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.
Inventory Increases: There is an uptick of homes on the market, which has been a positive shift in available inventory.
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.
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.
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.
The lake real estate market can be difficult to navigate when you don’t plan ahead. Lake Homes Realty’s CEO, Glenn Phillips, shares 7 tips to aid in the search for your dream lake home.
Be Realistic: A home may not fit every criterion, but that doesn’t mean it’s not a solid choice. Don’t let your new lake home pass you by because of unrealistic expectations.
List Your “Got to Haves”: Shifting your mindset to realistic expectations is essential, but it’s important to make a list of must-haves you refuse to compromise on. Think about what you truly cannot live without.
List Your “Nice to Haves”: Creating a list of wants versus needs allows you to discover what you can compromise on. These bonus items can help you choose between similar homes.
List of “Don’t Care”: Sorting out home characteristics you are indifferent to will help broaden your scope of available homes that fit your other criteria.
List Your “Do Not Wants”: This list will help you determine which homes are automatic no so that you don’t waste time. This market is hot, and you don’t want to spend time on a home you would never buy.
Focus: Pay close attention to the detailed lists you’ve created when searching for your dream lake home. This will ensure you narrow your focus to homes that have potential.
Put Your Agent to Work: Now that you’ve developed these detailed lists, it’s time to put your lake real estate expert to work. You’ve built the perfect roadmap for them to follow while they search for your dream home.
Great things in life come from great planning. It can feel tedious breaking down all of your wants into detailed categories, but being thorough will ensure you find the home of your dreams!
Buying a foreclosed home may sound like a great idea in theory, but the process may not turn out the way you expected. Lake Homes Realty’s CEO, Glenn Phillips, busts three myths about lake home foreclosures to help settle your expectations.
You can “Get a Deal”: With the market at an all-time high, foreclosed homes won’t be selling as low as they would if the market was down. Banks may even turn a profit after listing a foreclosed home because of the demand for property.
Foreclosures are Up!: Foreclosures may be common in other real estate sectors, but it’s rare to see them at the lake. The general population that owns lake homes is older and more financially stable.
Banks Will Discount Foreclosures: Again the demand for lake property is so high right now, that banks don’t need to discount foreclosed homes. The home market is not crashing, and as we mentioned, banks could likely make a profit off the homes they have in their possession.
You know what they say: if it sounds too good to be true, it’s usually because it is. Before you begin your lake home foreclosure search, you need to know the truth about these properties!
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.
Demand: The demand for lake homes will begin to slow slightly, but will still remain high when compared to industry standards.
Inventory: The supply of appropriately priced homes on the market is at an all-time low and will continue to be scarce.
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.
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.
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.
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!
There’s no question that the pandemic has rendered city life stifling. With no bars, movie theaters, or indoor dining, the draw of big cities has dissolved. As a result, more people are investing in lake houses for the freedom the city doesn’t provide anymore. Real estate appraiser and consultant Jonathan Miller told CNN that he calls these “co-primary” homes.
Instead of spending more time in one home and occasionally vacationing, those with co-primary residences spend equal time at both. According to Forbes, people are especially seeking markets where you can live comfortably “off the grid.” As the pandemic continues, this trend isn’t slowing down. If you’re looking to make a lake house your co-primary home, check out the key reasons driving this trend.
A simple rationale for this trend is that due to the pandemic, a city home isn’t necessary anymore. Many people stayed in cities for their in-person obligations. However, more shutdowns of offices and social life defeat the purpose of owning a city home. According to brokerage firm Miller Samuel Inc., Manhattan Sales have fallen 54% from last year. Instead, New York dwellers are investing in lake houses and other vacation homes in places like Connecticut and the Hudson Valley. This way, they can go back and forth between their co-primary homes whenever they need.
Before COVID-19, a thriving social scene, and employment opportunities were a huge draw for urban environments. Living in a small apartment didn’t matter because many people practically lived at the office. However, as non-essential workers continue to work remotely, spacious homes are a bigger priority. With more people choosing open spaces over proximity to a now fading city life, investing in lake houses has become popular. According to a Zillow survey, among Americans working at home currently, 66% would consider moving homes if their job continued remotely. This majority position marks a clear priority shift from access to work to access to space.
Many buyers cannot afford a lake house as a co-primary residence. These individuals may move to the lake full-time, in part, because it’s less expensive. This trend is especially true for buyers who have lost their jobs due to the pandemic. The country’s unemployment rate rose from 3.8% in February to 13.0% in May. According to the Pew Research Center, even these numbers might be underreported. When money is scarce, why stay in a pricey urban apartment when you can retreat to a less expensive lake house? Saving on expenses is just one reason why city renters are buying lake houses as a first home.
Typically, buyers see lake houses as an investment—something to put stock in and reap the benefits later. However, now that things are more distressing and uncertain, buyers want something they can enjoy immediately. For similar reasons, rentals have been harder to come by. Robert Nelson, sales managing director for Brown Harris Stevens, told CNN that those who may typically rent their lake house to guests are opting to spend more time at their vacation residence. When everything else is up in the air, being at a lake house offers a sense of immediate security.
This Pandemic Was the Last Straw
For many buyers, investing in lake houses during the pandemic was not a split-second decision. They had been mulling over it for a while, and COVID-19 was the final straw that prompted the purchase. In New York specifically, an influx of people have left the city in favor of more remote locations. According to CNBC, there are not enough homes on the market in nearby vacation areas to meet the current demand. Many of those who said “maybe one day” to their dream of a lake house are deciding that day is today.
With so much uncertainty ahead, owning a lake house provides a much-needed sense of warmth and comfort. Are you interested in hopping on the bandwagon? Check out our listings in multiple states at Lakehomes.com!
Just missing out on the title of the eighth wonder of the world, the breathtaking 271,000-acre Lake Champlain does achieve the distinction of the eighth largest naturally occurring body of water in the United States.
But Lake Champlain’s size isn’t the only thing about the lake that’s amazing. With beauty that is far too astonishing for just one state, the lake extends into both New York and Vermont for a total of 600 miles of awe-inspiring shoreline.
And while we are sure the “New York side” of Lake Champlain is lovely, we think the Vermont side deserves a special spotlight.
Named after French explorer Samuel de Champlain, the lake has played a significant role in American history.
It was the site of many Revolutionary battles, including the seizure of forts Ticonderoga and Crown Point in 1775, shortly after the war for independence began.
Lake Champlain was also the home of America’s first naval fleet, which under the direction of General Benedict Arnold, helped prevent British troops from advancing into the southern colonies.
However, in 1777 the British regained control of the lake and maintained that control until the war’s end.
After independence was won, the “Vermont side” of Lake Champlain operated as an independent republic, relying heavily on Canadian trade until 1791, when it became the fourteenth American state.
By 1810, the Champlain Valley was home to more than 140,000 people.
The War of 1812 saw more fighting on Lake Champlain’s shores, and in 1814 it was the site of the Battle of Plattsburgh, which helped pave the way to peace negotiations and the war’s end not long thereafter.
Today, Lake Champlain’s war-time significance has been honored by three naval ships that bear its name: USS Lake Champlain (CG-57), USS Lake Champlain (CV-39) and USS Lake Champlain (y. 1918-19).
Today, throughout the Lake Champlain region and into the nearby Green Mountains, residents can enjoy hands-on excursions, in-depth tours of historic sites and visits to the area’s many galleries and museums.
Filled with more than 90 species of fish, Lake Champlain is a thriving fishing destination, one that consistently ranks among the top bass fishing lakes in the country with largemouth, smallmouth and rock bass species all present in the lake.
Apart from fishing, visitors and residents alike enjoy boating, kayaking, yachting and sailing along the lake’s full length of 125 miles.
Private sailing cruises, boat tours, and ferry rides are also popular activities, inviting participants to take in as much of Lake Champlain’s breathtaking scenery as possible.
Off the water, there is plenty more to do, like taking a trip to the Vermont National Guard museum, where patrons can admire artillery and War-era artifacts from the area’s many battles.
The unhurried two-mile walk features five restaurants specializing in farm-to-table fare, much like the foods enjoyed during the early days of the city.
Regardless of whether you’re an outdoor adventurer or more of an indoor observer, Lake Champlain has something for everyone, including prime lake real estate.
With properties in both New York and the Queen State, the lake is an approximately $178 million real estate market, offering between 300 and 400 listings at any given time.
This market is broken down by geographic area with inventory located in the Grand Isle area, the Swanton area, the Addison area and in the Burlington area.
As a whole, Lake Champlain reported an average home price of $628,402 in Summer 2019, but owning a piece of Lake Champlain is attainable for every budget.
In fact, 60% of the lake’s Addison area home listings are priced below the market average. Similarly, 29% of home inventory on Lake Champlain-Burlington is below market average, and the lake’s Grand Isle area features 70% of its lake home inventory priced below this average.
In the Swanton area of Lake Champlain, 90% of homes for sale are priced below $628,000.
Become a full-time resident or enjoy this lake’s natural and historical wonders as a part-time weekend warrior. Click HERE to learn more about Lake Champlain, VT.
Lake living is the best, at least we’re inclined to think so. But who can blame us? We are the lake people.
But before you decide whether the lake life’s right for you, take a look at some of the things lake homeowners love most about the lake lifestyle.
Innumerable Beautiful Sunsets
Sunsets may be one of the universe’s most mesmerizing creations.
They turn the skies from beautiful blue into vibrant pinks, oranges and reds, smears of purple streaked with elongated tendrils of sunbeams.
After a long day of swimming, boating, fishing and grilling there’s nothing more captivating or more calming than the sun setting over a glass-smooth lake.
And no matter how many days you spend staring out toward the horizon from your lake home, each day brings a sunset completely unlike the day before.
Fourth of July
Hundreds of lakes across the country roll out the red carpets for out-of-this-world Fourth of July festivities.
Family-friendly activities include spectacular fireworks displays, poker runs, boat parades and concerts by local artists.
Even if your lake doesn’t put on a grand show, most permit lake homeowners to privately shoot fireworks from their docks, decks and backyards.
Plus, no matter the degree to which you party for patriotism, at the lake you can always count on there being good ole’ home-cooked food for the soul.
Family Time
We all lead busy lives, and sometimes it’s hard to find time for quality family bonding.
That’s not the case at the lake. In fact, all the time you spend at the lake can be time spent with family, be it with those related to you by blood or the family members you choose to share the lake with.
At the lake, family time isn’t necessarily characterized by sharing stories around the dinner table, though that’s certainly one option.
No, for most lake homeowners, family moments shared at the lake take place around fire pits and grills, on floaties and rope swings, and in the kitchen while the summer showers roll through.
The Memories Made
Ask any lake homeowner, or any lake lover for that matter, what their favorite memories are, and you’re guaranteed to hear a litany of wonderful things that happened at the lake.
That’s because the lake is made for making memories.
The lake is where grandfathers teach their grandkids to fish, where favorite uncles grill the best hamburgers, and where sons and daughters learn to swim.
It’s the perfect place to gather in celebration of birthdays, holidays and milestones, like graduations and baby showers.
And the lake is where s’mores are first tasted, minnows are captured as pets and where some of life’s best lessons are learned.
Memories made at the lake are more than special, they are priceless.
It’s all these things and more than make lake living so worthwhile. They are why buying a lake home is more than a real estate transaction, it’s attaining a lifestyle; it’s buying the lake experience.
If you’re ready to invest in your best future, let us — the lake people — help make your dream a reality.
