Anyone who has gone through the home-buying process knows it can be tricky. Just like scammers in everyday life, there are real estate scams that many people might fall victim to. Luckily, Lake Homes Realty’s CEO, Glenn Phillips, walks through 6 different ways to protect yourself from these scams. Find out some of the best strategies below or reach out to one of our lake agents at https://www.lakehomes.com/ for more guidance!
Never Buy Without Title Insurance: Right now, there are people who list different properties on the market, yet they don’t even own the property.
“Check In” on your property (Including Lots!): For a large group of people, their lake home isn’t their main home. Essentially, the home is just sitting there. They realize nobody is there, especially with lots, and then somebody will try and list it.
Verbally Confirm All Payment Instructions: Always plan to do this, especially if you are issuing the money. All real estate types are big targets for email hacking and phone calls. These hackers are reaching out in ways where they suggest payment should be sent to another place.
Do Your Due Diligence: You need to make sure you know everything about the property. From the survey to the condition, make sure people aren’t taking advantage of you.
Be Wary of Haste: If someone is hurrying you in a way that doesn’t seem genuine or feels right, double-check everything. If haste prevents you from verifying things, that is a sign.
Confirm Funds Have Cleared: Make sure your funds, especially with earnest money, are clearing. Your real estate agent can usually provide help with this to ensure everything goes accordingly.
Don’t let the fear of scams hinder your real estate endeavors. Yes, real estate is more likely targeted due to the higher amount of funds, but there are precautions to be taken. Protecting your money and protecting yourself are the two things to remember when it comes to avoiding real estate scams.
When it comes to real estate, mistakes will happen on occasion. Even the most seasoned agents may make a mistake. At the end of the day, it’s human nature and not something to be too upset about. Luckily, Lake Homes Realty’s CEO, Glenn Phillips, has outlined the 5 most common mistakes and how to stay clear of them.
Agreeing to Overprice a Lake Home: As a seller, it is normal to want to maximize the amount you get from the home. However, this can typically cause the property to sit on the market longer and, inevitably, sell for less money.
Missing Phone Calls: Sometimes being busy can get to you or you might find yourself in an area where the cell service isn’t that good. This results in missed opportunities for the client to get to work with you and vice versa.
Only Marketing Listed Property Locally: When promoting the property locally, you’re typically going to be promoting to people who already own a lake home. Oftentimes, the ones looking are not local and can even be from out of state. Only marketing locally will result in a loss of visibility for potential out-of-state buyers.
Not Thinking Long-Term: Simply worrying about the next new buyer leaves room for forgetting about your current buyers. These other buyers might just take longer to complete a transaction. While it is good to always think about new buyers, don’t forget about the long-term ones.
Lacking Lake Expertise: The higher price points of lake properties are very enticing, but lacking the knowledge can backfire. Everything from water regulations to how you get to the properties, and even pricing and value. Expertise always matters.
In the future, knowing about these common mistakes can really change the game when it comes to selling lake properties. There are always ways to improve on this knowledge and even learn more when it comes to avoidable mistakes. Visiting LakeHomes.com is always a helpful tool and a great way to learn more!
Rural living at the lake comes with multiple pros and cons, such as:
Pros
Privacy
Cost of Living
Cleaner Air
Cons
Distance
Wildlife
Amenities
Choosing where to live can be a stressful decision. One type of terrain to consider is rural living. A rural area is an open swath of land with few homes or other buildings and not many other people. A rural area has a very low population density. Every terrain has pros and cons, so here are three of each for rural living.
Debatably, privacy is one of the top pros when it comes to rural living. Due to rural areas having a low population, there is a lot of privacy. Most houses and lots are spread apart, even with many having multiple acres of land. Within this, there are layers of positives that come with privacy. You don’t have to worry about unexpected guests or traveling salespeople. You have more options for a larger home because there is more room. Plus, you’ll have privacy in the sense of personal autonomy since there will be fewer societal pressures.
Another more immediately noticed pro is the lower cost of living. Best Places compared Livingston, Montana, versus New York City when it comes to the cost of living. The overall index of New York was 64% higher than Livingston. Urban living ranks higher across the board in all categories, including food, housing, utilities, health, and more. Rural living has less competition for necessities, resulting in a lower financial strain on a family.
Additionally, rural living will benefit you medically with less air pollution. The Centers for Disease Control tested air quality and found that rural areas have less air population. This comes from fewer vehicles, less construction, and more nature. This is important because poor air quality can reduce the quality of life, especially for those susceptible to allergens.
When it comes to the negatives of rural living, the most obvious one is distance. Those living in rural areas are significantly farther away from multiple amenities. Those with serious health issues should be aware of the distance from emergency rooms, which can often be an hour away. Additionally, there will be less entertainment. You’ll have to travel to the nearest large city for shopping centers, movie theaters, sporting events, etc. Even when it comes to more common goods, like groceries, stores can be 20 miles away or more.
Another con of rural living is the wildlife, including bugs. Depending on the region of your rural home, these critters can vary. Either way, the wildlife is far more prominent than in an urban area. Bugs can include mosquitoes and ticks, while animals can range from snakes to bears. Not only will you have to get used to these new animals and insects near you, but you will also have to learn how to prepare for them. You need to leave pet food inside, along with your domestic pets, and mow frequently.
One other negative is the lack of amenities such as internet access. Internet speed in rural areas is traditionally slow. As society evolves, the internet and technology become more and more pertinent. Those in rural areas may lack the infrastructure to access high-speed internet. This can create a digital divide—a gap between those who have access to modern information and communications technology. In turn, this can make those living in rural areas feel disconnected and behind the times.
Overall, one thing that doubles as both a pro and a con when it comes to rural living is the regional culture. Rural living creates a unique culture, which may or may not appeal to every individual. In essence, rural living can seem very connected. It focuses on family, friends, and fellowship. If you are looking for a fast-paced environment, the rural culture could be a negative for you. It’s all dependent on who you are and what you’re looking for in a community. No matter where you stand, we suggest taking a trip to the countryside to see what rural living is all about.
Rural living offers several advantages, including privacy, lower cost of living, and improved air quality. With a low population density, rural areas provide ample privacy, allowing residents to enjoy larger homes and greater personal autonomy. The cost of living is generally lower in rural areas compared to urban settings, resulting in reduced financial strain for families. Additionally, rural living offers better air quality due to fewer vehicles and less industrial activity, making it beneficial for those sensitive to allergens and pollution.
While rural living has its perks, it also comes with some drawbacks. One significant downside is the distance from amenities and emergency services. People living in rural areas may need to travel long distances to access shopping centers, healthcare facilities, and other entertainment options. Moreover, rural areas are often home to various wildlife, including bugs and animals, which can require residents to adapt to coexisting with them. Slow internet and limited access to high-speed technology are other challenges that can create a digital divide for rural residents.
Rural living has a unique culture that can be viewed as both a pro and a con, depending on individual preferences. Rural communities tend to foster strong connections with family, friends, and neighbors, emphasizing fellowship and a sense of community. Rural culture can be a significant positive for those seeking a close-knit and connected environment. However, if someone prefers a fast-paced lifestyle with more diverse opportunities, the rural culture might be seen as a downside. Ultimately, the perception of rural culture varies from person to person and depends on their personal preferences and values.
Healthcare accessibility can be a concern in rural living. Due to the distance from urban centers, rural residents may find themselves farther away from emergency rooms and specialized medical facilities. In case of serious health issues, reaching appropriate healthcare facilities might take longer, with emergency services often being an hour or more away. This is an important consideration for individuals with pre-existing health conditions or those who require regular medical attention.
Wildlife in rural areas can be both fascinating and challenging. Rural residents experience a more prominent presence of bugs, such as mosquitos and ticks, as well as animals like snakes and bears, depending on the region. While this can create opportunities for nature enthusiasts, it also demands certain precautions. Residents must learn to coexist with wildlife, which may involve taking measures like keeping pets indoors, securing food sources, and regular property maintenance. Adapting to the wildlife is essential to ensure a safe and comfortable rural living experience.
Buying a lake home is an exciting process. However, getting caught up in the excitement often leads to costly mistakes. Glen Phillips, CEO of Lake Homes Realty, discusses 4 costly mistakes made by lake home buyers.
Lack of Due Diligence: Conflict between buyers and sellers often arises, even after the sale, due to a lack of information. Here are a few tips to avoid this conflict:
Home Inspection: Think of home inspections as an insurance expense. Homes, especially lake homes, have issues as they age. A home inspection is less expensive than finding issues after you purchase the home.
Survey: As property ages and people move in and out of the property, the question of who owns what gets complicated. Surveys solve this issue by clearly defining property lines and boundaries.
Geologic Report: If your lake home is close to water, water fluctuations might cause issues with the home. Geologic reports help determine if the property is stable.
Clear Title: Now more than ever, home buyers need title insurance. Title insurance guarantees that the person selling the property has legal rights to sell it. This protects you from scams by people selling property they don’t own.
HOA/POA Regulations: Homeowner and property owner associations determine what you can do on your property. These can change, so be sure to stay up-to-date on them.
Lake Regulations: Every lake has rules about how to use the lake. These rules include permitted watercraft, shoreline regulations, dock/pier construction, and more. Knowing these rules prevents surprise fines.
Forgetting to Consider Maintenance: Lake home maintenance includes more than the house. If you own a waterfront house, you must also maintain your shoreline. This also includes docks or piers on your property.
Failing to Research Insurance Costs: Lake homes often require additional insurance costs compared to typical property. For example, many lake homes require flood insurance.
Agent is not a Lake Expert: Using a real estate agent focusing on lake property helps you save money. They ask questions that someone not familiar with lake property wouldn’t think to ask. They also know how to guide you through the process of lake real estate better than other agents.
While buying a lake home creates plenty of excitement, there’s also risk involved. Not being prepared leads to costly mistakes after the transaction. Visit lakehomes.com, where expert lake agents will guide you through the lake real estate process and help you avoid these mistakes.
When selling your lake home, you’ll want to avoid making certain mistakes. Glenn Phillips, CEO of Lake Homes Realty, discusses six mistakes made by lake home sellers.
Failure to Truthfully Disclose: Truthfully disclosing information isn’t just a good idea; it’s the law. Failure to disclose known problems with the home leads to legal ramifications. When this happens, you not only have to fix the problems, but you also have to pay the attorneys.
Overpricing: After overpricing a home, it sits on the market for a while. Then, after several price cuts, buyers make an offer lower than the cut price. These low offers lead you to miss out on money you could have made by appropriately pricing the home.
Agent is not a Lake Expert: Lake homes have nuances that typical real estate doesn’t have. Automated systems and general agents often don’t factor in these nuances in pricing. These inaccurate pricings end up costing you money down the line.
Picking Agent Based on Large Number of Listings: An agent with numerous listings that aren’t selling is a sign they might not be good at selling. Homes sitting on the market for extended periods lead to price cuts and ultimately less money for you.
Refusing to Counter an Offer: A low offer is better than no offer. Countering allows you to explain why you’ve listed the house at the listing price and opens a conversation. Refusing to counteroffer will oftentimes end a sale before it even happens.
Selling in 1 Day or 1 Weekend: Buyers for lake properties typically aren’t local. They can be 2 hours away or several states away. Looking at several offers before selling allows you to maximize your potential earnings.
If you’re looking to sell your lake home, you’ll want to avoid these costly mistakes. Not being diligent in the selling process leads to money left on the table as well as additional costs. Visit lakehomes.com, where you can find expert lake agents who will help you through the selling process.
When looking to buy a lake home, buyers need to understand speculative sellers. Glenn Phillips, CEO of Lake Homes Realty, explains what speculative sellers are and why buyers should understand them.
Two Types of Sellers: Understanding the differences between the two types of sellers affects how you negotiate pricing.
Motivated: Motivated sellers usually have a sense of timing. This means life circumstances push them to sell their house on time. For instance, this could be a change in family size, a new job, or some other life event.
Speculative: Speculative sellers appear more in discretionary property markets, such as lake homes. They aren’t motivated by their life circumstances. Instead, they test the market, aiming for a certain price.
Speculative Sellers:
Overprice: Speculative sellers usually price above market trends. Because of this, the home stays on the market for extended periods of time. For example, this could be from 2-3 weeks to several months.
Lack Urgency: Oftentimes, speculative sellers set a listing price just to see what happens. This can make them unmotivated and slow to respond.
May Lack Market Understanding: Sometimes, the seller doesn’t know they’re being speculative. They may price their house at what similar houses sold for in the past without looking at current trends.
Emotionally Driven: Speculative sellers may not be all-in on selling their home. Additionally, they sometimes have attachments to aspects of the house that buyers don’t care about. The seller also attaches memories and emotions to the house the buyer doesn’t have.
Frustrated by “Low” Offers: After the home sits on the market for some time, sellers become impatient. This leads to frustration from “low” offers. These offers may even be appropriately priced for the market, but the seller expects a high price.
Engaging with speculative sellers as a buyer requires understanding. Keeping these tips in mind helps move the process along. Being patient, as well as providing market data to support your offers, may even help them understand your thinking. Be sure to visit lakehomes.com, where you can find agents who will help you understand speculative sellers.
Quiet Luxury dominates the interior design trends in 2024—with or without bold color. This is a fresh new year that empowers personal preference over enforced design rules and the dreaded over-styling of eras past. With organic shapes, biophilic design, and a connection to sunlight and nature still going strong, we are drawn to pieces with style, soul, and timeless appeal. Additionally, there is a focus on eliminating decision fatigue by selecting spectacular statement accents, larger, more impactful art pieces, and visually powerful focal points. Behold the modern kitchen’s dynamic range hoods and eye-popping tiled backsplashes. As lake lovers, we also value tranquility and brief pauses from technology, hence the emerging popularity of luxuriously substantial soaking tubs, in-home spas, and saunas.
With an ongoing quest for individuality, we can bet that 2024 will continue the pursuit of personalization throughout our homes, from unexpectedly fresh color combinations to dopamine décor with nooks that soothe, calm, and relax. While smart technology and A.I.-assisted homes are all the rage, some of us are taking a step back to a less-is-more approach as a way to feel more mindful, grounded, and connected to the human experience.
Nurturing Hues, Materials, & Spaces
Soothing color choices, dramatic accent walls, sculptural hanging artwork, and custom hand-painted murals are just a few of the ways people are adding more expression and character to their homes. Customized secondary spaces like butler’s pantries, wine storage, and wet bars are on the rise like never before, with a continued focus on functionality, convenience, and transitional spaces that can be closed off behind doors if desired.
Innovative sustainable materials also remain at the forefront—seaweed fibers, mycelium features, non-toxic Japanese shikkui plaster, cork, bamboo, natural stone, and reclaimed woods. Warm spaces layered in texture, natural materials, and moody earth-toned palettes of rust, brown, cream, and subtle green create an organically inviting vibe for living spaces. People are embracing dramatic black accent walls and dark woods to cozy up quiet spaces like bedrooms, studies, and reading nooks. And some are playing up individualized eclectic looks with antiques, vintage finds, rich color, and playful patterns—and yes, wallpaper is back in many ways. Love it or leave it!
Now more than ever, people are intent on creating personalized homes they can grow with and change—just as styles will do. By starting with a solid foundation of quality materials, soulful accents, and functional, hard-working spaces, your lake dwelling can become a flexible, personalized sanctuary able to adapt to your ever-evolving lifestyle.
With the introduction of Sherwin-Williams 2024 Color of the Year, Upward, along with an inspiring color-pairing palette, we see a restful mix of relaxed and carefree hues that encourage us to take a breath, slow down, and allow our minds to clear. “A hint of silver lining,” says the well-known paint brand. “Upward is a sunny-day shade for spaces brimming with positive energy, creative thinking, and total contentment.” Their soothing collection invites us to experience the transformative power of paint, bring a sense of serenity to our spaces, and express ourselves through color that nurtures mind, body, and soul.
The ubiquitous mid-century modern look appears to never go out of style. In fact, homeowners seem to be embracing the trend like mad in 2024. There is something to be said about its timeless appeal and enduring aesthetic that offers an elegant blend of organic curves, clean lines, and optimal functionality. Gracefully designed, these fluid works of art mesh effortlessly with almost any era. Lauded for its staying power, this storied aesthetic captures the very essence of our desire to connect with nature in simple yet innovative forms.
Dynamic range hoods are all the rage and one of the top interior design trends in 2024. What better way to customize your kitchen? There is no limit to your creativity with all the options available at your fingertips today. Various designs include painted plaster, fluted woods, sleek, low-profile stainless steel island hoods, luminous bronze and gold finishes, and glamorous metal trims.
Here, an arched olive-green hood lends a dramatic accent to this modern kitchen, blending seamlessly with an emerald-green tile backsplash. The design incorporates an entire feature wall spanning the length of the prep area, creating a moody focal point that all but disguises the hood entirely. Stylish lighting accents enhance the modern aesthetic. For more inspiration, visit Design Galleria Kitchen and Bath Studio.
Driven by our desire to connect with nature, organic shapes and materials continue to trend, especially in furniture forms, dinnerware, accessories, and artistic accent pieces. But in 2024, lighting fixtures have jumped aboard the organic bandwagon and are emerging as a top interior design trend. These curvaceous, sculptural silhouettes bring movement and a graceful fluidity into our homes. Earth tones and organic shapes also bring a sense of comfort to our interior spaces. Lighting options in natural materials, including wood, clay, rattan, seagrass, and other rustic textures, lend depth to our spaces. Add to that the soft glow of ambient light, and you can create inviting and serene spaces bathed in refined elegance.
Today’s modern spaces encourage curves and clean lines to coexist in harmony. Soften your linear pieces with curvaceous, serpentine sofas for a satisfying counterbalance that works with any aesthetic—whether ultra-modern or vintage eclecticism. It’s all in the fine details, including scalloped embellishments, undulating sculptural accents, and curvy framed mirrors resembling organic shapes. Artisans and designers are gravitating to more fluid forms that defy the boxy and rigid straight lines of the past. Curves lend an approachable warmth, nestling spaces in luxurious comfort.
Both statement and accent tiles are having a moment in 2024, especially in the bathroom, where walk-in showers are becoming more spacious and elaborate. The “jewelry” for your shower wall and other wet areas, decorative tiles have evolved into more sophisticated choices and are available in an endless array of colors, styles, and textures. A stunning tile application in a bathroom, kitchen, or laundry area creates a powerful visual impact, lending a gorgeous signature mark to your lake sanctuary.
A resurgence of reflective metals and mirrors is in our future for 2024. Luminous cast-aluminum furniture, polished chromes, brushed nickels, and glam mirrored pieces amplify light and exhilarate the vibe of your space—whether dark and moody or light and cheery. Silver finishes and hardware dominate the trend, replacing the excess of golds and blacks that gained traction over the last decade. Mixing metals is also gaining acceptance as a top interior design trend, paving the way for more playful and balanced spaces.
For more design inspiration and top trends from the experts, visit Decorilla. From all of us at Lake Homes, here’s wishing you and yours a tranquil, refreshing, and reflective 2024!
When you decide to sell your home, you need to figure out the strategy for setting your listing price. One method is speculative selling, or listing the selling price above the current market value. Glenn Phillips, CEO of Lake Homes Realty, explains why this strategy will cost you money:
Two Types of Sellers:
Motivated: Most sellers of primary residential homes have some motivation to sell their homes. This typically includes life events such as new jobs, moving towns, changes in the number of family members, or limiting health concerns.
Speculative: This often happens with discretionary property, such as lake homes. Speculative sellers don’t have to sell and don’t necessarily have an urgency to sell their home. They typically list their home over the market price to see if they can get a high bid.
Speculative Selling Risks: If you are considering a speculative selling strategy, consider these risks.
Increased Time on Market: Due to the overpriced nature of speculative listings, they tend to sit on the market for an extended amount of time. Buyers today use a plethora of online tools that inform them of what the current market is like. These buyers aren’t willing to pay the extra premium if the price is way above the market value.
Lack of Urgency: With speculative selling, sellers tend to be unmotivated to sell the home. Even if interested buyers want to look at the house, speculative sellers may decline them because they have other plans that day.
Consequences:
Increased Time-On-Market Creates Buyer Doubt: When buyers see an overpriced house sit on the market for too long, they begin to question if the house has other issues.
Repeated Price Cuts Teach Buyers to Offer Low: Buyers pay attention to continuous price cuts on your listing. This teaches them to offer lower than the current listing price, even if it’s a good market price.
Eventual Sale Price Often Less Than Market: Speculative selling can lead to fatigue, and they just want to be done with it. Sitting on the market for so long also comes with other costs. These can be HOA dues, insurance, utilities, and more that will eat into your selling profits.
Before selling your lake home, think about the pricing strategy you want to use. You need to decide if you are a motivated or speculative seller. However, you need to be aware that speculative selling comes with risks and consequences. To connect with agents who can help you with listing your house, visit lakehomes.com.
Recently, the question “Have lake home buyers given up?” has been asked frequently. Many agents say buyers don’t have an interest in the current market. Agents also comment that buyers don’t ask to see properties as much as they have previously. Glenn Phillips, CEO of Lake Homes Realty, discusses some explanations.
Insight from LakeHomes.com: On the Lake Homes website, the company sees customer traffic and what they do, even if they aren’t reaching out to agents. Based on web traffic, Lake Homes Realty sees that buyers haven’t given up. Millions of people visit the website and view properties, but they don’t always reach out.
“I’m not hearing from as many buyers.”: This is a common issue across all of real estate in the current market, not just lake homes. Lake Homes Realty agents, other brokerages, and even primary residential real estate companies have seen fewer leads recently.
Inventory Problem: While inventory exists in the current market, some twists could catch those who don’t study the market off guard.
“Phantom Inventory”: This happens when sellers list their home way above market price, attempting to get previous peak prices still. Listers in this situation may not have to sell but would consider it if they got an offer at that high price. These “lottery ticket” seekers somewhat inflate the market.
Appropriately Priced, Sell Fast: Today’s buyers are prudent and don’t want to overpay for lake homes. Because of this, appropriately priced homes sell fast, so they disappear from the market quickly.
Buyers Not Gone: Watching & Waiting: Buyers visit websites looking for homes and pounce on homes that interest them at an appropriate price. As speculative sellers lower their prices and inventory increases, engagement from buyers will increase.
The real estate market ebbs and flows. During periods of slow business, you may think buyers aren’t interested in homes anymore. Once you look at the data, however, you see that buyers are there, but they’re waiting. Visit lakehomes.com to connect with agents who understand inventory in your market.
