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Why Lake Home Real Estate is a Long Game

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Buying and selling a lake property is nothing like buying a primary residence when it comes to its schedule. People often experience urgency with a primary residence due to events such as moving to a new town for a job. Lake Homes Realty CEO, Glenn Phillips, explains why lake real estate is a long game.

  1. Discretionary = Patience: Similar to a high-end restaurant, a lake home is a discretionary property. Buyers aren’t paying for shelter alone, but also a premium for the lifestyle and access to the water. With discretionary property, buyers can be more selective in what they purchase.
  2. Mortgage Rates are NOT a Driver: Unlike other residential property, mortgage rates do not push people in and out of the lake real estate market. Many buyers complete transactions with cash, and buyers can often pay extra for their property. 
  3. Dream Homes are Different than Urban/Suburbs: Buyers can afford to wait until their dream home is available on the lake they want. They can also buy property on that lake and build their dream home themselves. Additionally, buyers often wait to see what the market does over time, especially in times of compressed inventory.
  4. New Lake Buyers have a Learning Curve: New lake home buyers often enter the market with minimal knowledge of lake real estate, and need time to learn. Many of them don’t realize that the price of a house increases when it is on lake property. These new buyers need time to understand and adjust their mindset while in the lake homes market.

Don’t be surprised if the buying and selling process is taking a while. Successful lake home agents realize that the lake real estate market is a long game and work to compress it. Connect with an expert lake agent who understands the importance of playing the long game at lakehomes.com.

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