I am writing this on the day that President Obama will give an address in front of Congress with heavy emphasis on the economy. The White House Press Secretary has stated that he feels the President will discuss restoring to Washington a sense of fiscal responsibility and understanding that we have to live within our means. We currently have a $1.3 Trillion annual budget deficit.
This speech follows a week after the signing of a $787 Billion stimulus bill. It comes at a time polls indicate that nearly three out of four Americans are scared about the way things are going in this country. The stock market closed yesterday at it’s lowest since 1997.
Well, how’s that for a rosy picture? Add to that, the decrease in homes sales over the past 3 years at Lake of the Ozarks and you may wonder if it is a wise choice to buy a home at the Lake.
My answer is a resounding YES. While the number of homes sold has fallen, property values have held steady. The key to purchasing is to have full knowledge of what is happening in the Lake market. You should still base your purchase on what your and your family’s needs are in a home and on your budget. From there you need to research the neighborhood, property condition, what similar properties have been selling for as well what trends the market data has shown over the previous 3-5 years.
If you are looking to purchase based solely on investment, there are some decent buys out there. While the number of foreclosures is less than 5% of all homes currently available through the Bagnell Dam and Lake of the Ozarks Multiple Listing Service, they do exist and some present a great opportunity. I am also seeing some short sale situations. Again, whether you are on the buying or selling end, knowledge of the market is crucial and hiring a real estate agent that is experienced and educated in these matters will prove to be well worth the fee you’ll pay.
Lake of the Ozarks is constantly moving forward. MODOT is progressing with the by-pass and other surrounding road improvements that make us easily accessible from all directions and simple to navigate while here. New commercial projects continue all over the lake area which will open new jobs and increase our visitors. All of this will reflect positively on the lake’s economy and, in turn, our real estate values.
If you would like a detailed sales report on your specific property type or neighborhood, or would like to ask a lake real estate question, contact Michael at 877.365.cme1 (2631) or cme@yourlake.com View all lake area listings at www.cme1st.com You can also log your opinions on Michael’s real estate blog, www.AsTheLakeChurns.com
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