Purchasing a lake home is not something to take likely. Before you commit to a property, consider these factors from Lake Homes Realty’s CEO, Glenn Phillips.
Bridges?: The location of bridges will impact how convenient it will be to travel around the area. However, the closer you are to one, the closer you’ll be to traffic.
Water Levels?: The water level can vary by lake, season, and time of day. It’s important to know the behavior of your preferred lake, as the changing levels can affect lake activities.
Shoreline Restrictions?: Research the restrictions surrounding the shoreline, as they tend to fluctuate throughout the area.
Land Restriction?: Most lakes are owned by an organization, which means you’ll run into leased-land properties. You’ll have to follow their guidelines when buying these types of homes.
Water Restrictions?: Living by the lake doesn’t guarantee you have free range on the water within it. Check out the rules around water activities, water addition/removal, etc.
When buying a lake home, the property itself isn’t the only thing to consider. Be sure you can live the lake lifestyle you want before you buy!
April 11, 2023 – Hoover, Ala. – With lake home and lot inventory rising over last spring and preparing to heat up this summer, Lake Homes Realty prepares for long-term growth. The country’s largest lake-focused real estate brokerage doubled its square footage by moving into a new headquarters in late March, along with RealSource Title Insurance and Real Estate Closings. Based in Metro Birmingham, Lake Homes Realty currently operates brokerages in 34 states and remains in a rapid growth mode. The hiring of two seasoned real estate executives is a key part of the company’s growth plan.
Joe Gaeta has joined Lake Homes Realty as the Director of Strategic Growth and Kiki Wanshura has been hired as Director of Market Acceleration. Gaeta has more than 24 years of real estate industry experience, including the past seven years with Zillow Group as Director of Broker Relations. Wanshura has been in the industry since 1997 and came to Lake Homes Realty from Pacaso where she was on the Industry Relations team for the past two years. Her experience with second home ownership pairs nicely with current and potential agents interested in joining Lake Homes Realty. Gaeta and Wanshura will be working closely with Heather Glass, another former Zillow Group executive. Glass was recently named to the newly created position National Director of Development at Lake Homes Realty.
Real Estate Industry Experts Join Lake Homes Realty
Heather Glass, Joe Gaeta, and Kiki Wanshura of Lake Homes Realty
“With Joe and Kiki joining Heather along with the move to our new corporate headquarters, exciting times are ahead for Lake Homes Realty,” said Glenn S. Phillips, CEO and Lead Economic Analyst of Lake Homes Realty. “The appeal of a primary or secondary lake home on our thousands of lakes remains high and inventory is on the upswing as summer approaches,” said Phillips. “Our lake home buyers and sellers are, for the most part, unaffected by mortgage rates and economic uncertainly,” he said.
“We remain highly focused on the lake real estate market and believe Joe, Kiki, and Heather have the experience to identify key agents in lake real estate and similar niches as we continue to expand,” said Doris Phillips, COO at Lake Homes Realty and President of RealSource. “The three of them have powerful real estate backgrounds and the personalities to make a significant impact in expanding our market footprint.”
Gaeta, Director of Strategic Growth, joined Lake Homes Realty in April and has a passion for the industry. “It was so important for me to lock arms with like-minded people,” said Gaeta. “Over the last seven years, I have had the pleasure of visiting with Glenn and Doris Phillips from time to time – and working with them has always been a joy,” he said. “I love the specialization of their mission and how they are truly changing the lives of their agents. Many brokerages promise huge success, Lake Homes Realty actually delivers on it,” he said. Having worked with both the broker and agent community, Gaeta believes his experience will help move the needle for Lake Homes Realty and the future projects ahead. “Agents sometimes get stuck and my goal is to help them get unstuck,” he added.
Coming from Pacaso, Wanshura understands the second home industry and believes Lake Homes Realty is positioned well for the future. “ Having worked at a variety of real estate companies, I continue to be incredibly impressed with the tools, technology, and valuable analytics that Lake Homes Realty offers that are unique to the industry,” said Wanshura, who joined the company in March. “ I want to continue my career with a company like Lakes Homes Realty – a progressive company that is making a positive impact in the real estate industry,” she said. Shortly after obtaining her real estate license, Wanshura started teaching classes at her local association of REALTORS. “I quickly realized that I love helping agents grow their own business,” she said. “I think my passion for the industry along with my passion to help agents be more successful will be a great asset to Lake Homes Realty.”
After working with Zillow Group and Moxiworks, Heather Glass joined Lake Homes Realty in 2020 and was recently named National Director of Development. “The leadership and the entire Lake Homes Realty family is set up to make our agents successful,” said Glass. “Joe, Kiki, and I will show lake real estate agents how to differentiate themselves from the competition. Our agents double their revenue within their first years gaining value with the best in the business,” she said. “We often say that even experienced agents joining us get to learn from the A-Team of lake real estate agents.”
New Headquarters
“We toured a wide variety of office space available in Jefferson and Shelby Counties and felt 500 Corporate Parkway best met our needs,” said Phillips. “Over the past 12 months our space has transformed dramatically and is a great environment for our employees, clients, and guests,” he said. “ As Lake Homes Realty and RealSource continue to grow, we will have space to accommodate our workforce. We are also excited to be part of Hoover’s expanding technology corridor along Highway 280,” he added. As a hybrid of technology and traditional real estate brokerages, technology is at the forefront of Lake Homes Realty and it will be beneficial to be surrounded by other tech companies.
SDM Partners of Atlanta owns the 500 Building and surrounding buildings. The new headquarters were designed by Williams Blackstock Architects of Birmingham and the building is managed by Colliers International. Lake Homes Realty and RealSource moved into the 500 building in mid-March. A ribbon cutting with the Hoover Area Chamber of Commerce is planned for April 18.
“I am very pleased Lake Homes Realty and RealSource will remain and grow in Hoover,” said Mayor Frank Brocato. “This project is another example of growth in Hoover’s STEM-based industries. I also am pleased that this public/private partnership will assist Hoover entrepreneurs to further grow and contribute to the city’s economy.”
Glenn S. and Doris Phillips – CEO and COO of Lake Homes Realty
If you want to maximize your return on your lake home, check out these tips from Lake Homes Realty’s CEO, Glenn Phillips.
Remove Attachment: Refrain from equating your attachment to the home with its value. You should treat this process like any other transaction.
Price Strategically (Appropriately): Overpricing your home will cause it to become stale on the market, which will inevitably force you into a series of price cuts. Soon, you’ll notice buyers only presenting you with lowball offers.
Use Time Correctly: If you sell your home too quickly, you may be leaving money on the table. Give out-of-town buyers a chance to present you with better offers.
Think NET vs Price: Commission fees will affect the net earnings on your home, but investing in a solid real estate agent will ensure you walk away with the most money possible.
Extra Exposure: The right exposure will make all the difference in selling your home. Websites like LakeHomes.com have a database full of qualified buyers looking for a home like yours.
Before you put your house on the market, be sure to consider these factors to get the most from your investment!
Having a lake-focused real estate as a buyer will make all the difference. Lake Homes Realty’s CEO, Glenn Phillips, shares variables about lake home buying that make a lake expert crucial.
Water is Not All Equal: Where you want to be on the water can have a considerable effect on lake activity, home price, etc.
Leased Lots: This transaction type is extremely common on the lake, and is nothing to fear. The length of your lease can be up to 100 years and is transferable when you’re ready to move.
Financing is Different: The average lender may not be familiar with lake-specific transactions like leased lots. A lake-focused agent can connect you with a lake-focused lender to help prevent confusion.
Unexpected Regulations: Don’t find out about lake restrictions after you’ve bought your home. A lake expert can help you navigate your lake’s regulations during your home search.
Lake-Induced Price Variables: Two identical homes on a lake can have vastly different price tags depending on their relation to the lake.
Different Types of Sellers: Traditional sellers are bound to a timeframe when trying to move. Lake home sellers don’t have the same haste, as this is a discretionary purchase.
Don’t settle for a real estate agent with minimal knowledge of the lake, when you can find a lake expert at LakeHomes.com!
Leased lots are more common around the lake than you think. Lake Homes Realty’s CEO, Glenn Phillips, shares why you should consider purchasing these properties.
Common on Many Lakes: Larger lakes were built by power companies, and in order to maintain control of the surrounding land, they prefer to lease lots instead of selling them.
Buy House, Transfer Lease: When buying a home on these lots, the lease will get transferred to the new owners of the property.
Reconsider Time of Homeownership: There’s no need to fear the time length of a lease. If you want to stay longer than your allotted time, you can always renew it. If you’d like to leave sooner than expected, the lease will be transferred to your buyers.
Can Still Finance a Home: Local lenders who are familiar with this structure will have no issue helping you finance.
Buying on a leased lot is a great option for buyers. Remember, you aren’t restricted to the timeframe of the lease because of renewal and transfer options!
Have you been wondering if buying a lake home is the best financial move for you? Lake Homes Realty’s CEO, Glenn Phillips, gives 4 reasons why lake properties are a good investment.
Discretionary Asset: People in this market don’t feel pressure to make rash decisions around a home, making lake real estate more stable than others.
Little Impact from Mortgage Rates: The majority of transactions are cash and those who choose to finance through other means almost never have issues. Because of these reasons, mortgage rates don’t play a major role in their decision-making process.
Foreclosures are Rare: When you’re in competition with cheaper, foreclosed homes, it’s harder to sell your home for what it’s actually worth. In the lake market, this issue rarely happens to this demographic.
Somewhat Economy Independent: Even in economic uncertainty, lake homes tend to hold their value, making them a great placeholder for your money.
Nothing is completely risk-free, but purchasing a lake home is one of the safer ways to invest your money!
You shouldn’t give up on finding a good deal for your dream lake home just because it’s a discretionary purchase. Lake Homes Realty’s CEO, Glenn Phillips, shares four ways to find a great price for your future property.
Think Rural: Location plays a big part in home prices. Typically, the more rural the area, the better deal you’ll get for the lake home.
Smaller Lakes: While major lakes may be the first to come to mind, don’t count out nearby smaller lakes that can provide a similar lifestyle.
Be Flexible: It’s great to have your list of must-haves, but you have to be willing to make some compromises in order to find the right price.
Lake-Focused Agents: Finding an agent who specializes in lake real estate will make all the difference in your home search. Lakehomes.com has a plethora of lake experts committed to finding you what you’re looking for.
Take these tips into consideration before you buy in order to find the right lake home for the right price!
Lake home sellers differ from those in other markets for many reasons. Lake Homes Realty’s CEO, Glenn Phillips, shares the most significant factors to consider before searching for your dream lake home.
Older: Because a lake home is a discretionary purchase, most sellers fall into the older demographic.
Economy Blind: These sellers aren’t as affected by changes in the economy due to their ability to afford a more expensive lifestyle. This factor may also dampen the appeal of a cash offer, as this is extremely common on the lake.
Lack Necessity: Owning a lake home is an elective purchase, meaning those who choose to have one can afford to keep one. Because of this, owners lack haste when selling.
Patient: The biggest incentive these sellers would need to sell their home is a grandiose offer. Without one, most don’t have a big enough reason to budge.
Understanding the demographics of the lake real estate market will help your chances of buying your dream home on the lake!
Just because a lake home is a discretionary purchase, doesn’t mean you should overpay for one. Lake Homes Realty’s CEO, Glenn Phillips, shares how to spot an overpriced property.
Price… “Sort Of”: What’s considered overpriced for one home on the lake may be a great value for a similar property in the area. You have to keep certain factors in mind before you start comparing homes.
Days on Market: A high number of ‘Days on Market’ is usually a sign that other home buyers have deemed it inappropriately priced.
Clues in Photos: Assess photos for current conditions. Sellers may try to reimburse themselves for the money they’ve invested in the past despite it being outdated.
FSBO: These sellers aren’t as knowledgeable about today’s market as a traditional agent would be. This typically leads to them overshooting the current value of their home.
Watch out for these signs and you’ll find your dream lake home with the right price tag!
