Are you thinking of selling your home this year? You might think that spring would be the ideal time to sell your home, but we think otherwise. Here are 5 reasons why you should list your lake home before spring.
Lake buyers schedule. Lake home buyers have a different schedule. Because lake homes are not considered a discretionary purchase, the average lake home buyer is not affected by decision-making drivers such as school year cycles, job relocations, etc.
Hot for selling. The lake real estate market is hot right now. There are buyers wanting to buy now and have their home ready for spring.
Economy. The economy is strong right now but during these unprecedented times, the state of the economy is unpredictable. Therefore, buyers are less likely to pay an optimal price or might opt to wait on purchasing their lake home.
Reduced inventory. Lake home buyers are wanting to make a purchase now. If you wait until spring to list your lake home, you’ll be faced with increased competition as more home sellers will be listing their homes as well.
Time Value of Money. Expenses such as a mortgage, utilities, and home maintenance costs could be reduced if you list and sell your home now instead of waiting until spring.
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.
It’s no secret that moving is an emotionally taxing life event. Even if you’re excited about your move (who wouldn’t be excited about moving to the lake?), it can still be highly stressful. There are so many things to consider — and even more factors when you’re moving out of state. Whether you’re in the process of moving or just thinking about it, we’re here to help you cover the basics.
Update Your Address
This one might go without saying; it’s important to update your address when moving out of state. First, you can fill out the change of address form on the USPS website. This will forward mail from your old address to your new one. You’ll also receive discounts at places like Bed Bath and Beyond for all your new home essentials. Don’t forget to change your address on your bank account, credit cards, and subscription platforms like Netflix. Finally, remember to change the address of your voter registration. Voting in your new state and getting involved in local politics will allow you to be more integrated into your community.
Learn the New Tax Rates
Once you update your address, your zip code and house number aren’t the only things that change — so do your taxes (hopefully, they change in your favor!). When moving out of state to a lake house, many people pick lake homes in states with lower tax rates. For example, lakes in Tennessee will not come with a state income tax, although you will still have to pay the federal tax. Other states without income taxes include Texas, Washington, and Florida. Keep in mind that if it’s the middle of the year, you will have to pay taxes in both states, which can get confusing.
Switch Your Licenses
If you drive a vehicle, this is one of the first things you should do when moving out of state. The grace period between moving and updating your license can range anywhere between 10-30 days, so be sure to check state requirements. Given the short turnaround time, it’s best to make an appointment with the DMV before your move. This way, you can avoid the long lines, which are ubiquitous across states. Lucky for lake homeowners, though, one thing that does not need to be updated is your boating license. If you take a boating test approved by the NASBLA, the National Association of State Boating Law Administrators, these certificates are valid in all 50 states.
Understand the Lake Fees
If you’re moving to a house with lake access, specific fees can add up. But this depends on who owns your lake. The U.S. Army Corps of Engineers owns many larger lakes. Their interests are preserving wildlife, maintaining flood control, and other public concerns. On Army Corps lakes, living in a home with direct lake access can be expensive because owning a boat dock comes with a fee. There may even be certain size limits on boat docks, so be sure to check the regulations before visiting. On the other hand, homeowners associations (HOAs) control many smaller lakes in the country. Since they do not share the same public concerns as Army Corps lakes and are more focused on recreation, there are different regulations. Usually, you’ll need to get approval for the construction of a boat dock, and membership fees may be required.
If you’re moving out of state, you’ll need new health insurance. For those of us who are self-employed (a freelance business working remotely from a lake house? Sounds perfect!), you’ll need to alert the health insurance marketplace about your move and search for a health insurance agent to assist you. If you have health insurance through your job, you’ll need to find new healthcare providers in your network.
Searching for providers can be difficult for those who live on the lake, especially if your lake house is in a remote location. As such, choosing a lake house with close proximity to a hospital is an important consideration, especially if you’re moving for retirement. However, this doesn’t mean you have to choose an urban lake. For example, Tellico Lake in Tennessee is in a remote community with a 45-minute driving distance from the city of Knoxville, home to the University of Tennessee’s Medical Center. Even if you aren’t someone with routine medical needs, it’s best to be prepared for the future.
If you’re thinking of buying or selling a lake home, here are 4 things you need to know about appraisal risk.
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.
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.
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.
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.
There are three particularly important aspects you must give extra consideration when you’re thinking of buying or selling a lake home.
In this video, Lake Homes Realty’s CEO, Glenn S. Phillips goes over why the points are more important when it comes to lake real estate.
Water. How deep is the water? How far is it from the main body of water? How is the boat traffic? Does the water level vary by season? Every lake has its own water characteristic, in fact, different areas of the same lake may vary so these factors can affect the price of a home when buying or selling.
Sun. Which way the home faces relative to the sun is important to the value of a lake home. Some might prefer sunrise or sunset views. If a lake home is situated due north, or in a cove with hills and trees, it views of sunrises or sunsets may even be fully obstructed.
Earth. The terrain on which the home is situated is important to consider. Is it waterfront or water access? Did you know some property is waterfront without water access? What kind of septic system will this property support (as many locations are rural)?
Because lake real estate is unique with many factors to consider when buying or selling, it’s important that you have a lake expert by your side.
Here at Lake Homes Realty, we’ve got our own licensed agents who are highly specialized in all facets of the lake and the lake lifestyle. If you need help with lake real estate questions or are looking for an expert to help you buy or sell your lake home, be sure to contact us!
Have you ever had an agent tell you that they can help you buy a home or property and not cost you anything? In this video, Lake Homes Realty’s CEO, Glenn S. Phillips, explains why this is not true.
Department of Justice (Nov. 19, 2020). The National Association of Realtors and the Department of Justice had a settlement that states agents can no longer claim that their services are free.
Paid through Cooperative Agreements. Even though the agents are not being paid for their services, they are being paid through the deal or transaction via the brokerage and listing agent.
Bring Value. The buyer’s agent you’re working with should be looking out for your best interest…someone who pays for themselves in the value that they bring.
For more articles and industry tips, be sure to visit our blog.
One thing in a real estate transaction that some people may not understand is title insurance. They may ask themselves “What is it?” and “Do I really need it?” To navigate the confusion or uncertainty, here are three things to know about title insurance.
Right to Sell. Title insurance is basically just insurance that guarantees that the seller has the right to sell that property. There can be a lot of confusion surrounding whether someone has the right to sell a property — whether that be fraud, a mistake, or ownership uncertainty — but title insurance can help clarify and clean up that misinformation.
Clients Can Shop. You can shop around for title insurance that best fits your needs. The price of title insurance typically reflects the sale price of your home, and relative to many of the other costs involved in a real estate transaction, it isn’t that expensive. Though there are laws in place to protect buyers and sellers from fraudulent title insurance companies, you always have the option to shop around and get prices from various suppliers.
One-Time Cost. This is not a recurring payment. It is a one-time cost that takes place at a closing. Once the title insurance company is paid, they will do additional filings and verifications at the courthouse, and several days later, the buyer will receive their policy.
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.
Have you ever encountered that awkward moment when a friend or family member thinks they should be your real estate agent, but they might not be the right fit? Real estate is probably one of the biggest investments you’ll make, so it’s important to choose the right agent for the job. Here are some tips for navigating that dilemma without wanting to disappoint or displease family and friends.
1. It’s a business decision. This is not necessarily a personal decision. There’s a lot at stake when choosing the right real estate. The right professional for the job will value that importance.
2. Interview for best choice. It’s not about you who like most, it’s about who can help you achieve your goals in the time frame you want. Interviewing for best choice will allow you to be confident in the plans and tools that the right real estate agent can offer.
3. Generalist vs. specialist. If you’re buying or selling a specialty property, like a lake home, a general real estate agent isn’t going to know all the nuances about that market. Someone who knows your market is going to likely be more effective than someone who doesn’t.
4. Look for unique offerings. Does the real estate agent have a unique skill or quality that no one else has? Compare the agents that can help you locate the property you want faster or maximize the number of buyers for the property you’re selling. 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.
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.
Lake Homes Realty has added The Evergreen State to our business footprint! We’ve added our first beachhead on the west coast in Washington in our march to the Pacific Ocean. We’ve been searching for the right broker to join our team, and we’ve found him. Kelly Larson became our newest team member and is working hard to build his team.
We’ll be adding the beautiful lakes of Washington to LakeHomes.com in the coming days and weeks. As we have done with all the states and lakes that we serve, we’ll display all the homes and land listed for sale across the state. Listings that are added by Lake Homes Realty’s agents will always be featured on the website.
From Lake Washington, one of the largest natural lakes in the state, to the metropolitan Lake Union in Seattle, Washington’s lakes are stunning. We’ll be adding profiles for every lake in the state to inform our readers about the style of living available on each. From the size and depth of each lake to the type of fishing and boating available, you will have all the information you need to decide which lake best fits your lifestyle.
Keep a watch here on LakeHomes.com for more information on the lakes of Washington and more new states very soon. Our goal is to be your nationwide lake resource!
When buying home insurance, many homeowners overlook the possibility of flooding. However, assessing flood risk is crucial for all homeowners, especially those at the lake. According to Realtor Magazine, almost 6 million homes and commercial buildings in the U.S. are at high risk for flooding. In fact, according to the Federal Emergency Management Agency (FEMA), flooding is the most common natural disaster in the country. Even if a hurricane doesn’t hit your home, even an inch of flooding can cause damage to your property and result in molding. These repairs are not inexpensive either. The average annual damage cost in the country due to flooding is $2 billion. Given these consequences, knowing your risk based on the flood zones, preparing for these risks, and protecting your lake house are paramount.
If you’re a first time homeowner, the concept of flood zones might be new. Essentially, flood zones are different areas distinguished by their risk of flooding. There are four flood zone classifications:
A – high risk, usually along bodies of water
B or Shaded X – moderate risk
C or Unshaded X – low risk
V – a high risk coastal area
In fact, in an A or V zone, flood insurance is required due to the risk level. Oftentimes, lake houses fall into zone A. However, this isn’t always the case. Your zone could also change over time. Due to the changing environment and warming atmosphere, more storms and hurricanes are possible. The result is that some homes previously in a low risk flood zone are now higher risk. Your zone could also change due to nearby construction or recurring weather-related factors. Since flood zones are not static, it’s important to keep yourself informed about your home’s risk.
No home is free from flood risk, so it’s best to stay vigilant no matter your residence. However, lake homes are at increased risk due to their proximity to a body of water. While most lake houses are on controlled water and elevated enough to prevent flooding, hazards happen sometimes. Due to the surrounding water, it’s best practice to investigate your flood risk and need for insurance.
Thankfully, online resources can help you determine your house’s risk of flooding. Just this month, the nonprofitFirst Street Foundation released a search tool for U.S. homeowners to discover their Flood Factor. With this free tool, you simply type in your address to receive a wealth of helpful information: your flood risk, the proportion of properties at risk in your county, history of floods in your area, and recommendations. In addition to revealing this information within seconds, it includes climate data and risks of rainfall and flooding — both of which are not currently included on federal maps. Federal maps also tend to underestimate how many homes are actually in flood zones. Besides these two resources, If you want a more individualized approach to assessing your flooding risk, you can also hire a surveyor to assess your home. They will take more personalized features into account such as the age of your home.
If you’re in a flood zone, there are several precautions you can take. First, consider getting flood insurance from the National Flood Insurance Program or a private insurer. Since the typical homeowner’s insurance does not cover flood damage, you’ll need to buy flood insurance separately. According to FEMA, flood insurance typically costs $700 per year, but this is very little compared to the cost of repairing flood damage. However, this cost can differ depending on your home’s elevation.
In addition to purchasing insurance, there are several solutions to control flooding on your own. Sealants, rain barrels, and sand bags are less expensive options, while installing a sump pump is a more pricey way to manage excess water.
Although proximity to water is a huge selling point of owning a lake home, it also comes with increased flood risk. Know the flood zones, and prepare accordingly!
