Tag: lake homes

What comes to mind when you’re getting ready to sell your home? Pricing! Knowing how to and what to price your lake home is crucial in the selling process. If you go too high, more than likely, it will sit on the market longer than you’d like. Lake Homes Realty’s CEO, Glenn Phillips, delves into the importance of proper pricing and how easy it is to accidentally overprice.

1. “What I have in it”: This is the concept of what you, as the owner, have financially put into the home. However, buyers do not care about this. The market is the market. When you were the buyer, you didn’t ask the seller what they had put into the home. The same goes for your potential buyers; they don’t care. The market sets the price.
2. “What I ‘need’…”: At the end of the day, need has nothing to do with it. Need is market-independent and not relevant to any of the buyers.
3. “I just ‘feel’ it is worth this”: There have been many studies that indicate we value our own possessions a lot more than other people’s possessions. This is something you need to be mindful of. It’s very easy to justify why you think your property is worth a certain amount.
4. “The neighbor’s house sold for…”: That might be a true statement, or it might be a rumor someone has made up. If it is factual, there are many factors that could have been at play, such as selling when the market was hot. Having an agent who can pull a market analysis is more beneficial than basing pricing on the neighbor’s home.
5. “The house nearby is listed for…”: “Listed for” is exactly what it sounds like, a listing. That house is still on the market.
6. “If I can get this much, then I’ll sell”: This means you are not actively trying to sell the home. If something were to come along at a price you like, then you might. Something like this wastes time for all parties.

Having the correct pricing is truly the most important thing if you’re trying to sell. However, as mentioned above, it’s very easy to overprice a lake home. If you’re trying to figure out how to get accurate pricing, reach out to our lake experts at https://www.lakehomes.com/.

Are you selling your lake home? You, as a seller, have traits that most sellers exhibit. The same goes for lake home buyers. Because you are trying to sell your home, you should be aware of what these typical buyer traits are and how to spot them. Lake Home Realty’s CEO, Glenn Phillips, discusses what some of these traits are and how to be on the lookout for them.

1. Often Live >100 Miles Away: Most buyers who purchase lake property are looking for something they can move to in retirement or a place they can have as their getaway. Knowing that typical lake buyers are coming as far away as other states or cross country is important when it comes to marketing towards them.
2. “Want What They Want”: It isn’t very common that your typical lake home buyer is looking for anything in a hurry. They don’t need a home immediately to ensure their kids can be in a certain school system or any other reason behind a quick move. They could spend months to years waiting to find exactly what it is they want.
3. Willing to pay…but RARELY overpay: Most people who are buying lake property are smart with their money. You can see that the inventory has grown a lot in the past couple of months. These buyers aren’t willing to pay for a home that is overpriced, a more and more are becoming that.
4. Unconcerned with school systems: The usual demographic is 55 and older. They might have grandkids coming to visit, but that doesn’t mean the specific school systems in the area are pertinent for these buyers.
5. Hospital Reasonably Close: Like the previous point, the age demographic is a little older than your usual real estate market. Knowing you’re not too far away from a medical center is something that is being looked into when a buyer is considering moving to the lake.

Knowing these buyer traits can benefit you if you’re beginning the selling process or have been in it for a minute. If you would like help with selling or simply more details about these traits, reach out to one of our lake agents today at https://www.lakehomes.com/. They would be more than willing to lend a helping hand.

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!