Tag: real estate advice

Whiteboard Topics: How to Sell Your Lake Home for More Money

Posted on Kamari House

If you want to maximize your return on your lake home, check out these tips from Lake Homes Realty’s CEO, Glenn Phillips.

  1. Remove Attachment: Refrain from equating your attachment to the home with its value. You should treat this process like any other transaction.
  2. Price Strategically (Appropriately): Overpricing your home will cause it to become stale on the market, which will inevitably force you into a series of price cuts. Soon, you’ll notice buyers only presenting you with lowball offers.
  3. Use Time Correctly: If you sell your home too quickly, you may be leaving money on the table. Give out-of-town buyers a chance to present you with better offers.
  4. Think NET vs Price: Commission fees will affect the net earnings on your home, but investing in a solid real estate agent will ensure you walk away with the most money possible.
  5. Extra Exposure: The right exposure will make all the difference in selling your home. Websites like LakeHomes.com have a database full of qualified buyers looking for a home like yours.

Before you put your house on the market, be sure to consider these factors to get the most from your investment!

Whiteboard Topics: How Can a Lake-Focused Real Estate Agent Protect a Buyer?

Posted on Kamari House

Having a lake-focused real estate as a buyer will make all the difference. Lake Homes Realty’s CEO, Glenn Phillips, shares variables about lake home buying that make a lake expert crucial.

  1. Water is Not All Equal: Where you want to be on the water can have a considerable effect on lake activity, home price, etc.
  2. Leased Lots: This transaction type is extremely common on the lake, and is nothing to fear. The length of your lease can be up to 100 years and is transferable when you’re ready to move.
  3. Financing is Different: The average lender may not be familiar with lake-specific transactions like leased lots. A lake-focused agent can connect you with a lake-focused lender to help prevent confusion.
  4. Unexpected Regulations: Don’t find out about lake restrictions after you’ve bought your home. A lake expert can help you navigate your lake’s regulations during your home search.
  5. Lake-Induced Price Variables: Two identical homes on a lake can have vastly different price tags depending on their relation to the lake. 
  6. Different Types of Sellers: Traditional sellers are bound to a timeframe when trying to move. Lake home sellers don’t have the same haste, as this is a discretionary purchase. 

Don’t settle for a real estate agent with minimal knowledge of the lake, when you can find a lake expert at LakeHomes.com!

Whiteboard Topics: Why Buy a Lake Home on a Leased Lot?

Posted on Kamari House

Leased lots are more common around the lake than you think. Lake Homes Realty’s CEO, Glenn Phillips, shares why you should consider purchasing these properties.

  1. Common on Many Lakes: Larger lakes were built by power companies, and in order to maintain control of the surrounding land, they prefer to lease lots instead of selling them.
  2. Buy House, Transfer Lease: When buying a home on these lots, the lease will get transferred to the new owners of the property.
  3. Reconsider Time of Homeownership: There’s no need to fear the time length of a lease. If you want to stay longer than your allotted time, you can always renew it. If you’d like to leave sooner than expected, the lease will be transferred to your buyers.
  4. Can Still Finance a Home: Local lenders who are familiar with this structure will have no issue helping you finance.

Buying on a leased lot is a great option for buyers. Remember, you aren’t restricted to the timeframe of the lease because of renewal and transfer options!

Whiteboard Topics: Is a Lake Home a Good Investment?

Posted on Kamari House

Have you been wondering if buying a lake home is the best financial move for you? Lake Homes Realty’s CEO, Glenn Phillips, gives 4 reasons why lake properties are a good investment.

  1. Discretionary Asset: People in this market don’t feel pressure to make rash decisions around a home, making lake real estate more stable than others.
  2. Little Impact from Mortgage Rates: The majority of transactions are cash and those who choose to finance through other means almost never have issues. Because of these reasons, mortgage rates don’t play a major role in their decision-making process.
  3. Foreclosures are Rare: When you’re in competition with cheaper, foreclosed homes, it’s harder to sell your home for what it’s actually worth. In the lake market, this issue rarely happens to this demographic. 
  4. Somewhat Economy Independent: Even in economic uncertainty, lake homes tend to hold their value, making them a great placeholder for your money.

Nothing is completely risk-free, but purchasing a lake home is one of the safer ways to invest your money!

Whiteboard Topics: 6 Surprises to Know About Real Estate Agents

Posted on Kamari House
https://youtu.be/hLgEGu3lifQ

You may think you’ve gotten the real estate market figured out, but Lake Homes Realty’s CEO, Glenn Phillips, has 6 surprises you probably didn’t know about.

  1. Not All are a Realtor ®: There’s a difference between being a real estate agent and being a realtor. Real estate agents must become a member of The National Association of Realtors to achieve the status.
  2. What Their Training Includes: Most of their mandatory training involves learning the legal aspects of real estate such as contracts and state-specific laws. It doesn’t include soft skills like negotiation and real estate marketing.
  3. Less than Half are Full-Time: Because the threshold to obtaining a real estate license is lower than other forms of education, this is a part-time commitment for most agents.
  4. 1 Out of 70 Adults: There is a large number of people that hold an active real estate license, meaning a lot of people, with varying skill levels, can represent someone in a transaction.
  5. Top 5% Land 10% More $: The top 5% of agents alone are able to make drastic amounts more for their clients because they have more experience in their market and have been trained to become a well-rounded agent.
  6. May Not Be Representing You: A Buyers Agency Agreement is a secure way to ensure the agent you are communicating with is working in your best interest. Before making this commitment, however, it’s crucial you research the agent thoroughly.

Real estate can be tricky when you don’t know what to expect. Keeping these tips in mind before beginning your home search will help you navigate the market with ease.

Whiteboard Topics: How Are Lake Home Sellers Different?

Posted on Kamari House

Lake home sellers differ from those in other markets for many reasons. Lake Homes Realty’s CEO, Glenn Phillips, shares the most significant factors to consider before searching for your dream lake home.

  1. Older: Because a lake home is a discretionary purchase, most sellers fall into the older demographic.
  2. Economy Blind: These sellers aren’t as affected by changes in the economy due to their ability to afford a more expensive lifestyle. This factor may also dampen the appeal of a cash offer, as this is extremely common on the lake.
  3. Lack Necessity: Owning a lake home is an elective purchase, meaning those who choose to have one can afford to keep one. Because of this, owners lack haste when selling.
  4. Patient: The biggest incentive these sellers would need to sell their home is a grandiose offer. Without one, most don’t have a big enough reason to budge.

Understanding the demographics of the lake real estate market will help your chances of buying your dream home on the lake!

Whiteboard Topics: How To Spot An Overpriced Lake Home?

Posted on Kamari House

Just because a lake home is a discretionary purchase, doesn’t mean you should overpay for one. Lake Homes Realty’s CEO, Glenn Phillips, shares how to spot an overpriced property.

  1. Price… “Sort Of”: What’s considered overpriced for one home on the lake may be a great value for a similar property in the area. You have to keep certain factors in mind before you start comparing homes.
  2. Days on Market: A high number of ‘Days on Market’ is usually a sign that other home buyers have deemed it inappropriately priced.
  3. Clues in Photos: Assess photos for current conditions. Sellers may try to reimburse themselves for the money they’ve invested in the past despite it being outdated.
  4. FSBO: These sellers aren’t as knowledgeable about today’s market as a traditional agent would be. This typically leads to them overshooting the current value of their home.

Watch out for these signs and you’ll find your dream lake home with the right price tag!

Whiteboard Topics: How Are Home Buyers Different?

Posted on Kamari House

Lake home buyers differ greatly from their residential counterparts. Lake Homes Realty’s CEO, Glenn Phillips, breaks down the traits of these types of buyers.

  1. Money / Financing: Over half of lake home transactions are with cash. If buyers do decide to get a mortgage, they are more than likely favorable candidates for them.
  2. Motivation: The average lake home buyer has one of two reasons for moving closer to the water. They’re either eager to move because they’ve become enthralled with the idea of a lake home, or they want to enjoy the slower-paced lifestyle of lake living.
  3. Timeframe /Patience: These buyers are searching for their dream home, meaning any old property won’t do. They have plenty of patience, and time on their side.
  4. Impact of Economy: Even in times of economic uncertainty, lake home buyers are still active in the market. Although a lake home is a discretionary purchase, it can be a great place to hold your money.

The best way to cater to a potential lake home buyer is to understand their behaviors and what they want in their dream home. This insight should make your real estate journey much smoother!

Whiteboard Topics: How Do Interest Rates Influence Lake Real Estate?

Posted on Kamari House

High-interest rates can startle the average buyer, but rest assured, the lake real estate market plays by a different set of rules. Lake Homes Realty’s CEO, Glenn Phillips, shares why lake home buyers shouldn’t be concerned about the rise in interest rates.

  1. Limited Mortgages: Most lake home transactions are done in cash, elevating the need for mortgages. Because lake homes are discretionary purchases those who opt into a mortgage art usually in a higher financial bracket.
    1. Existing Lender Relationships
    2. Rural vs. Suburban 
  2. Preferred Credit: Most lake home buyers have a solid credit standing, which puts them in a better position than other borrowers.
  3. Investment Hedge: During inflation, investing in real estate is a great financial move. The average lake home buyer will see this as a smart place to put their capital.
  4. Mindset: While the increase in interest rates doesn’t have a significant effect on lake home buyers, it could indirectly affect their behavior. 

Don’t let increasing interest rates stop you from finding your dream lake home. The lake real estate market will have no problem thriving despite inflation!