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.
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.
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.
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.
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.
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.
The lake real estate market is a unique type of market. Glenn Phillips, CEO of Lake Homes Realty, discusses six things to know about this niche real estate market.
Unofficial Recession. Homes aren’t moving in the current market. Across the entire industry, it will be the lowest number of transactions in almost 30 years. This trend also applies to lake property.
Inventory Has Grown. More houses are on the market, so it looks like we aren’t in a recession. However, despite the strong demand for these houses, people won’t pay current prices.
“Phantom Inventory.” This is inventory listed at a price that buyers aren’t willing to make an offer on. Sellers set these aspirational prices to get their homes sold at their lottery ticket price.
Aspirational List Prices. You likely won’t get any engagement if you sell and list for an aspirational price. In fact, it damages how much money you’ll get over time. Once a home has been on the market for a long time, buyers begin to wonder if there’s something wrong with the house.
Prudent Buyers. Lake home buyers want what they want but aren’t willing to overpay for it. Prudent buyers and aspirational list prices create this unofficial recession.
Next: No Boom, No Bust. Lake real estate won’t experience more inventory to change pricing. Additionally, the lake market won’t bust with changing mortgage rates. So, lake real estate will be steady, with the same prices. Inventory will also loosen up a bit, with sellers becoming more practical and prudent buyers becoming impatient.
Lake real estate has several nuances that are not present in other real estate markets. With these tips, you can more successfully navigate this market. Visit lakehomes.com to connect with expert lake agents ready to help you.
When selling your lake home, and especially when setting your price, you need to think like a buyer. Glenn Phillips, CEO of Lake Homes Realty, shares a few questions to get you in the buyer mindset.
“Would I Rent This?” Think about whether or not you would rent your property for a week if you saw it on rental websites. Try to take emotion out of your thinking and act as if you’ve never seen it before.
“Would I Rent This Again?” After asking yourself if you would rent your property, ask if you would rent it again. Think about if your house has things that would make you come back over other lake properties.
“Would I Pay More Than List?” Before setting a price, ask yourself if you would pay more than the price you plan to list.
“Would I Buy at This Price?” You should also consider if you would pay the current list price of the property. The price you paid for the house a few years ago is probably relatively the same, if just slightly higher.
“Is it The Best Value In This Market?” The best value doesn’t necessarily mean the lowest price. Working with an expert lake agent helps you determine if your property is the best value in your market. Additionally, you want your property to be the best value compared to other lakes.
When It Doesn’t Sell, You Won the Bidding! Every day your property doesn’t sell, you win the bidding by getting to keep it for another day. This can help you determine if you need to change your mindset to a buyer’s perspective.
Selling your home can be challenging if you don’t have the right mindset. Using these questions and guidelines helps you to think like a buyer and get your lake property sold. Connect with expert lake agents at lakehomes.com and sell your home faster.
Sellers often get confused when their lake home doesn’t sell. Asking questions helps to get rid of the confusion, but some questions are better than others. Glenn Phillips, CEO of Lake Homes Realty, discusses questions to avoid asking when your lake home doesn’t sell.
“How Many Views?” Sellers ask how many views their property has, but this can be deceptive. There’s no good answer to this question for sellers. If a property has millions of views, they’ll wonder why it hasn’t sold. If it doesn’t have any views, they wonder why it’s not getting exposure. The only number of views that matters is the one that buys the property.
“Can We Promote It ‘Better’?” Some agents promote homes better than others, so this can be a valid question. However, if the property is populating in the MLS and other websites, the consumer knows it’s there; they just aren’t willing to buy it.
“Have an Open House?” Buyers for lake homes typically come from some distance away. This means they won’t arrange their weekend around your open house schedule. They know if your home is for sale and they’re coming into town, they can see it.
“Should I Change Agents?” Has your agent properly promoted and priced your home and given sound advice? If they’ve done all this, you probably already have a good agent. Once they bring the buyers, it’s on you to get the negotiating going.
After Exposure, Price Fixes Everything. When asking yourself why your house hasn’t sold, the answer is almost always the price. An appropriate price will answer all of these questions.
Be the Best VALUE. This doesn’t necessarily mean the lowest price, but being at a price that people are willing to invest in your home. Buyers are ready to buy lake homes but aren’t willing to overpay.
Talk with your agent when confused about why your lake house isn’t selling. Every agent would bring a buyer if they knew one that would get a transaction. An unsold home always boils down to price. Visit lakehomes.com to connect with expert lake agents ready to help get your home sold.
Families around the world are getting ready for the festive season. If you have a lake house, it could serve as a wonderful Christmas retreat for you, your friends, and your dear ones. No matter if your family observes Christmas, Hanukkah, or another holiday, here are some suggestions to assist you in preparing for an enjoyable and laid-back holiday at your lake home.
Getting ready for overnight guests for the holidays? Whether snuggling by the fireplace or organizing sleeping spaces, hosting visitors at a lakeside retreat involves special details. Considerate planning and attention to detail, such as providing directions in advance and ensuring there are plenty of spare blankets, will help ensure everyone is greeted warmly and ready to embrace the holiday cheer.
Ensure you give guests a heads-up in plenty of time. Utilizing a group email or online invite can assist with this. Keep a record of who will be staying overnight and their arrival times. When hosting overnight visitors, arrange sleeping accommodations in advance. For instance, older family members might not prefer going upstairs to sleep, whereas children can usually share rooms. Finally, make sure to provide directions in advance to any newcomers. Lake properties are often located in isolated, rural areas with poor cell phone reception or GPS signal.
The weather is quite chilly out there! Many tend to underestimate the coolness of a lake during the autumn and winter seasons. Bringing along additional blankets, coats, and hoodies can ensure everyone remains warm and snug. A toasty fireplace can certainly put anyone in a festive mood. Make sure to clear any debris from wood-burning fireplaces, and don’t forget to open the damper before lighting it up.
Welcoming family and friends over the holidays means one thing: plenty of food! Whether you’re taking charge of all the dishes or organizing a potluck, meticulous planning is crucial for a smooth and enjoyable gathering. From figuring out how to transport that Christmas turkey to making sure your pantry has all the snacks and breakfast essentials covered, taking some time to plan ahead can ensure that your get-togethers are both mouthwatering and effortless.
Organizing the menu for a family gathering is a significant expense. To reduce stress and save time, it is essential to plan ahead and communicate with family members. When considering transportation of food items to a lake home or ensuring access to nearby grocery stores, proper planning is crucial. Be mindful of store hours during holidays like Christmas Eve when closures or early closures occur. When transporting perishable items like raw meat over extended periods, such as a Christmas turkey, always have a cooler to maintain food safety measures.
While the main dinner is crucial, don’t forget to prepare for your other meals as well! Don’t overlook breakfast items, coffee, snacks, and other must-haves. Investing in Tupperware or similar storage containers is wise, especially when catering to a big family. If the idea of cooking an elaborate meal doesn’t appeal to you, think about getting a turkey or ham from a local market or grocery store. By placing an order ahead of time, you can pick these up on Christmas Eve or Christmas Day.
If you’re considering exchanging Christmas gifts, make sure everyone knows ahead of time! Keep in mind that some younger families, particularly those with children, might not have the means to purchase gifts for everyone during a big get-together. Nowadays, many families opt out of gift exchanges altogether or decide to only exchange gifts among the kids or grandkids. Alternatively, some simplify gift-giving by using the traditional “Secret Santa” approach. This allows everyone to focus on what really matters – cherishing quality time with loved ones.
If you decide to exchange gifts, ensure there is enough storage space for all the presents! If a Christmas tree is not available, placing them near the fireplace but away from the flames can suffice. Alternatively, create a pile of gifts on the dining room table! For last-minute emergencies, it’s always helpful to have wrapping paper and tape ready to go. Plus, after the kids have gone to bed, last-minute gift wrapping over a bottle of wine is a great way to close out Christmas Eve.
The awaited moment has finally arrived, with dinner served and the gifts all opened. What’s on the agenda now besides letting the food settle? If you’re seeking entertainment options, chances are numerous activities are available near your lake house! While swimming may be out of the question due to the cold weather, there are still local community attractions to explore. Be sure to check out the community calendar for upcoming Christmas parades, plays, and other family-friendly events.
If it’s not too chilly outside, a leisurely stroll around the lake presents a wonderful opportunity to appreciate nature’s beauty. Or perhaps a friendly game of touch football could be a fun option?
Playing board games, browsing through family photo albums, and enjoying the classic film “It’s A Wonderful Life” are also cherished traditions. Alternatively, watching a winter sunset over the lake while sipping on a warm cup of coffee or hot chocolate is truly unbeatable.
Whether you’re organizing a grand family reunion or an intimate escape for two, we extend our wishes for a joyful holiday season and a prosperous new year. Don’t forget to explore our Hosting for the Holidays guide for additional tips this festive season.
Are you in the process of selling your lake home? If so, one thing you want to avoid is the stress and suffering that can follow by not taking proper steps for a smooth process. Two main reasons lake homes typically don’t sell are lack of exposure and price. Lake Homes Realty CEO Glenn Phillips explains how to maximize this suffering; that way, you can hopefully avoid these mistakes when pricing your home!
After Exposure, Price Fixes Everything – This refers to the price at which the house is sold.
Overprice: If you think of pricing the house because of things you put into it or anything along those lines, think again. That has nothing to do with the market; these are simply wants due to emotional attachment.
Planning “The Haggle”: If you plan to go high so the buyer offers lower, resulting in a middle-ground number you’d still be happy with, you should reconsider it. Our data tells us that homes that are appropriately priced come in at the list price or slightly above. If it’s overpriced, they tend to drop significantly over time.
“Test the Market”: Generally when people test the market, they never figure out how they are going to score it. What is the test? Is it one week? Two weeks? Testing the market usually ends up being an excuse to overprice, and the test almost always fails.
DOM (Days on Market): The longer the home sits on the market, the longer it becomes a problem for consumers.
“Death Spiral”: Consumers are more informed now than at any other time in history. The more things you use, the more likely you are to be caught in this death spiral that is hard to escape.
Nobody wants to maximize their suffering when it comes to selling. If you stick with these different steps, it’ll definitely happen. One of the best ways to avoid this is to price appropriately. If you aren’t sure the best way to go about that, reach out to a lake agent at LakeHomes.com. They would love to be involved in the process with you.
Living life at the lake provides fun, laughter, memories, and more! Even when it comes time to sell, memories will be made in the process. Glenn Phillips, CEO of Lake Homes Realty, goes into detail on why you shouldn’t price in those memories when selling.
“Gateway to Memories”: People buying these lake homes can already picture their own memories that they will be making at the house. Buying a lake home doesn’t come from the need of simply having shelter. It comes from the desire to have these amazing experiences that come along with it.
Whose Memories?: You, as the seller, have important memories at that lake home. While they are important to you, they aren’t that important to the buyer. The buyers are wanting to create their own memories. However, you have an emotional attachment as the seller, making you think it has more financial value. Try to separate that due to the buyer not having that attachment.
Selling? Depersonalize (and Protect!): You have many things in the house that bring memories. You might want to put these things away; that way, it gives buyers a different feel to the home. You should also protect those valuables. You don’t want something happening to them while buyers look at your home.
Buying is Desire: You want to do things to where you aren’t pricing in memories. However, make it a way for the buyers to imagine creating their own memories in the house.
Selling is a Business Transaction: Think of your lake property as a stock. If you bought a stock at a certain price, it doesn’t necessarily matter. At the end of the day, it’s what the market says it’ll pay. You can always enjoy the memories later and not price how you feel depending on the memories.
Pricing a lake home can be difficult, especially when you begin to think of all the memories made there. If you’re still struggling with this today, reach out to one of our lake market experts at LakeHomes.com. They know the ins and outs and would be more than willing to help you in the process.
When you think of selling a lake home, or any home for that matter, you probably think of negotiating. Whether you’re great at it or if your skills could use a little practice, it’ll probably come into play. Lake Homes Realty’s CEO, Glenn Phillips, goes over 5 key tips for when the time of negotiating arrives.
Any Offer is Better than NO Offer!: Don’t get upset because somebody made a low offer. The people you should be upset with are the ones who didn’t make an offer at all. Having a low offer just means you have some started.
Don’t Get “Stuck” on Single Points: In negotiations, don’t let one thing hold you up. You should let it ebb and flow.
Agent Commission: You want an agent who brings their value.
Seller’s Compensation: If the buyer has made an offer and wants some compensation to help cover costs, figure out how that fits in.
Closing Costs: Similar to the seller’s compensation, find out how this will fit in with the negotiations.
Personal Property: Is there a boat, interior decor, whatever it might be, there is a way to find opportunities to help make the other party happy.
Cash Only Means Less Closing Risk: If the buyer makes a big deal about it being a cash offer, from the seller’s perspective, cash offers only matter if it is de-risking the deal. If you’re selling, you’re getting cash from somebody regardless.
Restructure Offers: Being able to find ways to work with the offer or make it mutually beneficial can help more than people might realize.
Be Creative: You can come up with some angle for a home that people might not think of. There are plenty of ways to be creative to help everyone.
Negotiating is something that comes along with buying or selling a home. However, if you take these tips into consideration, it can truly help with the process. As always, if you’re looking for more information regarding negotiating or have any other real estate questions, reach out to one of our lake experts at LakeHomes.com.
A rustic kitchen evokes a sense of warmth and comfort, making it a preferred design choice for lake homes. The appeal of this aesthetic lies in its ability to blend natural materials, weathered finishes, and cozy elements that resonate with the serenity of lakeside living. From painted cabinets and reclaimed wood beams to stone finishes and farm tables, rustic kitchens embrace simplicity and cultivate a welcoming atmosphere where family and friends can gather.
Often nestled in scenic, rugged landscapes, lake properties offer an exquisite backdrop for this well-renowned style. Whether in the rolling hills of the Upper East, the coastal regions of the Pacific Northwest, or the scenic Midwest, a rustic kitchen design seamlessly connects your indoor space with the natural beauty outside. Beloved for its timeless appeal and relaxed approach, a rustic kitchen style fosters a symbiotic connection to nature through organic textures and earthy tones, balancing aesthetics and functionality. These tried-and-true applications promise to bring rustic warmth to your lake home and help you design the kitchen of your dreams.
The true essence of the modern rustic kitchen lies in its innovative mix of raw and natural materials. Hardwood floors, exposed reclaimed wood beams, and knotty wood cabinets bring warmth and authenticity, while natural stone backsplashes and countertops add a touch of rugged elegance. The materials themselves are stunning to look at while offering longevity and durability.
Incorporating textured backsplashes using stone or even hand-painted tiles can add visual depth to your kitchen. In the Pacific Northwest or western regions, where nature-inspired designs are favored, these elements reflect the rugged landscape. This stacked stone backsplash, for example, mimics the natural elements of its lakeside environment.
Using reclaimed wood for cabinets and shelving brings character and a unique story to your kitchen. Whether from an old barn in the Midwest or driftwood from the Pacific Northwest, the texture and grain of reclaimed wood create a lived-in feel. The imperfections in the wood grains add depth and highlight craftsmanship, a hallmark of rustic design.
Here, a mix of reclaimed woods, stone, handmade tile, and living finishes that will wear well over time lend a sense of age while providing a striking contrast to the clean-lined modern silhouettes of other furnishings. A lustrous soapstone countertop brings a sleek edge to a rough-sawn white oak island and a rustic coffered ceiling crafted of reclaimed wood.
Granite, soapstone, or quartz countertops can enhance a rustic kitchen aesthetic. In regions like Texas and the Upper East, where natural stone is abundant, these countertops can bring earthy colors and a touch of luxury to the space. The durability and natural look of stone make it ideal for lake homes, echoing the surrounding landscape. Light cedar envelopes this waterfront cottage, connecting to the natural environment beyond, and granite countertops echo the waterside hues.
Open-beamed ceilings can dramatically transform a kitchen, giving it a spacious yet cozy feel. Using exposed wood beams, especially in high-ceiling kitchens in regions like California or the Southeast, adds architectural interest and warmth. This design also reflects the connection to nature by exposing the structural beauty of the home.
Hand-hewn elm and ash ceiling beams sourced from Canada pair with metal finishes in this Colorado kitchen. Minimalist custom glass pendants bring modern contrast to a walnut butcher-block island tucked with wooden counter stools.
Lighting sets the tone in any kitchen, and rustic-style fixtures such as wrought iron chandeliers or lantern-inspired pendants are perfect for creating a cozy ambiance. In the mid-Atlantic and Midwest, where cottage-style lake homes are popular, these lighting choices complement the overall aesthetic while providing a soft, inviting glow. Here, a simple tiered lighting fixture befits the grand scale of an elegant waterfall island. Its black finish echoes in the counter stools and other architectural accents.
Using nature-inspired color tones like fresh green, watery blue, sage, soft brown, burnt umber, and warm gray enhances a rustic kitchen’s cozy, organic feel. In southeastern lake homes, where warmer climates prevail, these tones help balance the sun’s brightness, making the kitchen feel cool and calming. In contrast, Midwest or Northern regions can benefit from the warmth these colors bring during cooler months. Inspired by nature, the palette of this Lake Huron kitchen blends mossy green hues informed by the landscape and the rich orange tones of pine tree needles.
Incorporating warm, rustic kitchen designs into a lake home creates a space where nature and comfort harmonize. Homeowners can transform their kitchens into inviting retreats that reflect the scenic landscape by using natural materials like wood and stone, implementing open-beamed ceilings, and adding soft lighting. Each region offers unique resources and styles that contribute to a timeless and welcoming aesthetic, making it easy to tailor your rustic kitchen to fit the character of your lake home. For more design inspiration, visit Lake Homes Lifestyles.
