If you’re considering selling your lake house, you might be wondering if now is the right time to do so. In today’s Whiteboard Wednesday video, Lake Homes Realty CEO, Glenn Phillips, gives 4 reasons why Summer 2020 is a great time to sell your lake home.
Lack of high competing prices
Ability to get ahead of the economic decline
Opportunities for short-term rentals
Regulation changes are continuing in lake markets
Looking ahead, it’s unlikely that you’ll get a better opportunity to sell than right now. Since lake property is more difficult to sell than other markets, now is the perfect time to take advantage of this window!
Check out what’s happening in your current market at Lakehomes.com.
Especially during the pandemic, many people are considering buying a lake home for social distancing. If this is you, Glenn Phillips, Lake Homes CEO, has some tips. First, set appropriate pricing expectations, keeping in mind that the lakeside location may add to the home’s cost. Although a market peak should keep prices from further escalation, appropriately-priced property is hard to come by, so it can help to seek multiple lakes for your dream home. When you find that home, be sure to act quickly because other buyers are looking, too. Finally, when buying a lake home, it’s best to seek out a Lake Homes agent with local expertise.
During the pandemic, many lake homeowners are concerned about their investment. If you aren’t using your lake home anymore, is now the right time to sell? Glenn Phillips, Lake Homes CEO, answers this question. Due to the market’s price peak, high buyer demand, limited appropriately priced inventory, and low mortgage rates, now is actually one of the best times to sell a lake home. To explore your options in selling your property, connect with one of our Lake Homes agents. With both local market expertise and a national presence, we’re here to help.
Lake Homes Realty CEO, Glenn Phillips, discusses five myths about selling a lake home. While there are many similarities between selling a lake home and a primary residential home, there are key differences. For lake homes, these include the higher percentage of out of town buyers, the impracticality of open houses, unusual aspects that break automated valuation systems, and buyers’ value shifts from opulence to practicality. If you’re considering selling a lake home, find a lake agent who understands these unique traits of the market.
Like anyone who grew up in the American South, I’ve sung along to the classic “Wagon Wheel” countless times– in my kitchen alone, at a bar where a cover band is playing, and at karaoke with friends attempting to harmonize to the chorus. But if you’d told me that I’d be listening to this song in a rental car journeying from New York City to Alabama in one day, absorbed in the strange truth that the line “made it down the coast in seventeen hours” was real for me, I wouldn’t have believed you. Nevertheless, this was where I found myself on March 21st– on a 7 am to 12 am road trip from my current home to my hometown to escape the epicenter of COVID-19.
The Best Way to Social Distance
As we’re all well aware by now, the COVID-19 pandemic has halted all public life in the U.S. We’re in a state of collective grief over the loss of jobs, loved ones, and at the very least, face-to-face connections. In my New York apartment, my three roommates and I were cramped in a small space. Outside, the virus is rampant, and it has hit working-class neighborhoods in the city disproportionately hard. As the situation persists, it isn’t lost on me how fortunate I am to be able to escape to a lakeside retreat. Here on Wilson Lake in Muscle Shoals Alabama, there’s no shortage of natural attractions and open space — ideal for both social distancing and for reducing stress. If you’re a lake homeowner, you know that a lake house is an ideal getaway from the pressures of everyday life. And in times like these, when “everyday life” is continuously changing, a lake home provides a much-needed sense of peace and consistency.
Trying New Things
In my opinion, the best part about quarantining by a lake is the myriad of opportunities that city life doesn’t allow. One advantage of a small-town, nature-filled environment like Muscle Shoals is the proximity to hiking trails. In The Shoals specifically, a well-known hiking hotspot is the Tennessee Valley Authority (TVA) trails. Winding around Wilson Lake, these interconnected trails include scenic river views, fields of wildflowers, and long bike paths. Since I was quarantining with two of my best friends, the three of us decided to hit the trails together on a Saturday afternoon. We may have gotten sunburned, but we had a lot of fun.
Since living together, the three of us have also taken advantage of our spare time by cooking. Luckily, my two friends both have subscriptions to New York Times Cooking, and we chose a new recipe for every night of the week so that we’d have something exciting to look forward to after a day of work. Many of these recipes were more adventurous than meals I’d make by myself — I was pleasantly surprised by the anchovies in the pasta pictured above — but the enthusiasm we shared for trying new dishes, as well as our collaboration in the kitchen, made them worth trying. Additionally, having dinner on a screened porch in the cool nighttime air while listening to crickets sing made the dining experience even more pleasant.
Magnificent Views
While working from home in my New York apartment, the view out my first-floor window featured a trash bin, a recycling bin, and an occasional tuxedo cat looking for its next meal. At the lake, my breath is consistently taken away whenever I glance up from my laptop. At around 7:30 pm, the lack of buildings in the distance allows the sunset to take center stage in the sky. Every time, it’s simply gorgeous.
Aside from the lakefront itself, there are plenty of stunning views just outside the back door, such as the nearby Robert Trent Jones Golf Course. Though I’m not a golfer myself, it’s a perfect location for playing sports and complying with social distancing as long as you keep one person per golf cart. For me, the course is perfect for daily jogs and games of frisbee with my two friends — while watching out for any incoming golf balls, of course.
Closing Thoughts
In addition to staying physically healthy, it’s especially important during these times to take care of your mental health. Everyone responds differently to stressful situations, and I’ve certainly had down days since quarantine began. However, being at the lake in Muscle Shoals has allowed more opportunities for stress-reducing activities such as spending time in nature, regularly exercising, and simply relaxing. Amid the anxiety, I’m constantly feeling lucky to be here. If you’re considering purchasing a lake home, remember that it’s more than investing in brick and mortar– it’s investing in a space dedicated to unplugging from stress and engaging with nature. That’s a lifestyle that will always stay relevant, even once quarantine ends.
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.
Imagine that you’re looking to buy your first house or apartment. More than likely, it’s in an urban or suburban area, and the most picturesque views that you’ll get is of your neighbor’s backyard or the recycling bins outside. But of course, it has its benefits — it’s near work, it’s close to the city, and it’s just practical. Perhaps thoughts of a luxurious lake home seem more like a pipe dream than a reality. Something to save up for and wait several years before even thinking about it. But who says that you have to postpone your lakeside living fantasies?
According to CNN, there’s a rising trend of people buying vacation houses as a first home. For many new homeowners, this method is the ideal way to obtain real estate without sacrificing all their assets in one purchase as you might in an expensive city. From saving money to stressing less, there are several perks that come with buying a lake home as your primary investment property.
It’s no secret that major cities like New York or San Francisco are very pricey for small units of space. Not surprisingly, both were ranked among the top 25 most expensive cities in the U.S. For good reason, many people are now opting to buy properties at vacation spots adjacent to these major cities while continuing to pay rent for their small urban apartments. This way, new homeowners can get the best of both worlds — an investment in real estate while also living in the city. For example, New York dwellers might choose to buy a house on Lake George, about a three hour drive from the hustle and bustle. When the work week gets stressful and a weekend retreat is in the cards, there’s nothing better than a nearby destination that you can proudly own. Buying a lake house as a first home solves this issue.
2. Rent it Out
If you aren’t planning to live at your lake house full time but still want to invest in the property, there’s a great opportunity to rent your vacation home to others who are looking for a weekend getaway. Since it’s going to be left unoccupied when you aren’t there, you might as well be making a profit. According to the data studio Priceconomics, AirBnb hosts make $924 per month on average. By including your lake home on a platform like AirBnb, you can offset the mortgage cost each month and make your investment a little more affordable. Plus, with amazing views of a nearby lake and serene nature surrounding the house, you’re bound to get plenty of booking requests.
When it comes to buying a house, there can be a lot of pressure to make sure it’s the right decision. After all, you’re placing roots in a space that you expect to enjoy for years to come. But if you’re living in an expensive city, the stakes are high and dropping more than $150,000 on a downpayment (based on the average listing price of $779,000 in New York City) is not a decision to be taken lightly. If you’re ready to be a homeowner but can’t commit to city prices, choosing a more affordable vacation home is a great way to lower your stress and buy some time before investing in city property.
4. Invest in the Future
If retirement is already on your mind, imagine the kind of place where you’d like to spend the years following your career. Likely, it’s a place where relaxation is the name of the game. By investing in lake house property early on, chances are that you’ll be far enough on your mortgage payments where you can retire comfortably at your vacation home. Not to mention, you’ve secured a vacation destination and weekend getaway for all those pre-retirement years when you need to take a break.
Of course, the decision to buy a vacation home as a first home comes with a few considerations. For example, the upkeep is your responsibility and this may be harder to keep track of when it isn’t your primary residence. However, those who have taken the plunge and bought a vacation home while renting in the city say that it helps to keep close ties with neighbors who can alert you if anything suspicious is going on. And if your property is just a few hours away, you should be able to make it for a maintenance day one weekend a month. If you decide that you’re ready to take on the homeowner responsibilities, consider all the benefits of making your first home one with an incredible lake view.
Soft blankets, hot tea, time spent relaxing around a fire, and scented candles– what do all these things have in common? Besides sounding like wonderful, relaxing ways to spend time (especially in chilly February), a comfy, cozy, state of being can be summed up by one Danish word: “hygge.” In Danish culture, hygge (pronounced “hoo-gah”) is an integral part of thriving and staying happy throughout the winter months. During a time when fewer hours of sunlight can get us all down, take a queue from the Danish. Your lake home is the perfect place to incorporate this Scandinavian art of being cozy, happy, and feeling your best self for the rest of the winter — because all seasons at the lake should be enjoyed. Read on for small ways you can adopt hygge into your lakeside lifestyle this winter.
Nothing quite says comfort like creating your own cozy lakeside nook – for reading, journaling, knitting – whatever it is that you enjoy doing to relax. Find some throw blankets and extra soft pillows to set an idyllic scene that makes you want to curl up and find your slice of heaven. Create your hygge-inspired space near a window in your home, and enjoy all the natural beauty the lake has to offer. Having a space that makes you appreciate the simple act of getting deep into a good book is what hygge is all about. Make a soothing cup of your favorite herbal tea, coffee, or hot chocolate, and let yourself fall into a happy, healthy rhythm. If you’d like to go the extra mile and keep the cozy energy going all year round, consider installing a window seat near your favorite look-out spot!
Include Some Friends
You can live out your hygge aspirations while being social with your lakeside community, too. In fact, to the Danish, the community is key to keeping spirits high throughout the winter – and seeing as Scandinavian countries are consistently voted the happiest in the world, we’re all ears! Host a game night with friends and family, cook a delicious meal together with locally produced ingredients, or spend time connecting with far-away loved ones over the phone. Conversation and togetherness are valuable tenets of hygge that keep us vibrating at a healthy frequency throughout the cold months. Hosting nights-in during the winter also gives you a great excuse to show off your indoor winter decor, and even start planning for fun activities out on the lake, come spring.
The best thing is, hygge is meant to be enjoyed indoors. While outdoor activity plans can be thrown off course due to unpredictable winter weather, you can bet a snow storm will make your plans to journal by candlelight that much more delightful. The joys of having a lake home are season-less, and you should enjoy all your home has to offer you – outside, and inside.
Your lake home is the perfect place to get into the spirit of hygge this winter. By leaning into being cozy and taking a breather, you can allow yourself to appreciate the art of doing less and enjoy your magnificent surroundings all year long. The only thing standing between “cabin fever” and joyful, healthy home life this winter is perspective. So put on some wool socks, bring some aromatherapy to the mix with your most-loved scented candles, and enjoy every minute.
