Where Is the Lake of the Ozarks Real Estate Market Heading?

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Right now is a pretty unprecedented time in Lake Ozark real estate. We have nearly the same number of agents as we do properties to sell!

Right now, we have 629 active agents in the board, and only 692 condos in the Lake of the Ozarks -- 87 of which are under contract. There are 789 active listings for waterfront homes, with a total of 97 of them under contract. As you can see, inventory is quite low right now!

What does all of this mean for you? Well, low inventory is always great news for sellers, as it means you have more leverage when pricing your home. On the flip side, interest rates are only 3.5-4% right now here in the Ozarks, so it’s also a great time to buy!

Regardless of what your plans are, it’s important to work with a good real estate agent. Most agents are only doing one or two deals a year, so they’re not as up to date on the latest market trends and conditions. This is why it’s important to choose an active, knowledgeable agent who will represent you well, whether you’re buying or selling.

Last year at the time, we had closed $5.7 million. In the same time period this year, we closed $8.6 million, so clearly we’re doing something right! If you want the help of experts to save you time and money, with the least amount of hassle possible, give us a call or shoot us an email at any time. We would love to hear from you!

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?

Looking to buy in Lake Ozark? Get a full Home Search 
Looking to sell in Lake Ozark? Get a free Home Price Evaluation

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!