Tag: real estate tips. lake homes

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.

Whiteboard Topics: Buying a Lake Home? Do Your Homework First!

Posted on Linda Thach
Lake Homes Realty’s CEO, Glenn Phillips, gives 5 need-to-know tips before purchasing your first lake home. These tips will help you save money and help you understand what to expect when living on specific lakes!
 
1. Shoreline Requirements: These requirements vary by lake areas which can, in turn, determine certain limitations such as what you can build, removal of vegetation, etc.
 
2. Dock Requirements: Some lakes have specific requirements concerning the addition/alteration of docks to your lake home, so do not assume anything goes.
 
3. Water Level: Understand how the water levels change on your lake because it can determine the height of your dock, the time of year/day you fish, etc.
 
4. Water Quality: Knowing the quality of lake water, clarity, for example, can give you clear expectations of how it’ll appear year-round.
 
5. Lifestyle: Determine the type of lifestyle you’d like to live on the lake, whether quiet or active, as it will help you decide which lake and where on the lake to buy property.
 
Doing your homework before purchasing your dream lake home is essential! It’s better to understand what to expect before making such a big commitment.

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: How Water Levels Impact Your Lake Home’s Value

Posted on Linda Thach

If you’re looking to buy a lake home or currently own one, you already know that the lake has many lifestyle benefits such as an abundance of recreational water activities as well as 24-hour access to the beautiful lake view from your backyard. But did you know that the water level of your lake could affect your lake home’s value? In this video, Lake Homes Realty’s CEO, Glenn S. Phillips gives us four aspects of water levels that could impact your decision to buy a lake home or price your lake home if you’re planning on selling.

1. Flood Zones. If your lake home is in an area prone to floods, this could affect the price of your lake home and the cost of insurance.

2. Deep Water. How deep is the water? If you’re looking to add a dock on your lake property, the water needs to be deep enough to accommodate it. Water levels typically affect the clarity of the lake water itself. Also, lake activities such as fishing could be affected by the level of the water level and certain watercraft are not allowed on shallow water.

3. Seasonal Water. Some lakes have water levels that vary throughout the year. For example, water levels might be lower during the wintertime thus limiting lake activities.

4. Daily Changes. Lakes that are being used for hydroelectrical purposes typically have daily water level changes that could range from 12-18 inches.

If you’re considering buying or selling a lake home, be sure you understand your lake’s water level. If you need assistance with your lake home, our agents at Lake Homes Realty can help provide insight into your lake area and guide you in your home journey.

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 Reasons Why The Highest Offer For Your Lake Home May Not Be The Best Offer

Posted on Linda Thach

There is no doubt that right now is a hot market for real estate, but a high offer does not always mean you get that amount at closing. The highest and best offer are not always the same thing. If you are looking to sell your lake home or property, here are three reasons why the highest offer might not be the best offer for you.

  1. Loan Contingencies. This means that if the buyer does not get approved for a sufficient loan, they can get out of the contract. This can be an issue if they give you a high offer that they are unable to follow through on, leaving you back at square one.
  2. Inspection Contingencies. This can lead to negotiating the price if issues are discovered about the property. While these issues may not be a deal-breaker in your mind as the seller, they could be a way for the buyer to get out of the contract or leverage the price in their favor.
  3. Appraisal Issues. With a high-priced market, the appraisal may not come back as high as the price you have set as the buyer. A bank will only loan out so much money, so the issue of who is going to come up with the difference in price can be a challenge. If a buyer does not have the means to cover part of the appraisal gap, their high price may not be as high as expected.

We hope you find these tips valuable as you venture out on your journey to selling your home. Please feel free to reach out to our lake experts for guidance.

Whiteboard Topics: 4 Ways to Help Your Real Estate Agent in 2021

Posted on Linda Thach

While real estate agents are here to help you with your lake home, there are some things you can do to make the process easier. Here are four tips to help the real estate transaction go smoothly for you and your agent.

  1. Accept the consequences. Be sure you understand that the lake market is a hot market in 2021. It’s different from other markets and knowing the nuances are important to be successful in the process.
  2. Do your homework. Agents will help you and answer your questions, but you have to know what to ask. Educating yourself and working with an expert agent will keep you out of trouble.
  3. Expert agent. Whether you’re buying or selling, working with a lake expert agent will help you navigate the nuances of each lake. The rules and regulations for each market can be different, so having someone who can guide you through those will help meet your expectations.
  4. Be prepared to buy. Do the prep work to make a thoughtful and competitive offer in a timely manner. You snooze, you lose!

Whether you’re buying or selling your lake home or property, our agents at Lake Homes Realty can help provide insight into today’s lake real estate market and guide you in your home journey.

Whiteboard Topics: 5 Things to Promote When Selling Your Lake Home

Posted on Linda Thach

The pandemic has forced many to change their lifestyles and this includes living spaces as well. So, if you’re thinking of selling, here are 5 things to promote when listing your lake home.

  1. Internet. With more people working and spending more time at home, having reliable high-speed internet access is crucial.
  2. Cell Signal. Many lake homes are located in mountainous or rural areas where cell phone signal might not be at its optimal strength. If your lake home has strong cell signal, this is a feature that is worth mentioning.
  3. Home Office. The pandemic has allowed many people to work from home, therefore a home office is a requirement that most lake home buyers are looking for in 2021.
  4. Extra Storage. Unlike traditional lake homes/vacation homes where people often visit for short periods, living at the lake requires extra storage space for everyday household items and perhaps a garage for a car or other vehicles.
  5. Time to Airport. Travel time to and from an airport is an important factor that many lake home buyers might consider when looking for a lake home. Even though travel has temporarily stalled due to the pandemic, it is expected to resume in the near future.

We hope you find these tips valuable as you venture out on your journey to selling your home. Please feel free to reach out to our lake experts for guidance.