What is the Lake of the Ozarks Real Estate Market Doing?
I hear the question "What is the lake market doing?" almost every day.
Well, there is no easy answer.
Our company has closed 130+ so far this year and are on schedule to meet our goals.
Could it be better? Yes, of course, but it could be a lot worse!
To get there, we have had to work harder, do a better job of marketing and learn a lot of new skills like Blogging. (As you can tell, I'm still in the learning stages.)
Everything has to be internet based (read instant) Virtual Tours, emails, SEO (search engine optimization), Video, YouTube, Facebook, Twitter, Picasa, Flicker, text messaging, IPhone apps, Droid apps...
Every day is a learning experience. After 25 years in the business, it is a new world out there.
Now back to the basics.
The mindset of Buyers has improved over last year.
They are still looking for deals and especially foreclosures, but they are looking.
Last year at this time traffic was way down.
We see a few foreclosures, but it is a very small precentage of listings or sales.
Very seldom do we see a prime property in foreclosure. More often than not they are properties that for some reason or another would not sell on the open market.
Common reasons are:
I will cover more in another Blog on the Pros and Cons of buying a foreclosure.
As for the market, lakefront homes under $400,000 seem to be moving fairly good.
Over that is slow.
Condos under $150,000 that are on the water and have a boat slip are doing OK.
With prices down 20 - 30% from their peak, it puts prices back to the 2000 - 2002 levels.
Interest rates have never been lower than they are right now and with inflation that is sure to hit in the next few years, interest rates are bound to DRAMATICALLY AND QUICKLY increase.
They were 18% when I started selling real estate!
All the Guru's I listen to say buy and lock in a cheap rate and when inflation hits you are paying for your house with inflated dollars, so it costs you less.
http://www.lakeozarksmls.com/loo/maildoc/b001kd8397.html Here is the link to all the residential and condo foreclosures currently listed as of 8/18/10.
This link will be active for 30 days. If you would like a future update, just let me know.
If you have any questions or comments, you can always email me at Info@DemandDonna.com or call me at 573-365-7333