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.
Has your house been sitting on the market for some time? Have you also been questioning if it’s the price, the exposure, or maybe even the agent you’re working with? When it comes down to it, it could be the agent, or it might not be. Glenn Phillips, CEO of Lake Homes Realty, breaks down the 2 main reasons your house might still be on the market.
Exposure: Is your property known? Are people able to find it on the market? If the property has been on the market for a minute and nothing seems to be moving, you need to look at the exposure and see if your agent has done what they need to.
A) Quality Staging & Photos?: You need genuine, quality photos. Not photos that can be misleading for potential buyers.
B) On The MLS?: You can’t sell a secret. If you’re not willing to make your property be viewed by the public, more than likely, it’ll be harder for it to sell.
C) Syndicated?: After your home is on the MLS, it being on other portals can significantly help with this. This will help reach a much wider audience.
D) On LakeHomes.com?: We’re members of MLSs all across the country and can extract data to put it on there. Listing homes with us, in turn, makes it a featured property on our website.
Price: If you’re utilizing all the above steps, the only other reason for it not selling is price. Price fixes every other problem besides exposure. It fixes location, repairs, water lines, location on the lake, etc.
A) Getting Offers?: If you’re getting offers, your agent has done well. It might not be the offer you want, but what you see in the value of your home.
B) Getting Showings?: If you’re getting showings, then your agent is getting people in the door. Ultimately, this also means the exposure is working.
C) Agent Getting Questions?: Again, this means the exposure is working. This comes back to your agent doing a good job, but it is coming down to price.
More Exposure Never Fixes Price: Just because you try to market better does not mean this will take away from it being a price issue.
The bottom line when it comes to selling, price fixes most things! When selling a lake home, it is key to have an appropriately priced home, along with good exposure tactics. If you would like guidance or even someone to ask questions about this, contact one of our lake experts at LakeHomes.com today!
There are many things that you should do when selling a lake home. It could be some updates around the house or even some bigger tasks to enhance curb appeal. However, you might be wondering if replacing the roof is worth it. Lake Homes Realty’s CEO, Glenn Phillips, discusses whether this task needs to be done.
Your Lake Home Needs a New Roof: Does your home actually need the roof replaced or is it just something you think needs to be done? Sometimes it might just be something you only believe is necessary.
New Roof Does NOT Increase Value: Some people might think if you replaced the roof you can add more money to the price. It doesn’t really work that way. Buyers are expecting a functional roof when looking for a home.
Old Roof Decrease Value: However, on the opposite side of things, having a roof that does need replacing or isn’t really functional will decrease the value of the home. Just because a new one doesn’t bring up the value doesn’t mean an old one can’t drop it.
Lenders May Require a New Roof: After a home inspection and appraisal, these lenders might require a new roof to be added. This lowers the risk of the asset.
Your Choice – Spend or Discount: When everything boils down to it, it’s ultimately your choice. You either spend the money on a new roof if needed or discount the price due to not replacing it.
At the end of the day, you might have more questions similar to this. One of the best ways to obtain this information is by reaching out to an expert at LakeHomes.com. They would love to provide the assistance you might need!
Someone’s real estate journey is more than likely going to warrant some questions. Even if you might have a good chunk of knowledge when it comes to real estate, the lake market can be different. Before you start any process of buying or selling, you should think about some questions you might have. Luckily, Glenn Phillips, Lake Homes Realty’s CEO, discusses what you should really be asking your lake real estate agents.
Which Agent…: Questions along these lines are some you might think you need to ask or get an answer for, but in actuality, they aren’t the important ones.
A) Has The Most Listings?: You might think finding the agent who has the most listings is the agent you want to work with. However, just because an agent has many listings doesn’t mean they’re being sold. You can find an agent who has a lot of listings while also selling those listings.
B) Do I Personally Like?: Everyone likes someone with whom they can get along, but that doesn’t mean that’s the agent for you. While you should find someone you can get along with, it’s more important to find an agent who will help guide you through this big transaction.
C) Has an Office Nearby?: This point is something that matters to sellers on occasion. But when it comes to buyers, they don’t necessarily care. Buyers are able to search online and don’t need an office to go into. A buyer wants to see the house, not an office.
Questions You Should Answer:
A) MOST Capable of Helping Achieve MY Goal?: One of the most important questions that should be answered is which agent will help you with your goal. You’re the one making the transactions and your goals are what’s important.
B) All Agents the Same?: Not all agents are the same. You should be looking for the ones who are equipped to handle your needs and what you are looking for.
C) Focused on Lake Real Estate?: Similarly to the previous point, find the ones who have the focus. Working with a lake market expert is what you want during this process. Any other agent you should exclude. Lake agents know the ins and outs that other agents simply wouldn’t know.
D) Can Prove a Pipeline of Out of Town Buyers?: If the agent can show you that they have people coming from out of town to buy, you should keep note of that. This is a good thing as it brings people from outside the local market looking and buying.
Simply put, certain questions are more important to ask a lake agent. You might think you’re asking the correct ones, but some of them require a lot of expertise. If you’re ready to start asking the questions, reach out to a lake expert today at LakeHomes.com. They would love to help you on your real estate journey.
When you choose a lake home for you and your family, there are a million factors to consider. At Lake Homes Realty, our lake expert agents know that it’s not just the lake but also the surrounding community. On Lake Homes Lifestyles, we’ve talked about some important community-level aspects of lake living, such as nearby amenities, food, and boat clubs. However, while these attributes can easily be checked off a list, some qualities of lake towns are intangible. There’s no way to quantify the appeal of the small-town charm that encapsulates so many of our lake areas. Today, we’re taking a look at 10 quaint lake towns—and what draws lake homeowners to their endearing vibe.
To many, Austin is hardly a quaint town. The capital of the state and the largest city in Travis County, Austin is bustling with urban appeal. However, although Austin isn’t small, its quirky, artsy aesthetic makes it a top contender as a quaint lake town. Home to Lady Bird Lake, Lake Travis, and others, this city is full of people who appreciate a unique city and embrace the word “weird.”
This quaint lake town is home to Lake Minnetonka, one of the largest lakes in Minnesota. Its name derives from the Dakota Soix word for “great water,” which is certainly fitting. Although the town is small, it’s also luxurious. Minnetonka homes are ranked among the most expensive in America. As Minnesota’s version of the Hamptons, you’ll find high-end restaurants, boutiques, and long stretches of beach peppered with gorgeous homes.
Known as the “Bahamas of the East,” Summersville is a small town in the center of West Virginia. Located on the pristine waters of the state’s largest lake, Lake Summersville, you can spend time scuba diving, paddleboarding, and whitewater rafting when you’re not busy exploring the town. Otherwise, check out some of the scenic wineries in the area, such as Kirkwood.
One of the most unique aspects of this quaint lake town is its proximity to six different bodies of water. In addition, the city of Okoboji is bordered by three lakes, West Okobji Lake, East Okoboji Lake, and Spirit Lake, which are also known as the Iowa Great Lakes. These beautiful, glacier-carved chains of lakes serve as the area’s year-round tourist attraction. Big Spirit Lake, Iowa’s largest natural lake, and West Okoboji, which is one of only three blue water lakes in the world, are both must-see natural wonders that have intrigued visitors from all over the world. These lakes are a central part of the thriving community, which also includes museums, amusement parks, and other exciting attractions.
Better get used to biking on Mackinac Island because there are no cars allowed. This small island on Lake Huron is known for its quaint charm. Bed and breakfasts, carriage tours, and ferry rides are the relaxing, luxury lifestyle that this town has to offer. While you’re in town, check out the world-renowned fudge shop for a bite of chocolatey goodness.
Both the name of the lake and the town, Lake Placid is one small town that won’t disappoint. Nestled in the picturesque Adirondack Mountains and just an hour’s drive from Lake Champlain, there’s no shortage of natural scenery to enjoy in this area. Lake Placid is also the former host of two Olympic games (1932 and 1980), marking it as an important historical spot.
Another instance where the town name matches the lake, Lake Lure has captured the attention of residents, visitors, and movie producers. Films like Dirty Dancing and Thunder Road have shot scenes on this lake, captivated by the Blue Ridge Mountains as a backdrop. This quaint resort town includes restaurants, museums, and parks for all ages.
Referred to as the oldest summer resort in America, this town, situated next to the stunning Lake Winnipesaukee, encapsulates New England charm. While you’re wandering the charming streets, you might run into one of many celebrities like Drew Barrymore and Jimmy Fallon who own houses there!
This charming town of Lake Geneva is home to the stunning Geneva Lake. Due to its proximity to Milwaukee and Chicago, this lake town is a popular destination to escape the hustle and bustle of city life. Known for its antique mansions that decorate the shoreline along the Shore Path, this lake is regarded as a summer paradise. This popular retreat city for Midwesterners also offers plentiful antique shopping, an award-winning magic show, and access to beautiful public beaches.
Whether you visit in the winter for skiing or the summer for wakeboarding, Burlington, Vermont, is the perfect town for spending time on the lake. Located along the shores of Lake Champlain, this quaint town offers plenty of shops and restaurants that line the walkable Church Street Marketplace.
These quaint lake towns provide the perfect balance of rural charm and city-life amenities where you’ll find picturesque storefronts, stunning foliage, and gorgeous lakeshores. In addition, these towns offer a sense of warmth and community that is emblematic of the lake lifestyle.
Summer is winding down and so is the height of lake season. As we head into the fall and winter months, you might be wondering what the lake home real estate market is going to look like. You might be asking yourself if it is a good time to buy or sell, should you wait until warmer weather, or just how everything looks. Lake Homes Realty’s CEO, Glenn Phillips, breaks down how things are looking as we head into these cooler months.
Inventory Growing (Selection!): Going into the fall, the inventory is growing. This is a good thing because ultimately you have more selection. While there are still plenty of overpriced homes, slowly these prices could drop as inventory continues to increase.
Mortgage Rates “Sort of” Irrelevant: There have been discussions about the dropping of mortgage rates. However, these are almost irrelevant when it comes to lake real estate. More than half of the transactions the agents at Lake Homes Realty do are done in cash. This has more to do with the buyers’ sentiment towards mortgage rates. Most of the time, lake home buyers can typically afford the mortgage.
Buyer Demand Strong but Hesitant: The traffic coming to LakeHomes.com is there.
A. Discretionary: The buyers aren’t buying unless they really see what they are looking for.
B. Selective: Price is one of the biggest things buyers have been selective on.
C. Distracted (Election, Holidays): Every 4 years the buyer population gets distracted due to the election. Not to mention holidays when more people are busy with many other things. This can result in a slower rate of buyers.
Realistic Transactions Move Quick!: The lake homes where pricing is realistic are moving quite quickly. The growing inventory tends to be the ones that aren’t priced accordingly.
As we continue to make our way into the fall season, just remember you can still buy and sell. If you’re planning on selling, price properly. If you’re looking to buy, the inventory is growing, so keep looking. As always, there are plenty of lake real estate experts always ready to help. If you would like to connect with one today, head over to LakeHomes.com to find one for you!
Buying or selling a lake home can be a strenuous process. With that being said, you might think it’d be a better idea to get help from a friend who is a real estate agent. However, this might not always be the best option. Glenn Phillips, Lake Homes Realty’s CEO, shares his thoughts on the topic.
It’s Business: Think about it from the sense of a doctor. The friend wouldn’t be offended if you were to go see a doctor who has more expertise in the matter. The same thing goes for real estate agents. Lake agents at Lake Homes Realty are the experts when it comes to the lake market.
Have YourFriend Explain “Why are they THE Best Choice?”: Having your friend be able to explain why they would be the better option to choose over someone whose everyday market is the lake. This is a great opportunity for them to share why they think they would be the one to go with.
Generalist vs. Specialist: Just because your friend might have sold a lake home a few times doesn’t automatically make them a lake specialist. They won’t know the different nuances that go into buying and selling on the lake, and that’s okay. A lake specialist will be able to keep up with what is going on in the lake market in ways someone else might not be able to.
Point Out Something Unique in Your Choice: Are you able to give a reason why you would choose them? Be sure it’s something that is different than them just being your friend. You really want to have someone who has the unique things others don’t.
A Real Friend Will Understand: At the end of the day, if you explain why you don’t pick them, that friend should be able to understand. These are big transactions, so going with someone who knows the ins and outs is always important.
If you are starting the process of buying or selling and need to find a lake expert, head over to LakeHomes.com. There are plenty of agents there who would love to be a part of this journey with you and guide you through it.
To many people, it seems as though there aren’t that many buyers in the market. Is this actually the case or could there be another reason behind this? There have been transactions taking place, but not to a level where they would seem to be skyrocketing. Glenn Phillips, Lake Homes Realty’s CEO, explains why there aren’t more buyers in the market and what could be causing it.
A. Modest Market Improvement:
Inventory is Larger- There is currently more selection. This is a good thing that could bring in more potential buyers.
Mortgage Rates- The rates are currently showing signs of dropping.
Buyers Demand Strong- At LakeHomes.com, we can see that the web traffic is heavy, which means they are buying and shopping.
B. Still, Buyers are Waiting On…:
Realistic Pricing- Because the inventory has grown, many houses are priced way above what they should be. There have been signs showing more realistic pricing is on its way.
Selection- There is a decent selection, but after taking away the homes that are not priced appropriately, the selection is smaller.
Election and Holidays- Every 4 years during election time, there is a slower time period of people actually looking at these properties. It is a hard thing to attribute because most people can’t even really explain why this happens. As the end-of-year holiday season approaches, things slow down mainly due to busy schedules.
Buyers might not seem like they’re out there, but they are. When it all comes down to it, they are simply waiting. One thing that can really change is pricing homes correctly. Things pick up pace when a home that’s priced accordingly is on the market. If you’d like more information to help you navigate this topic or any other real estate question, connect with an agent at https://www.lakehomes.com/ today.
Real estate trends can change more often than you realize. That includes the trends that are specifically involved with the lake real estate market. It’s always a good thing to be up to date on what’s happening in the world of real estate, whether you’re buying or selling. Luckily, Lake Homes Realty’s CEO, Glenn Phillips, has all the insights you might need.
Mortgage Rate Independent: This means if mortgage rates are on the rise, transaction rates at the lake typically aren’t affected. This all boils down to around half of the transactions being done through cash. Even if a buyer does end up getting a mortgage, they typically have the means to be able to get better rates.
Inventory “Issues”: Inventory as a whole has grown since COVID-19 happened. However, the transactions haven’t been flowing as much. This is mainly due to people not matching their homes for the price they’re worth today.
Strong but Very Practical Demand: People who are more thoughtful about their money won’t be willing to pay the COVID prices that others were four years ago. These buyers are always interested, but they’ll wait.
Competitive Bidding “Spotty”: There hasn’t been as much competitive bidding now as there was in the past. This is especially true when the homes are overpriced. The few homes that are getting competitive bids are designing their offer to be very practical.
Aspirational Pricing: This type of pricing is never really attainable due to what the home is priced at. The sellers might see what others are doing or think they can sell for and that’s more than often not the case.
Multiple Market Shopping: Sometimes, buyers aren’t looking at one lake or even one state. However, they can be looking at multiple lakes in different states.
Before you start looking to buy or plan to sell, knowing the trends is always important. If you are looking for even more information about these trends or anything else regarding lake real estate, visit https://www.lakehomes.com/. There are plenty of agents who are ready to help you today.
