Tag: real estate advice

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 Sellers may try to reimburse themselves for the money they’ve invested in the past despite it being outdated.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!

Whiteboard Topics: What Sellers of Lake Homes Will Be Thinking In 2023

Posted on Kamari House

Predicting the habits of sellers tends to be a shot in the dark in today’s market, but it doesn’t hurt to give an educated guess. Lake Homes Realty’s CEO, Glenn Phillips, forecasts some expected trends from sellers in 2023.

  1. Already Selling: There are three types of sellers in this category. They typically range from casually invested, uninterested, and completely vested in the lake real estate market. 
    1. “Steady as She Goes”
    2. Under-reactive
    3. Proactive
  2. New Sellers: This category also holds three types of sellers, most of which are proactive. What differs about them is the motivation behind selling their property.
    1. “Steady as She Goes”
    2. Proactive-Economic Concerns
    3. Proactive-Liquidate

From speculative to motivated, sellers come in all types, and understanding their patterns is key to buying or selling a lake home. Be sure to take these seller types into consideration before entering the lake homes market!

Whiteboard Topics: Selling? Don’t ‘Buy’ The Lake Homes You Already Own

Posted on Kamari House

Is demanding everything you want worth it if you still own your lake home in the end? Lake Homes Realty’s CEO, Glenn Phillips, shares 3 reasons why you should be more flexible as a seller.

  1. Overpriced for Current Market: One of the first indicators that you are about to ‘buy’ your own lake home, is overpricing it. While your home may feel priceless, its valuation has to match the market. Are the phrases below clouding your pricing judgment?
    1. What I’ve got in it
    2. I used to be an agent
    3. My ‘Friend’ said
    4. I read on the Internet
    5. My neighbor’s house…
    6. I need this much
  2. Failure to Counter Every Offer: No matter the offer, you should never take it personally. Always consider countering in order to take advantage of all opportunities.
  3. Looking to Conquer: Be willing to consult with a lake expert, and accept that you may not get everything you want out of the deal. The best chance you have to sell your home is when you are realistic.

Don’t let your personal attachment to your home force you to own it forever. Let the market and your lake agent, guide you when you’re ready to sell!

Whiteboard Topics: Is Winter A Good Time To Buy A Lake Home?

Posted on Kamari House

Winter may seem like an unusual time to purchase a lake home, but now is a great time to determine if a home is right for your year-round. Lake Homes Realty’s CEO, Glenn Phillips, offers 4 reasons why you should continue your lake home search through the off-season.

  1. Understand Seasonal Water: Water levels tend to vary depending on the season. Getting a good idea of how the winter water will prevent surprises.
  2. Understand Community: You’ll get a good idea of what local life is like outside of the overactive summer crowd.
  3. Possible Price Advantages: While winter won’t have an outstanding effect on overall market pricing, the lowered frenzy in demand may help you get a better deal.
  4. Availability of Best Agents: Summer is the busiest time for lake real estate specialists. The off-season allows those lake experts to dedicate more time to your dream home journey.

Summer is the ideal season to buy a lake property, but waiting until winter has its advantages. Don’t let the chilly weather stop you from finding your dream home!

Whiteboard Topics: When Is The Best Time To Sell Your Lake Home?

Posted on Kamari House

Selling your lake home isn’t an easy decision, but it may be the right one for you. Lake Homes Realty’s CEO, Glenn Phillips, offers 3 ways to know if it’s time to list your lake home.

  1. Ignore Seasons: Don’t let the change in season deter you from listing your home because the lake real estate market is active year-round. For most buyers, this is a discretionary purchase, meaning, they are not dependent on a time frame.
  2. Personal Goals: Revisit your purpose for owning your lake home, and determine if it’s still servicing your needs. If not, it may be time to make a change
  3. Financial Goals: If generating the maximum return on your investment is important to you, now’s the time to consider putting your home on the market within the next few months.

It can be difficult to decipher the best time to sell your lake home, but with the help of these tips, it’s not impossible. Now you can take on your new real estate journey with confidence!

Whiteboard Topics: Should You Buy Or Build Your Dream Lake Home?

Posted on Kamari House

To buy or to build, that is the question. Lake Homes Realty’s CEO, Glenn Phillips, offers 5 factors to consider before deciding which path to take.

  1. What is your goal?: Take the time to access what you want from your lake home before making your next move. Buying and building both come with their own set of limitations, so it’s important to determine which route will lead you to your end goal.
  2. Timeframe: After pinpointing what you want, ask yourself how long you’d be willing to wait for it. Are you comfortable with the estimated timeframe?
  3. Inventory of Homes: The number of homes for sale, that meet your requirement, may be lacking. This can play a big part in your timeline, and therefore, your final decision.
  4. Lot Availability: Before you can even consider building your home, there has to be a lot available. Research what’s available in your preferred area before abandoning the idea of buying.
  5. Builder’s Schedules: There are a plethora of factors that can alter the availability of builders. The supply shortage due to the effects of the pandemic and the war in Europe will play a major role.

When you enter the lake real estate market, the big question is whether you should build or buy. The only way to make the best decision for you is to solidify what you want in your home in advance!

Whiteboard Topics: 3 Ways To Help Your Real Estate Agent

Posted on Kamari House

When searching for your dream home, you must guide your agent in the right direction. Lake Homes Realty’s CEO, Glenn Phillips, shares three tips to help your real estate agent help you find your lake home.

  1. Know and Share Your Goal: Understanding your must-haves and dealbreakers before going into the home buying process is essential in effectively searching for your dream home.
  2. Be Real: Be honest with your agent about your price range from the beginning. This will ensure that time isn’t wasted on homes without potential.
  3. Say ‘No’: Now is not the time to relent on what you want. If you know a property is not for you, it’s ok to say ‘no’ and move on to homes with more promise.

How can you expect your agent to find the perfect home for you if you’re not thorough on what you want? Before you begin your journey, be sure to finalize what you want, be honest throughout the process, and don’t be afraid to say no!