Getting Lake Properties Approved for Financing

Getting a VA loan on a lake property is hard because the process you must go through to get the project approved is quite intensive. There is, however, an upside to this.

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

Why is it so hard to get a VA loan on some lake properties, especially condos?

According to Tom Spradling, our local mortgage officer, there is a process you must go through to get the project approved, and it’s quite intensive. What normally happens is that either the management company of the Homeowners Association or the Homeowners Association itself will have to fill out and complete an entire questionnaire that will be reviewed. Once that’s approved, the project will be approved for VA financing.

The process you must go through is quite intensive.

One of the good things about VA approval on a project is that the project’s approval does not expire. So, condo projects can be approved and loans can be made using VA financing on condos here at the Lake of the Ozarks, but it’s hard sometimes because the process is stringent.

If you have any questions, please keep them coming. Give me a call or send me an email and I’d be happy to help you in any way I can!

What the 3rd Quarter Stats Say About Our Market

The Lake Ozark third quarter statistics are in, and the numbers show that the market is doing quite well across the board. Buyers are out and willing to pay, but inventory is low.
Looking to buy in Lake Ozark? Get a full Home Search 
Looking to sell in Lake Ozark? Get a free Home Price Evaluation

Curiosity about what's going on in the market is high, so today I wanted to talk about the third quarter market statistics.

Lakefront homes are actually doing very well right now. The average sale price is up $10,000 from $311,000 last year to $321,000 this year. If you're looking to sell, it's a great time to hit the market. Similarly, the average list-to-sale price last year was 94.4%, and this year it's up to 95.5%.

The average days on market dropped from 155 last year down to 142 this year. The biggest problem we have in the Lake Ozark market, though, is a lack of good inventory. Last year we sold 509 homes, and we have sold 469 this year.

The only reason for this is that we just don't have the homes to sell. Buyers are out there and they're willing to pay more. Days on market are good, too. If you price your home properly when selling, you're going to get people looking to buy it.

Buyers are out there and they're willing to pay more.

Non-lakefront homes are becoming more important here as more people decide it's a great place to live. In our market last year, 548 homes were sold. This year, 607 homes were sold.

The average price on these non-lakefront homes rose slightly from $130,000 to $131,000, and list-to-sale ratio also rose slightly from 94.9% to 95.3%. Days on market for off-water homes went from 85 to 60. It's a great time to sell these homes as well.

Condos sales are up slightly this year, too; 461 units sold this year compared to 446 last year. Condos have a 95.8% list-to-sale price ratio, so it's a great market. All in all, it's a great market across the board. The only thing I see down are lots, because we're seeing some hesitation in builders. That's mostly because you can buy a lakefront home cheaper than you can build one in today's market.

If you'd like a copy of any of the market statistics or you have questions about the Lake Ozark market, feel free to give us a call or send us an email. We'd be happy to hear from you.

How to Practice Good Dock Safety

Karen McFarland, one of our great agents, is here today to talk about dock safety, an important issue here at the lake. Thousands of people come here each year, and we want to keep our lakes safe, happy, and wonderful by spreading the word on dock safety.

If you are coming to the lake, you will likely be on a dock at some point. As a responsible dock owner, there are a few things you should keep in mind to keep you, your friends, and your family safe.

First off, you should have a visual inspection of your dock done each year. Especially in places with rough water, there can be hazardous situations when docks move around too much. It’s also a good idea to get a GFCI tester to make sure your GFCI works.

“

If you feel a shock, swim away from the dock.

”

You should also keep an eye on your neighbors’ docks and make sure that they are being inspected on a regular basis. You should know how to shut off the electricity on their dock if there is any.

If you have young people swimming around your dock, have them keep this in mind: “If you feel a shock, swim away from the dock” and “If in doubt, shut it down.” Practicing good dock safety means making sure everyone is as safe as possible. You don’t want anything bad to happen.

If you have any questions for us about your dock, don’t hesitate to reach out. We would love to hear from you via phone or email. Hope to hear from you soon!