Selling a lake house is an exciting but difficult undertaking, and your main goal as a homeowner is to secure the greatest offer possible. However, it is critical to exercise caution because the highest offer may not always be the most lucrative. Let’s look at some important points to consider when selling your lake house to prevent financial hazards.
1. Avoiding Selling Too Quickly: Resist the urge to accept early offers; instead, wait for perfect market circumstances to obtain the best price.
2. All Cash Transactions: Be wary of all-cash proposals since they may come with lesser bids and make it difficult to negotiate a fair bargain.
3. Limited (or no) Contingencies: Carefully evaluate proposals with fewer conditions to prevent any legal or financial problems.
4. Seasoned Real Estate Agents Who Understand Niche: Work with seasoned agents who specialize in lakefront properties for professional advice, effective marketing, and skilled negotiating.
A thoughtful and informed approach to selling a lake house may make it a rewarding experience. While a large offer may appear appealing, it is critical to consider all elements to prevent financial disasters. Take your time, investigate all-cash bids, evaluate conditions, and seek advice from experienced lakefront real estate brokers. With these safeguards, you may sell your cherished lake house with confidence and optimize your investment return.
COEUR D’ALENE, Id. (May 31, 2023) –A new lake real estate report from the country’s largest lake-focused brokerage show listing prices in Idaho are up over spring 2022. “The new Lake Real Estate Market Report from Lake Homes Realty shows Idaho’s total market at $497 million, up from $404 million in the spring of 2022,” said Jan Keener, a new agent with Lake Homes Realty, who focuses on Coeur d’Alene Lake and Spokane River in Idaho. Lake Homes Realty operates in 34 states across the country.
“The new quarterly lake real estate report from Lakehomes.com shows Coeur d’Alene Lake to be the largest market in the state of Idaho,” said Keener. “The specialized website just showcases properties that are lakefront, have a lake view or lake access so we can help clients from across the country search for dream lake properties.” As of May 18, 2023, Coeur d’Alene Lake has 217 lake area properties listed, ranging from a $26,500 lot to a $19.9 million lake home. Over 100 of the properties were listed for over $1 million,” said Keener.
The average home price for listings around Spokane River is $2.3 million, according to the Lake Market Real Estate Report. There are currently nine lake area lots currently listed on Spokane River, including a 290-acre property.
“Boating is extremely popular on Coeur d’Alene, as are its related activities, waterskiing, tubing, and wakeboarding,” said Keener. “With 30,000 acres of pristine water, there are more than a dozen boat launches and charter fishing companies to use. Coeur d’Alene Lake appeals to lake home searchers from across the country. Among the hundreds of people searching the lake homes and lots in Idaho in March 2023, the top Metro area looking on LakeHomes.com was Seattle-Tacoma followed by Spokane, Washington, and Los Angeles,” said Keener. “The national reach offered by LakeHomes.com works really well with my local expertise along Coeur d’Alene Lake and the surrounding area,” said Keener. One in 37 American adults look at LakeHomes.com each year.
“We believe our agents’ intimate knowledge about their lake real estate markets, nuances of the lakes themselves, and their involvement in local lake life is paramount to our continued growth,” said Glenn S. Phillips, CEO and Chief Economic Analyst for Lake Homes “Jan offers outstanding customer service in the Lake Hartwell areas and is truly a specialist in that area,” he said.
About Jan Keener
For more than 37 years, Jan has dedicated herself to being a waterfront specialist, actively involved in selling waterfront properties in North Idaho. Coeur d’Alene Lake holds a special place in her heart, as she has been boating there for over four decades. It’s no surprise that Jan’s expertise and passion lie in this picturesque location.
Jan’s upbringing took place on Liberty Lake in Washington, and she resided on Lake Coeur d’Alene for 22 years. Her love for the water knows no bounds, engaging in various activities such as swimming, skiing, fishing, and more. Jan is truly immersed in the lake lifestyle.
Her accomplishments in the industry have earned her multiple accolades, including membership in the Top Producers Clubs and the esteemed Multi-Million Dollar Club. Jan is dedicated to serving both buyers and sellers, ensuring their needs are met. Joining Lake Homes Realty has provided her with the perfect opportunity to thrive in her preferred environment.
Jan cherishes her family, which includes her husband, two children, and five grandchildren, with whom she loves to share the joys of lake life. Her primary hobby is boating, and she spends her springs, summers, and falls out on the water. “Nothing can beat the stress of life than to be out on the water,” Keener says.
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.
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.
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.
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.
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!
It can be frustrating when your lake home sits on the market for too long. Lake Homes Realty’s CEO, Glenn Phillips, gives 3 reasons your home may not be getting any interested buyers!
Inferior Photos: Unflattering, unrealistic, and a lack of photos of your lake home can turn buyers away from the property.
Unresponsive Listing Agent: An agent that isn’t reliable or responsive to interested buyers will cause you to lose out on potential deals.
Aspirational Price: Although this is a hot real estate market, it’s important to list your hope at a reasonable price. Most buyers won’t show interest in a home that’s grossly overpriced.
There are several reasons your lake home listing has been on the market for so long, but these are issues you can nip in the bud early on!
When buying your dream lake home, it’s important to review all your options. Lake Homes Realty’s CEO, Glenn Phillips gives five reasons why a waterfront lake home may not be for you.
Water view: Although waterfront homes seem to be the obvious choice, they can be hard to come by. A great alternative is a water view home, because of the amazing view you’ll have of the lake.
Water Access: These lake homes may not have a view of the lake, but they are in close proximity and are typically located in a community. These are great for those who consider their lake home their ‘second home’.
Bang for the $: One of the biggest benefits of choosing a water access home over a waterfront home, is the bang for your buck. You’ll be able to get a lot more space and a more modern look if you forego the lakefront home.
Competition: The competition for waterfront homes can be overwhelming. Choosing to buy a different type of lake home can lessen the competition, making for an easier buying process.
Future Plans: A water view or water access home can be a great ‘first lake home’ for a much better price. Taking this first step can allow you to plan for the future.
Knowing all your options is key when purchasing your dream lake home. Make sure to review all your lake has to offer!
There is no doubt that we are now in a hot real estate market. What this means is that the demand for homes is high while inventory is low which oftentimes could fall in the seller’s favor. With that being said, before you rush off to put your home on the market, here are four need-to-know strategies that homebuyers are using in order to gain an advantage in this real estate market.
Apples and Oranges. It’s important to take a close look at your contract as many homebuyers can submit one that would make it stand out from competitors when in fact, it doesn’t offer much advantage over others, the only difference is that the language makes it sound more appealing.
Escalation Clauses. Oftentimes many homebuyers will submit escalation clause offers which in turn, puts your home into an auction environment. It can be a headache to sort through all of these offers so it’s important to understand the details and/or whether or not you would want to enter in an escalation clause.
Win Contract Then Decide. Many homebuyers are opting to win the contract and then using contingencies to buy time to decide whether or not they want to purchase your home. You must be aware of this strategy and allow yourself enough time to sort through all of the details in order to get the best offer for your home.
Aggressive Deadlines. Homebuyers will set short deadlines on offers in order to force the seller to make a decision. As a home seller, you must understand that there are more home buyers than there are homes available so it’s advantageous for you to take your time in order to make the best decision for you.
If you need a lake professional to help guide you on your home selling journey, our knowledgeable agents are available for assistance.
If you’re looking to buy a lake home or currently own one, you already know that the lake has many lifestyle benefits such as an abundance of recreational water activities as well as 24-hour access to the beautiful lake view from your backyard. But did you know that the water level of your lake could affect your lake home’s value? In this video, Lake Homes Realty’s CEO, Glenn S. Phillips gives us four aspects of water levels that could impact your decision to buy a lake home or price your lake home if you’re planning on selling.
1. Flood Zones. If your lake home is in an area prone to floods, this could affect the price of your lake home and the cost of insurance.
2. Deep Water. How deep is the water? If you’re looking to add a dock on your lake property, the water needs to be deep enough to accommodate it. Water levels typically affect the clarity of the lake water itself. Also, lake activities such as fishing could be affected by the level of the water level and certain watercraft are not allowed on shallow water.
3. Seasonal Water. Some lakes have water levels that vary throughout the year. For example, water levels might be lower during the wintertime thus limiting lake activities.
4. Daily Changes. Lakes that are being used for hydroelectrical purposes typically have daily water level changes that could range from 12-18 inches.
If you’re considering buying or selling a lake home, be sure you understand your lake’s water level. If you need assistance with your lake home, our agents at Lake Homes Realty can help provide insight into your lake area and guide you in your home journey.
It might sound good to have your lake home sold in one day but it might not be in the best interest of you, the home seller. In this video, Lake Homes Realty’s CEO, Glenn S. Phillips provides four REAL reasons why real estate agents want to sell your home in one day.
Less work. If an agent is able to get your home sold in a very short period of time (which is very likely in a hot market), it’ll mean less work for them. Because of this, you may or may not get the optimal price for your home.
Commission is similar. Since how much an agent gets paid doesn’t differ much between a good sale price and a great one, there isn’t much incentive for them to go the extra mile to get the best return on investment for your lake property.
Self-promotion. Being able to move a property off the market in record time comes with its own “bragging rights.” But in some cases, it’s the hot market or high demand that is the leading factor behind quick sale transactions and not necessarily the effort that the agent is putting in.
Limit competition. In this current real estate market where the demand is high, agents oftentimes have buyers on hand that are ready to buy (sometimes within the hour!). If a quick sale is something you’re interested in, that’s great! But if you’re looking for the most bang for your buck, you might want to consider having other buyers join in. More competition will benefit you as a home seller since you’ll likely have more offers driving up your home selling price.
If you’re interested in selling your lake home or property and need a lake expertwho understands lake property and will help you get the most return on your investment, we’re here to help.
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.
