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!
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!
What's the deal with home inspections? Do you always need one? Our answer is YES -- you should always get a home inspection, even when you're selling. That's right, we recommend that each and every one of our sellers gets their home inspected before they list it.
In 30 years in the business, I've seen many instances where people don't want to get a home inspection before listing their home, only to have a deal fall apart later in the process. If you wait to get it done by the buyer, you put yourself in a more vulnerable position during negotiations. It typically results in the buyer requesting you fix the problems or they walk. Getting your home inspected before you put it on the market gives you the upper hand. If big issues are found, you can fix them for cheaper before the selling process is underway. The inspection report can be presented to the buyer and used to make the deal move along quicker. A pre-inspection also makes your home more attractive to buyers, who will feel confident that the home they are buying is in good condition. Whether you're buying or selling, you need to get a home inspection if you want the process to go smoothly. If you have questions about how an inspection can keep you and your interest protected, or if you need real estate assistance of any kind, please don't hesitate to reach out to us. We would love to hear from you!
