Tag: lake home sellers

Whiteboard Topics: How to Price Your Lake House

Posted on Camille Smith

When it comes time to sell your lake home, how do you price it appropriately?

Glenn S. Phillips, Lake Homes Realty’s CEO, answers this question in today’s Whiteboard Wednesday video.

To get the most money you can for your property, Glenn recommends asking yourself four questions:

  1. Are you thinking about the current market value rather than the amount you invested?
  2. Is your home priced to be THE best value in your area?
  3. Is your house picture-perfect and move-in ready? 
  4. Would you buy it at that price?

Ultimately, if your lake home isn’t priced appropriately for the current market, it will “sit rather than sell.”

Connect with a Lake Homes agent to help find the best price for your home, and sell it soon! 

Whiteboard Topics: Is It a Good Time to Sell a Lake Home?

Posted on Linda Thach

With COVID-19 on lake homeowner’s minds, many are wondering if now is a good time to sell their property. Lake Homes CEO Glenn Phillips outlines five reasons why now is a good time to do so.

During these times, sellable and appropriately priced homes are selling fast, and prices are stable. For buyers looking to mortgage their home, they are attracted to the historically low interest rates.

Finally, there’s a high demand for lakefront property, and the market peak has continued to rise. If you’re exploring the idea of selling your lake real estate, keep in mind that the process is often slow and hiring a lake expert agent will facilitate the process with their expert knowledge.

Would you like to learn more about selling your lake property? Here is a FREE downloadable guide:

Home Not Selling? The Two REAL Reasons WhyDOWNLOAD NOW 

2020 Homes of Distinction in Alabama

Posted on Hallie Mitchell
2020 Homes of Distinction Badge - Alabama - Lake Homes Realty

Every dream home has some quality that makes it distinct. That’s why we’ve compiled a list of the top five featured home listings in the state of Alabama. Each listing must meet a few qualifications: it must be listed at over $1 million as a featured listing of Lake Homes Realty, be over 4,000 square feet, and located on waterfront property.

Each home has interior and exterior details that make it stand out among other houses. They each have an element of charm, beauty, or uniqueness. Some offer vintage and imported features, while others have entertaining spaces that would make anyone envious.

Continue reading “2020 Homes of Distinction in Alabama”

Trust Your Appraisers, Not an AVM

Posted on Staff
property value checklist; trust your appraiser, not an AVM

Lake properties are unique, and the way their values are determined is too. 

Unlike homes in off-lake suburbs that may feature cookie-cutter properties, no two lake homes are alike.

The fact they can be so different throws a wrench in how automated valuation models (AVM) estimate their worth.

Automated valuation models provide buyers and sellers with base price points for listed properties.

However, data scientists with the National Association of Realtors caution consumers that AVMs are “not a substitute for formal appraisals, comparative market analysis, or the in-depth expertise of real estate professionals.”

When it comes to buying and selling unique lake properties, ones that don’t fit into the generic AVM mold, only a highly trained, objective and knowledgeable appraiser can accurately determine your home’s value. 

The Appraiser/AVM Difference

AVMs determine estimated home values by analyzing quantifiable structural and public property data like a home’s number of bedrooms and baths, lot size and sales history. 

Some tools may also include limited MLS data and user-submitted information.

However, algorithmic estimations do not reflect the more personal aspects of your property like its view of the lakefront, unusual features such as a private peninsula or your home’s overall visual appeal. 

Nor do AVMs consider how many feet of lake frontage your property has, the depth of water at your property line, or whether you can build a dock in the future when calculating value estimates.  

An appraiser, on the other hand, formulates home values using a combination of all these things. 

Either side of a real estate transaction can hire an appraiser. Most commonly, mortgage lending institutions require an official property appraisal to verify that buyers’ loan amounts are accurate. 

Only verified property appraisal values can be used as a base for challenging a seller’s asking price during contract negotiations for this reason. 

AVM values also bear no significance in negotiations or in determining appropriate mortgage amounts. 

The Appraiser’s Checklist

Because appraisers work closely with financial institutions, these licensed and certified real estate professionals are required to use Fannie Mae-sanctioned report forms to determine how much a property is worth.

Homeowners and prospective buyers can access the 2019 Uniform Residential Appraisal Report, or Form 1004, for free here. 

In addition to reporting property details about the subject property, like its foundation type, the number of stories, square footage and age, appraisers also record outside factors that may influence your lake home’s perceived value. 

Influencers include neighborhood characteristics such as how much of the area is built-out opposed to undeveloped; whether neighborhood growth is rapid, stable or slow; and supply and demand in the area. 

Appraisers must also answer if your lake property “fits” in your neighborhood in terms of its style, condition and construction. 

Appraisal values reflect materials used and the condition of your property’s exterior walls, flooring, trims and finishes and any additions and upgrades made, as well.

Both location and physical appearance factors contribute to how potential buyers form their opinions on how much a property is worth to them.

The Uniform Standards of Professional Appraisal Practice instructs appraisers to be “independent, impartial and objective” when evaluating properties. 

Appraisers who are intimately familiar with consumer attitudes and behaviors, and the current climate in your specific lake real estate market, use these sentiments in tandem with quantifiable data to formulate comprehensive, well-rounded home values.

Professional appraisers also compare your property to similar on-the-market and recently sold homes to support their final estimations.

Appraisers Offer Better Accuracy

Professional appraisers’ holistic approach to determining how much properties are worth allows them to provide consumers with more accurate value estimations than electronic AVMs. 

Consider this: AVMs cannot physically tour your property and therefore, can’t “see” its condition. 

Take two lake properties, one right next to the other.

Both Property A and Property B were built in 2003, both are 5,000 square feet and both have the same number of bedrooms and baths. 

Both properties are on same-sized lots and both have lake views. 

An AVM may take these property characteristics and determine similar home values for these seemingly comparable homes. 

However, because the AVM is confined to numerical data analysis, it cannot accurately compare these homes. It can’t take into account that Property A has been so poorly maintained that its paint has faded, its windows have been broken and its boat dock destroyed by the elements. 

Property B has been well taken care of, fitted with energy-saving appliances and features a newly rebuilt boat dock. 

These properties also differ in that Property A has a poor lake view because of a row of lake management-protected trees near the shoreline, while Property B has a clear, picturesque view of the waterfront. 

An appraiser can walk Property A and Property B individually, taking into consideration their respective similarities and differences to appropriately estimate their worth. 

An appraiser can more accurately define what makes a property “comparable” to the subject property concerning condition, amenities, lake access, etc.

Making Waves With the Morrisons – A Lake Homes Realty Success Story

Posted on Staff
Lake Homes Realty clients, The Morrisons with daughter and son-in-law, in front of new homes.

In 2018, Tricia and Ric Morrison decided it was time to sell their beloved home on Lake Marion and make a move to nearby Lexington, South Carolina to be closer to their daughter and son-in-law.

The pair began their search for a listing agent where most people do these days, online, and quickly discovered Lake Homes Realty/LakeHomes.com. 

For two months, the Morrisons searched the site’s more than 65,000 properties and read about the company’s nontraditional way of approaching lake real estate by only employing agents who lived, worked and played in their local lake markets.

As Lake Marion residents for many years, Tricia and Ric were well aware that selling a property on the lake was unlike selling an off-lake property in many ways and that working with an agent who was also an area local would provide them a unique advantage to selling their home. 

Ultimately, they enlisted the help of Lake Homes Realty agent Kristie Anderson. 

“I’d sold one of their friend’s condos and was thrilled when they were referred to me,” said Anderson. “The Morrisons’ condo was right on the water, and I was confident we could get it sold in a timely manner and excited to get them closer to their family.” 

Traditionally, lake properties stay on the market for extended periods of time. Much longer than off-lake properties because many of them serve as vacation or second homes. It’s not uncommon for lake listings to be on the market for more than a year in high-priced markets, or be taken off the MLS during the off season. 

The Morrisons’ Lake Marion home sold in 210 days. 

“Kristie has lived in the Lake Marion area all her life and could answer any question our prospective buyers had,” Tricia said. “If it weren’t for her lake-specific expertise, we wouldn’t have had the confidence we did that she was providing accurate and data-supported information to our buyers and us.”

During the process, Kristie connected the Morrisons with Doug Geisler, another Lake Homes Realty agent on Lake Murray, located near Lexington and their daughter. 

“Kristie truly cares for her clients and wants the best for them. We knew Doug would be the same,” Tricia said.

“The first house I showed them was my neighbors’,” remembered Geisler. “It wasn’t a fit for them, but they thought it would be perfect for their daughter and her husband, and pretty soon I was working with Chelsea and Chris, too!”

After looking at a handful of resale properties, Tricia and Ric chose to purchase a new build in the Summer Lake community, which would allow them plenty of time to let Kristie sell their current residence and have their new one constructed. 

Chelsea and Chris however, continued the hunt for their perfect home.

“They had just signed a six-month lease at their current residence, so I thought a new build might be a good option for them to consider,” Geisler said. “As luck would have it, they found a home plan they loved in the same neighborhood as Mom and Dad.”

Doug, Chris, and Chelsea kept their purchase a secret for nearly two months!

“Chelsea and Chris came to visit us to celebrate her birthday, and after we had the cake, she gave us a present to open,” said Tricia. “It was a framed picture of our lot, all graded and ready for our home to be built.”

Chelsea proceeds to give her mother a second picture, which showed off the lot she and her husband had decided to buy. 

“Then a third picture showed both lots together, and their sign said “HI NEIGHBORS,” exclaimed Tricia. “Doug had kept their secret, and helped them in buying the lot next to ours to build their dream home!”

The Morrison’s Lake Marion property and their new build purchase closed just two days apart, and the couple moved into their new home the day after closing on it. 

“Everything worked out so perfectly. Had their home sold any faster, they would have been homeless,” joked Anderson. “I don’t think I’ve ever missed my clients as much as I miss the Morrisons. It was such a joy working with them.”

For the Morrisons, the feeling is mutual. 

“Our Lake Homes Realtors® definitely took away all the stress in the personal and legal aspects of selling and buying our homes,” the Morrison’s said. “They both went above and beyond, and we can’t thank them enough for helping us work out our timeline in selling our lake house and the purchase of our new home.”

Today both couples are living their dreams side-by-side, enjoying family dinners, becoming part of the community and spending time on the lake. 

Canyon Lake Expects Market Uptick From Lake Dunlap

Posted on Staff

Canyon Lake expects to see an influx of new potential buyers this lake season, as former Lake Dunlap consumers turn their attention to the lake’s more ideal market conditions following recent issues with the Lake Dunlap dam.

“There is a lot of uncertainty for our neighbors in the Lake Dunlap community as we wait to hear what the timeline will be for restoring the dam,” said Tara Biesboer, a Lake Homes Realty agent who specializes in Lake Dunlap properties. “Lakefront property owners are also concerned about how recent events will affect the lake’s real estate market this summer.”

While plans for reconstruction are in development, many buyers previously interested in Lake Dunlap real estate will likely turn their attention to Canyon Lake, located roughly 30 miles northwest.

Overlooking Canyon Lake from lake home balcony

The tenth-largest lake real estate market in the Lone Star State, Canyon Lake’s inventory is primed to meet the anticipated needs of these consumers.

In early March, the lake’s real estate market was valued at approximately $93 million and featured 422 total listings. But as the market approaches Memorial Day weekend — and the unofficial kick-off to lake season — inventory has increased roughly 6% to about 450 listings.

Listings will likely continue increasing as summer progresses when homeowners know the most potential buyers will be in their market. Traditionally, summer sees the highest inventory volumes and lowest average home prices of the year.

“Lake Dunlap sees buyers from all across the country,” Biesboer said, “many of them from California. Californians, in particular, have been flocking to Texas for its affordability in comparison to vacation and second home prices on the west coast.”

According to a recent report published by LakeHomes.com, more than 25% of all potential Texas lake home buyers, including those shopping Lake Dunlap properties, come from outside the Lone Star State, with the highest concentration of potential buyers originating in the Los Angeles area.

Similarly, web-traffic data indicates Canyon Lake’s market will likely see increased interest from buyers in LA, Denver and New York, along with consumers in Houston, Dallas-Fort Worth, Austin, Odessa-Midland and the Waco-Temple-Bryan areas of Texas.

Buyers looking for lake homes listed near Canyon Lake’s average home price of $426,000 will have the largest variety of properties to shop this summer, as listings priced in the $250,000 to $500,000 range represent 44% of all Canyon Lake homes for sale, according to LakeHomes.com’s 2019 Spring Lake Real Estate Market Report.

Homes listed for below $250,000 represent 33% of all residential properties on the market, followed by listings priced between $500,000 and $700,000.

Canyon Lake homes for sale between $750,000 and $2 million in list price make up a combined 8% of total home listings, with roughly 1% of homes listed at or above $2 million.

“This past week was a whirlwind for many homeowners, and we are all sending up good thoughts that their lives return to normal as soon as possible,” Biesboer said. “Moving forward, I hope I can continue to be a source for the community as we learn more about future market conditions.”

If you are interested, click here to view our current Canyon Lake Listings

Top Qualities of a Solid Listing Agent

Posted on Staff

A 2017 article by Money.com reported only 10 percent of homeowners successfully sold their homes without the help of an agent. The other 90 percent chose to work closely with real estate professionals who were familiar with their local markets.

In lake real estate, working with agents who live, work and play in their local markets is key to successful real estate ventures.

These veteran experts are intimately familiar with the many nuances of their lakes — such as which parts are most active or best for fishing, and what the off season looks like — but more important, how to best gauge current market conditions.

So, what should you look for when it’s time to hire a listing agent for your lake home? We can help with that.

Listing Agent vs. Selling Agent

It’s important to learn the distinction between the roles of listing agents and selling agents, because though they sound like the same thing, they are quite different.

A listing agent works on the homeowners’ side of the real estate transaction and in the best interest of the seller.

These agents list properties on their MLSs (multiple listing services), which make them visible to other real estate agents who have clients looking for similar homes. Additionally, these MLSs feed a host of real estate websites, like LakeHomes.com, Realtor.com and Zillow, providing national exposure to their listings.

Listing agents also help the sellers price the home, assist in contract negotiations and serve as trusted advisers on various other real estate-related minutiae.

A selling agent works with prospective home buyers. Most often referred to as buyer’s agents, selling agents are responsible for representing the buyer in the transaction.

In-Depth Market Knowledge

Perhaps one of the most important things to take into consideration when hiring a listing agent is how familiar he or she is with your market. In fact, in 2017, 80 percent of sellers named local market knowledge as one of the top deciding factors when choosing an agent to work with. In specialized markets, like lake real estate, local market knowledge can be invaluable.

For example, how to price your lake home is typically one of the biggest questions you and your listing agent will face because traditional estimated value programs often incorrectly evaluate these properties.

Tools like the Zillow Zestimate use public records such as property tax records, and user-submitted data to approximate the value of a home.

Public records don’t always properly reflect the actual size and configuration of certain homes, and because much of a lake home’s value is determined by factors like proximity to the shoreline, lake views and nearest access points, public and user information can only give homeowners a rough estimate.

At Lake Homes Realty, lake home listing agents utilize resources like our Lake Real Estate Market Report — which features real estate data from more than 100 MLSs across 23 states — to analyze market trends, compare prices, and determine how local markets fit into the state market as a whole.

Armed with this wealth of information, lake-focused agents are best equipped to price your home objectively and appropriately for your market’s climate.

Strategic Marketing Plan

You can’t sell a secret, and if your listing agent hasn’t laid out a strategic marketing plan for your property, you might consider finding someone else to work with.

Many lake home buyers come from out of state, which means your listing agent must go beyond putting your home on the local MLS in order to reach these prospects.

One of these best ways to do this is to target marketing efforts via search engines and social media campaigns.

Lake Homes Realty agents tailor listing promotional efforts using Google Analytics web-traffic data to determine which areas are most frequently shopping their sellers’ markets.

This powerful tool not only shows sellers how visible their listing will be on a national level, but also shows the age demographic most interested in homes on their lake, gender and how frequently users are shopping on LakeHomes.com.

From this information, listing agents can determine who sees their listing advertisements by specifying it only be shown to males, ages 54 to 65 within 25 miles of Nashville who are interested in fishing, boating and real estate.

Trust Level and Responsiveness

How trustworthy and responsive a listing agent is are the two most important qualities sellers look for when hiring. A strong sales history, positive online and peer reviews, certifications and performance awards are all key indicators of these.

Red flags that may signal a less-than-effective listing agent include the agent encouraging the highest possible initial listing price, an unusually low commission split and unfamiliarity with your specific type of property.

Also, the best listing agents are full-time real estate professionals. This enables them to be more easily accessible to answer any questions sellers may have, provide advice on offers and to provide peace of mind that sellers have made the right choice in choosing to work with them.

Additionally, a good listing agent will respond to every client, every time, to make sure his or her client’s transactions go as simply, effortlessly and conveniently as possible.

 

If you’re considering listing your lake home, check out LakeHomes.com’s additional resources “Solving the Unspoken Nightmare of Selling Lake Real Estate,” and “Why FSBO Isn’t Worth Your Time.“

These 4 Things are Essential to Selling Your Lake Home

Posted on Staff

Selling your home is never easy, but selling your lake home comes with its own set of unique challenges and pitfalls. Check out LakeHomes.com‘s five tips for selling your lake home to ensure you’re prepared for the journey.

Clean up the Lakefront

Just as you would pressure wash your driveway and edge your lawn for a traditional home sale, it’s important to make sure your waterfront is in tip-top shape when selling your lake home.

agent shaking couple's hands who are selling their lake home

Lake weeds can quickly overrun your shoreline, so be sure to free it from suffocating vegetation.

You should also cut overgrown grass along the edge of your retaining wall and incorporate shoreline-stabilizing landscaping.

Popular lake landscaping features blue flag iris, lemongrass and cardinal flowers.

Keep in mind when touching up your home’s waterfront appeal that you avoid introducing invasive species to your lake

Such species include water hyacinth and purple loosestrife. Though they may be pretty to look at, theses plants are dangerous to the your lake and its ecosystem.

Other ways to improve your shoreline appeal include installing solar lights along the path from your home to the waterline and painting your metal bulk head for a restored look.

Repair Your Docks and Decks

You know that plank that’s been missing from your dock since 2004? If you’re selling your lake home, it’s time to replace it.

Of course your home’s interior is important, but most likely prospects will be more concerned with the external parts of your property.

This means they will be paying special attention to the condition of your boat dock, deck and patio.

Ensure your docks and decks are buyer-ready by repainting metal surfaces with weather resistant finishes and removing any screws or nails that are not flush.

Also, replace any splintered pieces of wood and pay careful mind to weathered hand rails, which will not escape notice.

For a full boat dock inspection check list, click  here.

Lifestyle Staging

One of the most important things to remember when selling your lake home is that potential buyers need to be able to envision their own families occupying the space.

Real estate pros recommend staging both the inside and outside of the home to help make this easier.

Indoors:

On the inside, start by removing family pictures from the walls and replacing a few of them with mirrors, so potential buyers can literally SEE themselves in the home.

Also, get rid of clutter by removing knicknacks like key hangers and collectibles. You should remove any magazines littering the coffee table and swap out your colorful throw pillows and blankets for those in neutral colors.

Make sure the lake is within sight as much as possible, even if that means removing thick curtains and window screens that may obscure the view or darken the room.

To be sure your lake home is inviting and homey, subtle lake lifestyle-inspired accents such as a welcome mat that reads “life is better at the lake,” or hanging a beach towel in the changing room may do the trick.

A few candles and fishing pole-emblazoned coasters on the coffee table can also bring the home to life.

Outdoors:

Put away all inflatables, pool noodles and other water toys, and make sure there are no knotted fishing lines or rogue hooks laying out.

Take some age off your outdoor furniture with a pressure wash, and upgrade any weather-worn cushions with new, brightly colored ones.

Tiki torches, big umbrellas and other lounge accessories like Adirondack chairs are also appropriate staging props.

If you have a canoe or kayak, experts recommend placing one in your yard, and hanging a few life jackets on your deck will also help get buyers in the right mindset.

Last, outdoor kitchens and grills should be cleaned of ash, soot and food remains before showing your home.

Hire a Lake-Focused Real Estate Agent

Above all else, always hire a lake real estate professional to guide you through the lake home-selling process.

Unlike traditional real estate agents, lake-focused agents live, work and play in their local markets, which provides them with intimate knowledge about the area’s real estate and the nuances of the lake itself.

These lake experts can also provide sellers with national exposure for their listings via sites like LakeHomes.com, which welcomes two million visitors a year looking specifically for a home like yours.

Lake agents’ local expertise on current market trends and access to lake traffic information about where buyers are most frequently coming from can help make selling your lake home a smooth, effortless process, too.

Do you have tips for selling your lake home? Tell us in the comments section below. And for more on make the sale, be sure to read “3 Reasons Your Home Won’t Sell.“

Lake Home for Sale? Weigh These Open House Pros and Cons

Posted on Staff

Open houses are a continual topic of debate in the real estate industry. Many sellers question who benefits most from them, and if they’re worth the time, the money and the exposure.

The bottom line is simple: the more actively your home is marketed, the better your chances of finding a buyer sooner rather than later. However, it’s important to consider the number and frequency of open houses from both sides of the argument.

Pro: Increased Exposure

Getting the word out about an open house means ramping up your home’s visibility. Your real estate agent might employ the use of online ads and social media marketing or opt for increased signage and flyers.

No matter the specific efforts, promoting an open house puts your listing in front of a wealth of consumers, including those most likely to show interest in a home like yours.

In lake real estate, these marketing efforts will expand beyond potential buyers in the immediate area.

They should specifically target those consumers located in the places most frequently shopping your lake.

Possibly the best exposure your listing can receive is word of mouth, be it among your extended social network or with real estate professionals.

Reaching other agents is particularly beneficial, as their clients have usually already been vetted as qualified buyers.

Con: Limited ROI

Preparing for an open house is a lot of work.

Some real estate agents encourage homeowners to enlist the help of a professional home stager, often at their own expense, to ensure the property is walk-through ready.

Staging recommendations often include removing clutter, moving personal items (like family pictures) to storage, rearranging the furniture and perhaps adding artwork or new accents. Luckily, none of these should break the bank.

However, if your lake home is located far away from your primary residence, these minor suggestions can add up to a big expense and significant hassle should you need to hire additional professional services to carry them out.

More than half of buyers found their homes on sites like LakeHomes.com, according to National Association of Realtor home buyer statistics for 2017. Another 30 percent of buyers who ultimately bought said their real estate agent found the home for them.

Only 7 percent of buyers found the home they eventually purchased by attending an open house or seeing a yard sign for the listing. The numbers suggest open houses yield smaller direct returns on investment, although they often support other marketing efforts.

Pro: Up-Close and In-Person Viewing

Sure, the home itself is important when shopping for lake real estate, but pictures can only do the lake so much justice.

Open houses give potential buyers the opportunity to visit the home and experience the lakefront’s personality for themselves.

Some lake home buyers prefer secluded, peaceful hideaways, while others favor communities with friendly, nearby neighbors and lots of group activities. Photographs alone can’t always convey these character traits.

For lake view and lake access properties, or those not directly located on the water, an open house also allows prospective new owners to see how far the property is from the nearest boat launch or access point.

Con: Lots of “Lookers,” Not Many “Buyers”

As previously mentioned, many lake home buyers come from distant cities or out-of-state, rather than from down the street. Consequently, chances are that the right buyers will NOT attend your open house.

Most likely, open house attendees will consist of curious neighbors, lookie-loos and buyers who are just starting to think about investing in lake property.

And even if the event draws in dozens of these guest,  such foot traffic may benefit your real estate agent more than yourself.

Unfortunately, none of your open house’s patrons could choose to buy your property, but it’s possible that one or more of them may choose to work with your agent in the future.

Additionally, because many lake properties are sporadically occupied, hosting an open house may invite burglars and vandals looking to scope out any valuables and locate points of entry.

Making sure the property is sufficiently protected may be a costly expense for homeowners who do not already have home security systems and other security hardware such as video monitoring and numerical code door locks.

Ultimately, it’s up to you as the seller to determine whether the benefits of hosting an open house outweigh the cons. But before making your decision, be sure to consult your local lake real estate expert for more information about what works best in your lake market.