Tag: real estate tips. lake homes

Whiteboard Topics: 4 Think-Ahead Questions for Lake Homeowners

Posted on Linda Thach

Do you own a lake house and are not sure whether or not you should keep it? Here are a few things to consider if you are on the fence about keeping or selling your lake home.

  1. Use or habit? Do you use your lake home on a regular basis? If you find yourself not visiting the lake as often as you’d like, then odds are keeping your lake home is probably not worth the time or money.
  2. Right size? Your kids might’ve moved out or you’ve added a few new family members since you first bought your home. So, the question is: “Is your lake home the right size for your life right NOW?” If the answer is no, then you might want to consider selling it.
  3. Family REALLY use it? Would your family actually use it if it was inherited? Just because you enjoy having a lake home doesn’t mean your family would appreciate it as much as you did.
  4. Duration of peak market? By holding on to your lake home for too long you might run to risk of missing out on the “peak” market. Lake real estate doesn’t always appreciate in value in the short-term interim.

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: 4 Gotta Haves to Consider When Buying a Lake Home

Posted on Linda Thach

When you are considering buying a lake home, particularly in a rural area, here are 4 “Gotta Haves” you will have to keep in mind.

  1. Cell Signal
  2. Internet Access
  3. Television Service
  4. 24-Hour Emergency Room

There might be hundreds of miles of lake shoreline, one side of the lake might have these services while the other side might not. Also, the terrain of the lake areas might determine the availability of these services as well.

Our knowledgeable agents are here to help you answer these questions and assist you in your lake home-buying journey.

Whiteboard Topics: 5 Tips to Get Your Dream Home

Posted on Camille Smith

If you’re thinking of buying a lake home in the near future, here are 5 tips to ensure your success in the current market and get your dream home: 

  1. Be Prepared to BUY! Instead of saying “I’ll think about it,” you should be ready to make a down payment on a lake house. Otherwise, good listings will be gone. 
  2. Find a Local, Lake Agent. These agents will be aware of local market changes that you won’t see online. You can find a great agent at Lakehomes.com.
  3. Use Escalation Clauses. Many buyers use these clauses which essentially say “If I’m not the highest, I’ll increase my bid up to a certain point.” This “auto bidding” can be helpful to ensure your bid is the highest. 
  4. Be Ready for a Low Appraisal. Remember that appraisers are looking out for the bank rather than you. 
  5. De-Risk the Deal! Many offers have a great price, but they also include other contingencies for the loan. Be on the lookout for these risky buys. 

For more information on buying or selling a lake home, visit the Lake Homes Realty blog or connect with one of our lake expert agents. We wish you the best of luck in finding your dream home! 

 

Whiteboard Topics: Preparing for 4 Appraisal Risks for Lake Homes

Posted on Linda Thach

If you’re thinking of buying or selling a lake home, here are 4 things you need to know about appraisal risk.

  1. Appraiser Lacks Lake Experience. Lake lots and property value vary greatly due to many factors such as location, lake characteristics and features. An inexperienced appraiser might not be able to provide accurate information regarding your lake home.
  2. Inflexible Appraiser. Due to time constraints and unfamiliarity with lake areas, getting good quality comps could be difficult. In situations like these, knowledgeable agents can oftentimes help the appraiser get a head start in getting a good quality appraisal.
  3. Lack of Recent “Comps”. In today’s real estate market where the inventory is low and the demand is high, this trend has made it difficult for appraisers to provide comps to support the new prices.
  4. Appraisal Too Low. You can de-risk the offer by making up the difference or a portion of it. There is an assumption that if the appraisal is lower then the sellers would drop the price. Lake property is discretionary so there is a good chance that the homeowners would choose to not sell their home or they could get an offer from another buyer.

For more information on buying or selling a lake home or property, be sure to visit Lakehomes.com or contact our lake experts. We’re here to help you navigate the lake home buying or selling process that can oftentimes be complicated.

Whiteboard Topics: Six Reasons You Don’t Need a Physical Office

Posted on Camille Smith

If you’re looking to buy or sell a lake house, you may wonder if it’s necessary to pick an agent with a physical office. Contrary to popular belief, brick and mortar isn’t necessary to sell a home. Lake Homes Realty CEO, Glenn Phillips, gives 6 reasons why your lake agent doesn’t need an in-person office. 

  1. The office isn’t relevant in a digital world 
  2. Time is precious, and office meetings take time from viewings 
  3. Many top producing agents work more effectively without a physical office 
  4. Offices don’t sell houses — agents and brokers do
  5. Buyers enjoy the convenience of an online platform
  6. Money spent on office leases could be spent helping clients

Just because an office environment is familiar doesn’t mean it’s the future of real estate. The best agents can do their work anywhere. Find an agent today at Lakehomes.com to have your questions answered. 

Whiteboard Topics: A Great Time to Sell

Posted on Camille Smith

If you’re considering selling your lake house, you might be wondering if now is the right time to do so. In today’s Whiteboard Wednesday video, Lake Homes Realty CEO, Glenn Phillips, gives 4 reasons why Summer 2020 is a great time to sell your lake home. 

  1. Lack of high competing prices  
  2. Ability to get ahead of the economic decline
  3. Opportunities for short-term rentals
  4. Regulation changes are continuing in lake markets

Looking ahead, it’s unlikely that you’ll get a better opportunity to sell than right now. Since lake property is more difficult to sell than other markets, now is the perfect time to take advantage of this window! 

Check out what’s happening in your current market at Lakehomes.com. 

Whiteboard Topics: Navigating New Mortgage Challenges

Posted on Camille Smith

Are you thinking about using a mortgage to buy a lake home? Since interest rates are low, it’s a good time to use a loan. However, mortgaging a home comes with unusual considerations during the pandemic. Lake Homes Realty’s CEO, Glenn Phillips, names these 4 mortgage challenges to keep in mind: 

  1. Money is not easy or fast
  2. The process requires extra verification
  3. The pre-approved letter doesn’t matter as much as it used to
  4. It’s important to take extra time in the process

When you’re ready to buy a lake home, visit lakehomes.com and check out our daily listing updates.

Whiteboard Topics: 5 Tips For Buying a Lake Home

Posted on Linda Thach

Especially during the pandemic, many people are considering buying a lake home for social distancing. If this is you, Glenn Phillips, Lake Homes CEO, has some tips. First, set appropriate pricing expectations, keeping in mind that the lakeside location may add to the home’s cost. Although a market peak should keep prices from further escalation, appropriately-priced property is hard to come by, so it can help to seek multiple lakes for your dream home. When you find that home, be sure to act quickly because other buyers are looking, too. Finally, when buying a lake home, it’s best to seek out a Lake Homes agent with local expertise. 

Get Schooled on These Common Lake Real Estate Terms

Posted on Staff
white house on waterfront, features common lake real estate term "bulkhead."

Lake real estate transactions can be confusing, especially if you are unfamiliar with the terminology most often associated with the process.

At Lake Homes Realty/LakeHomes.com, we are committed to providing you with all the tools you’ll need to ensure your lake home buying or selling experience is both convenient and straightforward. 

In tandem with our buyer-focused articles on the questions to ask before you buy and the many options for buying lake property, this guide to common lake real estate terms is an excellent tool for preparing you for a successful lake home shopping experience. 

Dockable Lakefront: Properties with “dockable lakefront” are properties where no dock currently exists, but the land has a permit for future construction of one.

Seasonal Full-Pool: Some lakes, specifically those managed by power companies and the Army Corps of Engineers, experience scheduled water level drawdowns for flood control, shoreline protection, and invasive species control purposes. Lakes are usually at their lowest in the winter months.

Short-term Rental Restrictions: Not all lakes welcome weekend renters. Before buying a lake home with intentions of using it as a hotspot for summer vacationers, check with your agent about any short-term rental restrictions that may apply in your market.

Bulkhead: Usually made of wood, stone, steel or concrete, bulkheads are barriers or retaining walls around your lake property’s shoreline. These structures help protect against shoreline erosion, flooding, and poor drainage, as well as help to maintain water depth.

Rip Rap Seawall: Similar to a bulkhead, a rip rap seawall is a barrier between your lake home’s shoreline and the water created using rocks, stones, and other natural materials.

Grandfathered Dock/Boat House: On lakes suffering from overdevelopment, restrictions may be applied to prevent further damage to the lake’s shoreline stability. On Lake Lanier, for example, docks can no longer be constructed. If the home you are interested in buying has a dock or boathouse on the property, it might be “grandfathered in,” meaning so long as it existed before the restriction passed, it can stay.

Leased Lots: When buying a lake home, you may only be buying the physical house itself, apart of the land on which it sits. Instead, the land is owned by the entity that owns the lake and is leased to homeowners.

Deeded Lots: The opposite of a leased lot, deeded properties are those where you own the rights of use.

Corps Line: On Army Corps of Engineers lakes, the Corps line marks a variance between the lake’s shoreline and the purchased property that remains in the ownership and control of the Corps.

Though not an exhaustive list by any means, these common lake real estate terms are among the most frequently asked about in the industry.

For more insight on lake real estate terminology, get in touch with your local lake expert agent. 

Enjoy trivia? Be sure to join our newsletter for weekly article updates! SIGN UP