May Lake of the Ozarks Real Estate Report

Who’s Representing You?

Missouri law allows real estate licensees to work for the interest of one or both of the parties to the transaction. The law also allows the licensee to work in a neutral position. The general public, and even many licensees, believe that if you are working with a licensed real estate agent, they are working on your behalf. However, Missouri law requires that you must enter into a written agreement if you want representation.

At the onset of communication, a licensee must make you aware of the choices available to you in terms of representation. Without a written agreement stating the type of relationship you have with an agent, that agent is working in a neutral position, not as an advocate for you or, if they are the listing agent on a property you have interest in, most likely they are working for the seller. In a neutral, or Transaction Brokerage, position the agent still has a duty to be honest and fair with all parties and cannot disclose any of your confidential information. If you’d like a copy of the types of representation that are available call or email me.

Be sure you understand from the start, who the agent you are dealing with is working for. Ask for recommendations from friends and coworkers. Ask the agent for previous clients you can contact for insight into their real estate experience. Many buyers are concerned about entering into an exclusive agreement with an agent in case a “deal” comes along that they could “save” on commissions. I have assisted numerous sellers over the years who are struggling to re-sell that “deal” they cut for themselves. Consider enlisting an experienced, knowledgeable, reputable agent to work on your behalf. A great agent can save you time, money and a great deal of headaches down the road.

Now for an update on the current lake market. A year ago, I wrote that I was seeing an upward trend in the number of homes sold, the total sales volume and an increase in the upper range of sales prices. I was cautiously optimistic that the lake home market was starting toward a slow but positive recovery.
As you’ll see in the chart below, our market has continued a steady growth.

This chart lays out the number of homes sold, average sales price, and average days on the market based on data from our Bagnell Dam Association of REALTORS Multiple Listing System comparing the time frames of January 1 thru April 15 of each year from 2003 to the 2012.
Chart here please


If you would like a detailed sales report on your specific property type or neighborhood, or would like information on the best buys at the lake, contact C. Michael Elliott & Associates at 866.Your.Lake or cme@yourlake.com View thousands of lake area listings at www.YourLake.com. You can also log your opinions on Michael’s real estate blog, www.AsTheLakeChurns.com