Tag: real estate advice

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: 5 Home Pricing Mistakes Sellers Must “Get Over”

Posted on Kamari House

Selling your lake home can be challenging when you don’t understand the importance of proper pricing. Lake Homes Realty’s CEO, Glenn Phillips, shares five pricing mistakes sellers must “get over.”

  1. What You Paid for the Property: Buyers do not care what you paid for your property. Your pricing must be based on the current market, and not the one when you bought it.
  2. Prices of Nearby Homes for Sale: Ignore the prices of nearby homes that have been on the market for some time. These unsold homes are more than likely overpriced.
  3. Your Personal Effort: Just because you have put personal effort into your home doesn’t mean the market price will reflect what you feel it’s worth.
  4. Rumors of High Sales Prices: Outliers do exist, but you shouldn’t overprice your home because of them. Use the average sales prices as a guideline.
  5. Taking Low Offers Personally: Disregarding low offers can close the door on potential opportunities. Be sure to respond in order to begin the negotiation process.

Your lake home will never leave the market if you don’t do the proper research when listing it. Sell it for the right price in this real estate market now with these tips so you’ll know what to avoid!

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 Your Agent Should Not Have A Local Office

Posted on Kamari House
Having a home office isn’t as big of an advantage for real estate agents as it once was. Lake Homes Realty’s CEO, Glenn Phillip, explains why your potential agent should not have an office.
  1. Office Cost vs. Service Capabilities: Money is being invested in an office space, and not reinvested in efforts to help agents buy/sell a home.
  2. Reasons Change: Before the digital age, offices were necessary for running the business. Now, all important documents/information can be stored on computers, phones, etc.
  3. Lake Home Buyers are Rarely Local: Potential buyers are not limited to the local community. Most of the time they will come from all across the nation.
  4. Value of Time: Stopping by the office before touring homes can feel like an unnecessary detour, especially for out-of-town buyers.
Having an office is outdated for a real estate agent. Having one takes investment efforts away from buying/ selling homes and can become a waste of time!

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 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: 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!