These two words create great potential for a seller – a chance to get the highest and best terms for their property! On the other hand, a missed opportunity for one of the buyers presenting an offer. From 2009 to 2012 we saw very few multiple offer situations, in 2013 that began to pick up. This year we have averaged over 6 multiple offers each month at RE/MAX Lake of the Ozarks, and expect to see a lot more as the buying season heats up. This is an indicator that a lot more buyers are getting off the sidelines and making offers, presumably while interest rates are still low and inventory is improving. As the lake market continues to improve, we see the best priced properties with the most sought out features, not spending very many days on the market before they receive an offer, or two! If you are considering purchasing property at the lake, don’t hesitate to contact us and find your perfect lake property soon before supply and demand impacts values.
As most buyers and sellers know, the most typical and successful place to list a property is in the local MLS (multiple listing service), a database available to agents and now these services syndicate listings to popular online web sites such as Trulia and Zillow. This gives anyone in the world a chance to browse photos of homes before they view them in person with their real estate agents. At one time pocket listings were more prevalent among luxury homeowners, but now that the Internet has created an open marketplace, sellers in many price ranges like to keep their property out of the public. They feel more confident with buyers they know that are already working with an agent and have been pre-qualified or are serious about purchasing, before viewing their home. Another reason we see more pocket listings here at Lake of the Ozarks is because it is a second-home destination. Many times the sellers are vacationing and don’t want the burden of showings, unless they know it is serious buyer. We have photos and details of our pocket listings, and generally contact our clients that we feel would make a good fit. If there is something specific you are looking for, please make sure we know your criteria. Many times these listings are available to us and new ones come on often. Schedule a time to meet or call us today to discuss, the lake market is very active this year! Now is the perfect time to buy.
Interest rates on home loans are still hovering near record lows, but as the economy and housing market continue to improve, home buyers should expect to see interest rates tick up, which can have a big impact on buying power. Home and Condo values have not changed substantially since the low point in 2010. An interest rate increase could raise the price of the loan significantly each month or tens of thousands over the term of the loan, being all other factors are the same.
Consider this example: A $500,000 home with a 20% down payment and a 30-year fixed mortgage at 4.13% will cost about $2,481 a month including taxes, interest and insurance. Over 30 years, once the house is paid off, it will have cost $893,315. Under that same scenario, but with a 5% interest rate, that house will cost $2,688.95 a month including taxes and interest, more than $200 per month more. Over the life of the loan, the home owner would have ended up paying $968,000, almost $75,000 more.
So if you know the lake is where you want to retire, or you want to move up, start planning now! We can search properties through our local MLS for the entire lake area, as well as have several listings available to our team that are not currently listed. Please let us know what criteria you are looking for, and schedule a time to come and view some properties soon!
1. 2416 Total Sales, an Increase of 12% Over 2012
2. Sales Volume Increased 19% Over 2012
3. Waterfront Home Sales Are Up 14% in Volume Over 2012
4. Residential Foreclosure Sales Trends: 2011=24%, 2012=19%, 2013=17%
5. Average Prices Are Starting to Increase and Inventory is Still Declining
Buyers reflected a new level of confidence in real estate that we had
not seen in several years. Commercial activity increased substantially and condominium sales were solid, with almost an identical number of sales and volume as in 2012. Existing inventory continues to decline and properly priced listings experienced higher negotiated list to sell ratios on average than the previous year. We are optimistic about 2014!
Bed Bath & Beyond will be opening in the upcoming months in Lakeview Pointe Shopping Center in Osage Beach. The national home goods store will be joining Dick’s Sporting Goods and Dierbergs Market across from the outlet mall. What a great retailer for Lake of the Ozarks to have, for its excellent variety of housewares and decor. The affordable prices will appeal to both full time homeowners and second homeowners alike!
Awesome home in Kahala Estates in an ideal location by land & water. Large lakefront community pool, central water/sewer, paved street, kiddie land, street lights & lakeside firepit. Main level living w/fireplace, large kitchen w/granite, master bed & bath, tiled shower & jetted tub. Second suite downstairs, wet bar, storage, 2 laundry areas, great decks! Plenty of room for large dock. For price & virtual tour: www.KrantzProperties.com/3095154&s=lhc
At Krantz & Associates, we understand some of the reasons you hire us is for our marketing and knowledge of the luxury home market. This is why we hold the Certified Luxury Home Marketing Specialist® (CLHMS) Designation. Watch for the Certified Luxury Home Marketing Specialist® (CLHMS) designation and logo. This certification is an indicator of competency which signifies that the agent is a member in good standing of The Institute, has met education requirements, and has documented experience in the top 10% of their market.
As we all know, the winter months at the Lake of the Ozarks brings a completely different feel to our visitor dynamics than the summer. Swimming suits and open air dining is replaced with bundled up shoppers and crowded sports bars. This time of the year also brings reflection on the close to 2013 and goal setting and planning for change in 2014. During this time, many of our clients make decisions concerning their weekend time with family. Some will be deciding to upgrade to new lake front properties, while others will be in a downsizing mode. Regardless, this is a time for excellent opportunities for the sale of a current lake property and/or the purchase of a new one. Our market, similarly to other areas of the country, has experienced a marked decrease in the number of new listings this fall, thus shrinking our inventory for buyers. For example, we received 334 fewer new listings from September 1 through December 1 as compared to the previous months of June 1 through September 1. In the same time frames, our Multi-Listing service reported only 125 fewer sales. For sellers, this allows for less competition in the marketplace and will theoretically allow more buyers to view your home in their online search. The outcome can be a more timely sale of your property.
For buyers, winter purchases can also lead to excellent opportunities. Many times sellers feel as though the summer is over and “carrying” a property over the winter months is not an exciting prospect. Opportunities certainly exist for buyers as many property owners are more motivated to sell over the winter. In addition, should alterations or remodeling projects be needed with a new purchase, it is easier to obtain a contractor, and sometimes it will be less expensive during the winter. In short, winter sales and purchases can provide excellent opportunities for both buyers and sellers. If you would like additional facts and figures regarding selling or purchasing Lake of the Ozarks properties over the winter months, please don’t hesitate to contact us.
Kristi Crouch, Realtor® moved to the lake from Columbia, MO in 2004. Kristi and her husband owned and operated a multi-state travel company. Prior to her work in travel, Kristi held her real estate license assisting her mother in her real estate sales and property management businesses. Kristi graduated from William Woods College in 1992 with a degree in Business Administration and double minors in Equestrian Science and Legal Studies. When not involved in real estate transactions, Kristi is showing her Italian Greyhounds. Her dogs are consistently ranked in the top 10 in the nation.
Recently we have seen several “unique transactions” occur in the real estate market. Where many of these practices are not new in real estate transactions, they do seem to be on the rise here at the lake. Due to strict financing restrictions and individuals circumstances, “trades” have become more popular. They occur among luxury homes, farms, commercial property, and non-real estate items, such as boats or exotic cars. This may not be the best option for every buyer or seller, but it is another avenue. Each circumstance, and the ultimate goals differ for each party in the transaction. If you are thinking of buying and want to “move up” or selling and want to explore some creative options that might fit within your portfolio, this might be an option.