Tag: lake real estate tips

Whiteboard Topics: 4 Costly Mistakes When Selling a Lake Home

Posted on Kamari House
It’s easy to make costly mistakes when selling your lake home, especially if it’s your first time. Lake Homes Realty’s CEO, Glenn Phillips, gives four tips you should know before selling!
  1. Pricing Too Far Above Market: Pricing too high initially will cause your house to sit on the market. Eventually, you’ll cut the price, and may even get lowballed in the end.
  2. Agent-Only on Friendship: Your selection of real estate agents shouldn’t be limited to your friends. You shouldn’t feel pressure to hire your friend, especially if they are not the right fit.
  3. Agent-Only LOCAL Visibility: You need an agent who isn’t limited to local reach. There are potential, quality buyers across the country, not just the surrounding area.
  4. Not Thinking Nationally: Consider how the price of your lake home competes with other lake homes nationally. Plenty of buyers want the lake lifestyle, no matter the location.
You need to look at the bigger picture before selling your lake home. Choosing the right price, the right agent, and understanding your market will help prevent you from making those costly mistakes!

Whiteboard Topics: 4 Killer Fails in Hiring a Lake Real Estate Agent

Posted on Kamari House
Hiring a real estate agent can be tricky when you don’t know what to look out for. Lake Homes Realty’s CEO, Glenn Phillips, gives four mistakes to look out for when hiring an agent!
  1. Generalist: It’s imperative to look for a specialist when hiring a real estate agent because a generalist may or may not understand the nuances of buying/selling lake homes.
  2. Friendship First: Friendships are important but you must remember that when purchasing a lake home, it’s about business. Again, a specialist would be more beneficial to you.
  3. Family First: We always want to help our family when we can but if they are not experienced enough in lake real estate, it can hurt you in the long run.
  4. Only Thinking Local: There are potential buyers across the nation, not just in local areas. An agent who only focuses on the surrounding area will hinder your opportunities.
Choosing the right real estate agent should be one of the first things on your list when buying or selling your lake home. Remember, this is a business and making the best decision for you, despite the circumstances, is the most important thing!

Whiteboard Topics: 3 Reasons Why Fall and Winter Are a Great Time to Buy a Lake Home

Posted on Kamari House

Now that fall is officially here and winter is approaching,  Lake Homes Realty’s CEO, Glenn Phillips, explains why now is the best time to purchase your dream lake home!

1. Summer Enthusiasm Has Faded: Now that summer has ended, the initial wave of enthusiasm has worn off. This will prompt more homeowners to list their lake homes.

2. Winter Water Levels: You’ll get insight into the water levels of the lake during the fall and winter seasons. Seeing it firsthand can make all the difference.

3. What is Open Year-Round: You can see how active this lake is during the fall/winter seasons. Are shops and restaurants still open? Are events still happening?

Although the fall/winter is typically considered the ‘off-season’ for lake homes, it may be the perfect time to buy one. Visualizing your dream lake home setting in every season can help you make the right purchase!

Whiteboard Topics: 3 Easy Ways to Fail at Selling Your Lake Home

Posted on Kamari House
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!
  1. Inferior Photos: Unflattering, unrealistic, and a lack of photos of your lake home can turn buyers away from the property.
  2. Unresponsive Listing Agent: An agent that isn’t reliable or responsive to interested buyers will cause you to lose out on potential deals.
  3. 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!

Whiteboard Topics: Buying a Lake Home? Do Your Homework First!

Posted on Linda Thach
Lake Homes Realty’s CEO, Glenn Phillips, gives 5 need-to-know tips before purchasing your first lake home. These tips will help you save money and help you understand what to expect when living on specific lakes!
 
1. Shoreline Requirements: These requirements vary by lake areas which can, in turn, determine certain limitations such as what you can build, removal of vegetation, etc.
 
2. Dock Requirements: Some lakes have specific requirements concerning the addition/alteration of docks to your lake home, so do not assume anything goes.
 
3. Water Level: Understand how the water levels change on your lake because it can determine the height of your dock, the time of year/day you fish, etc.
 
4. Water Quality: Knowing the quality of lake water, clarity, for example, can give you clear expectations of how it’ll appear year-round.
 
5. Lifestyle: Determine the type of lifestyle you’d like to live on the lake, whether quiet or active, as it will help you decide which lake and where on the lake to buy property.
 
Doing your homework before purchasing your dream lake home is essential! It’s better to understand what to expect before making such a big commitment.

Whiteboard Topics: 4 Reasons Why Inflation Matters to Lake Home Real Estate

Posted on Linda Thach
Lake Homes Realty’s CEO, Glenn Philips, explains why inflation has such a big impact on real estate as a whole, and why you need to understand how it affects lake real estate if you’re interested in purchasing/selling a lake home.
  1. Mortgage Interest Rates: The combination of low mortgage interest rates and a steady increase of inflation may affect buyers who typically pay cash for lake homes
  2. Stock $ Impact: Lake home owners are usually also investors, and depending on how inflation is affecting stock value, this could influence whether they keep or sell their homes.
  3. Influence of Headlines: The buzz generated from worlds like inflation can have an impact on how potential lake home buyers/sellers participate in the real estate market.
  4. Investment Value: Real estate is usually a good way to hold investments, so purchasing lake homes as your second home is a viable option.
Knowing how big of an influence inflation can have on lake real estate will help you navigate this market when buying your dream lake home!

Whiteboard Topics: 4 Signs a Lake Home is Grossly Overpriced

Posted on Linda Thach
Buying a lake home can be stressful, especially in this seller’s market, but it’s important to know you’re getting your dream lake home at a reasonable price. Lake Homes Realty’s CEO, Glenn Phillips gives four signs a lake home is grossly overpriced.
  1. Days-on-Market: Lake homes don’t spend too much time on the market, and when they do, it’s an indicator of being unreasonably priced.
  2. Big Appraisal Gap: If the listing price and appraisal have a large gap between them, it’s a clear sign the lake home is overpriced. 
  3. Back on Market: Sometimes, a lake home is back on the market after being listed as pending. This could be due to a buyer attempting to work with the exaggerated price, but realizing it would be a bad investment.
  4. Massive Price Increase: When reviewing the price history of a lake home, take note if there was an alarming increase and whether any renovation has been done to the home to validate said increase.
Never spend more than you have to on your dream lake home. You never have to settle for overpriced properties when you know all the signs to watch out for!

Whiteboard Topics: 4 Lake Homebuyer Strategies That Sellers Should Understand

Posted on Linda Thach

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.

  1. 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.
  2. 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.
  3. 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.
  4. 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.

Whiteboard Topics: How Water Levels Impact Your Lake Home’s Value

Posted on Linda Thach

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.