Tag: real estate advice

Whiteboard Topics: What is a Buyer’s Agency Agreement?

Posted on Chris Melton

Buyer’s agency agreements can often be a daunting term for many people. However, once you understand what it is, it can be beneficial for you. You don’t want to sign a document that you don’t understand. A buyer’s agency agreement states that an agent will represent their client when engaging with other parties. Glenn Phillips, CEO of Lake Homes Realty, explains what you should know about them and how they can help you when buying a lake home.

  1. More Than Opening Doors: Buyer’s agents can help you do more than just open doors. They do analyses of the markets that meet your criteria, filtering out houses that don’t meet your goals. Buyer’s agents also help with comparing the market value of your home beyond the listing price.
  2. Fiduciary Duty: Signing a buyer’s agency agreement ensures that the agent has a financial obligation to help you. Without this agreement, they may not work on your behalf, and in some states, they may work on the other party’s behalf.
  3. Transparency of Commission: Buyer’s agency agreements help outline how the agent you work with will be paid. Discussions about commission, rates, or what the seller is contributing can be linked to the agreement. This ensures no confusion or surprises about how money flows at the closing table.
  4. Scope is Adjustable: This is something that not many people know about buyer’s agency agreements. With these agreements, you can adjust how long you work with the agent, whether it’s a few weeks or several months
  5. Do Your Homework: Signing a buyer’s agency agreement helps drive you to do your homework about the agent. The agent might have made a great first impression, but buying a lake home is nuanced, and you need an expert agent who understands that. Doing your homework about your agent before signing the agreement helps you know who you’re signing an agreement with.

Lake real estate is a different game than typical real estate, and having a buyer’s agent alleviates some of the pressures of the process. Buyer’s agency agreements can help you understand who you’re working with as well as establish financial responsibility for the agent. Visit lakehomes.com where you can get in contact with agents who will help you understand buyer’s agency agreements further.

Whiteboard Topics: What Will 2024 Bring for Lake Home Prices?

Posted on Chris Melton

With the new year, many people are wondering how the prices for lake homes will change in 2024. The short answer is that they’ll stay about the same in most markets, only slightly increasing in some markets. Glenn Philips, CEO of Lake Homes Realty, explains how years of data on the lake home market back this up.

  1. Limited (but improving) Inventory: 2022 brought historic lows in the lake home market. Even though the inventory has been growing since, it is still low when compared to nothing. Buyers still outnumber sellers, but the buying frenzy has passed. Additionally, informed buyers won’t bite on the trend of “phantom inventory,” or sellers who think they can still sell at peak prices.
  2. Mortgage Rates (Not Really): Mortgage rates don’t play a big factor in lake real estate. Over half of the buyers in this market pay with cash. Even if they don’t pay with cash, they can afford the splurge of the extra interest rate.
  3. Interested KNOWLEDEABLE Buyers: Buyers today are more informed than at any other time in history. This means that they won’t be tricked into paying unreasonable prices. Buyers who are interested and willing to wait until the right price shows up will move quickly to purchase it. This causes a backlog to form, with buyers waiting for sellers to bring down their prices to reasonable levels.
  4. Global Unrest: Global unrest tends to increase interest in discretionary property. People want lake homes to escape the problems of the world. It happened during the COVID-19 pandemic, as people rushed to buy lake homes to escape and distance themselves.

As 2024 rolls in, expect to see steady prices in most markets for lake homes. There won’t be many major shakeups, such as a big explosion or crash. There might be slight increases in some markets, but prices will stay consistent across the board. Be sure to visit us at lakehomes.com, where you can find agents that are experts in lake property.

Lake Homes Realty Adds Kim Hoog to Tenkiller Lake Area in Oklahoma

Posted on Chris Melton

A new lake real estate report from the country’s largest lake-focused brokerage show listing prices in Oklahoma are up over summer 2022. “The new Lake Real Estate Market Report from Lake Homes Realty shows Oklahoma’s total market at $786 million, up from $592 million in the summer of 2022,” said Kim Hoog, a new agent with Lake Homes Realty, who focuses on Tenkiller Lake in Oklahoma.  Lake Homes Realty operates in 34 states across the country.

“The new quarterly lake real estate report from Lakehomes.com shows Tenkiller Lake to be the ninth largest market in the state of Oklahoma,” said Hoog. “The specialized website just showcases properties that are lakefront, have a lake view or lake access so we can help clients from across the country search for dream lake properties.” As of July 3, 2023, Tenkiller Lake has 118 lake area properties listed, ranging from a $5,000 lot to a $659,000 lake home.

The average home price for listings around Tenkiller Lake is $285,128, according to the Lake Market Real Estate Report. The average lot price is $76,959 for the 76 lake area lots currently listed.

“Boating is extremely popular on Tenkiller Lake, as are its related activities, waterskiing, tubing, and wakeboarding,” said Hoog.  “With almost 13,000 acres of pristine water, it ventures into the foothills of the Ozark Mountains. Tenkiller Lake appeals to lake home searchers from across the country. Among the hundreds of people searching the lake homes and lots in Oklahoma in May 2023, the top Metro area looking on LakeHomes.com was Dallas, Texas, followed by Wichita, Kansas, and Chicago,” said Hoog.  “ The national reach offered by LakeHomes.com works really well with my local expertise along Tenkiller Lake and the surrounding area,” said Hoog.  One in 37 American adults look at LakeHomes.com each year.

“We believe our agents’ intimate knowledge about their lake real estate markets, nuances of the lakes themselves, and their involvement in local lake life is paramount to our continued growth,” said Glenn S. Phillips, CEO and Chief Economic Analyst for  Lake Homes “Kim offers outstanding customer service in the Tenkiller Lake areas and is truly a specialist in that area,” he said.

About Kim Hoog

Kim Hoog is currently living her dream by selling properties on the lake where she spent her childhood. A resident of Gore, Oklahoma, for nearly three decades, she proudly calls it her home. Kim is deeply engaged in the community, having raised her children there, and her strong ties and experiences make her a true expert on Tenkiller Lake.

Having previously worked as a contractor for the U.S. Department of Energy, Kim has transitioned her dedication to real estate. With thirty years of living near the lake, she possesses an intimate knowledge of the area. Kim wholeheartedly believes that Tenkiller Lake is one of Oklahoma’s most pristine gems, and she eagerly anticipates every opportunity to showcase its beauty.

“My number one passion is helping others, which is initially what attracted me the most to real estate,” Kim says. “I enjoy the relationships I get to cultivate with my clients. I love meeting new people and helping them along their journey to finding a new home.”

Whiteboard Topics: Selling a Lake Home Requires Broader Marketing

Posted on Chris Melton

If you’re thinking of selling your lake home, you’ll have to broaden your marketing. Glenn Phillips, CEO of Lake Homes Realty, gives reasons to market to a broader audience.

  1. Out-of-State Buyers: Agents who have had the most success selling lake homes are the ones who market to out-of-state buyers. When choosing an agent, consider if they will be able to tell you how many buyers in other states are shopping your lake. With more realistic buyers, you have better opportunities for more return on investment when you sell.
  2. Specific Lake Might Not Matter: While some buyers may be committed to one lake, there are many who look at several lakes in multiple states when buying a lake home. This should affect where you are marketing and how you are pricing houses. You should price competitively for multiple markets, not just your own.
  3. Local Marketing = Limited Marketing: Most buyers come from the web, so you should have a broad market reach. Putting out signs and listing in a local MLS are beneficial to a point, but limit your pool of buyers.
  4. Web Portals Are Crowded: Big web portals that list many types of property are crowded with people looking for all types of houses, not just lake houses. This causes buyers who want to specifically look for lake homes to sift through the other types of property. Listing on a niche website that specializes in lake property puts you ahead of the listings on big web portals.

Agents and sellers must think broadly when selling lake property. Utilizing these strategies, sellers can maximize their return on investment with their lake home. Connect with an agent at lakehomes.com if you’re looking to sell your lake home to a broad market.

Whiteboard Topics: Why Lake Home Real Estate is a Long Game

Posted on Chris Melton

Buying and selling a lake property is nothing like buying a primary residence when it comes to its schedule. People often experience urgency with a primary residence due to events such as moving to a new town for a job. Lake Homes Realty CEO, Glenn Phillips, explains why lake real estate is a long game.

  1. Discretionary = Patience: Similar to a high-end restaurant, a lake home is a discretionary property. Buyers aren’t paying for shelter alone, but also a premium for the lifestyle and access to the water. With discretionary property, buyers can be more selective in what they purchase.
  2. Mortgage Rates are NOT a Driver: Unlike other residential property, mortgage rates do not push people in and out of the lake real estate market. Many buyers complete transactions with cash, and buyers can often pay extra for their property. 
  3. Dream Homes are Different than Urban/Suburbs: Buyers can afford to wait until their dream home is available on the lake they want. They can also buy property on that lake and build their dream home themselves. Additionally, buyers often wait to see what the market does over time, especially in times of compressed inventory.
  4. New Lake Buyers have a Learning Curve: New lake home buyers often enter the market with minimal knowledge of lake real estate, and need time to learn. Many of them don’t realize that the price of a house increases when it is on lake property. These new buyers need time to understand and adjust their mindset while in the lake homes market.

Don’t be surprised if the buying and selling process is taking a while. Successful lake home agents realize that the lake real estate market is a long game and work to compress it. Connect with an expert lake agent who understands the importance of playing the long game at lakehomes.com.

Recent Lake Real Estate Report Shows More Than $31.3 Million in Lake Area Properties Listed Around Lake Eufaula, AL

Posted on Linda Thach
Photo courtesy of Wikipedia

A new lake real estate report from the country’s largest lake-focused brokerage shows listing prices in Alabama are up over summer 2022. “The new Lake Real Estate Market Report from Lake Homes Realty shows Alabama’s total market at $1.46 billion, up from $1.2 billion in the summer of 2022,” said Jan Oliver, a new agent with Lake Homes Realty, who focuses on Lake Eufaula in Alabama.  Lake Homes Realty operates in 34 states across the country.

“The new quarterly lake real estate report from Lakehomes.com shows Lake Eufaula to be the ninth largest market in the state of Alabama and the sixth largest in the land market,” said Oliver. “The specialized website just showcases properties that are lakefront, have a lake view or lake access so we can help clients from across the country search for dream lake properties.” As of June 28, 2023, Lake Eufaula has 85 lake area properties listed, ranging from a $12,500 lot to a $1.87 million lake home. “Two of the properties were listed for over $1 million,” said Oliver.

The average home price for listings around Lake Eufaula is $380,912, according to the Lake Market Real Estate Report. Current lot prices around the lake vary depending on location, lot terrain, and size. Available lots vary in size from less than half of an acre to development properties with hundreds of acres. The large variation in lot sizes brings the average lot price in the Lake Market Real Estate Report to $361,216.

“Boating is extremely popular on Lake Eufaula, as are its related activities, waterskiing, tubing, and wakeboarding,” said Oliver. “With just over 45,000 acres of pristine water, it ventures into Georgia. Lake Eufaula appeals to lake home searchers from across the country. Among the hundreds of people searching the lake homes and lots on Lake Eufaula in May 2023, the top Metro area looking on LakeHomes.com was Atlanta, Georgia, followed by Chicago and Dallas, Texas,” said Oliver.  “ The national reach offered by LakeHomes.com works really well with my local expertise along Lake Eufaula and the surrounding area,” said Oliver.  One in 37 American adults look at LakeHomes.com each year.

“We believe our agents’ intimate knowledge about their lake real estate markets, nuances of the lakes themselves, and their involvement in local lake life is paramount to our continued growth,” said Glenn S. Phillips, CEO and Chief Economic Analyst for  Lake Homes “Jan offers outstanding customer service in the Lake Eufaula areas and is truly a specialist in that area,” he said.

About Jan Oliver

Susan, affectionately known as Jan among her family and close friends, is in the business of turning dreams into reality. With an in-depth knowledge of Lake Eufaula and Walter F. George Lake, Jan was seemingly destined to become a real estate expert in the very place she holds dear.

During her upbringing, Jan and her family frequently visited the lake for fishing and camping escapades. Their profound affection for Lake Eufaula prompted Jan and her husband to transition into full-time lake enthusiasts. In fact, Jan has been a property owner on Lake Eufaula since well before 2014. Her daily life immersed in the tranquil surroundings of Lake Eufaula has made her an unparalleled authority on the subject.

Jan enthusiastically explains, “In my role as a realtor, I have the privilege of fulfilling people’s aspirations. Depending on where my clients are in their life journey, it could mean assisting them in acquiring their first home, adding a second property on the lake, or facilitating the sale of a property to either expand or downsize. Whatever the dream may be, we work diligently to make it a reality.”

Jan shares her lakeside haven with her husband of 48 years, Greg. Together, they have been blessed with two children, three grandchildren, and a trio of beloved dogs. Their shared joys include boating, fishing, and the simple pleasure of observing life from their front porch. When at home, you’ll likely find Jan relishing her front porch, fully immersed in the serene lake lifestyle, occasionally pausing to marvel at the eagles as they gracefully dive for fish. That is, of course, when she’s not busy helping others discover the profound joys of lake living!

Whiteboard Topics: What to Ask When Selecting an Agent to Sell Your Lake Home

Posted on Zac Parnell

You’ve made the decision, you’re ready to sell. But how do you go about finding a real estate agent that will help sell your lake home? Good news, there are actually some great questions to consider when it comes to this decision. Lake Homes Realty’s CEO, Glenn Phillips, provides a series of questions you should be asking, as well as one you should try to avoid. 

WRONG Questions to Ask: Which agents…

  1. Have the most listings? Having a plethora of listings can sometimes be deceptive. Agents might have multiple listings due to them not being able to move the inventory. This could be because of overpricing or other reasons. That’s not to say having multiple listings is always a bad thing, but a good rule is to try and avoid this question.
  2. Do I personally like the most? Picking out which agent you’ll work with does rely on some foundation and rapport, but that doesn’t mean they should act as close friend. Find an agent who will help you from a business standpoint is what you should be searching for. They’ll be the ones to help you sell after all.
  3. Have an office nearby? Because buyers are strictly looking to buy, finding someone to sell your home is the main goal. A physical office can bring a sense of security. However, at the end of the day, if you’re buying or selling, the office shouldn’t matter.
  4. Do I want to help? Knowing someone personally won’t always help them. Besides, if you’re truly wanting to sell your property, you’re going to be looking for a seasoned agent. The bottom line:  you should want to help yourself. 

CORRECT Questions to Ask:

  1. Are all agents the same? Just like all of us aren’t the same, not all real estate agents are either. Determining the one who is best equipped and qualified for success in helping you sell is what you should be thinking about.
  2. Most capable of helping me achieve my goal? Referring to the first question, the agent that has the capabilities to meet your goal is what you should keep in mind. Whether it’s selling your lake home quickly, maximizing the return, etc. Whatever it might be, this question is important to remember.
  3. Focused on lake real estate? Being focused on the lake real estate market is more than likely going to have a better payout than an agent who isn’t. A lake expert will know the ins and outs of this market and ultimately ways to leverage it.
  4. Have a proven pipeline of out-of-town buyers? A big thing to take into consideration is that many buyers are from all over the state and even across the country. Obtaining the maximum amount buyers increases the likelihood of getting the price you want.

While selecting a real estate agent to sell your lake home can come with challenges, at the end of the day the right one will help you sell your home. Following questions similar to the last set and trying to avoid the first should help you narrow down the search. However, if you still find yourself not sure, reach out to one of our lake experts at lakehomes.com. They’ll know exactly how to help you!

Whiteboard Topics: 4 Secrets to Success as Lake Home Real Estate Agents

Posted on Kenya Spencer

The work of a Lake Homes real estate agent in the real estate industry presents its own set of obstacles and opportunities. These agents, nestled among the tranquil beauty of lakeside properties, are tasked with not only completing property transactions but also creating a smooth experience for their clients. Lake Homes real estate agents must discover the secrets to success that set them apart from the competition in order to fully flourish in this sector. Understanding the discretionary property sales cycle, developing systems for playing the long game, maintaining a laser focus on lakefront properties, and employing national marketing tactics to attract the right buyers are four essential strategies that can propel these agents to new heights.

1. Understanding the Discretionary Property Sales Cycle: Master the nuanced sales cycle of lakefront properties, aligning with seasonal trends and buyer emotions for effective and smart transactions.

2. Systems to “Play the Long Game”: Develop systems for enduring success, such as cultivating buyer databases, nurturing relationships, and consistent follow-ups.

3. Focused on the Lake: Focus expertise on lakefront living details, regulations, and lifestyle benefits to provide tailored guidance to each individual client.

4. National Marketing to the Right Buyers: Utilize marketing and tailored advertising to capture the attention of potential lakefront property buyers.

Success as a Lake Home real estate agent hinges on a combination of specialized knowledge, strategic planning, and a thorough understanding of both the market and potential buyers’ desires and dreams of lake homes. By embracing the secrets, successes, and systems, agents can position themselves as trusted experts and elevate their careers in the competitive world of lake home real estate. This intentionally provides a platform for individuals acting as real estate agents, as well as those taking on the roles of buyers and sellers within any real estate market.

Whiteboard Topics: The Highest Offer For Your Lake Home May Cost You More Money

Posted on Kenya Spencer

Selling a lake house is an exciting but difficult undertaking, and your main goal as a homeowner is to secure the greatest offer possible. However, it is critical to exercise caution because the highest offer may not always be the most lucrative. Let’s look at some important points to consider when selling your lake house to prevent financial hazards.

1. Avoiding Selling Too Quickly: Resist the urge to accept early offers; instead, wait for perfect market circumstances to obtain the best price.

2. All Cash Transactions: Be wary of all-cash proposals since they may come with lesser bids and make it difficult to negotiate a fair bargain.

3. Limited (or no) Contingencies: Carefully evaluate proposals with fewer conditions to prevent any legal or financial problems.

4. Seasoned Real Estate Agents Who Understand Niche: Work with seasoned agents who specialize in lakefront properties for professional advice, effective marketing, and skilled negotiating.

A thoughtful and informed approach to selling a lake house may make it a rewarding experience. While a large offer may appear appealing, it is critical to consider all elements to prevent financial disasters. Take your time, investigate all-cash bids, evaluate conditions, and seek advice from experienced lakefront real estate brokers. With these safeguards, you may sell your cherished lake house with confidence and optimize your investment return.