Buying a lake home can be stressful, especially in this seller’s market, but it’s important to know you’re getting your dream lake home at a reasonable price. Lake Homes Realty’s CEO, Glenn Phillips gives four signs a lake home is grossly overpriced.
- Days-on-Market: Lake homes don’t spend too much time on the market, and when they do, it’s an indicator of being unreasonably priced.
- Big Appraisal Gap: If the listing price and appraisal have a large gap between them, it’s a clear sign the lake home is overpriced.
- Back on Market: Sometimes, a lake home is back on the market after being listed as pending. This could be due to a buyer attempting to work with the exaggerated price, but realizing it would be a bad investment.
- Massive Price Increase: When reviewing the price history of a lake home, take note if there was an alarming increase and whether any renovation has been done to the home to validate said increase.
Never spend more than you have to on your dream lake home. You never have to settle for overpriced properties when you know all the signs to watch out for!