Tag: real estate

Whiteboard Topics: 7 Signs A Lake Home Is Unrealistically Priced

Posted on Zac Parnell

Pricing is an important factor when it comes to buying and selling a lake home. On the buyer’s side, you typically want to find a home that is within your budget and not something astronomically outrageous. From the seller’s side, pricing a home appropriately means more people are willing to look at it. Glenn Phillips, CEO of Lake Homes Realty, breaks down 7 different signs that a lake home is not priced realistically.

  1. Days-on-Market (DOM): Transparency is important. If your home has been on the market longer than 60-90 days, specifically for lake properties, it typically indicates that something isn’t right about the transaction. If the home is priced about 10-15% or more up than what the market is realistically expecting, people won’t take the time to even look at the home.
  2. Big Appraisal Gap: This was a bigger deal during the COVID frenzy, where people were willing to pay a higher price for the home than the appraisal price. However, since we have shifted from that, people aren’t as willing to spend that money.
  3. “Back on the Market”: This could indicate a price problem, either an issue with the mortgage appraisal not matching or an issue with the house, and the buyer and seller couldn’t agree on how to solve it in terms of the price.
  4. Massive $ Increase: This relates to an increase in the price of the house from when it was initially purchased to now, and there hasn’t been much done or changed about the property. If the seller can’t explain why there would be such a price increase, it more than likely means the home is overpriced.
  5. Multiple Price Cuts: The home has a lot of days on the market, as well as multiple cuts in the price. They might not even be significant price cuts. However, a buyer can see this and expect more cuts to happen before even looking at the property.
  6. Sellers: No (or Few) Showings: Having nobody come to look at the property is a key indicator that the home is priced poorly. Having people come and view your home is something that should be happening.
  7. Sellers: No Offers (or Similarly Low): Having people come and look at the home is great, but receiving no offers or even low offers means the pricing is off. If you’re receiving low offers, it can often be the buyer trying to offer at a more accurate price point.

Having a home that sits on the market for months due to pricing is something no seller or buyer, for that matter, wants. Ensuring you have priced your lake home appropriately is key in ensuring you can sell it. If you’re struggling with pinpointing what price is right for your home, contact one of our lake agents today! They would be more than willing to help you out!

Whiteboard Topics: 4 Big Mistakes When Hiring A Lake Real Estate Agent

Posted on Zac Parnell

Now is the time when you have decided to either buy a lake home or sell the one you currently have. However, you have to make a pretty big decision, which real estate agent to work with? Before you decide to choose one randomly, check out what Lake Homes Realty’s CEO, Glenn Phillips, has to say when it comes to mistakes made when hiring an agent.

  1. Generalist Instead Of Specialist: The biggest mistake people usually make is hiring an agent who doesn’t specialize in lake real estate. A general real estate agent might know the nuances of transactions and other facets of the real estate world but not necessarily the ins and outs of the lake market. There are many different rules and regulations when it comes to buying and selling within the realm of lake real estate.
  2. Family As A Favor: Everyone would love to help out family, especially if they are new to the world of real estate. There are other ways to help out your family without negatively affecting your transactions. This is where working with a specialist really benefits you.
  3. Just Picking A Friend: Similarly to the family aspect, working alongside someone who knows what it really takes to work within this market is always going to be better than simply just someone you know. That friend might not know the exact questions that need to be asked and a plethora of other things that a seasoned lake agent will know.
  4. Only Think Local: This is particularly a mistake when selling. There are ways to target buyers in various parts of the country. This will help directly target lake buyers within many different states. A lake agent knows how to go about this and the ways you can truly target dedicated lake buyers.

These 4 mistakes are common in selling lake properties. However, they don’t have to be. A great way to avoid these is by working alongside a seasoned lake real estate expert. There are many different agents who would love to help you navigate the process of buying or selling lake property. Check them out at https://www.lakehomes.com/ and ask any other questions you might have.

Whiteboard Topics: In Lake Real Estate “Highest And Best Offer” Is Not An Auction

Posted on Zac Parnell

When you are buying or selling, there may be terms thrown around, such as ” Highest” or “Best” when referring to offers. In reality, it’s not an auction. It’s actually the furthest thing from it. Lake Homes Realty’s CEO, Glenn Phillips, breaks down the different meaning meanings behind these terms.

  1. Not An Auction!
    • Highest $ May Not Win: The highest is strictly just a number. This does not ensure whoever offers the highest amount will be the one purchasing the property. The seller is the one who decides who they want to do a transaction with.
    • Seller Selects Their Buyer: When it comes down to the transaction, it is fully up to the seller to decide how and if they want to proceed.
  2. Look To “De-risk The Deal”– Remove the probability the seller might become uncomfortable with the offer.
    • Cash Versus Mortgage: Over half of the transactions done at Lake Homes Realty are made in cash. That doesn’t mean mortgages don’t happen. In the instances when a mortgage is in play, there is always the chance it won’t go through. There could even be an appraisal gap. Using cash is one less risk.
    • Timeframe Might Be Important: A seller could want to move very quickly or they might not have a time constraint. Utilizing the time frame and the nuances that come with it can help to make your offer the best.
    • Size Of Earnest Money: As a seller, seeing someone with a bigger size of earnest money can lead the seller to think they have more intent on wanting to purchase the home.
    • Fewer Contingencies: It’s not just the mortgage aspect. There could be home inspections, HOA fees, and a whole list of other things. If you are able to eliminate any of those extra contingencies, that can remove the possibility that the seller is uncomfortable.
    • Simplicity: If things become too complex, it can lead to the seller becoming confused, which, in turn, leads to the seller saying no.

When it really comes down to it, the “Highest and Best” offer can be great but can also hold a lot more nuance than people might realize. If you still have questions regarding which ways to navigate offers, talk with an agent at https://www.lakehomes.com/. They would be more than happy to help you along your real estate journey.

A “Rich Idiot” Isn’t Coming to Buy Your Lake Home –  But a Savvy Buyer Will

Posted on Oscar Gipson

Estimated reading time: 7 minutes

If you’re waiting for a billionaire to show up and overpay for your lake home, it’s time for a reality check. The 2025 lake real estate market is shaping up to be the year sellers finally get serious, and Lake Homes Realty—the nation’s leader in lake real estate—is here to break it down.

With exclusive data from thousands of lake real estate markets nationwide and millions of visitors engaging on LakeHomes.com, Lake Homes Realty has its finger on the pulse of discretionary home buying.

For much of 2024, the market was caught in a stalemate. Buyers, hesitant in the face of rising interest rates and elevated list prices, held out for deals that seemed increasingly elusive. Sellers, emboldened by the booming market of previous years, clung to prices that no longer aligned with reality. The result? Transactions slowed, inventory stagnated, and dreams of lakefront living felt just out of reach.

But the tides are shifting.

Sellers Are Waking Up: The “Rich Idiot” Doesn’t Exist

Let’s be clear—2025 isn’t the year someone is going to come along and overpay for your lake home. Buyers are savvy, and they know what they’re willing to spend. The market is full of well-informed buyers with strong financial backing, many of whom are paying cash, so they’re not swayed by overpriced listings. They’re waiting for homes that are priced realistically, and they’re not going to waste time with homes that feel like a seller’s winning lottery ticket.

“To be blunt,” says Glenn S. Phillips, CEO of Lake Homes Realty, “sellers will begin to accept that a rich idiot is not coming to buy their lake homes at a price well above market value.”

Sellers who cling to inflated prices will find themselves stuck with phantom inventory—properties that are listed but simply aren’t sellable at the price they’re asking. The real opportunity is for sellers who get serious about their pricing and are ready to meet the market at a fair value.

We are expecting to see at least a 15% year-over-year rise in transactions compared to 2024 with several key factors driving this forecast.

With the election behind us, buyers and sellers are refocusing on financial goals, and lake home buyers are waiting for homes that match their expectations. If sellers keep holding out for sky-high prices, they’ll find that they’re wasting their time while damaging their equity.

Additionally, the “Ds”—death, debt, divorce, downsizing, and other lifestyle changes—will continue to play a pivotal role in motivating sellers. These factors, compounded over the years, are expected to drive new listings that better match buyer expectations.

No Rate Jitters, No Marketing Magic– Just Realistic Pricing

Mortgage interest rates are unlikely to shake up the lake home market in 2025. Many lake home buyers have the luxury of paying cash, and for those who don’t, lake properties often attract buyers with significant discretionary income who can still secure favorable mortgage terms. Because of this, mortgage rates have little to no impact on actual lake home sales.

While it’s too soon to predict the fallout from the NAR commission lawsuit settlement, lake home buyers aren’t likely to be heavily affected. They’re used to working with seasoned real estate professionals and value expert guidance in these discretionary purchases.

But no amount of marketing or high commissions will overcome the simple truth: overpricing is a deal killer. Sellers who cling to unrealistic price tags will find their properties languishing on the market, no matter how flashy the listing or how wide the exposure. Buyers know what’s reasonable, and they won’t waste their time on homes that aren’t priced right.

This spring’s market presents a refined selection of lake properties. According to the Spring 2025 Lake Real Estate Market Report by Lake Homes Realty, there are 89,600 lake home and lot listings, an increase of 6,133 from spring 2024.

With an increase in listings, the total market value has increased to $48.36 billion, up from $44.11 billion last year, signaling a strong and growing market. “Our data shows that appropriately priced lake properties sell quickly and close to the asking price, sometimes even above,” said Phillips. “2025 will be the year when more buyers and sellers meet in the middle, turning phantom inventory into real opportunity.”

TOP LAKE REAL ESTATE MARKETS NATIONWIDE

This spring, Lake Norman leads with the most extensive selection of properties, boasting a total value of $1.016 billion in lakefront, lake view, and lake access properties, according to Lake Homes Realty’s Spring 2025 Lake Real Estate Market Report.

Following Lake Norman, homebuyers seeking lakefront living have numerous options across the country. Other top contenders for largest lake real estate markets include:

  • Lake Norman, North Carolina
  • Puget Sound, Washington
  • Lake Tahoe, Nevada
  • Lewisville Lake, Texas
  • Lake Michigan, Illinois

According to the quarterly report, thirteen states serviced by Lake Homes Realty had over one billion dollars in lake home and lot real estate listings.

Texas continues to set the standard with a massive $9 billion in lake property listings, followed by Florida at $5.8 billion, and Washington at $2.9 billion. States that surpass the $1 billion mark include:

  • Texas ($9.098 billion)
  • Florida ($5.890 billion)
  • Washington ($2.929 billion)
  • North Carolina ($2.687 billion)
  • Tennessee ($2.529 billion)
  • Georgia ($2.467 billion)
  • Minnesota ($1.998 billion)
  • Michigan ($1.960 billion)
  • Alabama ($1.522 billion)
  • Missouri ($1.496 billion)
  • South Carolina ($1.493 billion)
  • Arkansas ($1.461 billion)
  • California ($1.370 billion)

When it comes to volume, Texas leads the way with 16,680 lake home and lot listings. Florida follows closely with 11,550 listings, and Tennessee holds third place with 6,032. The states with the most listings are:

  • Texas (16,680)
  • Florida (11,550)
  • Tennessee (6,032)
  • Georgia (4,402)
  • Arkansas (4,314)
  • North Carolina (4,339)
  • Missouri (3,979)

As for the most luxurious lakes, two new additions to Lake Homes Realty, California and Nevada, as well as, North Carolina, and Florida dominate the scene. Lake Sherwood in California tops the chart with an average price of $7.197 million, followed by Lake Tahoe in Nevada at $3.675 million.

High-end lakes include:

  • Lake Sherwood,CA – Avg. $7.197 million
  • Lake Tahoe, NV – Avg. $4.225 million
  • Lake Toxaway, NC – Avg. $3.935 million
  • Lake Butler, FL – Avg. $3.675 million
  • Whitefish Lake, Montana – Avg. $3.373 million
  • Lake Washington, WA – Avg. $3.349 million
  • Lake Austin, TX – Avg. $3.057 million
  • Flathead Lake, MT – Avg. $2.898 million
  • Lake Michigan – Petoskey Area, MI – Avg. $2.869 million
  • Butler Chain Of Lakes, Fl – Avg. $2.808 million

Across all lake properties listed on LakeHomes.com, the average price is a more accessible $539,739.

Average listing prices

Top 10 States for Lake Property Listings

  1. Texas – 16,680
  2. Florida – 11,550
  3. Tennessee – 6,032
  4. Georgia – 4,402
  5. Arkansas – 4,314
  6. North Carolina – 4,339
  7. Missouri – 3,979
  8. Alabama – 3,596
  9. Minnesota – 3,290
  10. South Carolina – 3,096

Top 5 Most Expensive Lakes for Home Listings (Average Price)

  1. Lake Sherwood, CA – Avg. of $7,197,500
  2. Lake Tahoe, NV – Avg. of $4,225,368
  3. Lake Toxaway, NC – Avg. of $3,935,000
  4. Lake Butler, FL – Avg. of $3,675,037
  5. Whitefish Lake, MT – Avg. of $3,373,146

Top 5 Lakes for Number of Home and Lot Listings

  1. Lake of The Ozarks, MO – 1,455
  2. Lewisville Lake, TX – 1,288
  3. Canyon Lake, TX – 1,131
  4. Table Rock Lake, AR/MO – 1,114
  5. Lake Norman, NC – 1,099

The Spring 2025 Lake Real Estate Market Report shares a summary of data collected from 168 Multiple Listing Services (MLS) areas in the 39 states served by Lake Homes Realty and is, to its knowledge, not available from any other source. Thirty-seven of these states are covered in this report. States that are not included in this report have data that has not yet been evaluated.

Copies of the Spring 2025 Lake Real Estate Market Report are now available to download for free at www.lakehomes.com/report.

[Miami Herald] Why your expired listing could be like ‘picking juicy grapes off a vine’ for a Realtor

Posted on Linda Thach

Outdated real estate listings, frequently caused by pricing issues or ineffective marketing, offer promising chances for proactive real estate agents. These professionals have the opportunity to engage with property owners using personalized approaches aimed at re-listing and selling their properties effectively. Realtors can turn stagnant listings into fruitful deals by tackling obstacles that previously stalled the sale, such as price adjustments or improving the property’s attractiveness. This method is mutually beneficial for homeowners who reach their selling objectives and for agents who gain content clients. As a result, expired listings can be advantageous for realtors ready to dedicate time and energy to revive them.

“In fact, many properties are sitting stagnant because they are overpriced, making the market appear far healthier than it really is, says Glenn Phillips of Lake Homes Realty, a multi-state brokerage.” – Miami Herald

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Whiteboard Topics: AVOID These 5 Questions When Selling a Lake Home

Posted on Chris Melton

Selling a lake home comes with several questions, but some are better than others. Glenn Phillips, CEO of Lake Homes Realty, discusses 5 questions to avoid when selling a lake home.

  1. “How many views did my listing get online?” The truth is that there’s no right answer to this question. If you get plenty of views, you start to think the websites aren’t good or the buyers aren’t serious. However, if you aren’t getting any, you’re still upset since there’s no traffic. The right amount of views is the one that leads to a transaction. The real reason sellers ask this is to know why they aren’t getting a transaction. Most of the time, if the property is marketed well, the home isn’t properly priced.
  2. “Should we counter-offer?” In negotiation, you always counter-offer. Not giving a counteroffer eliminates any chance of a negotiation. Counter-offers aren’t always about price; they can include extra property or furniture. Work through the negotiation to keep the discussion going until you reach a transaction.
  3. “Can you co-list with my relative?” What this question really means is that you want to hire an agent to do the work and split the check with your relative. If you don’t feel your agent is worth the money, don’t hire them.
  4. “Where is your office?” Office location for lake agents isn’t important. Most lake home buyers come from cities or states away and don’t want to come into town to look at an office. Lake home buyers would rather look at the house than go to an office.
  5. “Does your brokerage have a lot of agents?” This is more of a filler question when interviewing agents. Instead, ask them how they differentiate themselves from the other agents to be successful.

Asking your agent the right questions can make a world of difference when selling lake homes. Visit lakehomes.com to connect with expert lake agents who are ready to guide you to a successful transaction.

Whiteboard Topics: 4 Things Lake Home Sellers Say That Cost Extra

Posted on Chris Melton

Lake home sellers use some common phrases that may end up costing them money. Glenn Phillips, CEO of Lake Homes Realty, discusses 4 things lake home sellers say that could backfire.

  1. “Let’s leave room for negotiations.” No matter what price you set for your house, the buyer will always try to meet you somewhere between your price and their price. Additionally, appropriately priced homes sell quickly and don’t sit on the market. Intentionally overpricing causes frustration and costs you money by having your home sit on the market.
  2. “We can reduce the price later.” Lake Homes Realty data suggests that overpriced homes don’t get offers and sit on the market. Overpriced homes also cause contention with your agent, as you believe they aren’t doing their job well. Once you start reducing your price, you’re training buyers to offer lower than the list price.
  3. “This is the price I need so I can…” Often, sellers price their home with the intention of paying for a trip, debt, or some other expense. However, this has nothing to do with what the market says. Buyers don’t care about what you want to buy with the transaction money. Your home will only sell for what the market says it’s worth, not what you need to pay for something else.
  4. “I really don’t have to sell.” Listing a home costs everyone involved time and money. If you don’t have to sell, then don’t. Playing around with the market costs you and other people a lot of time and money.

These common phrases often cost sellers extra time and money. Selling a lake home is a business transaction, so you should treat it like one. Visit lakehomes.com to connect with expert lake agents ready to guide you through lake real estate.

Whiteboard Topics: 4 Pointless Beliefs of Lake Real Estate Agents

Posted on Chris Melton

When you’re trying to find a real estate agent, you want to ensure you’re getting the best representation possible. Glenn Phillips, CEO of Lake Homes Realty, discusses a few things agents believe aren’t really true.

  1. “I work at the largest brokerage in the area.” Agents working for a large local brokerage are working alongside their competitors. Large brokerages make agents feel comfortable by bringing in a large number of agents. Large brokerages don’t make a difference for consumers, as their home gets listed no matter what.
  2. “My listings appear on thousands of websites.” Homes listed by any agent in any market across the country are syndicated to thousands of websites. Unless the property is being hidden and not advertised on the internet, it will appear on thousands of websites.
  3. “I earn stock in my publicly traded brokerage.” This is a common tactic for retention and recruiting agents. However, you can invest in the brokerage yourself if it’s publicly traded.
  4. “The ‘serious’ clients will leave a message.” People don’t want to leave messages anymore. If they get sent to voicemail, they’ll keep calling around until someone picks up. Great agents answer the phone even if it means dealing with spam.

Like anybody else, agents often believe things they do work when they don’t. Watching out for these sayings can help you find the best agent for you. If you’re looking to buy or sell, visit lakehomes.com to connect with expert agents who are ready to help you through the process.