Whiteboard Topics: In Lake Real Estate “Highest And Best Offer” Is Not An Auction

When you are buying or selling, there may be terms thrown around, such as ” Highest” or “Best” when referring to offers. In reality, it’s not an auction. It’s actually the furthest thing from it. Lake Homes Realty’s CEO, Glenn Phillips, breaks down the different meaning meanings behind these terms.

  1. Not An Auction!
    • Highest $ May Not Win: The highest is strictly just a number. This does not ensure whoever offers the highest amount will be the one purchasing the property. The seller is the one who decides who they want to do a transaction with.
    • Seller Selects Their Buyer: When it comes down to the transaction, it is fully up to the seller to decide how and if they want to proceed.
  2. Look To “De-risk The Deal”– Remove the probability the seller might become uncomfortable with the offer.
    • Cash Versus Mortgage: Over half of the transactions done at Lake Homes Realty are made in cash. That doesn’t mean mortgages don’t happen. In the instances when a mortgage is in play, there is always the chance it won’t go through. There could even be an appraisal gap. Using cash is one less risk.
    • Timeframe Might Be Important: A seller could want to move very quickly or they might not have a time constraint. Utilizing the time frame and the nuances that come with it can help to make your offer the best.
    • Size Of Earnest Money: As a seller, seeing someone with a bigger size of earnest money can lead the seller to think they have more intent on wanting to purchase the home.
    • Fewer Contingencies: It’s not just the mortgage aspect. There could be home inspections, HOA fees, and a whole list of other things. If you are able to eliminate any of those extra contingencies, that can remove the possibility that the seller is uncomfortable.
    • Simplicity: If things become too complex, it can lead to the seller becoming confused, which, in turn, leads to the seller saying no.

When it really comes down to it, the “Highest and Best” offer can be great but can also hold a lot more nuance than people might realize. If you still have questions regarding which ways to navigate offers, talk with an agent at https://www.lakehomes.com/. They would be more than happy to help you along your real estate journey.

Sailboats Explained: Types and Terminology

Estimated reading time: 4 minutes

Photo by Pixabay

Sailing is one of the classic joys of lake living. On a day with a gentle wind, there’s nothing better than hoisting the mainsail and enjoying a quiet afternoon. Whether for recreation or transportation, sailing has permeated cultures worldwide since ancient times. Because of these early roots, unlike motorized boats, operating a sailboat requires a specific skill set and knowledge of terminology

In addition to understanding the lingo of sailboats, it’s also important to know the different types. In general, sailboats can be categorized in various ways based on their primary hull design, the keel, and the mast. For those new to the lexicon, a hull refers to the body of the boat, a keel is the main structural backbone, and a mast is a towering pole that holds sails in place. Today, we’ll be using the hull-based categorization system. For an introductory crash course, check out these three basic types of sailboats!

Monohull

Photo by Diogo Miranda

Monohulls are the most common type of sailboats. This classic structure is defined by a single body with a large beam, usually sporting a classic, clean look. Part of their popularity is their ability to provide both storage and stability simultaneously. However, monohull sailboats have decreased in popularity recently for those who engage in sailing competitions since the extra storage space isn’t conducive for higher speeds. If you’re curious about the keel categorization, traditional monohulls tend to have full keels, cutaway keels, or fin keels.

One of the most common designs in the monohull family is a dinghy, a short sailboat for one or two people that’s easy to maneuver. Although the name implies shabby characteristics, dinghies are useful little boats to have at a lake house. Other varieties of monohulls include cutters (a medium-sized sailboat with three sails), sloops (a single mast with one mainsail and one headsail), ketches (two main masts with one around midship), and schooners (more than two sails which are supported on masts). A sloop is probably the one that comes to mind when thinking of a modern sailboat.

Catamaran

Photo courtesy of Wikimedia Commons

Often nicknamed cats, catamarans are defined by their double hulls. More specifically, catamarans have twin-hulled structures attached together by specialized members. Appropriately, the word means “tied pieces of wood” in Tamil, a South Indian language. The twin hulls provide stability for these boats, which are popular for their expansive interior room and increased deck space. Although these boats have a higher speed than monohulls, they tend to sail more off-course because their keels are not as heavy.

A few specific types include beach catamarans (popular for day sailing and among those with little sailing experience) and charter catamarans (much larger boats that usually feature both sails and a motor). Outside of the sailing world, motorized cats are gaining popularity among lake homeowners. Boats like pontoons and other “power cats” are well-regarded among anglers and cruisers alike.

Multi-Hull

Photo courtesy of Wikimedia Commons

Multi-hull sailboats feature anywhere between three and five hulls, although a three-hull variation is most common. These three-hull types, also known as trimarans, typically have a main hull and two side hulls for stability. On some of these boats, the side hulls can fold inward to make the boat more narrow. Due to their large beam and low center of gravity, these sailboats are very stable. As such, they make popular sailboats which only require small engines for propelling forward. Beyond the trimaran, four and five-hulled sailboats are rarely used commercially or by lake homeowners. 

We hope this brief introduction serves as a helpful foray into sailboat types! If you’re looking to learn more, stay up-to-date by subscribing to Lake Homes Lifestyles for more insights on all things sailing. 

Whiteboard Topics: AVOID These 5 Questions When Selling a Lake Home

Selling a lake home comes with several questions, but some are better than others. Glenn Phillips, CEO of Lake Homes Realty, discusses 5 questions to avoid when selling a lake home.

  1. “How many views did my listing get online?” The truth is that there’s no right answer to this question. If you get plenty of views, you start to think the websites aren’t good or the buyers aren’t serious. However, if you aren’t getting any, you’re still upset since there’s no traffic. The right amount of views is the one that leads to a transaction. The real reason sellers ask this is to know why they aren’t getting a transaction. Most of the time, if the property is marketed well, the home isn’t properly priced.
  2. “Should we counter-offer?” In negotiation, you always counter-offer. Not giving a counteroffer eliminates any chance of a negotiation. Counter-offers aren’t always about price; they can include extra property or furniture. Work through the negotiation to keep the discussion going until you reach a transaction.
  3. “Can you co-list with my relative?” What this question really means is that you want to hire an agent to do the work and split the check with your relative. If you don’t feel your agent is worth the money, don’t hire them.
  4. “Where is your office?” Office location for lake agents isn’t important. Most lake home buyers come from cities or states away and don’t want to come into town to look at an office. Lake home buyers would rather look at the house than go to an office.
  5. “Does your brokerage have a lot of agents?” This is more of a filler question when interviewing agents. Instead, ask them how they differentiate themselves from the other agents to be successful.

Asking your agent the right questions can make a world of difference when selling lake homes. Visit lakehomes.com to connect with expert lake agents who are ready to guide you to a successful transaction.

Whiteboard Topics: 4 Things Lake Home Sellers Say That Cost Extra

Lake home sellers use some common phrases that may end up costing them money. Glenn Phillips, CEO of Lake Homes Realty, discusses 4 things lake home sellers say that could backfire.

  1. “Let’s leave room for negotiations.” No matter what price you set for your house, the buyer will always try to meet you somewhere between your price and their price. Additionally, appropriately priced homes sell quickly and don’t sit on the market. Intentionally overpricing causes frustration and costs you money by having your home sit on the market.
  2. “We can reduce the price later.” Lake Homes Realty data suggests that overpriced homes don’t get offers and sit on the market. Overpriced homes also cause contention with your agent, as you believe they aren’t doing their job well. Once you start reducing your price, you’re training buyers to offer lower than the list price.
  3. “This is the price I need so I can…” Often, sellers price their home with the intention of paying for a trip, debt, or some other expense. However, this has nothing to do with what the market says. Buyers don’t care about what you want to buy with the transaction money. Your home will only sell for what the market says it’s worth, not what you need to pay for something else.
  4. “I really don’t have to sell.” Listing a home costs everyone involved time and money. If you don’t have to sell, then don’t. Playing around with the market costs you and other people a lot of time and money.

These common phrases often cost sellers extra time and money. Selling a lake home is a business transaction, so you should treat it like one. Visit lakehomes.com to connect with expert lake agents ready to guide you through lake real estate.

Whiteboard Topics: 4 Pointless Beliefs of Lake Real Estate Agents

When you’re trying to find a real estate agent, you want to ensure you’re getting the best representation possible. Glenn Phillips, CEO of Lake Homes Realty, discusses a few things agents believe aren’t really true.

  1. “I work at the largest brokerage in the area.” Agents working for a large local brokerage are working alongside their competitors. Large brokerages make agents feel comfortable by bringing in a large number of agents. Large brokerages don’t make a difference for consumers, as their home gets listed no matter what.
  2. “My listings appear on thousands of websites.” Homes listed by any agent in any market across the country are syndicated to thousands of websites. Unless the property is being hidden and not advertised on the internet, it will appear on thousands of websites.
  3. “I earn stock in my publicly traded brokerage.” This is a common tactic for retention and recruiting agents. However, you can invest in the brokerage yourself if it’s publicly traded.
  4. “The ‘serious’ clients will leave a message.” People don’t want to leave messages anymore. If they get sent to voicemail, they’ll keep calling around until someone picks up. Great agents answer the phone even if it means dealing with spam.

Like anybody else, agents often believe things they do work when they don’t. Watching out for these sayings can help you find the best agent for you. If you’re looking to buy or sell, visit lakehomes.com to connect with expert agents who are ready to help you through the process.

Whiteboard Topics: 5 Reminders About the 2025 Lake Real Estate Market

Heading into 2025, you might consider buying or selling a lake home. Glenn S. Phillips, CEO of Lake Homes Realty, shares 5 helpful reminders about lake real estate in 2025.

  1. Price Includes Location. Many lake home buyers, particularly first-time buyers, don’t realize the impact of the lake location on price. You may not be able to get the same amount of house at the lake as you would in your neighborhood because of the location.
  2. “Sellable” Inventory is Limited. Over the last several months, the number of homes listed for sale has increased, and there’s also a lot of demand. However, since these homes have been sitting on the market, they aren’t appropriately priced. Many sellers are listing at aspirational prices to get a lottery ticket price. This means “sellable,” or appropriately priced, inventory is actually limited.
  3. Prices Are Roughly At Peak. Throughout 2024, price appreciation became fairly limited. Lake home prices aren’t expected to significantly rise or drop.
  4. Discretionary Product. Nobody has to buy a lake home for shelter. Unlike typical residential property, buyers can wait until they find what they want. This is also true for sellers. Lake home sellers generally aren’t in a rush to sell, so they can hold onto the property longer.
  5. Niche Expert Agents Matter. Lake homes come with different contingencies that primary residential properties don’t have. Additionally, discretionary lake home buyers come from cities and states away. Expert lake agents can navigate this market and expose homes to nationwide buyers.

Lake real estate can be a tricky market to navigate and understand. With these tips, you’ll be better prepared to buy or sell your lake home in 2025. Visit lakehomes.com to connect with expert lake agents who are ready to help you navigate this market.

Whiteboard Topics: 5 Mistakes Made by Lake Home Sellers

Selling your lake home is a big deal, so you’ll want to do it right. Glenn Phillips, CEO of Lake Homes Realty, discusses 5 mistakes made by lake home sellers.

  1. What Seller Paid for the Property. Similar to stocks, you often can’t sell your lake home for exactly what you bought it for. The buyer doesn’t care about how much you paid for the house years ago.
  2. Price of Listed (i.e. Unsold) Homes. If the listed homes were priced right, they would be sold homes. When these homes sit for a while, it should be a warning about the price. Your neighbors aren’t getting that number, so it’s unlikely you will, too.
  3. Seller’s Blood, Sweat, and Tears. Oftentimes, sellers get caught up in what they’ve done to the property or the memories they have there. However, buyers aren’t interested in those things; they care about the house’s value, according to them. In fact, sellers often intend to remove additions to the home the buyer made, creating negative value.
  4. Outlier Sales. When a home sells for a fantastic price, sellers often want to get that price themselves. However, the price alone doesn’t tell the whole story of that transaction. There could be things like closing costs, additional property, and more that the price included that make the price deceptive.
  5. Taking Offers Personally. Even if the “low” offer is fair, but under the listed price, you can’t get offended by it. A low offer is better than no offers. Low offers open the opportunity for discussion about prices that no offers don’t allow for. Keep the discussion going, and try to land that transaction.

Lake home sellers can often make mistakes when they aren’t familiar with lake property. Using these tips can help guide you to a better transaction. Visit lakehomes.com to connect with expert lake agents ready to guide you through the lake market.

Best of Lifestyles: Top Lake Stories of 2024

Estimated reading time: 10 minutes

From lake activities and outdoor living to lake home maintenance and design, here are the most-read lake lifestyle stories from 2024:


Looking back at the past year, we’re excited to present a selection of our most popular and thought-provoking articles from 2024. These pieces have ignited discussions, fueled creativity, and offered valuable insights on a range of subjects. Whether you’re exploring current trends or revisiting our standout content, we trust that you’ll find these articles both informative and inspiring. Cheers to the new year! We can’t wait to bring you more compelling stories about lake living in 2025!

Outdoor Living and Lake Activities

5 Toys You Need for Your Pontoon Boat

Looking to take your pontoon boating experience to the next level? Check out these 5 must-have accessories that will make your time on the water even more fun for you and your guests! MORE>>

Picnic on the Water: The Perfect Boat Food

Set sail for a delicious picnic on the water! Here is everything you need to plan the perfect boat feast, from grilled favorites to refreshing drinks and easy cleanup tips. MORE>>

Tips on How to Deal with Bugs & Insects on the Lake

Lake living offers countless benefits, such as scenic views and recreational freedom. Yet, like any location, there are minor drawbacks like dealing with bugs. Explore tips to manage insects and enhance your lake living experience. MORE>>

The Ultimate Top 40 Boating Playlist

Get ready for a fun-filled day on the lake with the ultimate lake day playlist! Here are 40 songs that are perfect for creating the perfect atmosphere for your next boating adventure. MORE>>

Home Maintenance and Design

Boat Dock Basics

Boats need a place to stay on the lake, and the different types of docks come with their own advantages and disadvantages. It’s important to consider your options before investing in a lake property with a dock. MORE>>

Boat House Design Ideas

A boat dock is crucial for storage and protection, but for enhanced security, weather protection, and added entertainment space, consider a boathouse. Explore design ideas for your lakeside property. MORE>>

Hardscapes 101: Top Design Ideas for Your Lakefront Landscape

Enhance your landscape with a balanced design, starting with hardscapes—bricks, wood, stone, and concrete elements that define outdoor spaces. MORE>>

Lake House Landscape sallie hill design

Low Maintenance Landscaping Tips for Your Lake House

A stunning lakefront landscape often involves intensive gardening, but low-maintenance options exist for a beautiful backyard at your lake home. Explore our tips for hassle-free landscaping. MORE>>

Trivia

Top 5 Deepest Lakes in the U.S.

Dive into the deep! From Crater Lake to Lake Tahoe, explore the top 5 deepest lakes in the US. Which one would you add to your bucket list? MORE>>

5 of the World’s Largest Man-Made Lakes

Explore the grandeur of five of the world’s largest man-made lakes and discover the remarkable scale and unique features of these impressive water reservoirs. MORE>>

lakes with the longest shorelines

U.S. Lakes With the Longest Shorelines

When envisioning the largest U.S. lakes, the Great Lakes likely come to mind. Yet, if we shift the focus to shorelines, surprises emerge. Explore the top five lakes with extensive shorelines! MORE>>

States with the Most and Fewest Lakes 

Uncover the geographical tapestry of the United States as we explore the unique landscapes of states with the most and fewest natural lakes. MORE>>

Travel and Leisure

Top Attractions at Lake Hamilton

Embark on a journey to explore the premier attractions of Lake Hamilton, Arkansas. Delve into this article for insights into the must-visit destinations that define this captivating lakeside locale. MORE>>

Top 10 Quaint Lake Towns

Dreaming of a charming escape? Take a trip to one of these quaint lake towns and experience the beauty of lakeside living! Featuring 10 hidden gems across the US, each offering stunning scenery, friendly communities, and endless fun. MORE>>

Things to Do Around Lake Chelan, WA 

Explore the beauty of Lake Chelan, WA! This lake destination offers something for everyone, from fishing and wine tasting to boat tours and water slides. MORE>>

9 Great Reasons Why People Love Living on the Water

Live life to the fullest by the water! From stunning views and serene atmosphere to abundant wildlife and a strong sense of community, discover 9 amazing reasons why people love living on the water. MORE>>

Real Estate

5 Ways Overpricing A Lake Home Costs Sellers

Putting your lake home on the market? Before you do, learn how overpricing hurts your sale, even if you think it’s a smart move. Glenn Phillips, CEO of Lake Homes Realty, explains why. MORE>>

Why Are Lake Home Owners Selling These Days?

Embracing the lake lifestyle is a dream for many individuals, but as of late, there seems to be a growing trend of people putting their lakefront properties on the market. What could be prompting this shift? MORE>>

The Hidden Costs of Keeping A Lake Home: Tips for First-time Buyers

Owning a lake house sounds idyllic, but there can be hidden costs! From repairs to maintenance, be sure to factor these costs into your budget! MORE>>

5 Questions Lake Home Buyers Should Answer

Before you start your buying process, it is crucial to understand that you need to be prepared to handle particular inquiries. Clearly defining your preferences for your perfect property will significantly help your real estate agent and improve your overall satisfaction. MORE>>

Whiteboard Topics: Things to Know About the Lake Real Estate Market

The lake real estate market is a unique type of market. Glenn Phillips, CEO of Lake Homes Realty, discusses six things to know about this niche real estate market.

  1. Unofficial Recession. Homes aren’t moving in the current market. Across the entire industry, it will be the lowest number of transactions in almost 30 years. This trend also applies to lake property.
  2. Inventory Has Grown. More houses are on the market, so it looks like we aren’t in a recession. However, despite the strong demand for these houses, people won’t pay current prices.
  3. “Phantom Inventory.” This is inventory listed at a price that buyers aren’t willing to make an offer on. Sellers set these aspirational prices to get their homes sold at their lottery ticket price.
  4. Aspirational List Prices. You likely won’t get any engagement if you sell and list for an aspirational price. In fact, it damages how much money you’ll get over time. Once a home has been on the market for a long time, buyers begin to wonder if there’s something wrong with the house.
  5. Prudent Buyers. Lake home buyers want what they want but aren’t willing to overpay for it. Prudent buyers and aspirational list prices create this unofficial recession.
  6. Next: No Boom, No Bust. Lake real estate won’t experience more inventory to change pricing. Additionally, the lake market won’t bust with changing mortgage rates. So, lake real estate will be steady, with the same prices. Inventory will also loosen up a bit, with sellers becoming more practical and prudent buyers becoming impatient.

Lake real estate has several nuances that are not present in other real estate markets. With these tips, you can more successfully navigate this market. Visit lakehomes.com to connect with expert lake agents ready to help you.