Tag: lake real estate advice

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!

Whiteboard Topics: How Are Lake Home Sellers Different?

Posted on Kamari House

Lake home sellers differ from those in other markets for many reasons. Lake Homes Realty’s CEO, Glenn Phillips, shares the most significant factors to consider before searching for your dream lake home.

  1. Older: Because a lake home is a discretionary purchase, most sellers fall into the older demographic.
  2. Economy Blind: These sellers aren’t as affected by changes in the economy due to their ability to afford a more expensive lifestyle. This factor may also dampen the appeal of a cash offer, as this is extremely common on the lake.
  3. Lack Necessity: Owning a lake home is an elective purchase, meaning those who choose to have one can afford to keep one. Because of this, owners lack haste when selling.
  4. Patient: The biggest incentive these sellers would need to sell their home is a grandiose offer. Without one, most don’t have a big enough reason to budge.

Understanding the demographics of the lake real estate market will help your chances of buying your dream home on the lake!

Whiteboard Topics: How To Spot An Overpriced Lake Home?

Posted on Kamari House

Just because a lake home is a discretionary purchase, doesn’t mean you should overpay for one. Lake Homes Realty’s CEO, Glenn Phillips, shares how to spot an overpriced property.

  1. Price… “Sort Of”: What’s considered overpriced for one home on the lake may be a great value for a similar property in the area. You have to keep certain factors in mind before you start comparing homes.
  2. Days on Market: A high number of ‘Days on Market’ is usually a sign that other home buyers have deemed it inappropriately priced.
  3. Clues in Photos: Assess photos for current conditions. Sellers may try to reimburse themselves for the money they’ve invested in the past despite it being outdated.
  4. FSBO: These sellers aren’t as knowledgeable about today’s market as a traditional agent would be. This typically leads to them overshooting the current value of their home.

Watch out for these signs and you’ll find your dream lake home with the right price tag!

Whiteboard Topics: How Are Home Buyers Different?

Posted on Kamari House

Lake home buyers differ greatly from their residential counterparts. Lake Homes Realty’s CEO, Glenn Phillips, breaks down the traits of these types of buyers.

  1. Money / Financing: Over half of lake home transactions are with cash. If buyers do decide to get a mortgage, they are more than likely favorable candidates for them.
  2. Motivation: The average lake home buyer has one of two reasons for moving closer to the water. They’re either eager to move because they’ve become enthralled with the idea of a lake home, or they want to enjoy the slower-paced lifestyle of lake living.
  3. Timeframe /Patience: These buyers are searching for their dream home, meaning any old property won’t do. They have plenty of patience, and time on their side.
  4. Impact of Economy: Even in times of economic uncertainty, lake home buyers are still active in the market. Although a lake home is a discretionary purchase, it can be a great place to hold your money.

The best way to cater to a potential lake home buyer is to understand their behaviors and what they want in their dream home. This insight should make your real estate journey much smoother!

Whiteboard Topics: How Do Interest Rates Influence Lake Real Estate?

Posted on Kamari House

High-interest rates can startle the average buyer, but rest assured, the lake real estate market plays by a different set of rules. Lake Homes Realty’s CEO, Glenn Phillips, shares why lake home buyers shouldn’t be concerned about the rise in interest rates.

  1. Limited Mortgages: Most lake home transactions are done in cash, elevating the need for mortgages. Because lake homes are discretionary purchases those who opt into a mortgage art usually in a higher financial bracket.
    1. Existing Lender Relationships
    2. Rural vs. Suburban 
  2. Preferred Credit: Most lake home buyers have a solid credit standing, which puts them in a better position than other borrowers.
  3. Investment Hedge: During inflation, investing in real estate is a great financial move. The average lake home buyer will see this as a smart place to put their capital.
  4. Mindset: While the increase in interest rates doesn’t have a significant effect on lake home buyers, it could indirectly affect their behavior. 

Don’t let increasing interest rates stop you from finding your dream lake home. The lake real estate market will have no problem thriving despite inflation!

Whiteboard Topics: What Sellers of Lake Homes Will Be Thinking In 2023

Posted on Kamari House

Predicting the habits of sellers tends to be a shot in the dark in today’s market, but it doesn’t hurt to give an educated guess. Lake Homes Realty’s CEO, Glenn Phillips, forecasts some expected trends from sellers in 2023.

  1. Already Selling: There are three types of sellers in this category. They typically range from casually invested, uninterested, and completely vested in the lake real estate market.
    1. “Steady as She Goes”
    2. Under-reactive
    3. Proactive
  2. New Sellers: This category also holds three types of sellers, most of which are proactive. What differs about them is the motivation behind selling their property.
    1. “Steady as She Goes”
    2. Proactive-Economic Concerns
    3. Proactive-Liquidate

From speculative to motivated, sellers come in all types, and understanding their patterns is key to buying or selling a lake home. Be sure to take these seller types into consideration before entering the lake homes market!

Whiteboard Topics: How To Find Your Dream Lake Home

Posted on Kamari House

Before embarking on your lake real estate journey, you have to set some groundwork. Lake Homes Realty’s CEO, Glenn Phillips, presents five ways to prepare yourself in order to find your dream lake home.

  1. Know What You Seek: Clearly define what you want in your lake home. It’s extremely difficult to find the right home if you don’t know what you’re looking for.
  2. Know What You DO NOT Want: Knowing what you don’t want will help narrow your search to more promising homes. 
  3. Long Time-Frames: Lake homes are discretionary purchases, which results in a slower moving process than traditional residential real estate. Prepare to be patient for the home that you want.
  4. LakeHomes.com Email Alerts: To stay on top of the lake homes that match your criteria, sign up for email alerts at LakeHomes.com.
  5. Lake Expert Agents: Be proactive in communicating with a lake expert agent. Doing so will help them find the best lake home for you.

Setting the foundation for a smooth home-search process will make all the difference. Find your dream home with confidence after adding these steps to your checklist!

Whiteboard Topics: Selling? Don’t ‘Buy’ The Lake Homes You Already Own

Posted on Kamari House

Is demanding everything you want worth it if you still own your lake home in the end? Lake Homes Realty’s CEO, Glenn Phillips, shares 3 reasons why you should be more flexible as a seller.

  1. Overpriced for Current Market: One of the first indicators that you are about to ‘buy’ your own lake home, is overpricing it. While your home may feel priceless, its valuation has to match the market. Are the phrases below clouding your pricing judgment?
    1. What I’ve got in it
    2. I used to be an agent
    3. My ‘Friend’ said
    4. I read on the Internet
    5. My neighbor’s house…
    6. I need this much
  2. Failure to Counter Every Offer: No matter the offer, you should never take it personally. Always consider countering in order to take advantage of all opportunities.
  3. Looking to Conquer: Be willing to consult with a lake expert, and accept that you may not get everything you want out of the deal. The best chance you have to sell your home is when you are realistic.

Don’t let your personal attachment to your home force you to own it forever. Let the market and your lake agent, guide you when you’re ready to sell!