Tag: real estate insights

Whiteboard Topics: 5 Common “Buyer’s Remorse” Issues to Avoid

Posted on Kamari House
Home buyer’s remorse is very real, but can be avoided when you’ve done your research. Lake Homes Realty’s CEO, Glenn Phillips, introduces five factors to consider before purchasing your lake home to prevent buyer’s remorse!
  1. Relying on Appearances: This can lead to miscommunication and disappointment. For example, the placement of a fence isn’t always a great identifier of a property line.
  2. Assuming HOA Rules: The rules of every lake association differ per lake, so it’s important to stay updated on the current rules in place.
  3. Assuming Shoreline Usage: These rules also differ per lake. Just because you see others with a pier or dock, doesn’t mean you have the right to build one. 
  4. Ignoring Flood Insurance: Flood insurance should not be ignored or taken lightly. The benefits outweigh the cost, but you must take the added expense into account.
  5. Grossly Overpaying: The market is extremely hot right now, but that doesn’t mean you should pay extreme prices because of the rising demand.
You should have the confidence to buy your dream lake home with no regrets. Buyer’s remorse can be prevented when you know what you’re getting yourself into. Do your research!

Whiteboard Topics: 4 Tips for Lake Home Buyers in this Hot Real Estate Market

Posted on Linda Thach
You can never be over-prepared when buying your future lake home. Lake Homes Realty’s CEO, Glenn Phillips, has four tips for buyers in this hot real estate market that you’ll want to check out before you make your next offer!
  1. Easy to Understand: When making an offer, ensure that it is easy to understand. Making it too complex can confuse the homeowner and their agent.
  2. Ready Cash: Having plenty of cash available can help you stand out against other buyers with loans. Sellers feel more secure with cash offers because of the added security.
  3. Improve Credit Score: Improving your credit score beforehand will help with your buying power. It can help with loan approvals and lowering interest rates.
  4. Follow Seller’s Rules: Be sure to follow the rules of the seller when showing interest in their home. Failure to do so can cause your offer to be overlooked.
Buying a lake home shouldn’t be complicated. Following these four tips can help ease the process, and give you a better home buying experience.

Whiteboard Topics: 4 Lake Homebuyer Strategies That Sellers Should Understand

Posted on Linda Thach

There is no doubt that we are now in a hot real estate market. What this means is that the demand for homes is high while inventory is low which oftentimes could fall in the seller’s favor. With that being said, before you rush off to put your home on the market, here are four need-to-know strategies that homebuyers are using in order to gain an advantage in this real estate market.

  1. Apples and Oranges. It’s important to take a close look at your contract as many homebuyers can submit one that would make it stand out from competitors when in fact, it doesn’t offer much advantage over others, the only difference is that the language makes it sound more appealing.
  2. Escalation Clauses. Oftentimes many homebuyers will submit escalation clause offers which in turn, puts your home into an auction environment. It can be a headache to sort through all of these offers so it’s important to understand the details and/or whether or not you would want to enter in an escalation clause.
  3. Win Contract Then Decide. Many homebuyers are opting to win the contract and then using contingencies to buy time to decide whether or not they want to purchase your home. You must be aware of this strategy and allow yourself enough time to sort through all of the details in order to get the best offer for your home.
  4. Aggressive Deadlines. Homebuyers will set short deadlines on offers in order to force the seller to make a decision. As a home seller, you must understand that there are more home buyers than there are homes available so it’s advantageous for you to take your time in order to make the best decision for you.

If you need a lake professional to help guide you on your home selling journey, our knowledgeable agents are available for assistance.

Whiteboard Topics: 4 Reasons Some Real Estate Agents Want to Sell Your Home in 1 Day

Posted on Linda Thach

It might sound good to have your lake home sold in one day but it might not be in the best interest of you, the home seller. In this video, Lake Homes Realty’s CEO, Glenn S. Phillips provides four REAL reasons why real estate agents want to sell your home in one day.

  1. Less work. If an agent is able to get your home sold in a very short period of time (which is very likely in a hot market), it’ll mean less work for them. Because of this, you may or may not get the optimal price for your home. 
  2. Commission is similar. Since how much an agent gets paid doesn’t differ much between a good sale price and a great one, there isn’t much incentive for them to go the extra mile to get the best return on investment for your lake property.
  3. Self-promotion. Being able to move a property off the market in record time comes with its own “bragging rights.” But in some cases, it’s the hot market or high demand that is the leading factor behind quick sale transactions and not necessarily the effort that the agent is putting in.
  4. Limit competition. In this current real estate market where the demand is high, agents oftentimes have buyers on hand that are ready to buy (sometimes within the hour!). If a quick sale is something you’re interested in, that’s great! But if you’re looking for the most bang for your buck, you might want to consider having other buyers join in. More competition will benefit you as a home seller since you’ll likely have more offers driving up your home selling price.

If you’re interested in selling your lake home or property and need a lake expert who understands lake property and will help you get the most return on your investment, we’re here to help.

Whiteboard Topics: 3 Dangers of Selling Your Lake Home in 1 Day

Posted on Linda Thach

While it might sound good for an agent to have a lake home sold in one day, it may not be in your best interest as the seller. You may get a great offer that first day or that first weekend, but here are three reasons to hold off on deciding too soon.

  1. Winning and THEN deciding. Some buyers will win the highest bid before they decide if they even want the house. They know the market is hot, so they will bid high and then decide to go through with the offer or renegotiate using contingencies. People who are more methodical will most likely not jump on the first day.
  2. Fewer offers. You may get several offers the first day or first few days but waiting even two weekends will give time to the methodical buyers to think through an offer.
  3. Out of town buyers. These buyers cannot come in a day. If you give a longer window of time, they will show up with intention and will often have the best deals for the seller.

Whiteboard Topics: Buyer’s Agent Services Are Not Free

Posted on Linda Thach

Have you ever had an agent tell you that they can help you buy a home or property and not cost you anything? In this video, Lake Homes Realty’s CEO, Glenn S. Phillips, explains why this is not true.

  1. Department of Justice (Nov. 19, 2020). The National Association of Realtors and the Department of Justice had a settlement that states agents can no longer claim that their services are free.
  2. Paid through Cooperative Agreements. Even though the agents are not being paid for their services, they are being paid through the deal or transaction via the brokerage and listing agent.
  3. Bring Value. The buyer’s agent you’re working with should be looking out for your best interest…someone who pays for themselves in the value that they bring.

For more articles and industry tips, be sure to visit our blog.

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 Things to Consider When Selling Your Lake Home

Posted on Camille Smith

When it’s time to sell your lake property, it can be difficult to know what should be top of mind. In today’s Whiteboard Wednesday video, Lake Homes CEO, Glenn Phillips, shares three things to consider when selling your lake home. 

  1. Your competition in other lake markets
  2. How long an agent’s houses are on the market
  3. How to connect with the buyers more actively 

At Lake Homes, we help you navigate these important aspects of selling your lake home. Our national network of agents facilitates knowledge of the competition, quicker home sales, and relationships with buyers. If now is the time to sell your lake home, connect with one of our agents at Lakehomes.com today!