Tag: real estate advice

Whiteboard Topics: 4 Things to Consider When It Comes to a Guaranteed Sale Program

Posted on Linda Thach

Even though we do not do this as a brokerage, some businesses in the real estate industry may propose a guaranteed offer for your home if they don’t sell it. And while that could be a good opportunity in some cases, here are four reasons why you should be thoughtful when considering an offer like that as you plan to sell your lake home or any other property.

  • Understand. Make sure you fully understand what this offer entails, including the fine print. Some people may assume that if their home does not sell, the company will take their asking price and give them that amount. However, there are usually some caveats to this offer that are not always obvious. Be sure to ask questions and do not be shy — this is your house!
  • Not Full-Price. A “guaranteed” offer is not necessarily a “full-priced” offer. Since there are so many wholesalers who partner with brokerages, these offers are usually discounted. Understand what “guaranteed” means relative to price.
  • Cost of Time. A lot of these deals have timelines where if your home does not sell in a certain number of days, then they will move forward with their process. This means that if that path does not come to fruition or you do not want to take one of the guaranteed offers, you may have to start over with your marketing, thus making your home appear stale since it’s been on the market for a while. Be aware that if everything does not work out, you need to know how much time that will cost you.
  • If It Looks Too Good… This does not mean that anyone is being deceitful, but oftentimes if it looks too good to be true, it just might be. Make sure you know what the offer really is and how it applies to you and your situation. 

Whether you’re buying or selling your lake home or property, our agents at Lake Homes Realty can help provide insight into today’s lake real estate market and guide you in your home journey.

Whiteboard Topics: 3 Things to Know About Value in the Real Estate Market

Posted on Linda Thach

When you’re buying or selling a home, there’s one thing that should be on your mind — value. If you’re buying a home you should be thinking about getting great value for your dollar, and if you’re selling, you should be thinking about maximizing the value of your home. Whether you’re buying or selling, here are three important things to think about when it comes to value in real estate:

  • Value vs. Price Many people confuse value and price as the same thing, but they’re not! If you believe a house you’re selling is worth more than its listing price, that’s only perceived value. Price is what that house is listed for. The perceived value of both the buyer and seller have to align in order to create the actual value. Many deals fall through because of the disconnect between perceived value and actual value. 
  • Financial Value This is what the home is worth in real dollars to most people. Because we make decisions justified by emotion, financial value and personal value get mixed up when buying or selling a home. If there is an aspect of a house that does not add financial value to a house, then it is a personal value.
  • Personal Value This is what the home means to you — this is more common among sellers. If you make an addition to your home that you know won’t necessarily increase the financial value of your home, but that you enjoy personally, that’s personal value. Personal value is still important, but it is not financial value. This confusion can derail many great opportunities in the real estate market. 

The key to understanding value when buying or selling a home is knowing value does not equal price, and personal value does not equal financial value. Whether you’re buying or selling your lake home or property, our agents at Lake Homes Realty can help provide insight into today’s lake real estate market and guide you in your home journey.

Whiteboard Topics: How to Decide Whether a Family or Friend Should Be Your Real Estate Agent

Posted on Linda Thach

Have you ever encountered that awkward moment when a friend or family member thinks they should be your real estate agent, but they might not be the right fit? Real estate is probably one of the biggest investments you’ll make, so it’s important to choose the right agent for the job. Here are some tips for navigating that dilemma without wanting to disappoint or displease family and friends.

1. It’s a business decision. This is not necessarily a personal decision. There’s a lot at stake when choosing the right real estate. The right professional for the job will value that importance.

2. Interview for best choice. It’s not about you who like most, it’s about who can help you achieve your goals in the time frame you want. Interviewing for best choice will allow you to be confident in the plans and tools that the right real estate agent can offer.

3. Generalist vs. specialist. If you’re buying or selling a specialty property, like a lake home, a general real estate agent isn’t going to know all the nuances about that market. Someone who knows your market is going to likely be more effective than someone who doesn’t.

4. Look for unique offerings. Does the real estate agent have a unique skill or quality that no one else has? Compare the agents that can help you locate the property you want faster or maximize the number of buyers for the property you’re selling. Whether you’re buying or selling your lake home or property, our agents at Lake Homes Realty can help provide insight in today’s lake real estate market and guide you in your home journey.

Whether you’re buying or selling your lake home or property, our agents at Lake Homes Realty can help provide insight in today’s lake real estate market and guide you in your home journey.

Whiteboard Topics: 5 Things to Know About Your Highest & Best Offers

Posted on Linda Thach

In real estate, especially in competitive markets, agents typically ask for the “highest and best offers.” It’s important to understand what this means, and whether you’re buying or selling your lake home, here are five things you will need to know about “Highest and Best” offers.

  1. This is not an auction. The biggest number doesn’t always win the deal. Ultimately, the sellers decide on what is best for them.
  2. Mortgage vs. cash. Cash transactions typically don’t go through an appraisal process (there are exceptions). There’s usually a pre-approval process with transactions involving mortgages, which could lead to an inconvenient holding pattern, thus making it a riskier transaction than cash.
  3. Timeframe matters. You can de-risk the deal to a seller if there is a shorter timeframe from contract to close.
  4. Earnest money. A large amount of earnest money offered ensures the buyer’s level of commitment, which further de-risks the deal.
  5. Connection. An emotional connection can help make an offer highest and best.

Whether you’re buying or selling your lake home or property, our agents at Lake Homes Realty can help provide insight in today’s lake real estate market and guide you in your home journey. 

Whiteboard Topics: The One Reason Your Lake Home Isn’t Selling

Posted on Linda Thach

In this video, Lake Homes Realty’s CEO, Glenn S. Phillips, gives us the ONLY reason why your lake home is NOT selling.

If your property is listed on the MLS, chances are it’s being seen in the market and is reaching its maximum exposure.

With the current state of the real estate market, demand for lake homes is high making it a prime time to sell your lake home or property. But some of you might wonder: If the market is hot, then why is my lake house not selling? 

The answer is simple: OVERPRICING. You must price your home appropriately in order to get it sold and we can help you do that! 

Visit lakehomes.com to consult with a real estate agent that specializes in lake-focused property TODAY!

Whiteboard Topics: 3 Reasons Not to Wait to Sell Your Lake Home

Posted on Linda Thach

When you’re starting to think about selling your lake home, it can be hard to know when the best time to do so. In this video, Lake Homes Realty’s CEO, Glenn S. Phillips, shares THREE reasons why this fall may be the BEST time to SELL your lake home.

  1. Spring is old school. People looking for lake property are not influenced by the typical school year.
  2. Limited sellable inventory thus creating high demand. Many are opting not to sell their homes during the pandemic.
  3. Economic turmoil looming.  Uncertainty surrounding stimulus money and COVID-19.

If you’ve determined that right now is the time to sell your lake home, we’re here to help. Our national network of agents facilitates knowledge of the competition, quicker home sales, and relationships with buyers. Be sure to connect with one of our agents at Lakehomes.com today!

Whiteboard Topics: Four Tips on Buying a Lake Home During COVID-19

Posted on Camille Smith

When the pandemic began, buyers and potential sellers quickly realized that lake houses are perfect for social distancing. As a result, there became more buyer demand and fewer homes on the market. Although this trend has made things complex for buyers, this doesn’t mean you can’t find your dream home! If you’re looking to invest in a lake house, here are 4 tips on buying from our CEO, Glenn Phillips. 

  1. Be fast and aggressive in making your offer. 
  2. Look at the full inventory of lakes for sale.
  3. Find a lake expert agent to help you. 
  4. Consider multiple lakes in different states. 

Don’t forget that buying a lot and building a home is always an option as well! No matter what you choose, Lake Homes Realty is here to help. With tens of thousands of listings in multiple states, our agents use lake-focused expertise to support you throughout the buying process. 

Whiteboard Topics: 3 Reasons to Sell Your Lake Home in 2020

Posted on Camille Smith

Thinking of selling your lake home, but worried about the economy? While your hesitations are valid given the uncertain impacts of COVID-19, they’re likely unfounded. Lake Homes CEO, Glenn Phillips, gives three reasons why now is actually a great time to sell your lake home. 

  1. Lake real estate sells all months of the year, not just spring. 
  2. The availability of appropriately priced inventory has shrunk nationwide
  3. Take advantage of the window before stimulus money subsides 

Ultimately, the best time to sell your lake home is when it’s right for you. And if you’ve determined it’s time, don’t hesitate to put it on the market now. Consult with a lake focused real estate agent with nation-wide market awareness at Lakehomes.com! 

Whiteboard Topics: 5 Things Home Buyers Don’t Care About

Posted on Camille Smith

When it’s time to sell your lake home, you’re likely keeping a mental list of what home buyers find important. However, your attempt to read buyers’ minds could be incorrect. To avoid this pitfall, Lake Homes CEO, Glenn Phillips, shares 5 things that home buyers don’t care about.

  1. What you paid for the lake house 
  2. The price of nearby homes in the market 
  3. Personal effort that you put into the home
  4. Using outliers in the market as a proxy for your home
  5. Your feelings about the home (don’t take an offer personally!)

As you price your home, keep these points in mind. Overall, now is a great time to sell property, so take advantage of the current window!