and who understand buyer’s wants and needs.

Whiteboard Topics: What Will 2024 Bring for Lake Home Prices?

Posted on Chris Melton

With the new year, many people are wondering how the prices for lake homes will change in 2024. The short answer is that they’ll stay about the same in most markets, only slightly increasing in some markets. Glenn Philips, CEO of Lake Homes Realty, explains how years of data on the lake home market back this up.

  1. Limited (but improving) Inventory: 2022 brought historic lows in the lake home market. Even though the inventory has been growing since, it is still low when compared to nothing. Buyers still outnumber sellers, but the buying frenzy has passed. Additionally, informed buyers won’t bite on the trend of “phantom inventory,” or sellers who think they can still sell at peak prices.
  2. Mortgage Rates (Not Really): Mortgage rates don’t play a big factor in lake real estate. Over half of the buyers in this market pay with cash. Even if they don’t pay with cash, they can afford the splurge of the extra interest rate.
  3. Interested KNOWLEDEABLE Buyers: Buyers today are more informed than at any other time in history. This means that they won’t be tricked into paying unreasonable prices. Buyers who are interested and willing to wait until the right price shows up will move quickly to purchase it. This causes a backlog to form, with buyers waiting for sellers to bring down their prices to reasonable levels.
  4. Global Unrest: Global unrest tends to increase interest in discretionary property. People want lake homes to escape the problems of the world. It happened during the COVID-19 pandemic, as people rushed to buy lake homes to escape and distance themselves.

As 2024 rolls in, expect to see steady prices in most markets for lake homes. There won’t be many major shakeups, such as a big explosion or crash. There might be slight increases in some markets, but prices will stay consistent across the board. Be sure to visit us at lakehomes.com, where you can find agents that are experts in lake property.

Lake Homes Realty Adds New Agent Loretta Fadeley To Their Team On Lewisville Lake, Texas

Posted on Chris Melton
Courtesy of Union Park

A new lake real estate report from the country’s largest lake-focused brokerage show listing prices in Texas are up over summer 2022. The new Lake Real Estate Market Report from Lake Homes Realty shows Texas’s total market at $8.27 billion, up from $4.31 billion in the summer of 2022.  Lake Homes Realty operates in 34 states across the country.

The new quarterly lake real estate report from Lakehomes.com shows Lewisville Lake to be the second-largest market in the state of Texas. The specialized website just showcases properties that are lakefront, have a lake view or lake access so that agents can help clients from across the country search for dream lake properties. As of August 8, 2023, Lewisville Lake has 1,013 lake area properties listed, ranging from a $20,000 lot to a $6.95 million lake home. Over 100 of the properties were listed for over $1 million.

The average home price for listings around Grapevine Lake is $1.5 million, according to the Lake Market Real Estate Report. The average lot price is $1.3 million for the 27 lake area lots currently listed. This comes in likely due to a $23 million property covering 13 acres.

Boating is extremely popular on Lewisville Lake, as are its related activities, waterskiing, tubing, and wakeboarding.  With 29,000 acres of pristine water, it is one of the largest lakes in northern Texas. Lewisville Lake appeals to lake home searchers from across the country. Among the hundreds of people searching the lake homes and lots in Texas in May 2023, the top Metro area looking on LakeHomes.com was Chicago, followed by Oklahoma City and Minneapolis. One in 37 American adults look at LakeHomes.com each year.

“We believe our agents’ intimate knowledge about their lake real estate markets, nuances of the lakes themselves, and their involvement in local lake life is paramount to our continued growth,” said Glenn S. Phillips, CEO and Chief Economic Analyst for  Lake Homes “Which is why we’re happy to welcome Loretta Fadeley as a buyer’s agent in Texas. Loretta offers outstanding customer service in the Lewisville Lake and Grapevine Lake areas and is truly a specialist in that area,” he said.

About Loretta Fadeley

Particularly with her children, Loretta Fadeley has a lot of happy memories of Grapevine Lake. During their childhood, Loretta’s kids spent every weekend at the lake. They would go trekking, reading, skipping rocks, and swimming all day. With the goal for other families to have the same memories, Loretta is now selling on Grapevine Lake.

Loretta worked as a barista and roof inspector for ten years, so she is accustomed to helping customers and enjoys it. She takes delight in making sure her clients receive excellent treatment and receive what they paid for.

Loretta’s 14 years of living close to Grapevine Lake have contributed to her skills. But Loretta’s actual expertise on lakes comes from her grasp of what her clients require in their desired location. Whether living on the ocean or in a suburban location close to it, she understands and can relate to every need.

Kye, Loretta’s spouse, works as an agent with Lake Homes Realty. She has a daughter, a son, and a stepson. They all enjoy laughing, cooking, and creating memories in the kitchen.

New Agent Holly Ming Joins the Lake Homes Realty Team Servicing Lake Norrell, AR

Posted on Chris Melton
Courtesy of Hot Springs Village, via Arkansas Tourism

Arkansas-based agent Holly Ming has moved her real estate license to Lake Homes Realty – the nation’s largest lake-focused real estate company.

With the brokerage, Ming will specialize in lake homes and land on and around Lake Norrell, Coronado Lake, Cortez Lake, Lake Desoto, Beaver Fork, Willow Beach, and Lakewood Lake.

Arkansas-based agent Holly Ming has moved her real estate license to Lake Homes Realty – the nation’s largest lake-focused real estate company.

With the brokerage, Ming will specialize in lake homes and land on and around Lake Norrell, Coronado Lake, Cortez Lake, Lake Desoto, Beaver Fork, Willow Beach, and Lakewood Lake.

About Holly Ming

Although Ming grew up among beaches in Southern California, she was drawn back to The Natural State as a teenager by her vivid recollections of lakes in Arkansas. Ming has spent more than 17 years living close to Lake Norrell with her family. Any kind of life by the water, in her opinion, is wonderful.

Ming remembers a great deal of things related to the water. She has hiked, fished, and/or tented at practically every lake in Arkansas! She has fond memories of going fishing at Spillway Dam with her father. Her husband’s proposal on Lake Norrell is also among her fondest memories!

Ming places the highest value on his interactions with clients. Ming is a people person with invaluable sales management expertise! “I love to see the smile on people’s faces when they find that perfect ‘something.’ I still look for those smiles and intuitively know when a buyer finds their home.”

Best Vacation Destinations: Urban Lakes for City-Goers

Posted on Mattison McWhorter
Lake Erie with Cleveland, Ohio skyline
Courtesy of iStock

Here are some of the top urban lakes in America that are perfect for city-goers: 

  • Lake Washington – Seattle, WA
  • Lake Austin – Austin, Texas
  • Lake Pontchartrain – New Orleans, LA 
  • Lake Erie – Cleveland, OH; Buffalo, NY; Detroit, MI
  • Fort Loudoun Lake – Knoxville, TN

Lakes offer the perfect place to escape life’s hustle and bustle. However, sometimes, people like to have the best of both worlds. That’s what urban lakes are for. An urban lake is an inland body of surface water surrounded by an urban environment and larger than a pond. Not only do they add to the aesthetic value of a region, but they also feature a lot of functionality by increasing biodiversity and providing local recreation.

Lake Washington – Seattle, Washington

Lake Washington shore
Courtesy of Seattle and Sound

Lake Washington is the second-largest natural lake in the state of Washington, covering almost 22,000 acres. This leaves plenty of room for boating and fishing. For those seeking a bit of exercise, visit the Burke-Gilman Trail. It stretches 20 miles from Shilshole Bay to the city of Bothell. 

Lake Washington is east of Seattle, where there is plenty to do and see when you need a break from the water. The most notable attraction is the Space Needle, a 605-foot-tall landmark with an observation deck boasting some of the city’s best views. If you’re scared of heights, try checking out the Seattle Center Monorail, the Museum of Pop Culture, or the Seattle Aquarium. Regardless of what you like to do in the city, Lake Washington is always there for a leisurely afternoon.

Lake Austin – Austin, Texas

Overview of Lake Austin
Courtesy of Lone Star Travel Guide

Lake Austin comprises nearly 2,000 acres, and its banks are mostly privately owned. This limits bank fishing, but you can find access at four points and two public boat ramps. Since Lake Austin allows motorized boats, it has become a popular place to rent one for the day. Pontoons are the most popular, and you’ll often see boaters tubing or waterskiing behind.  

As you can tell by the name, the lake is northwest of Austin, Texas. Located in the state’s capital, it offers so much for residents to do. There are a lot of museums, parks, and tourist sites, but there are also many local places to visit. Try local coffee at Mozart’s Coffee Roasters or barbeque cuisine at The County Line. Tourist or not, Lake Austin welcomes you with all its nearby amenities.

Lake Pontchartrain – New Orleans, Louisiana

Walking track next to Lake Pontchartrain
Courtesy of New Orleans

The legendary city of New Orleans is a never-ending party! All of the rumors are true. You can listen to some jazz at the House of Blues, grab a cocktail at Arnaud’s French 75 Bar, or take a stroll down the famous Bourbon Street if you’re more adventurous. What the rumors don’t mention is that the infamous area also features family-friendly activities like eating a snack at the French Market, taking a trolley ride, or having a picnic in Audubon Park. Whether you party it up or take it slow, Lake Pontchartrain is close for a nice and easy boat ride.

Lake Pontchartrain has a misleading name, as it’s actually an estuary. Lake Pontchartrain spans 403,000 acres and is more than 40 miles wide. It is home to abundant wildlife and provides a significant source of the region’s economic development. Residents and visitors can boat, fish, swim, waterski, or relax near the shore and watch a beautiful Louisiana sunset. 

Lake Erie – Buffalo, New York; Cleveland, Ohio; Detroit, Michigan

Lake Erie with skyline
Courtesy of Great Lakes Commission

Lake Erie is the fourth largest Great Lake and the thirteenth largest lake in the world, covering more than six million acres. It touches four states and two countries, America and Canada. It is shallow, making it the warmest of the Great Lakes and perfect for swimming in the right season. 

Lake Erie is connected to three urban cities: Buffalo, New York; Cleveland, Ohio; and Detroit, Michigan. This means there are endless options for city-goers near the water and in the heart of the city. Buffalo is an excellent place for history lovers. Visit Theodore Roosevelt’s Inaugural Site, the Buffalo History Museum, or the Buffalo City Hall Observation Deck.

If you’re an on-the-go person, Cleveland might be the perfect city for you. It offers nights at the Cleveland Orchestra, days at the Cedar Point Amusement Park, and weekends at a Cleveland Browns game. Then there’s Detroit, which provides the best of both worlds! You can visit the Henry Ford Museum of American Innovation, see a game at Ford Field, or take the kids to the LEGOLAND Discovery Center. No matter what city you reside in, the mighty Lake Erie is there for some much-needed getaway time.

Fort Loudoun Lake – Knoxville, Tennessee

Pier on Fort Loudoun Lake
Courtesy of Visit Knoxville

Fort Loudoun Lake is swarming with activities. It is nestled right outside Knoxville, Tennessee, and features 14,600 acres of water for recreational fun. Fort Loudoun is part of the Upper Tennessee River and is best known by anglers as the perfect place to catch bass or catfish. 

Knoxville is likely most well-known for being the home of the University of Tennessee. As a powerhouse in the Southeastern Conference, UT hosts fabulous game days. Tailgaters have a unique tradition of pregaming from their boats in the Tennessee River, connected to Fort Loudoun. Football fan or not, Knoxville has plenty to offer, and with Fort Loudoun Lake so close, it’s a superb blend of urban and lake life.

Urban lakes are a utopia of combining the idyllic water with the rush of city life. City-goers will love having the option of relaxation without compromising the culture that comes with a big city. Regardless of what region of the nation you’re in, you can find an urban lake near you to have the best of both worlds.

Boating and fishing are popular choices, given the lake’s vast size of almost 22,000 acres. For those seeking some exercise, the Burke-Gilman Trail is a 20-mile trail leading from Shilshole Bay to Bothell.

Lake Pontchartrain, though named a lake, is actually an estuary spanning 403,000 acres and over 40 miles wide. It is a significant source of economic development for the region and is home to diverse wildlife. Visitors and residents can enjoy various activities such as boating, fishing, swimming, waterskiing, or simply relaxing by the shore to admire the stunning Louisiana sunsets.

Lake Erie is the fourth largest of the Great Lakes and is known for being the warmest due to its shallowness. This warmth makes it an excellent spot for swimming during the right season. Lake Erie connects three urban cities: Buffalo in New York, Cleveland in Ohio, and Detroit in Michigan. Each city offers a unique blend of attractions and activities.

Fort Loudoun Lake, located just outside of Knoxville, Tennessee, covers 14,600 acres of water, offering a plethora of recreational activities. Anglers particularly love this lake as it is renowned for its abundance of bass and catfish, making it a prime spot for fishing enthusiasts. Additionally, Fort Loudoun is part of the Upper Tennessee River, and its proximity to Knoxville makes it an ideal location for boat-based tailgating during University of Tennessee football game days.