investment properties Archives - Finger Lakes Premier Properties Blog

3 Reasons Why You Should Prepare Your Vacation Rental NOW for 2021

Finger Lakes travel trends for 2020 showed a significant shift in accommodation preferences. Demand for private vacation rentals has soared above traditional hotel stay by travelers. As the year progressed and our reservations inquiries swelled by 61% year-over-year, one thing was clear, people still want to vacation.

What is the outlook for vacation rental demand in 2021?

Demand for Finger Lakes vacation rentals continues to soar. In fact, our bookings for next year (2021) are up 56% compared to this time last year! Our private rentals have become the preferred choice of accommodations for travelers seeking comfortable, clean, and dependable lakeside spaces.

Our guests and owners value the services included with their premier property. Such services include our 24/7 guest services, professional housekeeping standards, keyless check-ins, and travel planning assistance by our local agents. As we continue to accommodate inquires for our short term rentals, we want to ensure our owners and prospective rental homeowners are optimizing our partnership for the 2021 season.

Why list your home for rent now? Isn’t the season slowing down?

Many assume this is the time when we are winding down for the year. Not true. Yes the rush of peak season is behind us, but with arrivals still 88% higher this fall than last, the momentum continues. Plus, our inquiries for 2021 bookings are flowing in! Now is the time we work with our owners in preparation for next year with optimizing their home, online listing, and rates for the next year.

If you are interested in joining for the 2021 season, now is the best time to get the most out of our partnership for three reasons:

It’s all about the photos! Joining now will allow us to optimize your listing with premier photography before the leaves fall. We will send our staff photographer to your home to get interior and exterior photos PLUS a virtual tour. Photos are one of the most important assets to your listing and will help generate demand for your home.
Take advantage of expert recommendations. Our partnering owners have full access to our team of industry experts. When you join, talk to our Owner Services team about possible upgrades. From remodels, furniture upgrades, to bonus amenities, these will help secure bookings, enhance your guest’s experience, and capture more revenue. If you join this fall, you’ll have more time to make these enhancements before your first guest checks in.
Secure 2021 revenue now! With demand up 56% for 2021 vacation rentals, joining now will get more traffic to your listing and secure more bookings for next year. Secure revenue now for 2021 at the best rates possible.

Want to learn more about partnering with us?

Whether you are currently renting your home, looking to purchase an investment home, or are just starting to explore what it means to be a vacation rental owner, we’re here to help.

We have a dedicated Owner Services Team ready to answer any questions you may have about renting your lake home with Finger Lakes Premier Properties. Contact us today for more information by calling 855-585-5877 Option 4 or by inquiring here.

Protect Your Lake House This Winter

When it comes to winter, there are two types of lakefront homeowners – those who weather the storms and those who head for warmer water. If you own or are considering buying a lake house, but not interested in sticking around for the Finger Lakes snowfall, you’ll need to winterize your home.

Winterization protects your lakefront asset and forces you to understand your home, inside and out. Plus, you’ll return to fewer maintenance issues, so you can jump right into summer.

Properly prepare for winter and check these items off your to-do list:

Ask Your Agent: Purchasing an Investment Property

Lakefront living has its perks – gorgeous views, a place to cool off, an escape from everyday life – but it can come at a cost. As a result, many homeowners are looking to short-term renting to pay taxes or generate extra income.

If you’re in the market to purchase a lakefront home and are interested in making it an investment property, here are a few questions you should be asking your agent:

Has this home been rented before?

This is a great place to start. Homes with vacation rental history have the advantage of past and repeat guests, so you won’t be starting from scratch. Knowing a home’s rental history will also give you a better understanding of rates to set and revenue generated by the home, helping you know if this is a solid investment.

What are the local vacation rental regulations?

Working with a real estate agent that’s also in property management is a huge advantage. They will be up-to-date on any local vacation rental laws in place that might limit the return on your investment. For example, you could purchase a 6 bedroom house with a potential occupancy of 14 people, but a local law may limit you to renting out only 4 of those rooms. That effects your rental rate and your bottom line.

How close is this home to attractions?

The Finger Lakes region is a tourism destination, host to numerous festivals, graduations, weddings, and well-known events. The demand and rate for your vacation rental is directly impacted by your proximity to attractions and venues. While some guests may come to spend time on the lake, most are here for a specific experience and will pay more to be close to the action.

Can this home be used year-round?

Many lakefront homes are seasonal – they may lack heat or have a driveway that’s impassible in winter. While demand and rates peak in the summer months, there is still potential to profit during the off-season. Consider a location near a popular winter festival or ski resort, or transition to long-term renting to college students or professionals outside of peak season.

Do you have property management experience?

Work with a real estate team that has property management experience and leverage that expertise! Our Owner Services team works closely with our real estate agents to provide an analysis based on the criteria we use for homes in our vacation rental program. This helps you to compare properties and make the best financial decision. Plus, you have already have a team in place to help you manage your investment.

Our Real Estate team has over 25 years of experience in vacation rental and lakefront property management. Call (877) 211-5917 today to discuss your revenue goals and real estate investment options with our team!

Q1 Lakefront Real Estate Report

Advise for lakefront buying and selling in the Finger Lakes

It’s here! Download our full report to see how the lakefront real estate market performed during the first quarter of 2019.

Lakefront Real Estate Report – April 2019 Download

What you need to know

It continues to be a seller’s market. A decrease in the number of homes sold and an increase overall in average sale price means that supply is not meeting lakefront buyer demand. Lakefront homes on average are also spending less time on the market – our average is only 8.6 days!

If you’re on the fence about listing your lakefront home, spring is the perfect time to test the waters. Contact our Real Estate Team today for a free assessment of your home! (844) 464-0949

First Quarter 2019 Lakefront Real Estate Report | Finger Lakes

Our Real Estate Experts explain:

“Every lake that we work is down in overall volume of sales, many of the lakes by very large volumes. Less homes are selling on the lake, because less homes are on the market. The average sale price on the majority of the lakes is way up as well, while the days on market continue to go down. Very strong seller’s market right now.”
Cynthia Emerling, Director of Listing Services

“It’s all about being prepared. First, make sure you have your pre-approval letter ready. Then, get on our buyers list, receive our emails, and make sure you’re ready to move quickly on new listings. When we know exactly what you’re looking for, we can be agile – even preview houses before they hit the market. There’s a lot we can do to get you into your lake house for summer!”
Dave Lucchesi, Buyer Specialist

Exciting Announcement!

After tabulating the first quarter lakefront real estate sales on the Finger Lakes, it looks like Finger Lakes Premier Properties ranks #1 in total sales volume! Not only were our sales 5.4% higher than our second place competitor, but we earned the first place spot for lakefront purchasing sales on both Canandaigua and Cayuga Lake.

Q3 Lakefront Real Estate Report

Finger Lakes Premier Properties is the region’s lakefront specialists for sales across the region. Our team of highly knowledgeable, experienced, and successful Buyer and Seller Specialists provide a complimentary analysis of lakefront market trends each quarter.

The real estate market continues to be strong in the Finger Lakes Region. Lakes such as Cayuga and Seneca, where homes are selling faster and at a higher average price.

Here at Finger Lakes Premier Properties we have seen an increase in quick sales this year. For example, two listings on the west side of Seneca Lake, Anthony Beach Road and Arrowhead Beach Road, sold in less than 2 weeks. The reason? It is because the number of homes available on these lakes is down, while the interest is up. While Keuka Lake has had very little change over the last year, it remains to be a strong seller’s market, especially in the price range between $300,000 and $600,000. We have also had homes on both East and West Lake Roads sell in under the 2 weeks.

Canandaigua Lake remains steady year-over-year, maintaining its position as one of the highest priced lakes to purchase a new home. Whereas Honeoye and Conesus Lakes, even though they are located right next to Canandaigua Lake, offer buyers the best pricing with average sale prices between $230,000 and $275,000. These Lakes offer first time lake buyers and those looking for a bargain, great buying opportunities.

Overall, each of the lakes have their own character and offer buyers different specifities, which makes using a lakefront specialist even more vital for your purchase. Interest rates will not stay this low forever! Take advantage of the unique buying opportunities and low interest rates and find the right lakefront home for your family.

Check out our latest real estate blog post: Buying and Selling in the Finger Lakes this Fall, for real estate tips from our team of lakefront experts.

For more information about buying and selling lakefront property in the Finger Lakes, contact our Real Estate team today by calling (888) 465-5175.

Buying and Selling in the Finger Lakes This Fall

By: Cynthia Emerling

Are you considering buying or selling a lakefront property this season? The lakefront market differs from the standard residential market, as their season slows down in the fall, our season is just getting started. Our Lakefront Real Estate team has explained a few reasons why, along with some helpful hints to get you started with buying or selling a lake home this fall.

BUYING A HOME

As you start your search, consider how much your money can buy you in each lakefront market as the value fluctuates lake to lake. Also, spend a bit of time and investigate where the market is growing, stabilized, or declining (click here to see our Quarterly Real Estate Report). For example, Seneca Lake is offering buyers many opportunities in each price range and is growing in popularity because of the close proximity to many surrounding towns. The average price range of $600,000 to $750,000 will get you a recently built, updated home between 1900 and 2900 square feet on Seneca Lake, such as 4590 Lakeview Road and 4572 Lakeview Road. Canandaigua Lake’s Real Estate market is different, offering more high-end homes, as it is considered the premier lake in the Rochester region. The same $600,000 to $750,000 price range will offer much smaller homes, or older lake homes, or homes that are across the road with lake access or only lake view. Such as 4773 East Lake Road or 5206 East Lake Road, allowing you to keep the space but lack the lakefront experience.

Whatever your lakefront needs are, be sure to hire a professional sales agent with experience in lakefront property to ensure your needs are heard and understood. At Finger Lakes Premier Properties, we specialize in the buying, selling, and renting homes along the shores of seven different lakes. Our Buyer Specialists can provide you with valuable insights to specific lake communities throughout the region, helping you find the ideal home to suit the lake life you are searching for.

SELLING A HOME

The fall market is hot and competitive. More homes are entering the market now that summer has ended. The fall offers buyers another opportunity to see all that the Finger Lakes region offers. Make sure you are in season with your surroundings. When selling, place all the typical fall decorations in front of your home. Pumpkins add a warmth to the surroundings, while mums and hay bales give color and texture to your entry and gardens. This makes your buyers feel comfortable and see the beauty of fall in your home decor, inside and out.

When looking at selling your lakefront home in the fall, pricing is key. As you price your home, look not only at those that sold, but those that are active in your market. Compare apples to apples, season appropriate, and see how your home compares to those already in the market. If you price your home at $600,000 how does it compare to the others in that same price range? You want it to be the best in the price range you choose. This way, when buyers are out in the market, they can physically see the value in your home compared to others in the same range. If your home is inferior, the same will be said in the reverse, therefore, your home is selling the others by default. Ask the lakefront specialists in the Finger Lakes, to show you what is currently on the market in the price you are considering. Work with us to ensure you enter the market in the right price location.

As the leading lakefront Real Estate company in the Finger Lakes Region, we have listed and sold each of our listings this year, in under 30 days. We do these analyses for each of our clients and make specific recommendations to get their home sold. When considering selling your home, make sure you use the Lakefront Listing Specialist, here at Finger Lakes Premier Properties! We have the best in the business!

Don’t forget to call us today for your market analysis and ask about our Listing perks! (888) 599-4810