Tag: real estate market

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: 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! 

Whiteboard Topics: Predicting the Fall Real Estate Market

Posted on Camille Smith

If you’re preparing to sell your lake home, it’s natural to wonder how the market will be doing this Fall. Although COVID-19 has left the market’s future more uncertain, some reliable predictions still exist. Lake Homes CEO, Glenn Phillips, shares five things to consider when predicting the Fall real estate market: 

  • Stimulus checks, the PPP program, and other initiatives have created an artificial economy that will likely continue through the Fall 
  • A high demand for lake houses has persisted throughout the pandemic 
  • Despite the demand, there’s a housing shortage of appropriately priced inventory for lake homes 
  • Consumers’ fear of uncertainty means they are not willing to overpay for homes 
  • As stimulus money fades later in the year, an economic cliff is likely to happen when the true state of our economy becomes clearer.

If you’re buying or selling a lake home, it’s important to keep these Fall real estate market predictions in mind. As a national specialist in lake real estate, we’re here to help. Check out our website for more information.

Whiteboard Topics: How to Make Sure Your Offer Doesn’t Kill Your Transaction

Posted on Camille Smith

When selling your lake home, you may think that taking the highest priced offer is the best choice. However, there’s an anomaly happening in the real estate market now. Lake Homes CEO, Glenn Phillips, explains why taking the highest and best offer can create some problems. 

Picture this: You put your lake home on the market at a reasonable price. You receive a high offer with a pre-approval letter. Then, the appraisal comes back short or the lender isn’t sure they’ll approve it. You’re back to square one. 

To avoid this scenario, get an appraisal yourself. It’ll help you negotiate and price your home appropriately. Further, if you get several potential buyers, consider more than the highest offer. Finally, find a lake agent who knows the market, is familiar with pricing, and can successfully sell your lake home.