Tag: sellers

Whiteboard Topics: 5 Ways Overpricing A Lake Home Costs Sellers

Posted on Zac Parnell

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. 

  1. 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.
  2. 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.
  3. 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.
  4. 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. 
  5. 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. 

Whiteboard Topics: The Highest Offer For Your Lake Home May Cost You More Money

Posted on Kenya Spencer

Selling a lake house is an exciting but difficult undertaking, and your main goal as a homeowner is to secure the greatest offer possible. However, it is critical to exercise caution because the highest offer may not always be the most lucrative. Let’s look at some important points to consider when selling your lake house to prevent financial hazards.

1. Avoiding Selling Too Quickly: Resist the urge to accept early offers; instead, wait for perfect market circumstances to obtain the best price.

2. All Cash Transactions: Be wary of all-cash proposals since they may come with lesser bids and make it difficult to negotiate a fair bargain.

3. Limited (or no) Contingencies: Carefully evaluate proposals with fewer conditions to prevent any legal or financial problems.

4. Seasoned Real Estate Agents Who Understand Niche: Work with seasoned agents who specialize in lakefront properties for professional advice, effective marketing, and skilled negotiating.

A thoughtful and informed approach to selling a lake house may make it a rewarding experience. While a large offer may appear appealing, it is critical to consider all elements to prevent financial disasters. Take your time, investigate all-cash bids, evaluate conditions, and seek advice from experienced lakefront real estate brokers. With these safeguards, you may sell your cherished lake house with confidence and optimize your investment return.

Whiteboard Topics: What Lake Home Buyers Don’t Care About

Posted on Zac Parnell

If your lake home is currently on the market, or it will be soon, it’s important to know key things about buyers. As a seller, you may have certain home transaction qualifications that are important to you whereas these same priorities may not be important to a homebuyer. Lake Homes Realty’s CEO, Glenn Phillips, has some insight into the top 5 things sellers may care about, but buyers don’t. 

  1. What the seller paid: Phrases such as “This is what we paid” usually don’t coincide with what the buyer thinks. They’re looking for the best price. The market will set the price that will sell.
  2. Listed price of nearby homes: What’s listed for and what sells are two different things. You should instead be aware of what the homes are selling for. The buyers are already aware of this. 
  3. Personal effort on customizations: The emotional value put into house might mean a lot to you, but for the buyer the same sentimental feeling isn’t there. You personal style isn’t the same as everyone else’s.
  4. Rumors of outlier high prices: Just because your neighbors sold their home as a high outlier doesn’t mean the circumstances will occur for you. You may have priced higher based off a rumor. 
  5. Taking low offers personally: No offers are worse than a low offer. Try countering the offer and negotiate during the transaction.

At the end of the day, buyers are ready to jump on some great options. You just have to make sure you go about it in the right way. If you’re ever looking for more help, contact an agent at lakehomes.com. They know how to get buyers and are more than willing to help!

Whiteboard Topics: How to Sell Your Lake Home for More Money

Posted on Kamari House

If you want to maximize your return on your lake home, check out these tips from Lake Homes Realty’s CEO, Glenn Phillips.

  1. Remove Attachment: Refrain from equating your attachment to the home with its value. You should treat this process like any other transaction.
  2. Price Strategically (Appropriately): Overpricing your home will cause it to become stale on the market, which will inevitably force you into a series of price cuts. Soon, you’ll notice buyers only presenting you with lowball offers.
  3. Use Time Correctly: If you sell your home too quickly, you may be leaving money on the table. Give out-of-town buyers a chance to present you with better offers.
  4. Think NET vs Price: Commission fees will affect the net earnings on your home, but investing in a solid real estate agent will ensure you walk away with the most money possible.
  5. Extra Exposure: The right exposure will make all the difference in selling your home. Websites like LakeHomes.com have a database full of qualified buyers looking for a home like yours.

Before you put your house on the market, be sure to consider these factors to get the most from your investment!

Whiteboard Topics: How Can a Lake-Focused Real Estate Agent Protect a Seller

Posted on Kamari House

When listing your lake home with an agent, working with an agent that specializes in your lake will make all the difference. Lake Homes Realty’s CEO, Glenn Phillips, shares 5 reasons a lake home seller needs a lake expert.

  1. Pricing is Different: The price of a lake home isn’t just determined by traditional factors. You have to consider its position on the lake to know its actual value.
  2. Timing is Different: Many lake home buyers come from across the nation, and selling a lake home too quickly will limit the owner’s potential profit.
  3. Urgency is Different: The lake real estate market moves at a much slower pace because it involves discretionary purchases. Most buyers can afford to wait when searching for their dream lake home.
  4. Exposure is Different: Your home has to be seen to be sold. Working with an agent that has the ability to list your home with LakeHomes.com means all the right buyers will see your property.
  5. Buyers are Different: A lake home buyer has different buying habits than your typical residential buyer. A lake-focused agent will have expertise working with this demographic.

The needs of a lake home seller and a primary residential real estate are inherently different. To ensure the best outcome, work with a lake real estate expert!

Whiteboard Topics: How Are Lake Home Sellers Different?

Posted on Kamari House

Lake home sellers differ from those in other markets for many reasons. Lake Homes Realty’s CEO, Glenn Phillips, shares the most significant factors to consider before searching for your dream lake home.

  1. Older: Because a lake home is a discretionary purchase, most sellers fall into the older demographic.
  2. Economy Blind: These sellers aren’t as affected by changes in the economy due to their ability to afford a more expensive lifestyle. This factor may also dampen the appeal of a cash offer, as this is extremely common on the lake.
  3. Lack Necessity: Owning a lake home is an elective purchase, meaning those who choose to have one can afford to keep one. Because of this, owners lack haste when selling.
  4. Patient: The biggest incentive these sellers would need to sell their home is a grandiose offer. Without one, most don’t have a big enough reason to budge.

Understanding the demographics of the lake real estate market will help your chances of buying your dream home on the lake!

Whiteboard Topics: How To Spot An Overpriced Lake Home?

Posted on Kamari House

Just because a lake home is a discretionary purchase, doesn’t mean you should overpay for one. Lake Homes Realty’s CEO, Glenn Phillips, shares how to spot an overpriced property.

  1. Price… “Sort Of”: What’s considered overpriced for one home on the lake may be a great value for a similar property in the area. You have to keep certain factors in mind before you start comparing homes.
  2. Days on Market: A high number of ‘Days on Market’ is usually a sign that other home buyers have deemed it inappropriately priced.
  3. Clues in Photos: Assess photos for current conditions. Sellers may try to reimburse themselves for the money they’ve invested in the past despite it being outdated.
  4. FSBO: These sellers aren’t as knowledgeable about today’s market as a traditional agent would be. This typically leads to them overshooting the current value of their home.

Watch out for these signs and you’ll find your dream lake home with the right price tag!

Whiteboard Topics: What Sellers of Lake Homes Will Be Thinking In 2023

Posted on Kamari House

Predicting the habits of sellers tends to be a shot in the dark in today’s market, but it doesn’t hurt to give an educated guess. Lake Homes Realty’s CEO, Glenn Phillips, forecasts some expected trends from sellers in 2023.

  1. Already Selling: There are three types of sellers in this category. They typically range from casually invested, uninterested, and completely vested in the lake real estate market. 
    1. “Steady as She Goes”
    2. Under-reactive
    3. Proactive
  2. New Sellers: This category also holds three types of sellers, most of which are proactive. What differs about them is the motivation behind selling their property.
    1. “Steady as She Goes”
    2. Proactive-Economic Concerns
    3. Proactive-Liquidate

From speculative to motivated, sellers come in all types, and understanding their patterns is key to buying or selling a lake home. Be sure to take these seller types into consideration before entering the lake homes market!

Whiteboard Topics: Selling? Don’t ‘Buy’ The Lake Homes You Already Own

Posted on Kamari House

Is demanding everything you want worth it if you still own your lake home in the end? Lake Homes Realty’s CEO, Glenn Phillips, shares 3 reasons why you should be more flexible as a seller.

  1. Overpriced for Current Market: One of the first indicators that you are about to ‘buy’ your own lake home, is overpricing it. While your home may feel priceless, its valuation has to match the market. Are the phrases below clouding your pricing judgment?
    1. What I’ve got in it
    2. I used to be an agent
    3. My ‘Friend’ said
    4. I read on the Internet
    5. My neighbor’s house…
    6. I need this much
  2. Failure to Counter Every Offer: No matter the offer, you should never take it personally. Always consider countering in order to take advantage of all opportunities.
  3. Looking to Conquer: Be willing to consult with a lake expert, and accept that you may not get everything you want out of the deal. The best chance you have to sell your home is when you are realistic.

Don’t let your personal attachment to your home force you to own it forever. Let the market and your lake agent, guide you when you’re ready to sell!