Both here at Lake of the Ozarks and across the nation we are seeing encouraging numbers on the real estate front. New housing construction and increases in sales of existing homes continue to point toward a sustained recovery in the months ahead.
Existing-home sales in August 2009 gave back some of their strong gain in July but remain above year-ago levels, according to the National Association of Realtors®.
Existing-home sales- including single-family, townhomes, condominiums and co-ops- declined 2.7% in August vs. July but remain 3.4% above August 2008. In the previous four months, sales had risen a total of 15.2%.
Lawrence Yun, NAR chief economist, said the tax credit is working. “Home sales retrenched from a very strong improvement in July but continue to be much higher than before the stimulus. The first-time buyer tax credit is having the intended impact of bringing buyers into the market, allowing them to take advantage of very favorable affordability conditions,” he said.
Judging from the increase in real estate activity here at Lake of the Ozarks, I feel we can expect this continual, steady increase in sales through Fall and continuing into 2010. Median prices are showing modest increases as well both at the lake and nationally. I don’t see this as an increase in property values but rather an increase in the price ranges being sold which is another good indicator of consumer confidence beyond the buyer’s taking advantage of the first time buyer credit.
Mortgage Rates dropped about a fifth of a percent in mid August, pushing average 30 year fixed rates to 5.2 percent and 15 year rates to just 4.5 percent. The Mortgage Bankers Association reported that loan applications to purchase houses jumped four percent in August for three straight weeks of higher applications. The $8,000 tax credit is still in place for homes purchased before December 1st so many are taking advantage of all these factors to purchase a home.
I feel we are seeing the bottom of the residential real estate market at the lake. There are excellent values (or “deals” if you prefer) available right now. I’m not forecasting a skyrocketing return to the quick sales and increase in property values that we were experiencing a couple of years ago, overall lake area sales numbers are still down but they are starting to rebound.
Whatever your take on the overall economy, you've got to admit: It's looking much better out there for real estate.
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
Monday, October 26, 2009
September Lake Real Estate Sales Report
Both here at Lake of the Ozarks and across the nation we are seeing encouraging numbers on the real estate front. New housing construction and increases in sales of existing homes continue to point toward a sustained recovery in the months ahead.
The Commerce Department reports that single family starts last month were up nearly two percent over the prior month, while permits for future construction jumped by six percent. Starts and permits are now at their highest levels in ten months.
Existing home sales and price reports from around the country show the rebound getting underway. Judging from the increase in real estate activity here at Lake of the Ozarks, I feel we can expect this continual, steady increase in sales through Fall and continuing into 2010. Median prices are showing modest increases as well both at the lake and nationally. I don’t see this as an increase in property values but rather an increase in the price ranges being sold which is another good indicator of consumer confidence.
Mortgage Rates dropped about a fifth of a percent in mid August, pushing average 30 year fixed rates to 5.2 percent and 15 year rates to just 4.5 percent. The Mortgage Bankers Association reported that loan applications to purchase houses jumped four percent in August for three straight weeks of higher applications. The $8,000 tax credit is still in place for homes purchased before December 1st so many are taking advantage of all these factor to purchase a home.
I feel we are seeing the bottom of the residential real estate market at the lake. There are excellent values (or “deals” if you prefer) available right now. I’m not forecasting a skyrocketing return to the quick sales and increase in property values that we were experiencing a couple of years ago, overall lake area sales numbers are still down but they are starting to rebound.
Whatever your take on the overall economy, you've got to admit: It's looking much better out there for housing.
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
The Commerce Department reports that single family starts last month were up nearly two percent over the prior month, while permits for future construction jumped by six percent. Starts and permits are now at their highest levels in ten months.
Existing home sales and price reports from around the country show the rebound getting underway. Judging from the increase in real estate activity here at Lake of the Ozarks, I feel we can expect this continual, steady increase in sales through Fall and continuing into 2010. Median prices are showing modest increases as well both at the lake and nationally. I don’t see this as an increase in property values but rather an increase in the price ranges being sold which is another good indicator of consumer confidence.
Mortgage Rates dropped about a fifth of a percent in mid August, pushing average 30 year fixed rates to 5.2 percent and 15 year rates to just 4.5 percent. The Mortgage Bankers Association reported that loan applications to purchase houses jumped four percent in August for three straight weeks of higher applications. The $8,000 tax credit is still in place for homes purchased before December 1st so many are taking advantage of all these factor to purchase a home.
I feel we are seeing the bottom of the residential real estate market at the lake. There are excellent values (or “deals” if you prefer) available right now. I’m not forecasting a skyrocketing return to the quick sales and increase in property values that we were experiencing a couple of years ago, overall lake area sales numbers are still down but they are starting to rebound.
Whatever your take on the overall economy, you've got to admit: It's looking much better out there for housing.
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
When the Hammer Falls: Luxury Lake Home Auctions
Curiosity combined with a desire to be on top of the Lake real estate market led me to attend the July 18th Luxury Home Auctions here at Lake of the Ozarks.
Each of the four homes advertised for auction were investment speculation homes. None of these were distress sale situations and certainly none were anyone’s personal home they were in danger of being put out of. All of these homes had minimum reserves or bid requirements set.
The results of the auction were interesting. One home was contracted before the auction took place, the remaining three were contracted on auction day as a result of the auction however, two of these are now back on the market leaving one home sold at auction still under contract at the time of this writing.
Each of the four homes are listed with various real estate companies and the listing agents worked with the auction house to facilitate and market the auction process. The auction process was handled very professionally and had a large attendance.
In a down real estate market, sellers are looking for an edge and buyers are looking for a deal. A real estate auction is simply another method of selling real estate. It is a real estate marketing process that involves the public sale of any property -- most certainly including those that are nondistressed -- through open cry, competitive bidding.
Any auction can also be affected by national and world economic situations. Auction dates are set weeks in advance. A rash of bad news in the days before an auction can affect bid prices, and, ultimately, the sale price.
As a seller, you need to do your homework to know what services are offered, how your property will be promoted, what fees and commissions you will be responsible for and the auction house’s track record. Most auction houses charge an upfront marketing fee in addition to commission.
As a buyer, you need to complete your due diligence and have your financing in order before the auction. No inspection clauses or financing contingencies are allowed in most auction sales. Most auctions charge a buyer premium or percentage of the purchase price; at the auctions I attended it was a 6% fee. You also need to realize the auction house is representing the seller and you’ll want to be sure to obtain any required documents in advance for review.
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
Each of the four homes advertised for auction were investment speculation homes. None of these were distress sale situations and certainly none were anyone’s personal home they were in danger of being put out of. All of these homes had minimum reserves or bid requirements set.
The results of the auction were interesting. One home was contracted before the auction took place, the remaining three were contracted on auction day as a result of the auction however, two of these are now back on the market leaving one home sold at auction still under contract at the time of this writing.
Each of the four homes are listed with various real estate companies and the listing agents worked with the auction house to facilitate and market the auction process. The auction process was handled very professionally and had a large attendance.
In a down real estate market, sellers are looking for an edge and buyers are looking for a deal. A real estate auction is simply another method of selling real estate. It is a real estate marketing process that involves the public sale of any property -- most certainly including those that are nondistressed -- through open cry, competitive bidding.
Any auction can also be affected by national and world economic situations. Auction dates are set weeks in advance. A rash of bad news in the days before an auction can affect bid prices, and, ultimately, the sale price.
As a seller, you need to do your homework to know what services are offered, how your property will be promoted, what fees and commissions you will be responsible for and the auction house’s track record. Most auction houses charge an upfront marketing fee in addition to commission.
As a buyer, you need to complete your due diligence and have your financing in order before the auction. No inspection clauses or financing contingencies are allowed in most auction sales. Most auctions charge a buyer premium or percentage of the purchase price; at the auctions I attended it was a 6% fee. You also need to realize the auction house is representing the seller and you’ll want to be sure to obtain any required documents in advance for review.
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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