Tag: lake real estate advice

Whiteboard Topics: How Can I Get More Money For My Lake Home?

Posted on Zac Parnell

As you’re getting ready to put your lake house on the market, the topic of selling price will always come up. More than likely you will think “Can I get more money for my lake home?” Lake Homes Realty’s CEO, Glenn Phillips, explains a few different ways to help push for that price you want to sell for. 

  1. Start with a Market Appropriate Price: Buyers don’t care how much money you have put into the home. Most of the time they will be looking at the current market conditions. When you start at a high price to test the market, it usually does not result in the way you would like.
  2. Be clearly the best VALUE in the area: Don’t automatically make your lake home the lowest price. However, check out surrounding homes and see what’s going on. Are there nicer or newer homes nearby? Are these homes your price or lower? New construction may also become a player in this.
  3. Picture Perfect/Move-In Ready: Whether you already have your home staged or simply have your own property in the house, make sure it appears move-in ready. Buyers typically lack imagining this aspect and this will help you stand out.
  4. Would you buy it today at your price? Each day the house doesn’t sell and remains on the market, you are effectively buying it again at your price. In reality, the only price is that of what someone will pay and what you’re willing to accept. Price accordingly and price from a buyer mindset.

At the end of the day, these 4 tips are useful in getting the best return and sell price for your lake home. , Connect with one of our lake agents today at lakehomes.com and see what they can do!

Whiteboard Topics: Where Can I Find Foreclosed Homes on a Lake

Posted on Kamari House

A foreclosed home on the lake is a rare find. Lake Homes Realty’s CEO, Glenn Phillips shares why your search for one is coming up short.

LakeHomes.com, MLSs, & Other Websites: While homes like these are available on sites like LakeHomes.com, you may have trouble finding them because of how few there are.

Why So Few?

  1. Not the 2008 Market: While inventory spiked during the recession, this was not the case for lake properties. This is because lake homeowners are more financially sound than the average buyer.
  2. Interest Rates Affecting Sellers: Lake homeowners that have a mortgage don’t want to battle with increasing interest rates when buying a new home.
  3. Lenders are Well Positioned: Due to past real estate crises, lenders have policies in place to ensure they work with stable buyers.
  4. Majority Do Not Have a Mortgage: More lake home buyers paying in cash means fewer mortgages and fewer foreclosures. 

If you still have your heart set on a foreclosed home, LakeHomes.com will have the few left available!

Whiteboard Topics: What Else Should I Ask When Buying a Lake Home?

Posted on Kamari House

Purchasing a lake home is not something to take likely. Before you commit to a property, consider these factors from Lake Homes Realty’s CEO, Glenn Phillips.

  1. Bridges?: The location of bridges will impact how convenient it will be to travel around the area. However, the closer you are to one, the closer you’ll be to traffic.
  2. Water Levels?: The water level can vary by lake, season, and time of day. It’s important to know the behavior of your preferred lake, as the changing levels can affect lake activities.
  3. Shoreline Restrictions?: Research the restrictions surrounding the shoreline, as they tend to fluctuate throughout the area.
  4. Land Restriction?: Most lakes are owned by an organization, which means you’ll run into leased-land properties. You’ll have to follow their guidelines when buying these types of homes. 
  5. Water Restrictions?: Living by the lake doesn’t guarantee you have free range on the water within it. Check out the rules around water activities, water addition/removal, etc.

When buying a lake home, the property itself isn’t the only thing to consider. Be sure you can live the lake lifestyle you want before you buy!

Whiteboard Topics: How to Sell Your Lake Home for More Money

Posted on Kamari House

If you want to maximize your return on your lake home, check out these tips from Lake Homes Realty’s CEO, Glenn Phillips.

  1. Remove Attachment: Refrain from equating your attachment to the home with its value. You should treat this process like any other transaction.
  2. Price Strategically (Appropriately): Overpricing your home will cause it to become stale on the market, which will inevitably force you into a series of price cuts. Soon, you’ll notice buyers only presenting you with lowball offers.
  3. Use Time Correctly: If you sell your home too quickly, you may be leaving money on the table. Give out-of-town buyers a chance to present you with better offers.
  4. Think NET vs Price: Commission fees will affect the net earnings on your home, but investing in a solid real estate agent will ensure you walk away with the most money possible.
  5. Extra Exposure: The right exposure will make all the difference in selling your home. Websites like LakeHomes.com have a database full of qualified buyers looking for a home like yours.

Before you put your house on the market, be sure to consider these factors to get the most from your investment!

Whiteboard Topics: How Can a Lake-Focused Real Estate Agent Protect a Buyer?

Posted on Kamari House

Having a lake-focused real estate as a buyer will make all the difference. Lake Homes Realty’s CEO, Glenn Phillips, shares variables about lake home buying that make a lake expert crucial.

  1. Water is Not All Equal: Where you want to be on the water can have a considerable effect on lake activity, home price, etc.
  2. Leased Lots: This transaction type is extremely common on the lake, and is nothing to fear. The length of your lease can be up to 100 years and is transferable when you’re ready to move.
  3. Financing is Different: The average lender may not be familiar with lake-specific transactions like leased lots. A lake-focused agent can connect you with a lake-focused lender to help prevent confusion.
  4. Unexpected Regulations: Don’t find out about lake restrictions after you’ve bought your home. A lake expert can help you navigate your lake’s regulations during your home search.
  5. Lake-Induced Price Variables: Two identical homes on a lake can have vastly different price tags depending on their relation to the lake. 
  6. Different Types of Sellers: Traditional sellers are bound to a timeframe when trying to move. Lake home sellers don’t have the same haste, as this is a discretionary purchase. 

Don’t settle for a real estate agent with minimal knowledge of the lake, when you can find a lake expert at LakeHomes.com!

Whiteboard Topics: Why Buy a Lake Home on a Leased Lot?

Posted on Kamari House

Leased lots are more common around the lake than you think. Lake Homes Realty’s CEO, Glenn Phillips, shares why you should consider purchasing these properties.

  1. Common on Many Lakes: Larger lakes were built by power companies, and in order to maintain control of the surrounding land, they prefer to lease lots instead of selling them.
  2. Buy House, Transfer Lease: When buying a home on these lots, the lease will get transferred to the new owners of the property.
  3. Reconsider Time of Homeownership: There’s no need to fear the time length of a lease. If you want to stay longer than your allotted time, you can always renew it. If you’d like to leave sooner than expected, the lease will be transferred to your buyers.
  4. Can Still Finance a Home: Local lenders who are familiar with this structure will have no issue helping you finance.

Buying on a leased lot is a great option for buyers. Remember, you aren’t restricted to the timeframe of the lease because of renewal and transfer options!

Whiteboard Topics: Is a Lake Home a Good Investment?

Posted on Kamari House

Have you been wondering if buying a lake home is the best financial move for you? Lake Homes Realty’s CEO, Glenn Phillips, gives 4 reasons why lake properties are a good investment.

  1. Discretionary Asset: People in this market don’t feel pressure to make rash decisions around a home, making lake real estate more stable than others.
  2. Little Impact from Mortgage Rates: The majority of transactions are cash and those who choose to finance through other means almost never have issues. Because of these reasons, mortgage rates don’t play a major role in their decision-making process.
  3. Foreclosures are Rare: When you’re in competition with cheaper, foreclosed homes, it’s harder to sell your home for what it’s actually worth. In the lake market, this issue rarely happens to this demographic. 
  4. Somewhat Economy Independent: Even in economic uncertainty, lake homes tend to hold their value, making them a great placeholder for your money.

Nothing is completely risk-free, but purchasing a lake home is one of the safer ways to invest your money!

Whiteboard Topics: How Can a Lake-Focused Real Estate Agent Protect a Seller

Posted on Kamari House

When listing your lake home with an agent, working with an agent that specializes in your lake will make all the difference. Lake Homes Realty’s CEO, Glenn Phillips, shares 5 reasons a lake home seller needs a lake expert.

  1. Pricing is Different: The price of a lake home isn’t just determined by traditional factors. You have to consider its position on the lake to know its actual value.
  2. Timing is Different: Many lake home buyers come from across the nation, and selling a lake home too quickly will limit the owner’s potential profit.
  3. Urgency is Different: The lake real estate market moves at a much slower pace because it involves discretionary purchases. Most buyers can afford to wait when searching for their dream lake home.
  4. Exposure is Different: Your home has to be seen to be sold. Working with an agent that has the ability to list your home with LakeHomes.com means all the right buyers will see your property.
  5. Buyers are Different: A lake home buyer has different buying habits than your typical residential buyer. A lake-focused agent will have expertise working with this demographic.

The needs of a lake home seller and a primary residential real estate are inherently different. To ensure the best outcome, work with a lake real estate expert!

Whiteboard Topics: How To Find A Lake Home At A Great Price

Posted on Kamari House

You shouldn’t give up on finding a good deal for your dream lake home just because it’s a discretionary purchase. Lake Homes Realty’s CEO, Glenn Phillips, shares four ways to find a great price for your future property.

  1. Think Rural: Location plays a big part in home prices. Typically, the more rural the area, the better deal you’ll get for the lake home.
  2. Smaller Lakes: While major lakes may be the first to come to mind, don’t count out nearby smaller lakes that can provide a similar lifestyle.
  3. Be Flexible: It’s great to have your list of must-haves, but you have to be willing to make some compromises in order to find the right price.
  4. Lake-Focused Agents: Finding an agent who specializes in lake real estate will make all the difference in your home search. Lakehomes.com has a plethora of lake experts committed to finding you what you’re looking for.

Take these tips into consideration before you buy in order to find the right lake home for the right price!