Buying a home means asking and answering questions. Before you start the buying process, know that you should be prepared to answer specific questions. Knowing specific things about what you’re looking for will tremendously help your real estate agent and improve the experience. Today, Glenn Phillips, CEO of Lake Homes Realty, explains a few questions you should be ready to answer.
Sunrise or Sunset? If you are looking for a lake home with views, specifically one of these views, you need to know which you prefer. Narrowing down if you’d prefer a sunrise or sunset view can help pinpoint areas of the lake to look at.
Convenience or Solitude? This is one to really keep in mind. If you want the most privacy you can get, you have to be aware that you may be giving up convenience. This is something to thoroughly think about before making any type of decision.
People Traffic: Let’s say you do want a lake home with more solitude; you still need to think of the location. You might not have many neighbors, but if the road your home is on leads to even more private properties, there could be more traffic. This can also play into boat traffic. Solitude on land doesn’t always mean the same for the lake.
Waterfront, Water View, or Water Access? Price points can change drastically depending on which of these 3 you’re looking into. Not only that, but what you might think is waterfront could very well just be water access. This is something to keep in mind.
Full-Service or DIY (Do It Yourself)? Are you looking more for a home where you take care of everything or something where people in the community can come and help? Some communities take care of the trash, mow the lawn, and many other things. If you want more responsibility for your lake home, then DIY is where you should be looking.
Being able to answer these 5 questions is important if you’re thinking of buying a lake home. If you’re not sure where to begin with these, check out https://www.lakehomes.com/ for more information. You can also contact one of our lake experts for guidance through the buying process!
If you’ve looked for real estate in your life, you’ve seen the different headlines about real estate markets. Now, if you happen to be looking for a lake home, you may think to yourself, “Do those headlines pertain to lake markets, too?” Lake Homes Realty’s CEO, Glenn Phillips, dives into why these don’t typically match up.
Location, Location, Location: This is a big contributing factor for lake real estate. Oftentimes, the headlines revolve around residential properties. The location of a lake changes the property value of a home. In fact, demand, popularity, and price can all be determined by the location of lake homes.
“Phantom” Inventory: Because there is a big demand for lake properties, some homes are selling and some simply aren’t. This can be attributed to what is priced right and what isn’t. This leads the market to look inflated when it’s actually due to this “phantom” inventory.
Discretionary Homes: Some people who are looking to sell their lake home might be sitting on it due to a lack of urgency. This differs from residential real estate, where many homeowners are trying to sell as soon as possible.
More Second Homes: If the lake property isn’t your main home, you’re not under a time constraint trying to get out and into your next. This leads to longer transaction periods.
More Investment Properties: Regardless of whether you use it as your second home or as a rental property, you’re putting money into it. What this means is that you’re creating new buyer demand.
Mortgage Rates Not as Influential: It would surprise you how many lake property transactions are made with cash. Having more cash transactions means mortgages aren’t as impactful.
In other words, these tips should give more insight into the reasoning behind lake market headlines not matching with other real estate. Another great way to gain more information is to reach out to a lake expert. If that’s something you’re thinking about, check out LakeHomes.com/agents to connect with one of our agents today!
Buying or selling a home typically means you’re going to be working with a real estate agent. You might look and look, trying to find the best one. You also might decide to use somebody that you know in the business. When it all boils down, the best thing to do is to choose someone who knows what they’re doing. These strong real estate agents know how to keep on top of everything and not lead you astray. Today, Glenn Phillips, CEO of Lake Homes Realty, discusses how a weaker agent might not be the best fit.
Years in Real Estate: Someone who has many years in this business might boast about it. While this doesn’t inherently mean they’re not good, it means you need to look at what took place during those years. Were they effective with the market in those years? Or changed things up to ensure success? All these points take precedence over a certain number of years.
High Number of Listings: If they have a high number, that can mean that they are moving transactions. However, some agents have a ton of listings that end up not going anywhere; they simply stay stagnant.
Number of Certifications: Certifications can play a huge part in becoming a great agent. But those certifications alone aren’t that meaningful if transactions and experiences aren’t there along with them. Being able to apply the certification knowledge comes into play in distinguishing between two types of agents.
Number of Websites: You can have your home listed on many different sites. What it really comes down to, however, is if the website is getting a lot of traffic. More people see your listing on a website like LakeHomes.com as opposed to your home being listed on 10 low-traffic sites.
Office Location: A buyer would much rather see a property as opposed to an office. The typical buyer is much more likely to find a property online and not need to come into an office. At the end of the day, having a physical location doesn’t really move the needle.
Number of Brokerage Agents: Your listing will be put on the Multiple Listing Service (MLS). Agents within that market who have buyers interested will want to bring them to view that property. Having agents at the same brokerage doesn’t really matter when it comes down to it.
Commission % Versus Net $: The biggest thing you need to know is how much you will net in cash when it comes down to selling it.
These 7 tips can be intersectional in the way that a great agent can have them but still perform well. The thing you need to watch out for is if the agent is using these things to cover lower execution. If you’re looking for a great agent that can help you sell or buy a property, check out LakeHomes.com. There are many agents who would love to help out!
Have you been pondering the idea of buying a lake home? Maybe you’re considering selling the one you currently have. You also might be thinking to yourself, is it even a good time to do either of these things? Lucky for you, Glenn Phillips, Lake Homes Realty’s CEO, discusses whether it’s the right time to buy or sell.
“Hot”… but Not Exactly: The demand for a lake home is still there. Buyers are continually on the hunt for the property they’ve been dreaming of. On the other end of things, not many transactions are taking place. However, the transaction flow is on the rise.
FOR SALE Inventory Increasing: There are plenty of properties for sale at the current time. The issue with it is phantom inventory
“Phantom” Inventory: This essentially means there is a property where the seller has overpriced it. Not only is it overpriced, but the buyer can realize the property’s pricing isn’t what it should be. This leads to properties just sitting there and not having a transaction happen. When the property is set at a reasonable price, it moves through the market quickly.
Seller Tip: Do Not Overprice: From a selling point of view, it is a good time to sell. The caveat to that is making sure you know how to properly price your lake home. A good way to ensure this is by contacting one of our lake experts at LakeHomes.com.
Buyer Tip: Patience and Diligence: Making sure you take your time and pay attention to everything going on can help with the buying process. Don’t check in every 2 months or give up after one search.
If you’re planning to sell, there are always buyers looking, and vice versa. The thing you have to remember is that it is dependent on what your goal is. If you’re selling, remember to not overprice your home, which can ultimately lead to making less in the long run. When it comes to buying, you have to stay on top of it and have patience; it will get you a long way.
If you’re thinking about selling your lake home or already have it on the market, the last thing you want is unnecessary costs. One of the ways these costs can arise is actually from overpricing your home. Luckily, Glenn Phillips, CEO of Lake Homes Realty, has the reasoning why something you might think is beneficial to you might actually hurt you in the long run.
Knowledgeable Buyers: In today’s day and age, buyers have become more knowledgeable than ever before. The access of information that surrounds real estate is more accessible than in years prior. Being able to study the data from real estate and having Lake Homes Realty provide more insight into the market is something buyers use to their advantage. This can lead to price cuts if nobody comes to see your home because they know that it is overpriced.
Failure to Appraise: In 2020, during the Covid-19 frenzy of real estate, there were failures to appraise. However, this was due to buyers willing to cover an appraisal gap. Now there is a standard of the current market.
Increased Days on Market “What’s Wrong With It?”: Having a property on the market for a while, whether it’s because of overpricing or something falls through, ultimately causes a groupthink scenario. Many buyers will start formulating their own idea of something being wrong.
Price Cuts Lead to Low Offers: From a seller’s perspective, you might think to set your own price. From here, you’ll evaluate and drop it accordingly. This can help you find the range in market terms of where it works, but the buyer still might think it’s not at the right price.
Marketing Cannot Overcome Price: The idea of having a real estate agent “Market my house better” isn’t the full solution. If your home isn’t receiving any offers, it’s more than likely not a marketing issue. Fixing the price is the main way to fix these issues of not having any offers.
When it comes down to it, pricing matters way more than you might expect. It is key to make sure that you haven’t overpriced your lake home. In today’s market, this overpricing is something you won’t get away with if you’re truly wanting to get your home sold. If this is something you think you are struggling with, reach out to one of our lake agents. They would be able to help and guide you through the selling process.
April 2, 2024 – Hoover, Ala. – Great news for potential lake home or lot buyers! This spring offers a wider selection of properties. According to the Spring 2024 Lake Real Estate Market Report by Lake Homes Realty, there are currently 83,467 lake home and lot listings available. This represents an increase of 13,366 from the 70,101 listings seen in Spring 2023.
That’s not all – the total market value of these listings sits at $44,111,017,837, demonstrating an improving market with investment potential. This is a positive shift compared to the $33.74 billion and $26.13 billion reported in Spring 2023 and 2022 respectively. With more options and a growing market, this spring presents an excellent opportunity to find your dream lakefront property.
Top Lake Real Estate Markets Nationwide
Boasting the most extensive selection of properties this spring is Lake Michigan. This lake has a total value of $1.46 billion across lakefront, lake view, and lake access properties in Illinois and Michigan, according to the Spring 2024 Lake Real Estate Market Report by Lake Homes Realty.
Following Lake Michigan, homebuyers seeking lakefront living have a variety of options across the country. Here are some of the other top contenders:
Twelve states serviced by Lake Homes Realty had more than one billion dollars in lake home and lot real estate listings, according to the quarterly report.
Leading the pack is Texas with a total of $8.139 billion, followed by Florida in second place with $5.287 billion, and Washington state securing the third spot with $2.762 billion. The other $1 billion+ states in order include: North Carolina ($2.432), Tennessee ($2.376), Georgia ($2.134), Minnesota ($1.909), Michigan ($1.783), Alabama ($1.390), South Carolina ($1.274), Missouri ($1.206), and Illinois ($1.181).
For the total number of listings, Texas had the most lake home and lot listings (15,393), followed by Florida (9,648), Tennessee (5,880), North Carolina (4,354), Georgia (4,174), Missouri (3,677), and Alabama (3,629).
For the most expensive lake home averages, Florida, Washington, and Montana were the top areas featured. The average for lake homes on Lake Butler, Florida was $4.634 million each. Lake homes on Lake Washington, Washington averaged $4.094 million and Whitefish Lake, Montana homes were $3.894 million. Among all of the homes and lots featured on LakeHomes.com, the average price was $528,484.
Don’t Be Fooled By Headlines
“Sellers and buyers should not be fooled by headlines that tout significant increases in home inventory,” urged Glenn S. Phillips, CEO and Chief Economic Analyst for Lake Homes Realty. “Home Listing Inventory Doubles!” is not very meaningful when the base number you are doubling is very small. For instance, going from 200 to 400 homes is meaningful, but going from 15 to 30 is still sparse although both are ‘doubling’,” Phillips explained. “Any market with historic lows can improve and still be very limited.”
Phillips continued, emphasizing Lake Homes Realty is in a “soft” seller’s market, “Any market with historic lows can improve and still be very limited.” “Unfortunately, many sellers falsely believe they are in a ‘hard’ seller’s market and foolishly demand higher-than-market prices,” Phillips said. “These sellers are overpricing themselves right out of the market.”
He added, “This does boost inventory numbers (since these homes don’t sell very often) but that is a false flag about the market.”
Lake Home Buyers: Savvy and Selective
Lake home buyers are entering a new era of informed decision-making, according to Phillips. He emphasizes the heightened awareness of today’s buyers, stating, “They know the market, the trends, the transactions, and the lousy and overpriced listings.”
This knowledge translates into behavior, as Phillips explains, “Lake home buyers recognize homes online that have been on the market for over a month. These buyers consider these homes grossly overpriced and have no interest in wasting time asking about these properties, much less touring them.”
In short, Phillips concludes, “Lake home buyers are eager but not foolish.” They are prepared to act quickly on properties that meet their needs and price expectations.
Lake Market Myths Debunked: Inventory Up, Prices Stable
“No bust coming. There is nothing on the horizon that will create a large surge of lake properties for sale,” assures Phillips.
Phillips offers reassurance to those concerned about a market downturn, explaining, “We are seeing an increase in inventory over this time last year and anticipate more homes and lots will come on the market as the weather warms and lake season hits high gear.”
To further support his point, Phillips provides historical data: “Over the past five quarters, our Lake Real Estate Market Reports show listings from our 34 states to range from as few as 70,101 and as high as 89,542. In the quarterly snapshots of the lake real estate market, total inventory list prices over the same five seasons collectively ranged from $44 billion to nearly $50 billion,” he said. He concludes by highlighting price stability, stating, “The average of all our inventory, both lake homes and lots, ranged from $528,484 to $556,758.”
The Spring 2024 Lake Real Estate Market Report shares a summary of data collected from 146 Multiple Listing Services (MLS) areas in the 34 states served by Lake Homes Realty and is, to its knowledge, not available from any other source. Copies of the Spring 2024 Lake Real Estate Market Report are now available to download for free at www.lakehomes.com/report.
When selling a lake property, you always need to be aware of possible mistakes that can happen. Luckily, Glenn Phillips, CEO of Lake Homes Realty, gives insight into 5 common pricing mistakes. Not only does he mention what they are, but he also explains ways to ensure you avoid them.
Trusting Websites Offering AVMs: Automated Valuation Models are essentially websites where you can input data and “find out” how much your home is worth. These are not real people and are simply automation algorithms. A lot of times, these websites are flawed. These tools are typically better suited for evaluating homes in subdivisions as opposed to lake homes spread around a lake.
Using Prices of Currently Listed Properties: Just because you have a neighbor or friend listing at a specific price doesn’t mean you should use the same one. At the end of the day, these properties will still likely sit on the market, which typically means the prices didn’t work. The longer a property sits, the less money the seller will get.
“I Need to Get…”: Oftentimes, a seller will have unrealistic goals for what their home is worth and will ask for too much money. Before putting your home on the market, you will need to understand what the market value of the property is.
Emotional Reasoning: Being aware of what the market is saying about what a property like yours is worth vs. how you might feel emotionally. Just because you added certain features or made modifications to the home doesn’t necessarily mean it increases its value. Always see what the market says.
Failing to Consult a Lake Expert Agent: This is one of the best ways to avoid any of these mistakes. Consulting someone who is an expert in this area will be beneficial to you in the long run. It might be tempting to use somebody who is a friend, but someone who specializes in this area is ideal. Lake agents have a better understanding of what it takes to sell in this market.
When it comes time to sell, there are plenty of ways to avoid these mistakes. It will ultimately help you in the long run and avoid a lot of stress. If you still have any questions or need guidance, check out LakeHomes.com. There are plenty of lake agents who would be thrilled to help you through your real estate process.
A new lake target market report from the country’s largest lake-focused brokerage shows New Jersey’s Lake Hopatcong and Lake Mohawk possess over $47 million in available properties. As of March 11, 2024, potential buyers have a variety of options to choose from when it comes to lakefront properties. “On Lake Hopatcong, there are currently 56 listings available, ranging from affordable lots priced at $14,900 to luxurious lake homes reaching $2.1 million. Interestingly, six of these properties boast price tags exceeding $1 million,” said Jane Ten Eyck, a new agent with Lake Homes Realty, who focuses on Lake Hopatcong, Lake Mohawk, and several surrounding lakes in New Jersey. Lake Homes Realty operates in 34 states across the country.
Over on Lake Mohawk, the selection offers 30 lakefront properties. Here, potential buyers can find lots starting at $14,500 and lake homes reaching a staggering $4.5 million. While Lake Mohawk offers pricier options overall, two properties currently listed surpass the $1 million mark, as noted by Ten Eyck.
The average home price for listings around Lake Hopatcong is $524,251, according to the Lake Market Real Estate Report, while the average home price for listings around Lake Mohawk is $591,276.
“Boating is extremely popular on Lake Hopatcong, as are its related activities, waterskiing, tubing, and wakeboarding,” said Ten Eyck. “With 2,500 acres of pristine water, Lake Hopatcong appeals to lake home searchers from across the country. “The national reach offered by LakeHomes.com works really well with my local expertise along Lake Hopatcong, Lake Mohawk, and the surrounding area,” said Ten Eyck. 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 “Jane offers outstanding customer service in the Lake Hopatcong area and is truly a specialist in that area,” he said.
About Jane Ten Eyck
With more than 17 years of expertise in real estate, Jane Ten Eyck stands out as a seasoned industry professional. Complementing her extensive experience, Jane brings a background in environmental engineering and project management, forming a powerful trifecta that equips her to navigate any challenges that arise during the sales process, offering reassurance to her clients.
Hailing from Colonia, New Jersey, just an hour away from her current residence, Jane has deep roots in the area she now serves. Her affinity for Lake Hopatcong is evident, as she frequents its shores even beyond her professional duties. Fishing and canoeing are among her favorite pastimes on the lake, providing her with a tranquil escape from the hustle and bustle of everyday life.
As a proud mother of two adult daughters whom she lovingly adopted, Jane finds immense joy in their accomplishments. Her eldest serves in the Navy, while her youngest pursues studies in engineering. Welcoming visits from her daughters brings her great happiness, especially when they converge at the lake, a place she holds dear.
Jane cherishes her role as a real estate broker, relishing the opportunity to collaborate not only with her clients but also with fellow agents. For those considering transactions on Lake Hopatcong, Jane extends an invitation to connect with her without delay. Whether buying or selling, Jane’s expertise and dedication promise a seamless experience tailored to meet your needs.
Anyone who has gone through the home-buying process knows it can be tricky. Just like scammers in everyday life, there are real estate scams that many people might fall victim to. Luckily, Lake Homes Realty’s CEO, Glenn Phillips, walks through 6 different ways to protect yourself from these scams. Find out some of the best strategies below or reach out to one of our lake agents at https://www.lakehomes.com/ for more guidance!
Never Buy Without Title Insurance: Right now, there are people who list different properties on the market, yet they don’t even own the property.
“Check In” on your property (Including Lots!): For a large group of people, their lake home isn’t their main home. Essentially, the home is just sitting there. They realize nobody is there, especially with lots, and then somebody will try and list it.
Verbally Confirm All Payment Instructions: Always plan to do this, especially if you are issuing the money. All real estate types are big targets for email hacking and phone calls. These hackers are reaching out in ways where they suggest payment should be sent to another place.
Do Your Due Diligence: You need to make sure you know everything about the property. From the survey to the condition, make sure people aren’t taking advantage of you.
Be Wary of Haste: If someone is hurrying you in a way that doesn’t seem genuine or feels right, double-check everything. If haste prevents you from verifying things, that is a sign.
Confirm Funds Have Cleared: Make sure your funds, especially with earnest money, are clearing. Your real estate agent can usually provide help with this to ensure everything goes accordingly.
Don’t let the fear of scams hinder your real estate endeavors. Yes, real estate is more likely targeted due to the higher amount of funds, but there are precautions to be taken. Protecting your money and protecting yourself are the two things to remember when it comes to avoiding real estate scams.
With more than 17 years of expertise in real estate, 