Tag: lake activities

Whiteboard Topics: 7 Signs A Lake Home Is Unrealistically Priced

Posted on Zac Parnell

Pricing is an important factor when it comes to buying and selling a lake home. On the buyer’s side, you typically want to find a home that is within your budget and not something astronomically outrageous. From the seller’s side, pricing a home appropriately means more people are willing to look at it. Glenn Phillips, CEO of Lake Homes Realty, breaks down 7 different signs that a lake home is not priced realistically.

  1. Days-on-Market (DOM): Transparency is important. If your home has been on the market longer than 60-90 days, specifically for lake properties, it typically indicates that something isn’t right about the transaction. If the home is priced about 10-15% or more up than what the market is realistically expecting, people won’t take the time to even look at the home.
  2. Big Appraisal Gap: This was a bigger deal during the COVID frenzy, where people were willing to pay a higher price for the home than the appraisal price. However, since we have shifted from that, people aren’t as willing to spend that money.
  3. “Back on the Market”: This could indicate a price problem, either an issue with the mortgage appraisal not matching or an issue with the house, and the buyer and seller couldn’t agree on how to solve it in terms of the price.
  4. Massive $ Increase: This relates to an increase in the price of the house from when it was initially purchased to now, and there hasn’t been much done or changed about the property. If the seller can’t explain why there would be such a price increase, it more than likely means the home is overpriced.
  5. Multiple Price Cuts: The home has a lot of days on the market, as well as multiple cuts in the price. They might not even be significant price cuts. However, a buyer can see this and expect more cuts to happen before even looking at the property.
  6. Sellers: No (or Few) Showings: Having nobody come to look at the property is a key indicator that the home is priced poorly. Having people come and view your home is something that should be happening.
  7. Sellers: No Offers (or Similarly Low): Having people come and look at the home is great, but receiving no offers or even low offers means the pricing is off. If you’re receiving low offers, it can often be the buyer trying to offer at a more accurate price point.

Having a home that sits on the market for months due to pricing is something no seller or buyer, for that matter, wants. Ensuring you have priced your lake home appropriately is key in ensuring you can sell it. If you’re struggling with pinpointing what price is right for your home, contact one of our lake agents today! They would be more than willing to help you out!

Whiteboard Topics: 4 Big Mistakes When Hiring A Lake Real Estate Agent

Posted on Zac Parnell

Now is the time when you have decided to either buy a lake home or sell the one you currently have. However, you have to make a pretty big decision, which real estate agent to work with? Before you decide to choose one randomly, check out what Lake Homes Realty’s CEO, Glenn Phillips, has to say when it comes to mistakes made when hiring an agent.

  1. Generalist Instead Of Specialist: The biggest mistake people usually make is hiring an agent who doesn’t specialize in lake real estate. A general real estate agent might know the nuances of transactions and other facets of the real estate world but not necessarily the ins and outs of the lake market. There are many different rules and regulations when it comes to buying and selling within the realm of lake real estate.
  2. Family As A Favor: Everyone would love to help out family, especially if they are new to the world of real estate. There are other ways to help out your family without negatively affecting your transactions. This is where working with a specialist really benefits you.
  3. Just Picking A Friend: Similarly to the family aspect, working alongside someone who knows what it really takes to work within this market is always going to be better than simply just someone you know. That friend might not know the exact questions that need to be asked and a plethora of other things that a seasoned lake agent will know.
  4. Only Think Local: This is particularly a mistake when selling. There are ways to target buyers in various parts of the country. This will help directly target lake buyers within many different states. A lake agent knows how to go about this and the ways you can truly target dedicated lake buyers.

These 4 mistakes are common in selling lake properties. However, they don’t have to be. A great way to avoid these is by working alongside a seasoned lake real estate expert. There are many different agents who would love to help you navigate the process of buying or selling lake property. Check them out at https://www.lakehomes.com/ and ask any other questions you might have.

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

Posted on Zac Parnell

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

Posted on Camille Smith

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

Posted on Chris Melton

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

Posted on Chris Melton

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

Posted on Chris Melton

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

Posted on Chris Melton

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

Posted on Chris Melton

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.