If you’re thinking of buying a lake home in the near future, here are 5 tips to ensure your success in the current market and get your dream home:
Be Prepared to BUY! Instead of saying “I’ll think about it,” you should be ready to make a down payment on a lake house. Otherwise, good listings will be gone.
Find a Local, Lake Agent. These agents will be aware of local market changes that you won’t see online. You can find a great agent at Lakehomes.com.
Use Escalation Clauses. Many buyers use these clauses which essentially say “If I’m not the highest, I’ll increase my bid up to a certain point.” This “auto bidding” can be helpful to ensure your bid is the highest.
Be Ready for a Low Appraisal. Remember that appraisers are looking out for the bank rather than you.
De-Risk the Deal! Many offers have a great price, but they also include other contingencies for the loan. Be on the lookout for these risky buys.
For more information on buying or selling a lake home, visit the Lake Homes Realty blog or connect with one of our lake expert agents. We wish you the best of luck in finding your dream home!
If you’re thinking of buying or selling a lake home, here are 4 things you need to know about appraisal risk.
Appraiser Lacks Lake Experience. Lake lots and property value vary greatly due to many factors such as location, lake characteristics and features. An inexperienced appraiser might not be able to provide accurate information regarding your lake home.
Inflexible Appraiser. Due to time constraints and unfamiliarity with lake areas, getting good quality comps could be difficult. In situations like these, knowledgeable agents can oftentimes help the appraiser get a head start in getting a good quality appraisal.
Lack of Recent “Comps”. In today’s real estate market where the inventory is low and the demand is high, this trend has made it difficult for appraisers to provide comps to support the new prices.
Appraisal Too Low. You can de-risk the offer by making up the difference or a portion of it. There is an assumption that if the appraisal is lower then the sellers would drop the price. Lake property is discretionary so there is a good chance that the homeowners would choose to not sell their home or they could get an offer from another buyer.
For more information on buying or selling a lake home or property, be sure to visit Lakehomes.com or contact our lake experts. We’re here to help you navigate the lake home buying or selling process that can oftentimes be complicated.
Have you ever had an agent tell you that they can help you buy a home or property and not cost you anything? In this video, Lake Homes Realty’s CEO, Glenn S. Phillips, explains why this is not true.
Department of Justice (Nov. 19, 2020). The National Association of Realtors and the Department of Justice had a settlement that states agents can no longer claim that their services are free.
Paid through Cooperative Agreements. Even though the agents are not being paid for their services, they are being paid through the deal or transaction via the brokerage and listing agent.
Bring Value. The buyer’s agent you’re working with should be looking out for your best interest…someone who pays for themselves in the value that they bring.
For more articles and industry tips, be sure to visit our blog.
The current real estate surge has led to an inventory shortage in most markets, but LakeHomes.com has tens of thousands of lake property currently listed. So, what motivates someone to sell during this frenzy? While there are some outliers, here are three reasons why people in this economy are interested in selling a lake home:
Age. Even before the pandemic, age-related transitions were on the minds of sellers. Whether it’s because the kids have moved out and they are now looking to downsize or they are looking to go live with family elsewhere, sellers making age-related decisions are creating some turnover in the lake real estate market.
Financial Need. As the economy shifts, financial need will become more of a motivation for sellers than it already is. Right now the real estate market is at its peak, so if a seller has a financial need, now is a great time to make that property very liquid and get cash for the home.
Financial Opportunity. This is the best time for someone with a lake home to seize the opportunity to get maximum return on their lake property. Though sellers should avoid overpricing their lake home, these are the homes that can be sold quickly because of the strong demand right now.
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.
In today’s active real estate market, you may want to sell your house but are unsure if you will be able to buy another one with the current inventory shortage. If you’re nervous about being able to buy a house upon selling your own, check out these 3 tips on navigating that situation from Lake Homes Realty’s CEO, Glenn Phillips.
Buy First. If you’re not able to support a second mortgage, you may want to find the home you’re wanting to buy, make that deal contingent on the sale of your current home, and provide other incentives to make that deal appealing to the seller.
Sell with a Lease Back. This allows you to sell your home and lease it back for a certain period of time with the buyer.
Move Twice. Sell your home while the market is at peak pricing, move your belongings into storage, then find somewhere small to rent while you look for your next home.
Whether you’re buying or selling your lake home or property, our agents at Lake Homes Realty can help provide insight in today’s lake real estate market and guide you in your home journey.
Have you ever encountered that awkward moment when a friend or family member thinks they should be your real estate agent, but they might not be the right fit? Real estate is probably one of the biggest investments you’ll make, so it’s important to choose the right agent for the job. Here are some tips for navigating that dilemma without wanting to disappoint or displease family and friends.
1. It’s a business decision. This is not necessarily a personal decision. There’s a lot at stake when choosing the right real estate. The right professional for the job will value that importance.
2. Interview for best choice. It’s not about you who like most, it’s about who can help you achieve your goals in the time frame you want. Interviewing for best choice will allow you to be confident in the plans and tools that the right real estate agent can offer.
3. Generalist vs. specialist. If you’re buying or selling a specialty property, like a lake home, a general real estate agent isn’t going to know all the nuances about that market. Someone who knows your market is going to likely be more effective than someone who doesn’t.
4. Look for unique offerings. Does the real estate agent have a unique skill or quality that no one else has? Compare the agents that can help you locate the property you want faster or maximize the number of buyers for the property you’re selling. Whether you’re buying or selling your lake home or property, our agents at Lake Homes Realty can help provide insight in today’s lake real estate market and guide you in your home journey.
Whether you’re buying or selling your lake home or property, our agents at Lake Homes Realty can help provide insight in today’s lake real estate market and guide you in your home journey.
In real estate, it’s common knowledge spring is the best time to put your house on the market. However, this restriction doesn’t apply to lake homes.
According to the New York Times, “putting a vacation property on the market requires a different strategy than selling a primary residence.”
At Lake Homes Realty, our agents sell billions of dollars of lake real estate all year long. In fact, listing your home in a season other than spring might help you stand out. At all times of the year, we have important tips for selling.
That said, if you’re considering selling your lake house this fall, here are some seasonally-specific tips to keep in mind.
Some say that image isn’t everything. But when it comes to selling a lake house, it is.
Especially in our current virtual world, buyers place a strong emphasis on their first impression of your home on the internet. Homes with good quality photography sell 32 percent faster than those with low-quality photos.
Although you’re selling your lake house during the fall, your photos don’t have to depict brown leaves and overcast skies. In actuality, using spring photos improves sales.
When buyers imagine themselves at a lake home, they’re picturing warmer weather. So, posting pictures from spring will play into this vision that buyers want.
Prioritize Curb Appeal
Fall leaves are beautiful, but not when massive piles are blocking the entryway to your lake house. Similarly to our first tip, aesthetics matter.
It’s a bit more complicated at the lake. In a traditional residential home, curb appeal means mowing the lawn and cleaning up the porch. However, on a lake property, the shoreline requires landscaping as well.
It’s almost like having two curbs. Our CEO, Glenn Philips, says in this Whiteboard Wednesday video that sellers must make their homes “picture-perfect move-in ready.”
As such, prioritize curb appeal and consult your agent about what curbside changes will enhance your lake home.
Real estate investor Scott McGillivray, the host of “Income Property” on HGTV, told U.S. News that sellers should put away over-the-top seasonal decor or overtly religious themes. The occasional pumpkin is fine, but buyers may turn their attention elsewhere when the house looks like a Party City store.
When selling your lake house, stick to a neutral decor.
Price It Correctly
Due to COVID-19, there’s a shortage of appropriately priced inventory nationwide. At the same time, buyer demand has increased because lake homes are perfect social distancing destinations.
“We have buyers who are ready to buy right now on almost all of our lakes,” Glenn Phillips says in this Whiteboard Wednesday video. “However, they aren’t going to overpay at what they believe to be the peak price.”
In other words, there’s a limit to how much money this influx of buyers will spend. As such, if your home is priced appropriately, there’s a good chance it will sell.
Government programs like stimulus checks and the PPP have created a false economy that may decline by late fall. Before this happens, take advantage of this period by selling your lake house.
Contrary to what many people think concerning the pandemic, this is a great time to put your home on the market.
Find a Lake-Focused Agent
In many ways, lake real estate is a different ball game than traditional markets. Unlike residential homes, lake homes are an aspirational product.
Buyers often have other priorities for these second-home properties. When catering to these buyers, it’s essential to know what they do and don’t care about to succeed. It’s also crucial to understand your lake’s niche market.
For expertise in both of these areas, hiring a lake-focused real estate agent is the answer. Unlike many traditional agents, lake agents often live in the markets they serve and are intimately familiar with the area.
At Lake Homes specifically, our national network equips agents to build connections at lakes across the U.S. As such, the combination of local and national experts will facilitate your sale. These agents will also be aware of how the fall season affects the market.
Ultimately, the best time to sell your lake home is when it’s right for you. If you’re still enjoying the lake lifestyle, keep doing so. But if it’s time to sell, don’t let the myth of “springtime is selling time” fool you!
In real estate, especially in competitive markets, agents typically ask for the “highest and best offers.” It’s important to understand what this means, and whether you’re buying or selling your lake home, here are five things you will need to know about “Highest and Best” offers.
This is not an auction. The biggest number doesn’t always win the deal. Ultimately, the sellers decide on what is best for them.
Mortgage vs. cash. Cash transactions typically don’t go through an appraisal process (there are exceptions). There’s usually a pre-approval process with transactions involving mortgages, which could lead to an inconvenient holding pattern, thus making it a riskier transaction than cash.
Timeframe matters. You can de-risk the deal to a seller if there is a shorter timeframe from contract to close.
Earnest money. A large amount of earnest money offered ensures the buyer’s level of commitment, which further de-risks the deal.
Connection. An emotional connection can help make an offer highest and best.
Whether you’re buying or selling your lake home or property, our agents at Lake Homes Realty can help provide insight in today’s lake real estate market and guide you in your home journey.
In this video, Lake Homes Realty’s CEO, Glenn S. Phillips, gives us the ONLY reason why your lake home is NOT selling.
If your property is listed on the MLS, chances are it’s being seen in the market and is reaching its maximum exposure.
With the current state of the real estate market, demand for lake homes is high making it a prime time to sell your lake home or property. But some of you might wonder: If the market is hot, then why is my lake house not selling?
The answer is simple: OVERPRICING. You must price your home appropriately in order to get it sold and we can help you do that!
Visit lakehomes.com to consult with a real estate agent that specializes in lake-focused property TODAY!
