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.
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.
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.
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.
Top 10 States for Lake Property Listings
Texas – 16,680
Florida – 11,550
Tennessee – 6,032
Georgia – 4,402
Arkansas – 4,314
North Carolina – 4,339
Missouri – 3,979
Alabama – 3,596
Minnesota – 3,290
South Carolina – 3,096
Top 5 Most Expensive Lakes for Home Listings (Average Price)
Lake Sherwood, CA – Avg. of $7,197,500
Lake Tahoe, NV – Avg. of $4,225,368
Lake Toxaway, NC – Avg. of $3,935,000
Lake Butler, FL – Avg. of $3,675,037
Whitefish Lake, MT – Avg. of $3,373,146
Top 5 Lakes for Number of Home and Lot Listings
Lake of The Ozarks, MO – 1,455
Lewisville Lake, TX – 1,288
Canyon Lake, TX – 1,131
Table Rock Lake, AR/MO – 1,114
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.
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
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.
“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.
“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.
“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.
“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.
“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.
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.
“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.
“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.
“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.
“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.
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.
“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.
“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.
“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.
“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.
If you haven’t heard it by now, the first impression is the only impression in the world of real estate. And there’s only a tiny window of opportunity to impress potential buyers when selling a lake home.
A savvy seller should be prepared to “WOW” prospects within the first 15 seconds of them arriving at the property. Stick to this checklist of things to do before putting your listing on the market, and you’ll build a solid foundation on which to sell your home.
One of the first things you need to do before listing your lake home is to hire a real estate agent. Be sure to enlist someone with localized expertise, in-depth market knowledge, and an extensive professional network. An agent with trusted, quality connections around town, such as buyers’ agents, professional photographers, home stagers, and home inspectors, can help simplify the home selling process.
While most people associate home inspections with home-buying, there are advantages to getting a home inspected before putting it on the market. Your agent should be able to suggest obvious repairs for you to make around the house. However, a professional home inspector can provide nuanced details of every nook and cranny in your home, including any hidden problems.
After the inspector has inspected your lake home, it’ll provide insight into how much repairs will cost. Lake home maintenance is often more expensive than off-lake homes, so be prepared for a potentially higher price tag. You can rectify every single problem or tackle the big projects and leave minor fixes for the new owners. Either way, it’s best to be proactive about major expenses rather than reactive.
Buyers like to ask a lot of questions, and rightfully so. Ensure all relevant documentation and paperwork are ready to present should any questions arise. Documents include the house deed, appliance warranties, instruction manuals, utility bills, title reports, dock permits, etc.
Your real estate agent will need access to your home nearly 24/7 to show off the property. So unless you plan on sitting at home all day waiting for potential buyers, get the agent some keys or passcodes.
Sadly, you’ll need to take down the baby pictures and remove the trophies on the mantle. While it is still technically your home, it shouldn’t look like it to potential buyers. By neutralizing everything with your personal stamp on it, you allow buyers to envision themselves in the home. Remember to clean out the closets to make them look as spacious as possible. Consider renting a storage unit to keep all the extra clutter in. Or, if you would rather remove old junk yourself, garage sales are a great way to have strangers clear your house out for you.
Now that you’ve removed unnecessary clutter and personal items, clean everything. Patch up any holes in the walls, scrub between the tiles, and focus on the bathrooms and kitchen for a whole day. Don’t forget about tackling forgotten-about spaces like baseboards, banisters, and windows. Your house should sparkle once you’ve used all the bleach you own and fluffed out every pillow. Remember that you’ll have to work to keep it that way.
Staging a home aims to help potential buyers envision the property as their own. The stager will use design and conceptualization techniques to maximize your home’s strengths and downplay the weaknesses.
True-first impressions happen curbside, so be sure to spruce up the front and backyard of your home. Make the front door more attractive by adding new house numbers and painting them to increase visibility. Adding string lights to a personal dock can be a great way to set your lake home apart from all the others. And be sure to remove any kids’ or pets’ toys from the backyard.
Professional MLS photos are still imperative for any real estate listing. According to the NATIONAL ASSOCIATION OF REALTORS®, all home buyers used the Internet to search for a home, with 41% stating that photos were the most valuable content. In addition, 39% found detailed property information as the second-most valuable content on the web, so be sure to provide clear and accurate information about your lake home or property. Virtual, 3-D video tours are gaining traction as a popular tool for home buyers, allowing for an engaging content source that can be shared on websites and social media.
Nothing can ruin a home sale quite like sticker shock. An inflated listing price can quickly put a bad taste in buyers’ mouths, and price drops come with their own consequences. So, when setting the asking price, be sure to consult a lake market expert. And always remember: buyers don’t care what you need for the home; they only care about what the home is actually worth.
As a seller, it’s important to remember that every move you make matters. It’s your job to convince buyers that your property is worth investing in. By checking off every item on this to-do list before putting your listing on the market, you’ll increase your chances of a quick and successful sale.
Heading into 2025, you might consider buying or selling a lake home. Glenn S. Phillips, CEO of Lake Homes Realty, shares 5 helpful reminders about lake real estate in 2025.
Price Includes Location. Many lake home buyers, particularly first-time buyers, don’t realize the impact of the lake location on price. You may not be able to get the same amount of house at the lake as you would in your neighborhood because of the location.
“Sellable” Inventory is Limited. Over the last several months, the number of homes listed for sale has increased, and there’s also a lot of demand. However, since these homes have been sitting on the market, they aren’t appropriately priced. Many sellers are listing at aspirational prices to get a lottery ticket price. This means “sellable,” or appropriately priced, inventory is actually limited.
Prices Are Roughly At Peak. Throughout 2024, price appreciation became fairly limited. Lake home prices aren’t expected to significantly rise or drop.
Discretionary Product. Nobody has to buy a lake home for shelter. Unlike typical residential property, buyers can wait until they find what they want. This is also true for sellers. Lake home sellers generally aren’t in a rush to sell, so they can hold onto the property longer.
Niche Expert Agents Matter. Lake homes come with different contingencies that primary residential properties don’t have. Additionally, discretionary lake home buyers come from cities and states away. Expert lake agents can navigate this market and expose homes to nationwide buyers.
Lake real estate can be a tricky market to navigate and understand. With these tips, you’ll be better prepared to buy or sell your lake home in 2025. Visit lakehomes.com to connect with expert lake agents who are ready to help you navigate this market.
Selling your lake home is a big deal, so you’ll want to do it right. Glenn Phillips, CEO of Lake Homes Realty, discusses 5 mistakes made by lake home sellers.
What Seller Paid for the Property. Similar to stocks, you often can’t sell your lake home for exactly what you bought it for. The buyer doesn’t care about how much you paid for the house years ago.
Price of Listed (i.e. Unsold) Homes. If the listed homes were priced right, they would be sold homes. When these homes sit for a while, it should be a warning about the price. Your neighbors aren’t getting that number, so it’s unlikely you will, too.
Seller’s Blood, Sweat, and Tears. Oftentimes, sellers get caught up in what they’ve done to the property or the memories they have there. However, buyers aren’t interested in those things; they care about the house’s value, according to them. In fact, sellers often intend to remove additions to the home the buyer made, creating negative value.
Outlier Sales. When a home sells for a fantastic price, sellers often want to get that price themselves. However, the price alone doesn’t tell the whole story of that transaction. There could be things like closing costs, additional property, and more that the price included that make the price deceptive.
Taking Offers Personally. Even if the “low” offer is fair, but under the listed price, you can’t get offended by it. A low offer is better than no offers. Low offers open the opportunity for discussion about prices that no offers don’t allow for. Keep the discussion going, and try to land that transaction.
Lake home sellers can often make mistakes when they aren’t familiar with lake property. Using these tips can help guide you to a better transaction. Visit lakehomes.com to connect with expert lake agents ready to guide you through the lake market.
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