Some companies like to guarantee you an offer for your home, such as an offer to buy your home if it doesn’t sell. Other companies offer to buy your home directly from you for fast cash-only transactions. Glenn Phillips, CEO of Lake Homes Realty, explains why Lake Homes Realty does not adopt these practices.
Guaranteed Offer is NOT the Same as Full-Price Offer: Guaranteed offers are generally lower than regular offers. They can be a good option if your only concern is selling your house quickly and you aren’t concerned with getting the full price. However, if you’re looking to get a good price for your house, guaranteed offers may not be for you.
Time: For typical residential property, transactions happen in a quick time frame. However, transactions for lake homes can take several years to finalize. Because of the sometimes unpredictable time frame for lake real estate, it’s difficult to determine a specified time frame for guaranteed offers.
Discretionary Buyers are Different: Lake home buyers are patient and can wait years before buying a house. With discretionary property, like lake homes, the buyers don’t have to buy the home. This nature of discretionary property doesn’t work well with the guaranteed offer strategy.
If your only concern is selling your lake home quickly, even if it means less money, then guaranteed offers can be the solution you need. However, the nature of lake real estate and lake home buyers is why Lake Homes Realty doesn’t adopt them. Visit lakehomes.com to find agents to help you navigate the lake real estate market.
December 13, 2023 – Hoover, Ala – The new Winter 2023 Lake Real Estate Market Report is ready, and you can directly download it HERE.
Welcome to our annual slower period. Historically, the winter months have shown fewer listings and sales. However, since this past summer, listings in our 34 states have only fallen by 1% overall versus a 10% drop during the same period last year.
With some relief from price pressure, we are primed to see a sizeable upward trend. Pricing is the major roadblock this niche is currently experiencing. However, even without lower prices, we feel the increased available inventory will be the catalyst to drive a 10% to 15% increase in properties sold.
Here are the states with more than $1 billion in lake home and lot listings:
Texas – $8.59 billion (up from $8.27) Florida – $4.96 billion (up from $4.74) Washington – $3.56 billion (down from $3.63) North Carolina – $2.51 billion (up from $2.46) Tennessee – $2.5 billion (up from $2.32) Minnesota – $2.36 billion (up from $2.29) Michigan – $2.18 billion (up from $2.19) Georgia – $2.21 billion (up from $2.13) Illinois – $1.43 billion (down from $1.54) Alabama – $1.55 billion (up from $1.46 million) South Carolina – $1.4 billion (No Change) Idaho $1.2 billion (Down from$1.4) Missouri $1.29 billion (up from $997 MM)
Top 10 States for Lake Property Listings
Texas – 16,028
Florida – 9,028
Tennessee – 6,208
North Carolina – 4,553
Georgia – 4,184
Minnesota – 4,338
Alabama – 3,959
Michigan – 3,445
Washington – 3,308
Missouri – 4,018
Top 5 Most Expensive Lakes for Home Listings (Average Price)
If you’ve decided to sell your lake home, it’s important to understand what buyers do and don’t care about. Thinking like a buyer can help you sell your home quicker. Glenn Phillips, CEO of Lake Homes Realty, discusses five things buyers don’t care about, but many sellers think they do.
What Seller Paid: While the pricing history can be important, buyers don’t care what you paid for the house. Buyers are concerned with the current market, not about how much you need to get from your house.
Listed Price of Nearby Homes for Sale: The listing price of nearby houses doesn’t reflect their value. Many of those houses may be overpriced, especially if they’ve been on the market for a while. Buyers are more concerned with what the house is worth than the listing prices of nearby homes.
Seller’s Personal Effort: Patios, decks, and other features of the house can add value for some buyers. Oftentimes, sellers have emotional attachments to these features; however, buyers don’t always feel the same way. Buyers may want to remove those add-ons and see them only as an additional cost.
Outlier Sales at High Prices: Just because a nearby house sold for an irregularly high price doesn’t mean yours will too. Buyers understand the trend in prices of the pool of houses in the market, and most won’t pay that irregular price. Outliers generally aren’t repeatable, and buyers will buy at market price.
Taking Low Offers Personally: Buyers don’t make offers to offend you. Additionally, a low offer is still better than no offer. Not responding to low offers can cut off potentially interested buyers by leaving negotiation off the table.
As a seller or someone who’s thinking of selling your lake home, it’s important to think like the buyer. Considering what the buyer is looking for can help you sell your home quicker and maximize your potential profit. Visit lakehomes.com, where you can find agents who will help you navigate the home-selling process and who understand buyer’s wants and needs.
Buyer’s agency agreements can often be a daunting term for many people. However, once you understand what it is, it can be beneficial for you. You don’t want to sign a document that you don’t understand. A buyer’s agency agreement states that an agent will represent their client when engaging with other parties. Glenn Phillips, CEO of Lake Homes Realty, explains what you should know about them and how they can help you when buying a lake home.
More Than Opening Doors: Buyer’s agents can help you do more than just open doors. They do analyses of the markets that meet your criteria, filtering out houses that don’t meet your goals. Buyer’s agents also help with comparing the market value of your home beyond the listing price.
Fiduciary Duty: Signing a buyer’s agency agreement ensures that the agent has a financial obligation to help you. Without this agreement, they may not work on your behalf, and in some states, they may work on the other party’s behalf.
Transparency of Commission: Buyer’s agency agreements help outline how the agent you work with will be paid. Discussions about commission, rates, or what the seller is contributing can be linked to the agreement. This ensures no confusion or surprises about how money flows at the closing table.
Scope is Adjustable: This is something that not many people know about buyer’s agency agreements. With these agreements, you can adjust how long you work with the agent, whether it’s a few weeks or several months
Do Your Homework: Signing a buyer’s agency agreement helps drive you to do your homework about the agent. The agent might have made a great first impression, but buying a lake home is nuanced, and you need an expert agent who understands that. Doing your homework about your agent before signing the agreement helps you know who you’re signing an agreement with.
Lake real estate is a different game than typical real estate, and having a buyer’s agent alleviates some of the pressures of the process. Buyer’s agency agreements can help you understand who you’re working with as well as establish financial responsibility for the agent. Visit lakehomes.com where you can get in contact with agents who will help you understand buyer’s agency agreements further.
With the new year, many people are wondering how the prices for lake homes will change in 2024. The short answer is that they’ll stay about the same in most markets, only slightly increasing in some markets. Glenn Philips, CEO of Lake Homes Realty, explains how years of data on the lake home market back this up.
Limited (but improving) Inventory: 2022 brought historic lows in the lake home market. Even though the inventory has been growing since, it is still low when compared to nothing. Buyers still outnumber sellers, but the buying frenzy has passed. Additionally, informed buyers won’t bite on the trend of “phantom inventory,” or sellers who think they can still sell at peak prices.
Mortgage Rates (Not Really): Mortgage rates don’t play a big factor in lake real estate. Over half of the buyers in this market pay with cash. Even if they don’t pay with cash, they can afford the splurge of the extra interest rate.
Interested KNOWLEDEABLE Buyers: Buyers today are more informed than at any other time in history. This means that they won’t be tricked into paying unreasonable prices. Buyers who are interested and willing to wait until the right price shows up will move quickly to purchase it. This causes a backlog to form, with buyers waiting for sellers to bring down their prices to reasonable levels.
Global Unrest: Global unrest tends to increase interest in discretionary property. People want lake homes to escape the problems of the world. It happened during the COVID-19 pandemic, as people rushed to buy lake homes to escape and distance themselves.
As 2024 rolls in, expect to see steady prices in most markets for lake homes. There won’t be many major shakeups, such as a big explosion or crash. There might be slight increases in some markets, but prices will stay consistent across the board. Be sure to visit us at lakehomes.com, where you can find agents that are experts in lake property.
A new lake real estate report from the country’s largest lake-focused brokerage show listing prices in Texas are up over summer 2022. The new Lake Real Estate Market Report from Lake Homes Realty shows Texas’s total market at $8.27 billion, up from $4.31 billion in the summer of 2022. Lake Homes Realty operates in 34 states across the country.
The new quarterly lake real estate report from Lakehomes.com shows Lewisville Lake to be the second-largest market in the state of Texas. The specialized website just showcases properties that are lakefront, have a lake view or lake access so that agents can help clients from across the country search for dream lake properties. As of August 8, 2023, Lewisville Lake has 1,013 lake area properties listed, ranging from a $20,000 lot to a $6.95 million lake home. Over 100 of the properties were listed for over $1 million.
The average home price for listings around Grapevine Lake is $1.5 million, according to the Lake Market Real Estate Report. The average lot price is $1.3 million for the 27 lake area lots currently listed. This comes in likely due to a $23 million property covering 13 acres.
Boating is extremely popular on Lewisville Lake, as are its related activities, waterskiing, tubing, and wakeboarding. With 29,000 acres of pristine water, it is one of the largest lakes in northern Texas. Lewisville Lake appeals to lake home searchers from across the country. Among the hundreds of people searching the lake homes and lots in Texas in May 2023, the top Metro area looking on LakeHomes.com was Chicago, followed by Oklahoma City and Minneapolis. One in 37 American adults look at LakeHomes.com each year.
“We believe our agents’ intimate knowledge about their lake real estate markets, nuances of the lakes themselves, and their involvement in local lake life is paramount to our continued growth,” said Glenn S. Phillips, CEO and Chief Economic Analyst for Lake Homes “Which is why we’re happy to welcome Loretta Fadeley as a buyer’s agent in Texas. Loretta offers outstanding customer service in the Lewisville Lake and Grapevine Lake areas and is truly a specialist in that area,” he said.
About Loretta Fadeley
Particularly with her children, Loretta Fadeley has a lot of happy memories of Grapevine Lake. During their childhood, Loretta’s kids spent every weekend at the lake. They would go trekking, reading, skipping rocks, and swimming all day. With the goal for other families to have the same memories, Loretta is now selling on Grapevine Lake.
Loretta worked as a barista and roof inspector for ten years, so she is accustomed to helping customers and enjoys it. She takes delight in making sure her clients receive excellent treatment and receive what they paid for.
Loretta’s 14 years of living close to Grapevine Lake have contributed to her skills. But Loretta’s actual expertise on lakes comes from her grasp of what her clients require in their desired location. Whether living on the ocean or in a suburban location close to it, she understands and can relate to every need.
Kye, Loretta’s spouse, works as an agent with Lake Homes Realty. She has a daughter, a son, and a stepson. They all enjoy laughing, cooking, and creating memories in the kitchen.
Arkansas-based agent Holly Ming has moved her real estate license to Lake Homes Realty – the nation’s largest lake-focused real estate company.
With the brokerage, Ming will specialize in lake homes and land on and around Lake Norrell, Coronado Lake, Cortez Lake, Lake Desoto, Beaver Fork, Willow Beach, and Lakewood Lake.
Arkansas-based agent Holly Ming has moved her real estate license to Lake Homes Realty – the nation’s largest lake-focused real estate company.
With the brokerage, Ming will specialize in lake homes and land on and around Lake Norrell, Coronado Lake, Cortez Lake, Lake Desoto, Beaver Fork, Willow Beach, and Lakewood Lake.
About Holly Ming
Although Ming grew up among beaches in Southern California, she was drawn back to The Natural State as a teenager by her vivid recollections of lakes in Arkansas. Ming has spent more than 17 years living close to Lake Norrell with her family. Any kind of life by the water, in her opinion, is wonderful.
Ming remembers a great deal of things related to the water. She has hiked, fished, and/or tented at practically every lake in Arkansas! She has fond memories of going fishing at Spillway Dam with her father. Her husband’s proposal on Lake Norrell is also among her fondest memories!
Ming places the highest value on his interactions with clients. Ming is a people person with invaluable sales management expertise! “I love to see the smile on people’s faces when they find that perfect ‘something.’ I still look for those smiles and intuitively know when a buyer finds their home.”
A new lake real estate report from the country’s largest lake-focused brokerage shows listing prices in Michigan are up over summer 2022. “The new Lake Real Estate Market Report from Lake Homes Realty shows Michigan’s total market at $2.19 billion, up from $2.02 billion in the summer of 2022,” said Stephanie Hall, a new agent with Lake Homes Realty, who focuses on Coldwater Lake, Palmer Lake, Baw Beese Lake, and more in Michigan. Lake Homes Realty operates in 34 states across the country.
“LakeHomes.com showcases properties that are lakefront, have a lake view, or have lake access, so we can help clients from across the country search for dream lake properties,” said Hall. As of August 16, 2023, Coldwater Lake has 11 lake area properties listed, ranging from a $224,900 home to a $1.1 million lake home. “The average home price for listings around Coldwater Lake is $519,327, according to the Lake Market Real Estate Report,” said Hall.
“Boating is extremely popular on Lake Hartwell, as are its related activities, waterskiing, tubing, and wakeboarding,” said Hall. “With just over 1,500 acres of pristine water, Coldwater Lake appeals to lake home searchers from across the country. Among the hundreds of people searching for lake homes and lots in Michigan in May 2023, the top metro area looking on LakeHomes.com was Chicago, followed by Washington, D.C., and Columbus, Ohio,” said Hall. “The national reach offered by LakeHomes.com works really well with my local expertise along Coldwater Lake and the surrounding area,” said Hall. One in 37 American adults looks at LakeHomes.com each year.
“We believe our agents’ intimate knowledge about their lake real estate markets, nuances of the lakes themselves, and their involvement in local lake life is paramount to our continued growth,” said Glenn S. Phillips, CEO and Chief Economic Analyst for Lake Homes “Stephanie offers outstanding customer service in the Coldwater Lake area and is truly a specialist in that area,” he said.
About Stephanie Hall
Serving others is something Stephanie Hall is well-versed in. She has six years of experience as a real estate agent. She has an amazing reputation, unending respect, and recognition for her commitment to safeguarding your interests, equity, and well-being while realizing your dreams.
Hall has more than just real estate experience. She has worked in company management concurrently for the past five years, and she currently owns and runs a sizable self-storage facility, many rental homes, and an agricultural farm in her community.
Her hometown is in southern Michigan. She spent decades creating invaluable memories here, and she now makes it her goal to help others create priceless memories of their own. Among the many lakes she services are Devils Lake, Baw Beese Lake, Coldwater Lake, Klinger Lake, Duck Lake, and countless others.
Hall is ready to assist you, whether your interests are in property, nearby activities, or living by a lake. Her top goal is to fully comprehend the needs and lifestyle preferences of her clientele. Witnessing her clients realize their own potential and achieve their goals brings her great satisfaction.
Hall collaborates closely with her local Branch County man, James, her fiancé. They have consistently astounded clients with their knowledge, skill, and proven execution while working nonstop for them in their remarkable team approach.
Communication and organization are the foundations of her success as a real estate agent. She guarantees that when you work with her, she will respond to your emails, demands, and texts as soon as possible, all while acting professionally and with unrestrained excitement. If you’re looking to buy or sell in Jackson, St. Joseph, Branch, Calhoun, Hillsdale, or Calhoun Counties, she looks forward to speaking with you!
A new lake real estate report from the country’s largest lake-focused brokerage shows listing prices in Tennessee are up over summer 2022. “The new Lake Real Estate Market Report from Lake Homes Realty shows Tennessee’s total market at $2.3 billion, up from $1.8 billion in the summer of 2022,” said Heather Boldizsar, a new agent with Lake Homes Realty, who focuses on Tims Ford Lake in Tennessee. Lake Homes Realty operates in 34 states across the country.
“The new quarterly lake real estate report from Lakehomes.com shows Tims Ford Lake to be the seventh largest market in the state of Tennessee,” said Boldizsar. “The specialized website just showcases properties that are lakefront, have a lake view, or have lake access, so we can help clients from across the country search for dream lake properties.” As of August 9, 2023, Tims Ford Lake has 278 lake area properties listed, ranging from a $25,000 lot to a $5.4 million lake home. “Twenty-nine of the properties were listed for over $1 million,” said Boldizsar.
The average home price for listings around Tims Ford Lake is $687,068, according to the Lake Market Real Estate Report. The average lot price is $220,273 for the 97 lake area lots currently listed.
“Tims Ford Lake is located in Franklin County, Tennessee. It has a shoreline of almost 250 miles and occupies an area of 7,745 acres,” said Boldizsar. “With almost 7,800 acres of pristine water, it is a great place to come and fish, canoe, or take a slow boat ride. Tims Ford Lake appeals to lake home seekers from across the country. Among the hundreds of people searching for lake homes and lots in Tennessee in May 2023, the top metro area looking on LakeHomes.com was Chicago, followed by Atlanta, Georgia, Washington, D.C., Nashville, Tennessee, and Huntsville, Alabama,” said Boldizsar. “The national reach offered by LakeHomes.com works really well with my local expertise along Tims Ford Lake and the surrounding area,” said Boldizsar. One in 37 American adults looks at LakeHomes.com each year.
“We believe our agents’ intimate knowledge about their lake real estate markets, nuances of the lakes themselves, and their involvement in local lake life is paramount to our continued growth,” said Glenn S. Phillips, CEO and Chief Economic Analyst for Lake Homes “Heather offers outstanding customer service in the Tims Ford Lake areas and is truly a specialist in that area,” he said.
About Heather Boldizar
Heather Boldizsar‘s affinity for lakes began in her childhood, when she lived just a stone’s throw away from one. Today, she resides right by the serene shores of Tim’s Ford Lake, where she dedicates herself to assisting others in realizing their dreams of owning lakefront properties.
With more than nine years of boating experience on Tim’s Ford Lake, Heather possesses an intimate familiarity with the lake’s intricacies. Her firsthand experience in securing TVA dock permits, understanding shoreline setbacks, and mastering the unique details of Tim’s Ford equips her to guide her clients comprehensively through the process of selecting the perfect lake property.
Having previously worked as a medical device representative, Heather has shifted her focus to a new aspiration: helping other families achieve their goal of owning lakefront properties. “Lake homes bring so much joy to a family, and being a part of that milestone is truly an honor,” Heather says.
