Tag: real estate

Whiteboard Topics: Is A Friend The Best Choice For A Lake Home Transaction?

Posted on Zac Parnell

Buying or selling a lake home can be a strenuous process. With that being said, you might think it’d be a better idea to get help from a friend who is a real estate agent. However, this might not always be the best option. Glenn Phillips, Lake Homes Realty’s CEO, shares his thoughts on the topic.

  1. It’s Business: Think about it from the sense of a doctor. The friend wouldn’t be offended if you were to go see a doctor who has more expertise in the matter. The same thing goes for real estate agents. Lake agents at Lake Homes Realty are the experts when it comes to the lake market.
  2. Have Your Friend Explain “Why are they THE Best Choice?”: Having your friend be able to explain why they would be the better option to choose over someone whose everyday market is the lake. This is a great opportunity for them to share why they think they would be the one to go with.
  3. Generalist vs. Specialist: Just because your friend might have sold a lake home a few times doesn’t automatically make them a lake specialist. They won’t know the different nuances that go into buying and selling on the lake, and that’s okay. A lake specialist will be able to keep up with what is going on in the lake market in ways someone else might not be able to.
  4. Point Out Something Unique in Your Choice: Are you able to give a reason why you would choose them? Be sure it’s something that is different than them just being your friend. You really want to have someone who has the unique things others don’t.
  5. A Real Friend Will Understand: At the end of the day, if you explain why you don’t pick them, that friend should be able to understand. These are big transactions, so going with someone who knows the ins and outs is always important.

If you are starting the process of buying or selling and need to find a lake expert, head over to LakeHomes.com. There are plenty of agents there who would love to be a part of this journey with you and guide you through it.

Whiteboard Topics: Why Are There Not More Buyers For Lake Homes?

Posted on Zac Parnell

To many people, it seems as though there aren’t that many buyers in the market. Is this actually the case or could there be another reason behind this? There have been transactions taking place, but not to a level where they would seem to be skyrocketing. Glenn Phillips, Lake Homes Realty’s CEO, explains why there aren’t more buyers in the market and what could be causing it.

A. Modest Market Improvement:

  1. Inventory is Larger- There is currently more selection. This is a good thing that could bring in more potential buyers.
  2. Mortgage Rates- The rates are currently showing signs of dropping.
  3. Buyers Demand Strong- At LakeHomes.com, we can see that the web traffic is heavy, which means they are buying and shopping.

B. Still, Buyers are Waiting On…:

  1. Realistic Pricing- Because the inventory has grown, many houses are priced way above what they should be. There have been signs showing more realistic pricing is on its way.
  2. Selection- There is a decent selection, but after taking away the homes that are not priced appropriately, the selection is smaller.
  3. Election and Holidays- Every 4 years during election time, there is a slower time period of people actually looking at these properties. It is a hard thing to attribute because most people can’t even really explain why this happens. As the end-of-year holiday season approaches, things slow down mainly due to busy schedules.

Buyers might not seem like they’re out there, but they are. When it all comes down to it, they are simply waiting. One thing that can really change is pricing homes correctly. Things pick up pace when a home that’s priced accordingly is on the market. If you’d like more information to help you navigate this topic or any other real estate question, connect with an agent at https://www.lakehomes.com/ today.

Whiteboard Topics: Lake Real Estate Trends You Should Know

Posted on Zac Parnell

Real estate trends can change more often than you realize. That includes the trends that are specifically involved with the lake real estate market. It’s always a good thing to be up to date on what’s happening in the world of real estate, whether you’re buying or selling. Luckily, Lake Homes Realty’s CEO, Glenn Phillips, has all the insights you might need.

  1. Mortgage Rate Independent: This means if mortgage rates are on the rise, transaction rates at the lake typically aren’t affected. This all boils down to around half of the transactions being done through cash. Even if a buyer does end up getting a mortgage, they typically have the means to be able to get better rates.
  2. Inventory “Issues”: Inventory as a whole has grown since COVID-19 happened. However, the transactions haven’t been flowing as much. This is mainly due to people not matching their homes for the price they’re worth today.
  3. Strong but Very Practical Demand: People who are more thoughtful about their money won’t be willing to pay the COVID prices that others were four years ago. These buyers are always interested, but they’ll wait.
  4. Competitive Bidding “Spotty”: There hasn’t been as much competitive bidding now as there was in the past. This is especially true when the homes are overpriced. The few homes that are getting competitive bids are designing their offer to be very practical.
  5. Aspirational Pricing: This type of pricing is never really attainable due to what the home is priced at. The sellers might see what others are doing or think they can sell for and that’s more than often not the case.
  6. Multiple Market Shopping: Sometimes, buyers aren’t looking at one lake or even one state. However, they can be looking at multiple lakes in different states.

Before you start looking to buy or plan to sell, knowing the trends is always important. If you are looking for even more information about these trends or anything else regarding lake real estate, visit https://www.lakehomes.com/. There are plenty of agents who are ready to help you today.

Whiteboard Topics: Why Lake Homes Realty Does Not Provide “Guaranteed Offers”

Posted on Zac Parnell

When selling a lake home, everyone wants the best offer. Sometimes, you might see signs or billboards from other real estate companies mentioning a guaranteed offer. You also might wonder if this is something Lake Homes Realty offers. Glenn Phillips, CEO of Lake Homes Realty, provides his insight into why this isn’t something Lake Homes Realty provides.

  1. “Guaranteed Offer” Does Not Equal “Full Price Offer”: A lot of times, when you see something claiming it has a guaranteed offer, it doesn’t typically mean the full price offer. That’s not to say you won’t get a guaranteed price; however, it usually isn’t the number you were thinking you’d get.
  2. Fine Print Matters: This might seem like a really good thing from a different brokerage. However, you need to read the fine print and see what it truly entails. Having a set number in mind and walking away with something completely different could be a possibility. This is why it’s crucial to understand the logistics of what will take place with these kinds of offers.
  3. Wholesalers: More times than not, wholesalers are typically where these offers stem from. It might not necessarily be the brokerage itself. Similarly to loan officers, these packages are made as one can be with a mortgage package.
  4. Good for Sellers or “Bait-n-Switch?”: This type of offer might be something that could be beneficial for you. But you should look into what it is. Sometimes these offers can be set so that if you don’t sell in a certain amount of time, the offer is changed. This can result in financial disappointment.
  5. Time Frame: If you’re looking to sell in a rather quick time frame, you might want to think about it a little more. The guaranteed offer could be based on how long it would take to sell your home. So make sure you consider how long you’re willing to wait.
  6. Our Focus: Help Sellers Meet Financial Goals: At Lake Homes Realty, one of the goals is to really help the seller and whatever their goal might be. When it comes to guaranteed offers, there really isn’t a way to achieve that.

Some people might be okay with guaranteed offers. However, if you’re someone who wants to maximize your profit, that’s what Lake Homes Realty is here to help with. If you would like to start the selling process or get more information, reach out to a lake agent today!

Whiteboard Topics: Important Website Info When Selling A Lake Home

Posted on Zac Parnell

When it comes to selling a lake home, one way to get it seen more is through marketing. There are many different ways that Lake Homes Realty can offer valuable marketing efforts. Sometimes, different phrases, such as “webpage views,” along with other terms, can be misconstrued. Check out what Glenn Phillips, CEO of Lake Homes Realty, has to say regarding this topic.

  1. “Webpage View”: Back in the earlier days of the internet, this used to be called a hit. Essentially, this means someone clicking on your property and viewing it on the website. If you were to leave the website and look again later, that’s another view.
  2. Not All “Webpage Views” Are Equal (Audience Matters!): Something that is almost more important is the amount of engagement you are getting. The website is there to help drive people to your property and maximize the number of people aware of your property. Getting more views and having no interaction isn’t the end goal.
  3. High Number Can Reveal Overpricing: If you are getting a high number of page views but no traction, that typically means the property is overpriced. If the property is just sitting online, racking up views without engagement isn’t something you want to work towards.
  4. Low Number Can Reveal Overpricing: On the Lake Homes Realty website, you can view the properties without even clicking on one. Some people might see how high the property is priced and not even bother clicking on it. This results in those low page view numbers.

While web page views are important and can show some insight, they can also be deceptive. At the end of the day, you’re really looking to find that good middle ground between engagement and web page views and many agents at Lake Homes Realty would love to help you achieve these results. Reach out to one today and see what they can do!

Whiteboard Topics: Why Are Lake Home Owners Selling These Days?

Posted on Zac Parnell

Living life at the lake is something a lot of people love or want to experience. While this is true, you might be seeing more and more people selling their lake properties. Why is this? There are a few reasons why lake homeowners are selling. Glenn Phillips, CEO of Lake Homes Realty, has the answer to this question.

  1. Age-Related: Owning a lake property can become something that involves a lot of maintenance and upkeep. At a certain point in life, you might not want to fool with those things anymore. That’s not to say you didn’t enjoy and get the most out of the lake home.
  2. Life-Style Changes: You might have had the lake home when the kids were younger, and now some of the family has moved away. Lifestyle changes can even lead to interest changes. Many life events or changes can alter the amount of time you spend at the lake compared to how much you once did.
  3. Financial Opportunity: If you’re looking for time to get a good return on your investment, selling might be something that is being considered. This point is usually a more practical one in comparison. However, at the end of the day, if it’s something you’re wanting to do, now’s a great time to do so.

If you’re thinking of selling or it’s been on your mind, consider where you might fall in terms of these 3 points. More than likely, it will be one, if not multiple. Like always, the lake market experts at LakeHomes.com are willing to help and give advice. Reach out to one of them today.

Whiteboard Topics: Should I Offer Buyer’s Agent Compensation When Selling A Lake Home?

Posted on Zac Parnell

Are you selling your lake home anytime soon? If so, you may be thinking about the different costs that could go into it. One specific thing is different compensations for agents. More specifically, buyer agent compensation. Should you just offer it? Glenn Phillips, CEO of Lake Homes Realty, offers insight into this topic.

  1. It Depends: Buyer agent compensation isn’t something that is required. At the end of the day, it comes down to whether you feel like you should offer it. However, you have to think about it because there are situations where you might want to, and in some cases, you might not.
  2. What Is Your Goal In Selling? You want to get the most money you can, but there should be more thought put into that. Something you really should strive for is getting the maximum number of buyers who are capable of paying for the price you’re looking for.
  3. 3 Groups of Buyers: A) Can Pay Their Agent – These are typically the buyers who will be paying cash for the house. Many of these buyers are comfortable paying for services and have usually signed the Buyer’s Agent Agreement. B) Can Not (or Will Not) Pay Their Agent – This group usually doesn’t have the means to pay that compensation. They often expect the seller to compensate in some form or fashion. C) Can and Will Pay a Portion – They might pay a little bit or they might end up paying a lot. This group will typically be seen doing the most negotiating.
  4. Suggested Goal: Best Net $: The end goal should be what will ultimately net you the best return on your investment (your lake home). Something that can play into this is pricing accordingly. Expanding your pool of buyers might also be a factor.

If you’re planning on selling your property soon and need assistance, don’t hesitate. Reach out to one of our lake expert agents at LakeHomes.com. They are always willing to help and can answer any questions you still might have!

Whiteboard Topics: Buy A Lake Home Like A Pro

Posted on Zac Parnell

You’ve decided to finally buy that lake home you’ve always wanted. The only issue is that you don’t know how to go about it. How do you navigate this market? What goes into buying a lake home? Well, now there is no need to stress over these issues. Lake Homes Realty’s CEO, Glenn Phillips, goes over how you can buy a lake home like a pro!

  1. Investor or “I Want What I Want”: What is your mindset going into the buying process? If you’re thinking like an investor, you’re more likely to think of things like ROI. Thinking as an investor or in the sense of making money will bring in different values during buying. On the other end, you might have an idea of exactly what you want. These 2 different spectrums are ways that you can approach this financial aspect of buying.
  2. Know Your “Number”: Before going into anything, you should know what you’re willing to spend. Being comfortable knowing what number you’re wanting to spend will help alleviate future issues. People who buy off emotion or do not give a lot of thought can lead to feelings of regret.
  3. Use a Lake Expert Agent: Having an agent who knows the market, the area, the lake, etc. is more valuable than you know. These agents know the nuances of the lake homes in their area. If you don’t already have a lake expert agent, check out someone from LakeHomes.com. They are some of the best out there and would love to help!
  4. Do the Due Diligence: Things such as getting surveys and home inspections—all these things you might think you can pass on, you can’t. Not doing your due diligence can lead to mistakes, issues, and a plethora of other unwanted things.
  5. Keep Options Open: You’re allowed things you won’t budge on. However, you need to keep the options open because something could come up.

Buying a lake home like a pro doesn’t need to be a stressful or difficult task. The biggest thing to remember is these 5 points. If you follow these, it will make your experience play out a lot smoother. Don’t forget to check out the list of agents at LakeHomes.com/agents who are ready to help you!

Whiteboard Topics: Lake Real Estate: Seller’s or Buyer’s Market?

Posted on Zac Parnell

The lake real estate market is an interesting one. Unlike your typical market for real estate, this market is more niche. You also might be wondering if it is a market for sellers or buyers. Questions like these are very typical when it comes to this market specifically. Luckily, Lake Homes Realty’s CEO, Glenn Phillips, has the answer to this question.

  1. Seller’s Market: Command Higher Prices – Typically, a seller’s market means that the seller can command this higher price. When this occurs, there is usually limited inventory and a high volume of buyers. With this type of market, the seller has more of an advantage.
  2. Buyer’s Market: More Options – Opposite of the seller’s market, the buyer’s market has fewer people looking. During this time, a lot of sellers are wanting to appeal to the buyer. When this type of market happens, the buyer has the ability to offer a lower price with more options.
  3. Pricing: Supply and Demand – The main factor in determining which market we’re in comes down to supply and demand. Is there a higher number of houses with fewer buyers, or less inventory and more buyers? In more recent years, there has been a decline in inventory. This was around the Covid-19 years, which created a seller’s market. Things have begun to change due to less demand. That’s not to say it isn’t still there; it’s just not like the frenzy that it once was.
  4. Increase in Inventory (Sort of) – In the past couple of months, there has been an increase in lake real estate and primary residential real estate.
  5. “Phantom” Inventory – There are still sellers today who think we’re in a strong seller’s market. This has caused them to overprice their homes, leading to the homes sitting on the market.
  6. “Stalemate” Market – We’re not technically in one market or the other, more so this “stalemate” market. This ultimately means there’s an equilibrium between supply and demand.

It all boils down to: which market are we still in? Truth be told, neither. We’re in an area where the sellers can have a little bit of an advantage if they price their homes appropriately. If you’re still curious about the market or have other real estate questions, head over to LakeHomes.com. You’re bound to find an agent in your area who is happy to help out.