Why Hire a Buyer’s Agent in Lake Ozark?

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Today, we’ll talk about the importance of buyer representation in local real estate.

At Berkshire Hathaway Home Services in Lake Ozark, we have highly-trained Realtors. We study the market, tour homes, counsel buyers and sellers alike, sell properties, and negotiate contracts. Particularly, our clients approach us about buyer agent and why it’s necessary.

A buyer's agent has a fiduciary responsibility to act in your best interest You need someone fighting for you in a transaction and this party provides it. This includes confidentiality, accountability, loyalty, disclosure, and competency.

If you don’t seek representation as a buyer, you become a customer and not a client. In other words, no one is there to help you with your office. Of course, you can continue to view homes and pursue opportunities, but unfortunately, sellers then can take advantage of your lack of representation. As a customer, we can’t tell you what you should offer on a home. You didn’t hire us and we can’t provide that service.

As a client, that’s different. When you hire us, we’ll educate you about the market and show you comparable homes, in addition to mediating future offers. Our goal is to help our clients find their dream home and spend the least amount of money possible!

Additionally, with a buyer’s agent, you’ll likely pay less money. Because we work with you to negotiate offers, we frequently bring down the seller’s initial asking price. Without agency, you might not have the opportunity to strongly negotiate, and overpay as a result. Don’t let that happen to you!

Why Should You Hire a Local Lender in Lake Ozark?

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Today, our guest Michael Lasson from First State Bank Mortgage will tell you about the advantages of having a local lender. He will also go over common challenges you may face today when getting a loan. 

First of all, the Lake Ozark area has a particularly unique market right now. Local lenders understand the market. They have contacts in place to help make your transaction smooth. 

Another reason a local lender is important is an out-of-town lender will not have a full understanding of condominium financing. Michael handles this every day. The condo market is different from condos in bigger cities because this is a resort area. There aren’t many full-time condominium owners here; they’re mostly part-time, so the rules are a little different.

Not only that, local lenders like Michael have experience working with local businesses to expedite the process. They know insurance people who can make your transaction go smoothly, as well as appraisers who make sure we’re following the regulations set by Fannie Mae or Freddie Mac. 

Boat docks also come into play during the transaction, and these can be tricky. In a standard home loan transaction, Michael is able to include the boat dock into the transaction so a value doesn’t have to be assigned to the boat dock. If you’re getting a condo, lenders are not allowed to give value to the boat slip because it’s usually owned by the association. There is a value with the boat slip as you make the purchase. An out-of-town lender won’t know how to navigate this kind of transaction. 

If you would like to get a pre-approval, you can start one with Michael by going to www.yourlakeloan.com. Michael can close a loan in an average of 32 to 35 days. If you have any other questions for him, give him a call at (573) 746-7211 or email him at MLasson@FSBFinancial.com.

As always, if you have any real estate questions, give us a call or send us an email. We would be happy to help you! 

What Do Recent Lake Ozark Market Trends Mean for You?

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Last year was a fantastic one for Lake Ozark real estate, and we expect the strong market to continue throughout 2016. 

Total sales in 2015 rose 3%, while sales volume increased 5%. We saw an increase in prices and in the number of units sold, which is great for sellers. However, this is bad news for buyers, as there are fewer listings on the market to choose from.

The Lake of the Ozarks has seen significant growth in off-shore residences, as we saw the volume of sales increase by 14% and the number of units increase by 9%. For waterfront properties, we saw a 3% increase in units and a 71% increase in value! The demand for waterfront properties is off the charts, so you can expect some new construction to hit the market soon. For off-water lots, we saw a 65% increase in volume and 28% increase in units. Lastly, for condos, we've seen a 15% increase in units and a 14% increase in value. Prices just continue to go up! 

In 2014, there was a little over $460 million worth of real estate sold in Lake of the Ozarks; in 2015, there was a total of $504 million! We've seen a year-over-year increase in real estate sales since 2012, and we expect this growth to continue here in 2016! We predict to see a 3-5% increase in value and a similar increase in units sold, so there is a lot to look forward to this year.

If you have any questions about how you can take advantage of our strong market, please don't hesitate to reach out to us. We would love to hear from you!