When you’re trying to find a real estate agent, you want to ensure you’re getting the best representation possible. Glenn Phillips, CEO of Lake Homes Realty, discusses a few things agents believe aren’t really true.
“I work at the largest brokerage in the area.” Agents working for a large local brokerage are working alongside their competitors. Large brokerages make agents feel comfortable by bringing in a large number of agents. Large brokerages don’t make a difference for consumers, as their home gets listed no matter what.
“My listings appear on thousands of websites.” Homes listed by any agent in any market across the country are syndicated to thousands of websites. Unless the property is being hidden and not advertised on the internet, it will appear on thousands of websites.
“I earn stock in my publicly traded brokerage.” This is a common tactic for retention and recruiting agents. However, you can invest in the brokerage yourself if it’s publicly traded.
“The ‘serious’ clients will leave a message.” People don’t want to leave messages anymore. If they get sent to voicemail, they’ll keep calling around until someone picks up. Great agents answer the phone even if it means dealing with spam.
Like anybody else, agents often believe things they do work when they don’t. Watching out for these sayings can help you find the best agent for you. If you’re looking to buy or sell, visit lakehomes.com to connect with expert agents who are ready to help you through the process.
On Lake Homes Lifestyles, we’ve written extensively about the positive effects of lake living on mental health. Researchers agree that living on or near the water promotes the Blue Mind Effect, a meditative state that is characterized by a sense of calm, peace, and tranquility. This effect is believed to be a result of the soothing sounds and sights of water, which can reduce stress and anxiety, increase serotonin levels, and boost creativity. However, according to a report by the National Association of REALTORS®, mental health wellness goes beyond the Blue Mind Effect or simply enjoying oneself at the lake. Home remodeling, a multi-billion dollar industry, is shown to contribute to homeowners’ overall sense of happiness. The report calculated factors such as the homeowner’s sense of accomplishment, such as completing a challenging project or seeing a vision come to life, and increased enjoyment into a ranking system called the Joy Score.
Joy Score Methodology
The ranking system of 1 through 10, known as the Joy Score, is calculated by combining the share of those who were happy and those who were satisfied when seeing their completed project and dividing the share by 10. This score measures the emotional satisfaction and happiness homeowners experience after completing a remodeling project. Higher scores indicate greater joy. – NAR Remodeling Impact Report
Here are the top interior remodeling projects with the highest Joy Score.
Whether you’re looking to update your dreary interiors with a fresh coat of color or spruce up a room with a lake-inspired accent wall, painting is one of the simplest home remodel projects. Many homeowners choose to tackle paint projects on their own, while others hire professional help. Nonetheless, this task ranks highest out of all projects, with a Joy Score of 10 points. So before you think about putting off painting that room, the joy and satisfaction that comes along with it might be a well-deserved return on investment. Here’s the Joy Score data analysis for the home interior paint project:
Paint Entire Interior Home
88% of homeowners have a greater desire to be at home since completing the project
83% have an increased sense of enjoyment when they’re at home
65% feel a major sense of accomplishment when they think of the project
Paint One Interior Room
73% of homeowners have a greater desire to be at home since completing the project
63% have an increased sense of enjoyment when they’re at home
67% feel a major sense of accomplishment when they think of the project
Add a New Home Office
Photo courtesy of Photo By: Kaboompics.com via Pexels
During the COVID-19 pandemic, many office spaces became empty as many people were required to quarantine and work from home. This shift gave way to the rise of home office remodel projects. Even today, years after the height of the pandemic, these renovations and additions remain popular as homeowners strive to find a balance between work and home. Adding an office improves a home’s functionality and liveability and contributes to the homeowner’s overall satisfaction and happiness. Here’s the complete Joy Score data analysis for adding a new home office:
91% of homeowners have a greater desire to be at home since completing the project
73% have an increased sense of enjoyment when they’re at home
55% feel a major sense of accomplishment when they think of the project
A once immaculately smooth hardwood floor will eventually lose its luster and become dull, riddled with scratches and scuff marks. Whether refinishing existing floors or adding brand-new ones, this renovation project is one of the most common for lake homeowners.
While costs vary depending on factors such as labor, size of the space, and materials used, replenishing hardwood floors typically have the highest percentage cost recovered. Moreover, 22% of REALTORS® recommend this remodel project before selling. Homeowners have reported tremendous satisfaction upon completing the project. Here’s the Joy Score data analysis for hardwood floor remodels:
Hardwood Flooring Refinish
100% of homeowners have a greater desire to be at home since completing the project
64% have an increased sense of enjoyment when they’re at home
64% feel a major sense of accomplishment when they think of the project
New Wood Flooring
90% of homeowners have a greater desire to be at home since completing the project
77% have an increased sense of enjoyment when they’re at home
61% feel a major sense of accomplishment when they think of the project
Whether adding more practical storage solutions or remodeling an entirely new space, redoing a closet can completely transform your home and your entire daily routine. 46% of homeowners reported that this upgrade provided better functionality and livability to the house, leading to less stress and greater satisfaction and happiness. The NAR ranks closet renovation with a 10 on the Joy Score scale. Here’s a complete Joy Score data analysis for closet renovation:
79% of homeowners have a greater desire to be at home since completing the project
61% have an increased sense of enjoyment when they’re at home
61% feel a major sense of accomplishment when they think of the project
According to the North American Insulation Manufacturers Association (NAIMA), 89% of single-family homes in the U.S. are under-insulated. That said, insulation upgrades are one of the top projects homeowners turn to for home cost-saving measures. Furthermore, home insulation upgrades are among the top projects that yield the highest percentage of recovered costs. Regarding emotional satisfaction, insulation upgrade projects have a Joy Score of 10 and round out our countdown at number five. Here is the Joy Score data analysis for insulation upgrades:
85% of homeowners have a greater desire to be at home since completing the project
62% have an increased sense of enjoyment when they’re at home
69% feel a major sense of accomplishment when they think of the project
Whether you’re tackling a straightforward project or a complete renovation overhaul, there is an emotional aspect that impacts the lake homeowner’s mental wellness. Are you ready to tackle your lake home remodel project? Check out these home improvement articles and tips HERE.
In this article, we included only the top 5 projects with the highest Joy Scores. Here is the entire list of projects on the Joy Score scale:
Want to learn more about the Joy Score? Access the full report HERE.
If you haven’t heard it by now, the first impression is the only impression in the world of real estate. And there’s only a tiny window of opportunity to impress potential buyers when selling a lake home.
A savvy seller should be prepared to “WOW” prospects within the first 15 seconds of them arriving at the property. Stick to this checklist of things to do before putting your listing on the market, and you’ll build a solid foundation on which to sell your home.
One of the first things you need to do before listing your lake home is to hire a real estate agent. Be sure to enlist someone with localized expertise, in-depth market knowledge, and an extensive professional network. An agent with trusted, quality connections around town, such as buyers’ agents, professional photographers, home stagers, and home inspectors, can help simplify the home selling process.
While most people associate home inspections with home-buying, there are advantages to getting a home inspected before putting it on the market. Your agent should be able to suggest obvious repairs for you to make around the house. However, a professional home inspector can provide nuanced details of every nook and cranny in your home, including any hidden problems.
After the inspector has inspected your lake home, it’ll provide insight into how much repairs will cost. Lake home maintenance is often more expensive than off-lake homes, so be prepared for a potentially higher price tag. You can rectify every single problem or tackle the big projects and leave minor fixes for the new owners. Either way, it’s best to be proactive about major expenses rather than reactive.
Buyers like to ask a lot of questions, and rightfully so. Ensure all relevant documentation and paperwork are ready to present should any questions arise. Documents include the house deed, appliance warranties, instruction manuals, utility bills, title reports, dock permits, etc.
Your real estate agent will need access to your home nearly 24/7 to show off the property. So unless you plan on sitting at home all day waiting for potential buyers, get the agent some keys or passcodes.
Sadly, you’ll need to take down the baby pictures and remove the trophies on the mantle. While it is still technically your home, it shouldn’t look like it to potential buyers. By neutralizing everything with your personal stamp on it, you allow buyers to envision themselves in the home. Remember to clean out the closets to make them look as spacious as possible. Consider renting a storage unit to keep all the extra clutter in. Or, if you would rather remove old junk yourself, garage sales are a great way to have strangers clear your house out for you.
Now that you’ve removed unnecessary clutter and personal items, clean everything. Patch up any holes in the walls, scrub between the tiles, and focus on the bathrooms and kitchen for a whole day. Don’t forget about tackling forgotten-about spaces like baseboards, banisters, and windows. Your house should sparkle once you’ve used all the bleach you own and fluffed out every pillow. Remember that you’ll have to work to keep it that way.
Staging a home aims to help potential buyers envision the property as their own. The stager will use design and conceptualization techniques to maximize your home’s strengths and downplay the weaknesses.
True-first impressions happen curbside, so be sure to spruce up the front and backyard of your home. Make the front door more attractive by adding new house numbers and painting them to increase visibility. Adding string lights to a personal dock can be a great way to set your lake home apart from all the others. And be sure to remove any kids’ or pets’ toys from the backyard.
Professional MLS photos are still imperative for any real estate listing. According to the NATIONAL ASSOCIATION OF REALTORS®, all home buyers used the Internet to search for a home, with 41% stating that photos were the most valuable content. In addition, 39% found detailed property information as the second-most valuable content on the web, so be sure to provide clear and accurate information about your lake home or property. Virtual, 3-D video tours are gaining traction as a popular tool for home buyers, allowing for an engaging content source that can be shared on websites and social media.
Nothing can ruin a home sale quite like sticker shock. An inflated listing price can quickly put a bad taste in buyers’ mouths, and price drops come with their own consequences. So, when setting the asking price, be sure to consult a lake market expert. And always remember: buyers don’t care what you need for the home; they only care about what the home is actually worth.
As a seller, it’s important to remember that every move you make matters. It’s your job to convince buyers that your property is worth investing in. By checking off every item on this to-do list before putting your listing on the market, you’ll increase your chances of a quick and successful sale.
Heading into 2025, you might consider buying or selling a lake home. Glenn S. Phillips, CEO of Lake Homes Realty, shares 5 helpful reminders about lake real estate in 2025.
Price Includes Location. Many lake home buyers, particularly first-time buyers, don’t realize the impact of the lake location on price. You may not be able to get the same amount of house at the lake as you would in your neighborhood because of the location.
“Sellable” Inventory is Limited. Over the last several months, the number of homes listed for sale has increased, and there’s also a lot of demand. However, since these homes have been sitting on the market, they aren’t appropriately priced. Many sellers are listing at aspirational prices to get a lottery ticket price. This means “sellable,” or appropriately priced, inventory is actually limited.
Prices Are Roughly At Peak. Throughout 2024, price appreciation became fairly limited. Lake home prices aren’t expected to significantly rise or drop.
Discretionary Product. Nobody has to buy a lake home for shelter. Unlike typical residential property, buyers can wait until they find what they want. This is also true for sellers. Lake home sellers generally aren’t in a rush to sell, so they can hold onto the property longer.
Niche Expert Agents Matter. Lake homes come with different contingencies that primary residential properties don’t have. Additionally, discretionary lake home buyers come from cities and states away. Expert lake agents can navigate this market and expose homes to nationwide buyers.
Lake real estate can be a tricky market to navigate and understand. With these tips, you’ll be better prepared to buy or sell your lake home in 2025. Visit lakehomes.com to connect with expert lake agents who are ready to help you navigate this market.
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.
