Have you been pondering the idea of buying a lake home? Maybe you’re considering selling the one you currently have. You also might be thinking to yourself, is it even a good time to do either of these things? Lucky for you, Glenn Phillips, Lake Homes Realty’s CEO, discusses whether it’s the right time to buy or sell.
“Hot”… but Not Exactly: The demand for a lake home is still there. Buyers are continually on the hunt for the property they’ve been dreaming of. On the other end of things, not many transactions are taking place. However, the transaction flow is on the rise.
FOR SALE Inventory Increasing: There are plenty of properties for sale at the current time. The issue with it is phantom inventory
“Phantom” Inventory: This essentially means there is a property where the seller has overpriced it. Not only is it overpriced, but the buyer can realize the property’s pricing isn’t what it should be. This leads to properties just sitting there and not having a transaction happen. When the property is set at a reasonable price, it moves through the market quickly.
Seller Tip: Do Not Overprice: From a selling point of view, it is a good time to sell. The caveat to that is making sure you know how to properly price your lake home. A good way to ensure this is by contacting one of our lake experts at LakeHomes.com.
Buyer Tip: Patience and Diligence: Making sure you take your time and pay attention to everything going on can help with the buying process. Don’t check in every 2 months or give up after one search.
If you’re planning to sell, there are always buyers looking, and vice versa. The thing you have to remember is that it is dependent on what your goal is. If you’re selling, remember to not overprice your home, which can ultimately lead to making less in the long run. When it comes to buying, you have to stay on top of it and have patience; it will get you a long way.
If you’re thinking about selling your lake home or already have it on the market, the last thing you want is unnecessary costs. One of the ways these costs can arise is actually from overpricing your home. Luckily, Glenn Phillips, CEO of Lake Homes Realty, has the reasoning why something you might think is beneficial to you might actually hurt you in the long run.
Knowledgeable Buyers: In today’s day and age, buyers have become more knowledgeable than ever before. The access of information that surrounds real estate is more accessible than in years prior. Being able to study the data from real estate and having Lake Homes Realty provide more insight into the market is something buyers use to their advantage. This can lead to price cuts if nobody comes to see your home because they know that it is overpriced.
Failure to Appraise: In 2020, during the Covid-19 frenzy of real estate, there were failures to appraise. However, this was due to buyers willing to cover an appraisal gap. Now there is a standard of the current market.
Increased Days on Market “What’s Wrong With It?”: Having a property on the market for a while, whether it’s because of overpricing or something falls through, ultimately causes a groupthink scenario. Many buyers will start formulating their own idea of something being wrong.
Price Cuts Lead to Low Offers: From a seller’s perspective, you might think to set your own price. From here, you’ll evaluate and drop it accordingly. This can help you find the range in market terms of where it works, but the buyer still might think it’s not at the right price.
Marketing Cannot Overcome Price: The idea of having a real estate agent “Market my house better” isn’t the full solution. If your home isn’t receiving any offers, it’s more than likely not a marketing issue. Fixing the price is the main way to fix these issues of not having any offers.
When it comes down to it, pricing matters way more than you might expect. It is key to make sure that you haven’t overpriced your lake home. In today’s market, this overpricing is something you won’t get away with if you’re truly wanting to get your home sold. If this is something you think you are struggling with, reach out to one of our lake agents. They would be able to help and guide you through the selling process.
April 2, 2024 – Hoover, Ala. – Great news for potential lake home or lot buyers! This spring offers a wider selection of properties. According to the Spring 2024 Lake Real Estate Market Report by Lake Homes Realty, there are currently 83,467 lake home and lot listings available. This represents an increase of 13,366 from the 70,101 listings seen in Spring 2023.
That’s not all – the total market value of these listings sits at $44,111,017,837, demonstrating an improving market with investment potential. This is a positive shift compared to the $33.74 billion and $26.13 billion reported in Spring 2023 and 2022 respectively. With more options and a growing market, this spring presents an excellent opportunity to find your dream lakefront property.
Top Lake Real Estate Markets Nationwide
Boasting the most extensive selection of properties this spring is Lake Michigan. This lake has a total value of $1.46 billion across lakefront, lake view, and lake access properties in Illinois and Michigan, according to the Spring 2024 Lake Real Estate Market Report by Lake Homes Realty.
Following Lake Michigan, homebuyers seeking lakefront living have a variety of options across the country. Here are some of the other top contenders:
Twelve states serviced by Lake Homes Realty had more than one billion dollars in lake home and lot real estate listings, according to the quarterly report.
Leading the pack is Texas with a total of $8.139 billion, followed by Florida in second place with $5.287 billion, and Washington state securing the third spot with $2.762 billion. The other $1 billion+ states in order include: North Carolina ($2.432), Tennessee ($2.376), Georgia ($2.134), Minnesota ($1.909), Michigan ($1.783), Alabama ($1.390), South Carolina ($1.274), Missouri ($1.206), and Illinois ($1.181).
For the total number of listings, Texas had the most lake home and lot listings (15,393), followed by Florida (9,648), Tennessee (5,880), North Carolina (4,354), Georgia (4,174), Missouri (3,677), and Alabama (3,629).
For the most expensive lake home averages, Florida, Washington, and Montana were the top areas featured. The average for lake homes on Lake Butler, Florida was $4.634 million each. Lake homes on Lake Washington, Washington averaged $4.094 million and Whitefish Lake, Montana homes were $3.894 million. Among all of the homes and lots featured on LakeHomes.com, the average price was $528,484.
Don’t Be Fooled By Headlines
“Sellers and buyers should not be fooled by headlines that tout significant increases in home inventory,” urged Glenn S. Phillips, CEO and Chief Economic Analyst for Lake Homes Realty. “Home Listing Inventory Doubles!” is not very meaningful when the base number you are doubling is very small. For instance, going from 200 to 400 homes is meaningful, but going from 15 to 30 is still sparse although both are ‘doubling’,” Phillips explained. “Any market with historic lows can improve and still be very limited.”
Phillips continued, emphasizing Lake Homes Realty is in a “soft” seller’s market, “Any market with historic lows can improve and still be very limited.” “Unfortunately, many sellers falsely believe they are in a ‘hard’ seller’s market and foolishly demand higher-than-market prices,” Phillips said. “These sellers are overpricing themselves right out of the market.”
He added, “This does boost inventory numbers (since these homes don’t sell very often) but that is a false flag about the market.”
Lake Home Buyers: Savvy and Selective
Lake home buyers are entering a new era of informed decision-making, according to Phillips. He emphasizes the heightened awareness of today’s buyers, stating, “They know the market, the trends, the transactions, and the lousy and overpriced listings.”
This knowledge translates into behavior, as Phillips explains, “Lake home buyers recognize homes online that have been on the market for over a month. These buyers consider these homes grossly overpriced and have no interest in wasting time asking about these properties, much less touring them.”
In short, Phillips concludes, “Lake home buyers are eager but not foolish.” They are prepared to act quickly on properties that meet their needs and price expectations.
Lake Market Myths Debunked: Inventory Up, Prices Stable
“No bust coming. There is nothing on the horizon that will create a large surge of lake properties for sale,” assures Phillips.
Phillips offers reassurance to those concerned about a market downturn, explaining, “We are seeing an increase in inventory over this time last year and anticipate more homes and lots will come on the market as the weather warms and lake season hits high gear.”
To further support his point, Phillips provides historical data: “Over the past five quarters, our Lake Real Estate Market Reports show listings from our 34 states to range from as few as 70,101 and as high as 89,542. In the quarterly snapshots of the lake real estate market, total inventory list prices over the same five seasons collectively ranged from $44 billion to nearly $50 billion,” he said. He concludes by highlighting price stability, stating, “The average of all our inventory, both lake homes and lots, ranged from $528,484 to $556,758.”
The Spring 2024 Lake Real Estate Market Report shares a summary of data collected from 146 Multiple Listing Services (MLS) areas in the 34 states served by Lake Homes Realty and is, to its knowledge, not available from any other source. Copies of the Spring 2024 Lake Real Estate Market Report are now available to download for free at www.lakehomes.com/report.
When selling a lake property, you always need to be aware of possible mistakes that can happen. Luckily, Glenn Phillips, CEO of Lake Homes Realty, gives insight into 5 common pricing mistakes. Not only does he mention what they are, but he also explains ways to ensure you avoid them.
Trusting Websites Offering AVMs: Automated Valuation Models are essentially websites where you can input data and “find out” how much your home is worth. These are not real people and are simply automation algorithms. A lot of times, these websites are flawed. These tools are typically better suited for evaluating homes in subdivisions as opposed to lake homes spread around a lake.
Using Prices of Currently Listed Properties: Just because you have a neighbor or friend listing at a specific price doesn’t mean you should use the same one. At the end of the day, these properties will still likely sit on the market, which typically means the prices didn’t work. The longer a property sits, the less money the seller will get.
“I Need to Get…”: Oftentimes, a seller will have unrealistic goals for what their home is worth and will ask for too much money. Before putting your home on the market, you will need to understand what the market value of the property is.
Emotional Reasoning: Being aware of what the market is saying about what a property like yours is worth vs. how you might feel emotionally. Just because you added certain features or made modifications to the home doesn’t necessarily mean it increases its value. Always see what the market says.
Failing to Consult a Lake Expert Agent: This is one of the best ways to avoid any of these mistakes. Consulting someone who is an expert in this area will be beneficial to you in the long run. It might be tempting to use somebody who is a friend, but someone who specializes in this area is ideal. Lake agents have a better understanding of what it takes to sell in this market.
When it comes time to sell, there are plenty of ways to avoid these mistakes. It will ultimately help you in the long run and avoid a lot of stress. If you still have any questions or need guidance, check out LakeHomes.com. There are plenty of lake agents who would be thrilled to help you through your real estate process.
Here in the Midwest, we start dreaming about the summer months in spring and the warm weather coming our way soon. Like many lake lovers, we relish this season because it allows us to revamp our outdoor furnishings and return to our blissful outdoor living spaces once again. My Chicago-area design firm, Interior Enhancement Group, embraces this opportunity every year to create unique spaces through our bespoke designs that speak to our clients’ lifestyles. Spring is a special time for us—when we get to stretch our creative wings and plan your perfect outdoor living scenario, so when the sun shines again, and temps begin to soar, these spaces are ready for you to enjoy.
This year, we are seeing an emphasis on a few new trends as well as the continuation of those we have seen over the past few years. Lake homeowners especially want to connect with nature via their outdoor living spaces, and maximizing the splendid water views remains a priority. Light-filled sunrooms, lavish patios, and party-ready outdoor kitchens continue to trend, blurring the lines between inside and out. Additionally, mixing textures, materials, and organic shapes is still going strong and brings a soothing aesthetic to any space.
Comfort and functionality are also essential to enjoying life at the lake. And this year, we’re bringing on double-duty lounge pieces, bold colors, and patterns like never before. There is also a focus on layered lighting—think firelight, ambient light, and task lighting—to create (and control) your desired vibe. So, join me as I walk you through some of my favorite outdoor furnishings trends for 2024.
Seamless Living
When our indoor spaces flow gracefully into our outdoor living areas, the result is a seamless design that creates lovely continuity. The first step to accomplishing this starts with flooring. Simply by using the same porcelain or stone both inside and out, your spaces suddenly feel like one large room, expanding the living areas visually. The same effect can be achieved if we use different materials but keep them in the same color family.
Beyond the foundation of the floor material, we always get great results when using the same color scheme in our fabrics and finishes, as well as similar furniture styles. And don’t forget to include comfy cushions and soft pillows, just like in your interior rooms. This will further create an equally inviting outdoor space—just like what you’re accustomed to in your family room. More and more, people continue to blur the boundaries between inside and out.
In both interior and exterior living spaces, our clients are ready to add more patterns and bolder colors than in recent years. We are seeing vibrant colors—emeralds, saturated blues, and bright oranges—and a fearless mix of patterns. Bold stripes, graphic prints, and large and small-scale florals are all happy together outside.
A bold approach with textures is trending as well. Outdoor furnishings are blending industrial metals with concrete accent pieces. Finishes range from smooth to rugged and unfinished—all working together to bring interest, drama, and organic appeal to your outdoor living space.
This playful patio comes to life in a dance of patterns and lively colors. Stripes harmonize with graphic floor tile with this vivid primary palette anchored with black accents. Woven lanterns and glossy ceramic stools bring a balance of refined textures that complement the rustic wood ceiling beams. The black-and-white tile floor bordered in solid black defines the seating area, much like an area rug. A circular fire pit with cushions provides extra seating for guests while creating a dynamic focal point. Simply put, these fun outdoor furnishings welcome a party!
Outdoor lighting is essential to creating an alluring atmosphere. It generates a sense of warmth and invites guests to linger around the dining table or cozy up to a soothing fire pit. Lighting can create drama, but it also enhances our security while adding a positive element to our curb appeal. As our clients expand their living spaces outside, lighting follows suit with the same concepts we apply to our interiors.
Here, a lavish covered patio includes a luminous halo chandelier, dimmable pendants over the dining table, and recessed lighting around the ceiling perimeter. String lights guide the transition to the alfresco area, with an intimate seating area surrounding a fire table for roasting marshmallows or enjoying cocktails after dark.
Here, a softly lit woven pendant mingles with candlelight in this elegant outdoor setting. With the right lighting, you can create your perfect ambiance for an outdoor gathering. So, when the sun goes down and evening sets in, the magic of the moment takes over with pure enchantment.
This glorious outdoor setting emanates garden elegance with climbing vines covering a pergola overhead. A linear chandelier illuminates the long rectangular dining table, along with a built-in outdoor fireplace glowing in the background. This lavish setting captures the essence of luxurious outdoor living while maintaining a casual and carefree vibe.
So many of our clients are looking for ways to maximize their outdoor spaces. A few key tips to accomplish this is to use accent chairs that can also function as overflow seating around your dining table. And simple things like selecting a cocktail ottoman, bench, or side table that includes storage give you a place to tuck away blankets you’ll want handy when the sun goes down.
Here, these lightweight pieces are easily movable to suit almost any outdoor occasion. The extra chairs can be pulled in where you need them—poolside or lakeside.
Modular seating pieces can be a game changer for outdoor entertaining because they can be reconfigured to suit your needs. Here, this generous sofa sectional from Lane Venture’s Oasis Collection virtually creates a living room outdoors. Sumptuous cushions upholstered in a high-performance fabric welcome wet bathing suits without fuss. Pull the sectional apart, and you can arrange the seating pieces any way you like.
I hope these inspirational ideas and tips can guide you in creating your perfect outdoor setting. If you’re planning a project of your own, my team at Interior Enhancement Group is eager to assist you with all your interior design needs. Here’s wishing you and yours a blissfully beautiful season by the lake!
Your lake home is your oasis—a place of relaxation, recreation, and connection with nature. But what if you share your slice of paradise with furry (or feathered) friends? Don’t worry, pet parents! You can still cultivate a beautiful garden without compromising your pet’s safety. Here’s a guide to creating a vibrant, pet-friendly haven filled with gorgeous greenery.
Petunias: These cheerful annuals come in a rainbow of colors and are non-toxic to cats and dogs. They thrive in full sun and require minimal maintenance, making them perfect for busy lake house weekends.
Marigolds: Not only do these bright blooms deter pesky insects, but they are also non-toxic to your furry companions. Look for dwarf varieties that thrive in containers or garden borders.
Snapdragons: These unique and vibrant flowers come in various shapes and sizes; luckily, they pose no threat to your pets. Enjoy their cheerful presence throughout the summer months.
Spider Plants: These easy-to-care-for beauties are non-toxic and love hanging planters, making them perfect for adding greenery to your porch or balcony.
Boston Ferns:Known for their elegant, cascading fronds, Boston Ferns add a touch of lushness to any space. Easy to care for and requiring low light, this fern variety makes for a perfect addition to your indoor or outdoor space.
Maidenhair Ferns: These delicate ferns add a touch of whimsy to your garden and are safe for cats and dogs. However, they prefer shaded areas with high humidity, so consider placing them in pots on your covered porch.
Rosemary: This fragrant herb adds flavor to your culinary creations and is non-toxic to pets. Grow it in a raised bed or a pot on your deck for easy access and a delightful aroma.
Basil: Although a member of the mint family, unlike mint, basil is non-toxic to cats and dogs. One of the most common culinary herbs, basil is versatile and easy to grow. This herb thrives in an outdoor garden as well as indoors.
Thyme: This versatile herb is safe for pets and adds a delightful flavor to grilled meats and vegetables. Plant it in a sunny garden or use a hanging pot for easy access.
Remember to ensure the safety of your beloved pets by closely supervising their outdoor activities. If you’re uncertain about the potential risks of a particular plant, seek advice from your veterinarian. Keep in mind that even seemingly harmless plants can lead to digestive issues if consumed excessively. Prioritize your pet’s well-being by thoroughly researching and confirming the suitability of any plant variety before incorporating it into your pet-friendly garden.
A new lake target market report from the country’s largest lake-focused brokerage shows New Jersey’s Lake Hopatcong and Lake Mohawk possess over $47 million in available properties. As of March 11, 2024, potential buyers have a variety of options to choose from when it comes to lakefront properties. “On Lake Hopatcong, there are currently 56 listings available, ranging from affordable lots priced at $14,900 to luxurious lake homes reaching $2.1 million. Interestingly, six of these properties boast price tags exceeding $1 million,” said Jane Ten Eyck, a new agent with Lake Homes Realty, who focuses on Lake Hopatcong, Lake Mohawk, and several surrounding lakes in New Jersey. Lake Homes Realty operates in 34 states across the country.
Over on Lake Mohawk, the selection offers 30 lakefront properties. Here, potential buyers can find lots starting at $14,500 and lake homes reaching a staggering $4.5 million. While Lake Mohawk offers pricier options overall, two properties currently listed surpass the $1 million mark, as noted by Ten Eyck.
The average home price for listings around Lake Hopatcong is $524,251, according to the Lake Market Real Estate Report, while the average home price for listings around Lake Mohawk is $591,276.
“Boating is extremely popular on Lake Hopatcong, as are its related activities, waterskiing, tubing, and wakeboarding,” said Ten Eyck. “With 2,500 acres of pristine water, Lake Hopatcong appeals to lake home searchers from across the country. “The national reach offered by LakeHomes.com works really well with my local expertise along Lake Hopatcong, Lake Mohawk, and the surrounding area,” said Ten Eyck. One in 37 American adults looks 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 “Jane offers outstanding customer service in the Lake Hopatcong area and is truly a specialist in that area,” he said.
About Jane Ten Eyck
With more than 17 years of expertise in real estate, Jane Ten Eyck stands out as a seasoned industry professional. Complementing her extensive experience, Jane brings a background in environmental engineering and project management, forming a powerful trifecta that equips her to navigate any challenges that arise during the sales process, offering reassurance to her clients.
Hailing from Colonia, New Jersey, just an hour away from her current residence, Jane has deep roots in the area she now serves. Her affinity for Lake Hopatcong is evident, as she frequents its shores even beyond her professional duties. Fishing and canoeing are among her favorite pastimes on the lake, providing her with a tranquil escape from the hustle and bustle of everyday life.
As a proud mother of two adult daughters whom she lovingly adopted, Jane finds immense joy in their accomplishments. Her eldest serves in the Navy, while her youngest pursues studies in engineering. Welcoming visits from her daughters brings her great happiness, especially when they converge at the lake, a place she holds dear.
Jane cherishes her role as a real estate broker, relishing the opportunity to collaborate not only with her clients but also with fellow agents. For those considering transactions on Lake Hopatcong, Jane extends an invitation to connect with her without delay. Whether buying or selling, Jane’s expertise and dedication promise a seamless experience tailored to meet your needs.
Anyone who has gone through the home-buying process knows it can be tricky. Just like scammers in everyday life, there are real estate scams that many people might fall victim to. Luckily, Lake Homes Realty’s CEO, Glenn Phillips, walks through 6 different ways to protect yourself from these scams. Find out some of the best strategies below or reach out to one of our lake agents at https://www.lakehomes.com/ for more guidance!
Never Buy Without Title Insurance: Right now, there are people who list different properties on the market, yet they don’t even own the property.
“Check In” on your property (Including Lots!): For a large group of people, their lake home isn’t their main home. Essentially, the home is just sitting there. They realize nobody is there, especially with lots, and then somebody will try and list it.
Verbally Confirm All Payment Instructions: Always plan to do this, especially if you are issuing the money. All real estate types are big targets for email hacking and phone calls. These hackers are reaching out in ways where they suggest payment should be sent to another place.
Do Your Due Diligence: You need to make sure you know everything about the property. From the survey to the condition, make sure people aren’t taking advantage of you.
Be Wary of Haste: If someone is hurrying you in a way that doesn’t seem genuine or feels right, double-check everything. If haste prevents you from verifying things, that is a sign.
Confirm Funds Have Cleared: Make sure your funds, especially with earnest money, are clearing. Your real estate agent can usually provide help with this to ensure everything goes accordingly.
Don’t let the fear of scams hinder your real estate endeavors. Yes, real estate is more likely targeted due to the higher amount of funds, but there are precautions to be taken. Protecting your money and protecting yourself are the two things to remember when it comes to avoiding real estate scams.
When it comes to real estate, mistakes will happen on occasion. Even the most seasoned agents may make a mistake. At the end of the day, it’s human nature and not something to be too upset about. Luckily, Lake Homes Realty’s CEO, Glenn Phillips, has outlined the 5 most common mistakes and how to stay clear of them.
Agreeing to Overprice a Lake Home: As a seller, it is normal to want to maximize the amount you get from the home. However, this can typically cause the property to sit on the market longer and, inevitably, sell for less money.
Missing Phone Calls: Sometimes being busy can get to you or you might find yourself in an area where the cell service isn’t that good. This results in missed opportunities for the client to get to work with you and vice versa.
Only Marketing Listed Property Locally: When promoting the property locally, you’re typically going to be promoting to people who already own a lake home. Oftentimes, the ones looking are not local and can even be from out of state. Only marketing locally will result in a loss of visibility for potential out-of-state buyers.
Not Thinking Long-Term: Simply worrying about the next new buyer leaves room for forgetting about your current buyers. These other buyers might just take longer to complete a transaction. While it is good to always think about new buyers, don’t forget about the long-term ones.
Lacking Lake Expertise: The higher price points of lake properties are very enticing, but lacking the knowledge can backfire. Everything from water regulations to how you get to the properties, and even pricing and value. Expertise always matters.
In the future, knowing about these common mistakes can really change the game when it comes to selling lake properties. There are always ways to improve on this knowledge and even learn more when it comes to avoidable mistakes. Visiting LakeHomes.com is always a helpful tool and a great way to learn more!
With more than 17 years of expertise in real estate, 
