Now might be the time when you have decided to put your lake house up for sale. Going into it, you might have heard of different rules to follow or maybe even some myths. When it all comes down to it, some of these myths end up costing money for the seller. Lake Homes Realty’s CEO, Glenn Phillips, details 6 expensive myths you might hear.
Myth #1 – The Local MLS and Zillow are Sufficient and Effective: While these platforms are great, that doesn’t take away from the fact that they’re simply not enough. Oftentimes, people who are looking from other parts of the country might have a hard time finding your property through these channels. More niche websites, such as LakeHomes.com, are more efficient for the buyer who is looking for a property like yours.
Myth #2 – An Open House is Critically Important: If you’re selling in a more urban setting, hosting an open house would be beneficial. Because the majority of lake home buyers live somewhere else, it wouldn’t be as useful to host an open house. If they live in another state, they will probably want to see the property, but not necessarily in an open-house setting.
Myth #3 – Zillow’s Zestimate Reflects Current Value: This tool is great for other types of environments; however, with lake properties, they don’t know how to account for factors that are specific to lake properties. Water location, water depth, and seasonal patterns are not always common knowledge, so therefore, the algorithm can’t process them accurately. A lake expert agent will have more insight into these nuances for various properties around the lake.
Myth #4 – Lake Home Buyers Want the Same Type of Homes Popular a Decade Ago: Homes from 10 years ago can have features that give them a rustic feel. However, buyers today might be looking for homes that are updated and feel high-tech.
Myth #5 – Fewer Lake Houses for Sale = Sellers Can Ask a Premium Price: Today’s buyers are more informed than ever before. These buyers know what they want and what they’re willing to pay for. This doesn’t mean they will automatically pay the premium price, which will oftentimes lead to homes just sitting on the market.
Myth #6 – Little Risk in “Testing the Market” with a High Price: The information we have found is that homes starting above market price tend to fail. Starting too high and then cutting shows buyers you’re aiming too high for what your home is actually worth.
Now that you are aware of these myths, you are better prepared to sell your lake home. If you’re getting ready to sell or have started the process, check out the lake experts at LakeHomes.com. They would love to help out if you’re looking for guidance through lake real estate!