There is no doubt that right now is a hot market for real estate, but a high offer does not always mean you get that amount at closing. The highest and best offer are not always the same thing. If you are looking to sell your lake home or property, here are three reasons why the highest offer might not be the best offer for you.
Loan Contingencies. This means that if the buyer does not get approved for a sufficient loan, they can get out of the contract. This can be an issue if they give you a high offer that they are unable to follow through on, leaving you back at square one.
Inspection Contingencies. This can lead to negotiating the price if issues are discovered about the property. While these issues may not be a deal-breaker in your mind as the seller, they could be a way for the buyer to get out of the contract or leverage the price in their favor.
Appraisal Issues. With a high-priced market, the appraisal may not come back as high as the price you have set as the buyer. A bank will only loan out so much money, so the issue of who is going to come up with the difference in price can be a challenge. If a buyer does not have the means to cover part of the appraisal gap, their high price may not be as high as expected.
We hope you find these tips valuable as you venture out on your journey to selling your home. Please feel free to reach out to our lake experts for guidance.
While it might sound good for an agent to have a lake home sold in one day, it may not be in your best interest as the seller. You may get a great offer that first day or that first weekend, but here are three reasons to hold off on deciding too soon.
Winning and THEN deciding. Some buyers will win the highest bid before they decide if they even want the house. They know the market is hot, so they will bid high and then decide to go through with the offer or renegotiate using contingencies. People who are more methodical will most likely not jump on the first day.
Fewer offers. You may get several offers the first day or first few days but waiting even two weekends will give time to the methodical buyers to think through an offer.
Out of town buyers. These buyers cannot come in a day. If you give a longer window of time, they will show up with intention and will often have the best deals for the seller.
There are different aspects to selling your lakefront property than if you were to sell a landlocked property. These are the surprising risks to be aware of when maximizing the return on your value and investment.
Sell really fast. Selling your home quickly will not get you the best return on your dollars. A lot of lake home buyers are from out of town or out of state, and you may limit the number of buyers that can’t respond quickly enough.
Rushing through the transaction. This is a legal transaction involving a lot of money and it’s important to read and understand what you’re signing. Avoid any legal issues in the future by taking your time.
Overpricing. The best way to get the best price is to price appropriately and leave room for competition. Overpricing drastically for the current market will cost you time and money, even in a hot market.
We hope you find these tips valuable as you venture out on your journey to selling your home. Please feel free to reach out to our lake experts for guidance.
While real estate agents are here to help you with your lake home, there are some things you can do to make the process easier. Here are four tips to help the real estate transaction go smoothly for you and your agent.
Accept the consequences. Be sure you understand that the lake market is a hot market in 2021. It’s different from other markets and knowing the nuances are important to be successful in the process.
Do your homework. Agents will help you and answer your questions, but you have to know what to ask. Educating yourself and working with an expert agent will keep you out of trouble.
Expert agent. Whether you’re buying or selling, working with a lake expert agent will help you navigate the nuances of each lake. The rules and regulations for each market can be different, so having someone who can guide you through those will help meet your expectations.
Be prepared to buy. Do the prep work to make a thoughtful and competitive offer in a timely manner. You snooze, you lose!
Whether you’re buying or selling your lake home or property, our agents at Lake Homes Realty can help provide insight into today’s lake real estate market and guide you in your home journey.
Are you ready to sell your lake home or property? Before you make the move to list your home, here are 6 tips for maximizing the price of your lake home in a hot market.
Plan Beyond Listing. Be sure you have a plan beyond just getting the home listed. Oftentimes, home sellers overlook other factors such as the amount of time it takes to communicate back and forth between agents as well as setting expectations on home offers.
Sale Period. Make sure you appropriately set your sale period long enough to include all potential homebuyers in the market. Keep in mind that lake home buyers are not always local buyers and are oftentimes from out-of-state.
Out-of-State Buyers. Because a large portion of lake home buyers from out-of-state, you need to maximize access to these potential buyers. Make sure you have an agent that is not only knowledgeable about your lake area but also has a healthy pipeline of these highly qualified buyers.
Cleanliness and Staging. A clean and well-staged property is a must if you want to maximize the price of your lake home. If your property is not picture-perfect, you might run the risk of having your property overlooked or having it undervalued by potential homebuyers.
Highest Offer May Not be Best. The highest offer is not always the best offer as there could be many contingencies associated with them. High offers with high risks have a higher chance of falling apart.
Lake Expert Agent. Be sure to have a lake expert on your side. Selling lake property varies by lake and it is imperative that you have an agent that understands the nuances of your lake and lake home.
Whether you’re buying or selling your lake home or property, our agents at Lake Homes Realty can help provide insight into today’s lake real estate market and guide you in your home journey.
The pandemic has forced many to change their lifestyles and this includes living spaces as well. So, if you’re thinking of selling, here are 5 things to promote when listing your lake home.
Internet. With more people working and spending more time at home, having reliable high-speed internet access is crucial.
Cell Signal. Many lake homes are located in mountainous or rural areas where cell phone signal might not be at its optimal strength. If your lake home has strong cell signal, this is a feature that is worth mentioning.
Home Office. The pandemic has allowed many people to work from home, therefore a home office is a requirement that most lake home buyers are looking for in 2021.
Extra Storage. Unlike traditional lake homes/vacation homes where people often visit for short periods, living at the lake requires extra storage space for everyday household items and perhaps a garage for a car or other vehicles.
Time to Airport. Travel time to and from an airport is an important factor that many lake home buyers might consider when looking for a lake home. Even though travel has temporarily stalled due to the pandemic, it is expected to resume in the near future.
We hope you find these tips valuable as you venture out on your journey to selling your home. Please feel free to reach out to our lake experts for guidance.
Do you own a lake house and are not sure whether or not you should keep it? Here are a few things to consider if you are on the fence about keeping or selling your lake home.
Use or habit? Do you use your lake home on a regular basis? If you find yourself not visiting the lake as often as you’d like, then odds are keeping your lake home is probably not worth the time or money.
Right size? Your kids might’ve moved out or you’ve added a few new family members since you first bought your home. So, the question is: “Is your lake home the right size for your life right NOW?” If the answer is no, then you might want to consider selling it.
Family REALLY use it? Would your family actually use it if it was inherited? Just because you enjoy having a lake home doesn’t mean your family would appreciate it as much as you did.
Duration of peak market? By holding on to your lake home for too long you might run to risk of missing out on the “peak” market. Lake real estate doesn’t always appreciate in value in the short-term interim.
Whether you’re buying or selling your lake home or property, our agents at Lake Homes Realty can help provide insight into today’s lake real estate market and guide you in your home journey.
During the pandemic, the number of people buying a lake house has drastically increased. It’s easy to see why. Surrounded by more trees than people, lake homes are the perfect locations for social distancing. However, when looking to buy a lake house, there are several factors to consider.
Of course, there are the obvious deliberations — how much money to spend and which state you want to live in. But one of the most important factors is which type of lake community you’re seeking.
Some of us want to channel our inner Henry David Thoreau in a remote location, surrounded by undisturbed wilderness, a la Moosehead Lake.
Others of us (likely extroverts) prefer a community of other lake dwellers. This group is seeking a lively, close-knit group of neighbors full of potluck invitations and shopping trips. If this is you, it’s worth looking into buying a home on a community or suburban lake. These lakes are typically smaller and more removed from the hype (nothing like Lake of the Ozarks’ infamous Party Cove) with plenty of charm. If you’re considering suburban lakes in your buying decisions, check out these pros and cons first.
The most practical benefit is the cost. Since community and suburban lake homes are primarily located away from the waterfront, they cost a fraction of what a lakefront property would. According to Homelight.com, waterfront homes consistently cost more than those away from the water. In 2017, the difference was $50 more per square foot, which can certainly add up.
Aside from the savings, buyers are attracted to the neighborhood vibes of suburban lakes. Unlike remotely located lakes, the focus is on the community more so than nature (although nature is undoubtedly an added benefit — for instance, Great Falls Lake, Tennessee, is known for the amazing waterfalls and white water rapids).
In addition to friendly neighbors who live a 30-second walk away, lake communities often have a unique culture that makes the neighborhood special.
Lake Geneva, Wisconsin (located on Geneva Lake) is renowned as a summer paradise. This lake town is known for shopping, an award-winning magic show, and colorful mansions along its shores.
Lake Lure, North Carolina, has a similar reputation. Close to Greenville and Spartanburg, this community lake offers a vibrant, lively culture and all the perks of lake living. This dynamic feel is emblematic of suburban lakes more broadly.
Another benefit is the proximity to amenities such as state parks, shopping centers, and restaurants. These resources and attractions are usually not available in rural lake areas.
Community lakes in the Liberty Park area of Birmingham, Alabama, are close to Vulcan Park, the Summit shopping center, and other attractive features.Similarly, Lake Anne in Virginia is located in Reston’s charming suburban community with an exciting restaurant scene, public parkland, and proximity to Washington D.C.
For those seeking a lakeside retirement community, suburban lakes often come with even more amenities. For instance, residents in communities such as White Bluff Resort, Texas, and Tellico Village, Tennessee, can join clubs, golfing groups, and countless other organizations.
Another feature that is often helpful is for those who want to be near a hospital. For instance, Lake Tansi offers proximity to the high-quality University of Tennessee medical center.
This List of Cons
Clearly, there are more pros than cons — what can we say? We love lakes! However, depending on how you envision your lake lifestyle, there are some cons to consider.
Although there is a lower cost to living on a community or suburban lake, you are typically sacrificing a waterfront view. As such, there’s a good chance you can’t look at the lake from your back porch or hop on the boat at a moment’s notice. You might also lack a boat dock for this reason, although it’s typically possible to find rental spaces at a nearby marina.
Additionally, if you’re seeking a more active environment, these lake areas may not be suitable for you. For instance, if you’re someone who wants to roll out of bed, run to the lake, and hop on a jet ski, a smaller lake may not allow for these water sports or easy access to the lake. Ultimately, if living directly on the lake is more important to you than access to surrounding amenities, a suburban or community lake may not be a great match.
Remember — the search for a lake house is all about figuring out what’s most important to you. For help on this process, reach out to a Lake Homes Realty agent with market expertise on both local and national levels.
It’s no secret that moving is an emotionally taxing life event. Even if you’re excited about your move (who wouldn’t be excited about moving to the lake?), it can still be highly stressful. There are so many things to consider — and even more factors when you’re moving out of state. Whether you’re in the process of moving or just thinking about it, we’re here to help you cover the basics.
Update Your Address
This one might go without saying; it’s important to update your address when moving out of state. First, you can fill out the change of address form on the USPS website. This will forward mail from your old address to your new one. You’ll also receive discounts at places like Bed Bath and Beyond for all your new home essentials. Don’t forget to change your address on your bank account, credit cards, and subscription platforms like Netflix. Finally, remember to change the address of your voter registration. Voting in your new state and getting involved in local politics will allow you to be more integrated into your community.
Learn the New Tax Rates
Once you update your address, your zip code and house number aren’t the only things that change — so do your taxes (hopefully, they change in your favor!). When moving out of state to a lake house, many people pick lake homes in states with lower tax rates. For example, lakes in Tennessee will not come with a state income tax, although you will still have to pay the federal tax. Other states without income taxes include Texas, Washington, and Florida. Keep in mind that if it’s the middle of the year, you will have to pay taxes in both states, which can get confusing.
Switch Your Licenses
If you drive a vehicle, this is one of the first things you should do when moving out of state. The grace period between moving and updating your license can range anywhere between 10-30 days, so be sure to check state requirements. Given the short turnaround time, it’s best to make an appointment with the DMV before your move. This way, you can avoid the long lines, which are ubiquitous across states. Lucky for lake homeowners, though, one thing that does not need to be updated is your boating license. If you take a boating test approved by the NASBLA, the National Association of State Boating Law Administrators, these certificates are valid in all 50 states.
Understand the Lake Fees
If you’re moving to a house with lake access, specific fees can add up. But this depends on who owns your lake. The U.S. Army Corps of Engineers owns many larger lakes. Their interests are preserving wildlife, maintaining flood control, and other public concerns. On Army Corps lakes, living in a home with direct lake access can be expensive because owning a boat dock comes with a fee. There may even be certain size limits on boat docks, so be sure to check the regulations before visiting. On the other hand, homeowners associations (HOAs) control many smaller lakes in the country. Since they do not share the same public concerns as Army Corps lakes and are more focused on recreation, there are different regulations. Usually, you’ll need to get approval for the construction of a boat dock, and membership fees may be required.
If you’re moving out of state, you’ll need new health insurance. For those of us who are self-employed (a freelance business working remotely from a lake house? Sounds perfect!), you’ll need to alert the health insurance marketplace about your move and search for a health insurance agent to assist you. If you have health insurance through your job, you’ll need to find new healthcare providers in your network.
Searching for providers can be difficult for those who live on the lake, especially if your lake house is in a remote location. As such, choosing a lake house with close proximity to a hospital is an important consideration, especially if you’re moving for retirement. However, this doesn’t mean you have to choose an urban lake. For example, Tellico Lake in Tennessee is in a remote community with a 45-minute driving distance from the city of Knoxville, home to the University of Tennessee’s Medical Center. Even if you aren’t someone with routine medical needs, it’s best to be prepared for the future.
