Tag: tips for home sellers

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: Where Can I Find Foreclosed Homes on a Lake

Posted on Kamari House

A foreclosed home on the lake is a rare find. Lake Homes Realty’s CEO, Glenn Phillips shares why your search for one is coming up short.

LakeHomes.com, MLSs, & Other Websites: While homes like these are available on sites like LakeHomes.com, you may have trouble finding them because of how few there are.

Why So Few?

  1. Not the 2008 Market: While inventory spiked during the recession, this was not the case for lake properties. This is because lake homeowners are more financially sound than the average buyer.
  2. Interest Rates Affecting Sellers: Lake homeowners that have a mortgage don’t want to battle with increasing interest rates when buying a new home.
  3. Lenders are Well Positioned: Due to past real estate crises, lenders have policies in place to ensure they work with stable buyers.
  4. Majority Do Not Have a Mortgage: More lake home buyers paying in cash means fewer mortgages and fewer foreclosures. 

If you still have your heart set on a foreclosed home, LakeHomes.com will have the few left available!

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: 6 Surprises to Know About Real Estate Agents

Posted on Kamari House
https://youtu.be/hLgEGu3lifQ

You may think you’ve gotten the real estate market figured out, but Lake Homes Realty’s CEO, Glenn Phillips, has 6 surprises you probably didn’t know about.

  1. Not All are a Realtor ®: There’s a difference between being a real estate agent and being a realtor. Real estate agents must become a member of The National Association of Realtors to achieve the status.
  2. What Their Training Includes: Most of their mandatory training involves learning the legal aspects of real estate such as contracts and state-specific laws. It doesn’t include soft skills like negotiation and real estate marketing.
  3. Less than Half are Full-Time: Because the threshold to obtaining a real estate license is lower than other forms of education, this is a part-time commitment for most agents.
  4. 1 Out of 70 Adults: There is a large number of people that hold an active real estate license, meaning a lot of people, with varying skill levels, can represent someone in a transaction.
  5. Top 5% Land 10% More $: The top 5% of agents alone are able to make drastic amounts more for their clients because they have more experience in their market and have been trained to become a well-rounded agent.
  6. May Not Be Representing You: A Buyers Agency Agreement is a secure way to ensure the agent you are communicating with is working in your best interest. Before making this commitment, however, it’s crucial you research the agent thoroughly.

Real estate can be tricky when you don’t know what to expect. Keeping these tips in mind before beginning your home search will help you navigate the market with ease.

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!

Whiteboard Topics: Has The Lake Real Estate Market Shifted?

Posted on Kamari House

Nothing in this world is stagnant, and that includes the lake real estate market. Lake Homes Realty’s CEO, Glenn Phillips, gives four tell-tale signs that the market is shifting.

  1. Inventory Increases: There is an uptick of homes on the market, which has been a positive shift in available inventory.
  2. Days-on-Market: The average time a home spends on the market is beginning to increase. The longer homes sit on the market, the more time buyers have to evaluate their options. 
  3. Price Cuts: The combination of increased inventory and growing day-on-market is leading sellers to cut down their prices; a trend we haven’t seen in the past few years. 
  4. Surge of ‘Better Hurry’s’: In an attempt to maximize profit, surges of sellers are putting their homes on the market while it’s still in their favor. 

As the world around us changes, so will the real estate market. The best way to secure your investment is to recognize these signs and plan your buying/selling strategy around them.

Whiteboard Topics: 6 Recent Trends in Lake Real Estate

Posted on Kamari House

The lake real estate market is forever changing, and it’s important to be in the loop if you plan on buying/selling a home in the near future. Lake Homes Realty’s CEO, Glenn Phillips, shares six trends you should stay on top of.

    1. Demand: The demand for lake homes will begin to slow slightly, but will still remain high when compared to industry standards.
    2. Inventory: The supply of appropriately priced homes on the market is at an all-time low and will continue to be scarce.
    3. Lots: Buyers are finding it difficult to discover a lake home with everything they want and are now resorting to purchasing lots to build the home of their dreams.
    4. Competitive Bidding Slowing (Slightly): Bidding was extremely aggressive during the beginning of Covid, but has slowed some in recent times. This is due to the world reopening and buyer fatigue.
    5. Delusional Pricing: Some lake homes are wildly overpriced. This is due to homeowners basing their price on what others sell their homes for rather than what their own home is worth.
    6. Multiple Lakes: Buyers aren’t limiting their scope to just one lake. The Lake Homes website shows that one user will typically look for homes on different lakes in different states.

You can never get too comfortable with the lake real estate market because trends can change from year to year. Be prepared for what’s to come by educating yourself on where the market is headed before you buy/sell your home!