Tag: real estate tips

Whiteboard Topics: 6 Recent Trends in Lake Real Estate

Posted on Kamari House

The lake real estate market is forever changing, and it’s important to be in the loop if you plan on buying/selling a home in the near future. Lake Homes Realty’s CEO, Glenn Phillips, shares six trends you should stay on top of.

  1. Demand: The demand for lake homes will begin to slow slightly, but will still remain high when compared to industry standards.
  2. Inventory: The supply of appropriately priced homes on the market is at an all-time low and will continue to be scarce.
  3. Lots: Buyers are finding it difficult to discover a lake home with everything they want and are now resorting to purchasing lots to build the home of their dreams.
  4. Competitive Bidding Slowing (Slightly): Bidding was extremely aggressive during the beginning of Covid, but has slowed some in recent times. This is due to the world reopening and buyer fatigue.
  5. Delusional Pricing: Some lake homes are wildly overpriced. This is due to homeowners basing their price on what others sell their homes for rather than what their own home is worth.
  6. Multiple Lakes: Buyers aren’t limiting their scope to just one lake. The Lake Homes website shows that one user will typically look for homes on different lakes in different states.

You can never get too comfortable with the lake real estate market because trends can change from year to year. Be prepared for what’s to come by educating yourself on where the market is headed before you buy/sell your home!

Whiteboard Topics: Does “Lake Home” Mean “Lakefront”

Posted on Kamari House
Not every lake home is waterfront, but they all have their advantages.  Lake Homes Realty’s CEO, Glenn Phillips, breaks down the differences between types of lake homes.
  1. Sometimes, But Not Always: Not every lake home is on the water. There are many options available including lakefront, lake access, and lake view.
  2. Lakefront: This property is also known as waterfront, and is actually on the water. The home has direct access to the lake.
  3. Lakeview: These homes are some distance away from the lake, but have a beautiful view of it from where they are. For some, the view is the highlight of lake living.
  4. Lake Community: Typically a large community with plenty of amenities including golf courses and clubhouse access. You’ll also be a fair distance from the water but said amenities will more than make up for it.
Whether your home is right on the water, or some ways away, you can still make the most out of your lake living experience. Think about what’s most important to you before you buy your dream lake home!

Whiteboard Topics: 5 Things To Know About Lake Real Estate In 2022

Posted on Kamari House
Real estate is ever-changing, so it’s important to know what to look out for in the coming year. Lake Homes Realty’s CEO, Glenn Phillips, shares five things to know about lake real estate in 2022.
  1. Mortgage Rates: Although more than half of lake property transactions are cash, mortgage rates have been so low, that having a mortgage has become a cheaper option. Due to inflation, these rates will start to rise, causing buyers to shift back to cash deals.
  2. Inventory: There will continue to be a shortage of appropriately priced homes on the market and there is no sign of this stopping as the new year approaches.
  3. Buyer Demand: Buyer demand will continue to hold strong because there are still more people buying homes than selling them. 
  4. Bidding Temperature: Heavy bidding will still take place, but it won’t be as ‘super-charged’ as it was in 2021. Some bidding is inevitable because of low inventory.
  5. Distance: Out-of-state buyers are already common among lake property transactions, but this trend will continue to grow throughout the coming year.
No one knows exactly what the future holds, but it’s clear to see where lake real estate is heading in 2022. Make your dream lake home a reality this new year with these real estate tips!

Whiteboard Topics: 4 Reasons Your Agent Should Not Have A Local Office

Posted on Kamari House
Having a home office isn’t as big of an advantage for real estate agents as it once was. Lake Homes Realty’s CEO, Glenn Phillip, explains why your potential agent should not have an office.
  1. Office Cost vs. Service Capabilities: Money is being invested in an office space, and not reinvested in efforts to help agents buy/sell a home.
  2. Reasons Change: Before the digital age, offices were necessary for running the business. Now, all important documents/information can be stored on computers, phones, etc.
  3. Lake Home Buyers are Rarely Local: Potential buyers are not limited to the local community. Most of the time they will come from all across the nation.
  4. Value of Time: Stopping by the office before touring homes can feel like an unnecessary detour, especially for out-of-town buyers.
Having an office is outdated for a real estate agent. Having one takes investment efforts away from buying/ selling homes and can become a waste of time!

Whiteboard Topics: 6 Fatal Sins of Selling a Lake Home

Posted on Kamari House
Selling a lake home can be unnerving when you don’t feel prepared to take on the market. Lake Homes Realty’s CEO, Glenn Phillips, breaks down six sins to avoid when selling your lake home.
  1. Too Much Love: How much you love your lake home can lead you to make emotional decisions instead of smart, financial decisions.
  2. Justification of “Facts”: What you consider to be ‘facts’ regarding your lake home, may not be reality. Don’t let these ‘facts’ hold you back from selling your home.
  3. Limiting Exposure: Your potential buyers should not be limited to your local community. Many lake home buyers come from all around the nation.
  4. “Buddy System” Agent: Don’t base your final decision on your relationship with the agent. Unless your friend is an expert, you should find someone who specializes in the lake market. 
  5. Ignoring the Market: Find an agent who is well-versed in the lake market, and has the ability to break down why certain events occur.
  6. Ignoring What I Just Said: Be sure to heed all the warnings given above. Our lake expert agents have local and national reach and can help you with this financial decision.
Don’t let these missteps stop you from selling your lake home. Understanding what to avoid before listing your home will make the process so much smoother!

Whiteboard Topics: 4 Killer Fails in Hiring a Lake Real Estate Agent

Posted on Kamari House
Hiring a real estate agent can be tricky when you don’t know what to look out for. Lake Homes Realty’s CEO, Glenn Phillips, gives four mistakes to look out for when hiring an agent!
  1. Generalist: It’s imperative to look for a specialist when hiring a real estate agent because a generalist may or may not understand the nuances of buying/selling lake homes.
  2. Friendship First: Friendships are important but you must remember that when purchasing a lake home, it’s about business. Again, a specialist would be more beneficial to you.
  3. Family First: We always want to help our family when we can but if they are not experienced enough in lake real estate, it can hurt you in the long run.
  4. Only Thinking Local: There are potential buyers across the nation, not just in local areas. An agent who only focuses on the surrounding area will hinder your opportunities.
Choosing the right real estate agent should be one of the first things on your list when buying or selling your lake home. Remember, this is a business and making the best decision for you, despite the circumstances, is the most important thing!

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: 3 Easy Ways to Fail at Selling Your Lake Home

Posted on Kamari House
It can be frustrating when your lake home sits on the market for too long. Lake Homes Realty’s CEO, Glenn Phillips, gives 3 reasons your home may not be getting any interested buyers!
  1. Inferior Photos: Unflattering, unrealistic, and a lack of photos of your lake home can turn buyers away from the property.
  2. Unresponsive Listing Agent: An agent that isn’t reliable or responsive to interested buyers will cause you to lose out on potential deals.
  3. Aspirational Price: Although this is a hot real estate market, it’s important to list your hope at a reasonable price. Most buyers won’t show interest in a home that’s grossly overpriced.
There are several reasons your lake home listing has been on the market for so long, but these are issues you can nip in the bud early on!

Whiteboard Topics: 5 Surprising Reasons Some Real Estate Agents Discount Commission

Posted on Kamari House
If something sounds too good to be true, there’s usually a reason behind it. This week, Lake Homes Realty’s CEO, Glenn Phillips, breaks down 5 shocking reasons real estate agents discount their commission!
  1. Relying on the Market: The current market is hot, so the agent will rely on it to sell your lake home instead of their services.
  2. Reduced Effort:  Sometimes, agents will stop putting in as much effort as before. This is also because of the hot real estate market.
  3. Buyer Bait: Some agents will use your listed lake home as bait to draw in potential buyers to build upon their clientele.
  4. Planning to Double-Side: The listing agent has plans to represent both the seller and buyer during the transaction. These deals don’t typically end in the seller’s favor.
  5. Starvation: There are more licensed real estate agents than homes to sell. This can cause agents to discount their commission in hopes of making a sale at all.
Before listing your lake home with an agent, be sure their intentions are geared in your favor! A discount in commission isn’t worth subpar service in this hot real estate market.