Whiteboard Topics: 5 Ways To Know An Agent Is Not A Lake Expert

The rules of real estate are difficult enough to grasp, but the rules of lake real estate can get even trickier. Lake Homes Realty’s CEO, Glenn Phillips, shares why you need a lake expert, and how to tell if your agent meets the criteria of one.

  1. History: Having general real estate knowledge is valuable, but the lake real estate market is a specific market that only lake experts can successfully navigate.
  2. Water knowledge: Water levels can be affected by a variety of causes such as seasonal conditions, flood preparations, and location. It’s imperative that your lake agent is able to break down the habits of your prospective lake.
  3. Regulations Knowledge: Regulations vary by lake and can have specific restrictions regarding motor crafts, dock additions, and other water activities. Rules like these should be communicated thoroughly by your agent before you make the commitment to live on a lake.
  4. Generic Out-of-Area Marketing: Question if an agent lumps in lake listings with other generic real estate properties when marketing homes. Lake real estate is a unique market, and true lake experts take the extra step to ensure lake properties are reaching a targeted demographic, similarly to the Lake Homes website.
  5. Dismisses Differences: Again, the rules of the lake real estate market set it apart from other generic property transactions. If your agent dismisses fundamental differences within this market, it’s a clear sign they are not a lake expert.

There are so many moving parts when you enter the lake real estate market. The only way to make the most out of your investment, as a buyer or seller, is by ensuring your agent is a lake expert!

Whiteboard Topics: 5 Keys To The 2022 Lake Home Market

These past few years have had a massive impact on the lake real estate market, but real estate trends are never stagnant. Lake Homes Realty’s CEO, Glenn Phillips, breaks down 5 keys to this year’s market.

  1. Price Growth Peaking: The spike in price growth is beginning to reach a peak as the rush to leave the city due to Covid is slowing down. This year would be great to sell your home.
  2. Mortgage Rates MIGHT Matter: This could have an impact on the peak slowing because inflation causes buyers to be more conservative with their money.
  3. Historically Low Inventory: Inventory is so long nowadays that agents have buyers just waiting for appropriately priced properties to become available.
  4. “Less” Competition: Buyers aren’t in as big a frenzy to purchase lake homes as they were at the start of Covid. While competition has slowed, it has not completely disappeared.
  5. Long Distance Buyers: Sellers need to think about long distance buyers because most of the time, interested parties are not local to the area.

With a fluctuating market like lake real estate, you have to stay on your toes. Keeping up with this year’s trend as a buyer or seller is imperative for you to make a good investment!

Whiteboard Topics: 5 Things Lake Homebuyers Must Know About Mortgage Rate Increases

Increasing mortgage rates are unpreventable, and have an impact on how you, as a buyer, will purchase your dream lake home. Lake Homes Realty’s CEO, Glenn Phillips, shares five need-to-know factors involved with the rise in rates.

  1. Less DIRECTLY Important: Depending on the size of the mortgage, it can affect the amount of home you can get for the same monthly cost.
  2. Investment Sense?: Buyers are more likely to take out a mortgage for a lake home now when interest rates are still low, and pay it off with ‘cheaper dollars’ in the future as rates increase.
  3. Slow Price Appreciation: No matter the market, lake homes need to be priced appropriately, especially as rates rise. Not many buyers will continue to be enthusiastic to pay such high prices.
  4. Do Not Solve Inventory Shortage: Rising interest rates will not be enough to stop the lake home shortage. This means that although buyer competition has slowed, it hasn’t stopped completely.
  5. Expertise Still Matters: Ensure you are still making a smart investment in this shifting market with the help of a lake real estate expert. 

The market is ever changing, and knowing what to expect can help you make smart investment decisions. Having a lake real estate expert who knows how to guide you through these rising rates will ensure a smooth buyer experience!

Whiteboard Topics: 5 Surprises about Lake Real Estate

What seems unusual to the average home buyer/seller may be completely normal in the lake real estate market. Lake Homes Realty’s CEO, Glenn Phillips, shares five surprises about lake real estate you should be prepared for.

  1. > 50% Cash Deals: More than 50% of lake home transactions are cash deals. This happens because those who are purchasing lake homes can afford
  2. Multiple Lakes: Buyers aren’t looking at one lake, so it’s important to price your home to compete with those out-of-town locations.
  3. Leading and Trailing Markets: The lake market is always changing within itself. Popular locations will get hot first, but the surrounding lake homes will find their way up in demand.
  4. AVMs Struggle: It’s best to avoid using online tools when finding the price value of your home because they can be extremely inaccurate when measuring lake properties.
  5. Land and Location: The location of a home can have a big effect on its price. Buyers have to remember, they are not just paying for the property, but also the land it resides on.

The lake real estate market is unique and plays by rules that don’t apply to the average market. Understanding why the lake market moves the way it does will help you avoid getting surprised!

Whiteboard Topics: 5 Home Pricing Mistakes Sellers Must “Get Over”

Selling your lake home can be challenging when you don’t understand the importance of proper pricing. Lake Homes Realty’s CEO, Glenn Phillips, shares five pricing mistakes sellers must “get over.”

  1. What You Paid for the Property: Buyers do not care what you paid for your property. Your pricing must be based on the current market, and not the one when you bought it.
  2. Prices of Nearby Homes for Sale: Ignore the prices of nearby homes that have been on the market for some time. These unsold homes are more than likely overpriced.
  3. Your Personal Effort: Just because you have put personal effort into your home doesn’t mean the market price will reflect what you feel it’s worth.
  4. Rumors of High Sales Prices: Outliers do exist, but you shouldn’t overprice your home because of them. Use the average sales prices as a guideline.
  5. Taking Low Offers Personally: Disregarding low offers can close the door on potential opportunities. Be sure to respond in order to begin the negotiation process.

Your lake home will never leave the market if you don’t do the proper research when listing it. Sell it for the right price in this real estate market now with these tips so you’ll know what to avoid!

Whiteboard Topics: Does “Lake Home” Mean “Lakefront”

Not every lake home is waterfront, but they all have their advantages.  Lake Homes Realty’s CEO, Glenn Phillips, breaks down the differences between types of lake homes.
  1. Sometimes, But Not Always: Not every lake home is on the water. There are many options available including lakefront, lake access, and lake view.
  2. Lakefront: This property is also known as waterfront, and is actually on the water. The home has direct access to the lake.
  3. Lakeview: These homes are some distance away from the lake, but have a beautiful view of it from where they are. For some, the view is the highlight of lake living.
  4. Lake Community: Typically a large community with plenty of amenities including golf courses and clubhouse access. You’ll also be a fair distance from the water but said amenities will more than make up for it.
Whether your home is right on the water, or some ways away, you can still make the most out of your lake living experience. Think about what’s most important to you before you buy your dream lake home!

Whiteboard Topics: 5 Real Estate Agent Marketing Tactics You Should Ignore

Unfortunately, some real estate agents are known for using catchy phrases and buzzwords to attract unsuspecting homeowners. Lake Homes Realty’s CEO, Glenn Phillips, gives five tactics to ignore when choosing a lake real estate agent.
  1. “No Cost to the Buyer”: There is always a cost because agents are getting compensated for representing you. You want to get the most value because you are paying them indirectly.
  2. “Million Dollar Producer”: A million dollars sound like a lot, but can be misleading. Selling one million dollars of property can be done in four transactions, which isn’t very much.
  3. “The Most Listings”: Having properties available isn’t a bad thing, but the problem arises when those properties have been on the market for long periods of time.
  4. “Largest Local Office”: The size of the office doesn’t determine how motivated a brokerage is to sell your home. Depending on their processes, they can even limit your pull of buyers. 
  5. “Marketed on Thousands of Websites”: Being marketed on thousands of websites means nothing if no one is visiting those websites. You want your properties to be seen on high traffic, real estate-focused sites.
If something sounds too good to be true, that’s because it usually is. Be ahead of the game, and know what you should and shouldn’t take into consideration when choosing your lake home real estate agent!

Whiteboard Topics: 4 Reasons To Sell A Lake Home This Winter

Contrary to popular belief, selling your lake home this winter is a great financial move. Lake Homes Realty’s CEO, Glenn S. Phillips, shares why you need to sell before this winter is over.
 
  1. Market Strength (For Now): The market is still at a peak, but this trend could slow down in the coming future. This may be the best time to get the best return on your home.
  2. Buyers are NOT Seasonal: Serious buyers are looking for properties all year-round. Leaving your home from the market during the winter will make it stand out.
  3. Relocation Patterns: There has been an increase in buyers moving from their home states. These buyers are eager to leave now, but this may not last in the coming years.
  4. Coming Interest Rate Changes: Increasing interest rates will inevitably slow down the housing market, so it’s essential to sell your home before buyers get scared away.
Take advantage of the strong housing market this winter before it shifts in the opposite direction. There is no telling exactly when the market will slow down, so you need to be ahead of it!