Tag: lake real estate tips

Whiteboard Topics: How Do I Buy An Overpriced Lake Home?

Posted on Kamari House

Finding the home of your dreams with an egregiously high price tag can be discouraging. Lake Homes Realty’s CEO, Glenn Phillips, gives six factors to keep in mind when facing an overpriced home.

  1. Keep Options Open: Becoming fixated on a home can cause you to miss out on other opportunities. Keep an open mind for all potential properties.
  2. Patience: Good things come to those who wait. Although it can be challenging, remember to take your time during this process.  
  3. Listen…and Ask: Be mindful with your questioning, and actively listen to your realtor when they share information. Doing so will help you adapt to your seller’s needs.
  4. Bring Data: Collecting your own information in regards to the market will help you during the negotiation process. It can help determine a realistic price for a home, rather than relying on an inflated number a seller wishes to receive.
  5. Flexibility: If you find your dream home, you don’t have to be so rigid when negotiating. Decide what you’re willing to compromise on to get to a deal both parties are comfortable with.
  6. Be Ready to Walk: Becoming attached to a home can cause you to make rash decisions. When you’ve exhausted your capacity for compromise, be willing to walk away.

When entering the lake homes market, a hefty price tag can be disheartening, but you shouldn’t let it deter you from buying the home of your dreams. Stay prepared, and you will be able to negotiate your way to a manageable price!

Whiteboard Topics: 4 Risks of Buying a Lake Home to Rent on AirBnB

Posted on Kamari House

Multiple streams of income are essential, and renting out real estate properties is a classic investment venture. Lake Homes Realty’s CEO, Glenn Phillips, shares 4 risks to consider before buying a lake home to rent.

1. HOA Rules: Relying on the homeowner or real estate agent to communicate the HOA rule can lead to a misunderstanding. To ensure you have the most up-to-date information, contact the HOA directly.

2. City and County Laws: Similar to HOA rules, the city/county themselves may have restrictions you need to be privy to before you invest in a lake home. There may be laws against renting properties that will affect your plans.

3. Zoning Regulations: These potential restrictions can vary depending on which zone of the lake you are in. Again, it’s important that you conduct thorough research on what is allowed regarding short-term rentals.

4. Housekeeping: Reliable housekeeping is very important when conducting short-term rentals. You must take into account the time, money, and consistency necessary to keeping up your property.

Making a profit on short-term rentals is definitely possible, but you have to educate yourself on the risk factors before you invest. Once you are knowledgeable about the pros and cons of renting out lake properties, you’ll secure yourself another stream of income in no time!

Whiteboard Topics: 4 Reasons Buyers Need A Lake Expert Agent

Posted on Kamari House

You need to be sure that the home you choose is on a lake that allows you to have the lake lifestyle of your dreams. Lake Homes Realty’s CEO, Glenn Phillips, explains why choosing a lake expert is so beneficial for a buyer.

  1. Unlike Other Property: Lake real estate is a specialized market. Agents that only focus on primary residence homes lack critical lake knowledge that only a lake expert would have.
  2. Regulations: To live your preferred lake lifestyle, you need an agent who can tell you the rules and regulations of the water. Owning a property doesn’t automatically give you the right to make changes or engage in certain lake activities. The rules also vary from lake to lake.
  3. Lake Behavior: A lake’s water level can depend on the season or even the time of day. A lake expert can detail the behaviors of your preferred lake so that you aren’t surprised after you buy.
  4. Zoning and Restrictions: While many lakes have regulations for residents to follow, there may be so parts of a lake that don’t have to follow the same rules. You’ll need an expert from that lake who can show you homes that follow or bypass these restrictions.

Don’t settle for a real estate agent who is unfamiliar with your lake of choice. Working with a lake expert will make all the difference to your buying experience!

Whiteboard Topics: 6 Recent Trends in Lake Real Estate

Posted on Kamari House

The lake real estate market is forever changing, and it’s important to be in the loop if you plan on buying/selling a home in the near future. Lake Homes Realty’s CEO, Glenn Phillips, shares six trends you should stay on top of.

    1. Demand: The demand for lake homes will begin to slow slightly, but will still remain high when compared to industry standards.
    2. Inventory: The supply of appropriately priced homes on the market is at an all-time low and will continue to be scarce.
    3. Lots: Buyers are finding it difficult to discover a lake home with everything they want and are now resorting to purchasing lots to build the home of their dreams.
    4. Competitive Bidding Slowing (Slightly): Bidding was extremely aggressive during the beginning of Covid, but has slowed some in recent times. This is due to the world reopening and buyer fatigue.
    5. Delusional Pricing: Some lake homes are wildly overpriced. This is due to homeowners basing their price on what others sell their homes for rather than what their own home is worth.
    6. Multiple Lakes: Buyers aren’t limiting their scope to just one lake. The Lake Homes website shows that one user will typically look for homes on different lakes in different states.

You can never get too comfortable with the lake real estate market because trends can change from year to year. Be prepared for what’s to come by educating yourself on where the market is headed before you buy/sell your home!

Whiteboard Topics: 5 Things Lake Homebuyers Must Know About Mortgage Rate Increases

Posted on Kamari House

Increasing mortgage rates are unpreventable, and have an impact on how you, as a buyer, will purchase your dream lake home. Lake Homes Realty’s CEO, Glenn Phillips, shares five need-to-know factors involved with the rise in rates.

  1. Less DIRECTLY Important: Depending on the size of the mortgage, it can affect the amount of home you can get for the same monthly cost.
  2. Investment Sense?: Buyers are more likely to take out a mortgage for a lake home now when interest rates are still low, and pay it off with ‘cheaper dollars’ in the future as rates increase.
  3. Slow Price Appreciation: No matter the market, lake homes need to be priced appropriately, especially as rates rise. Not many buyers will continue to be enthusiastic to pay such high prices.
  4. Do Not Solve Inventory Shortage: Rising interest rates will not be enough to stop the lake home shortage. This means that although buyer competition has slowed, it hasn’t stopped completely.
  5. Expertise Still Matters: Ensure you are still making a smart investment in this shifting market with the help of a lake real estate expert. 

The market is ever changing, and knowing what to expect can help you make smart investment decisions. Having a lake real estate expert who knows how to guide you through these rising rates will ensure a smooth buyer experience!

Whiteboard Topics: 5 Surprises about Lake Real Estate

Posted on Kamari House

What seems unusual to the average home buyer/seller may be completely normal in the lake real estate market. Lake Homes Realty’s CEO, Glenn Phillips, shares five surprises about lake real estate you should be prepared for.

  1. > 50% Cash Deals: More than 50% of lake home transactions are cash deals. This happens because those who are purchasing lake homes can afford
  2. Multiple Lakes: Buyers aren’t looking at one lake, so it’s important to price your home to compete with those out-of-town locations.
  3. Leading and Trailing Markets: The lake market is always changing within itself. Popular locations will get hot first, but the surrounding lake homes will find their way up in demand.
  4. AVMs Struggle: It’s best to avoid using online tools when finding the price value of your home because they can be extremely inaccurate when measuring lake properties.
  5. Land and Location: The location of a home can have a big effect on its price. Buyers have to remember, they are not just paying for the property, but also the land it resides on.

The lake real estate market is unique and plays by rules that don’t apply to the average market. Understanding why the lake market moves the way it does will help you avoid getting surprised!

Whiteboard Topics: Does “Lake Home” Mean “Lakefront”

Posted on Kamari House
Not every lake home is waterfront, but they all have their advantages.  Lake Homes Realty’s CEO, Glenn Phillips, breaks down the differences between types of lake homes.
  1. Sometimes, But Not Always: Not every lake home is on the water. There are many options available including lakefront, lake access, and lake view.
  2. Lakefront: This property is also known as waterfront, and is actually on the water. The home has direct access to the lake.
  3. Lakeview: These homes are some distance away from the lake, but have a beautiful view of it from where they are. For some, the view is the highlight of lake living.
  4. Lake Community: Typically a large community with plenty of amenities including golf courses and clubhouse access. You’ll also be a fair distance from the water but said amenities will more than make up for it.
Whether your home is right on the water, or some ways away, you can still make the most out of your lake living experience. Think about what’s most important to you before you buy your dream lake home!

Whiteboard Topics: 5 Things To Know About Lake Real Estate In 2022

Posted on Kamari House
Real estate is ever-changing, so it’s important to know what to look out for in the coming year. Lake Homes Realty’s CEO, Glenn Phillips, shares five things to know about lake real estate in 2022.
  1. Mortgage Rates: Although more than half of lake property transactions are cash, mortgage rates have been so low, that having a mortgage has become a cheaper option. Due to inflation, these rates will start to rise, causing buyers to shift back to cash deals.
  2. Inventory: There will continue to be a shortage of appropriately priced homes on the market and there is no sign of this stopping as the new year approaches.
  3. Buyer Demand: Buyer demand will continue to hold strong because there are still more people buying homes than selling them. 
  4. Bidding Temperature: Heavy bidding will still take place, but it won’t be as ‘super-charged’ as it was in 2021. Some bidding is inevitable because of low inventory.
  5. Distance: Out-of-state buyers are already common among lake property transactions, but this trend will continue to grow throughout the coming year.
No one knows exactly what the future holds, but it’s clear to see where lake real estate is heading in 2022. Make your dream lake home a reality this new year with these real estate tips!

Whiteboard Topics: 4 Reasons To Sell A Lake Home This Winter

Posted on Kamari House
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.
 
  1. 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.
  2. 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.
  3. 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.
  4. 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!