Tuesday, June 30, 2020

July Lake of the Ozarks Real Estate Update

The Market is Still Strong

    The market continues to be on fire.  The increase in buyer’s interest because of the covid pandemic has created a marketplace where homes and condos are receiving multiple offers and selling within days of becoming available.   The lake area inventory was already at all time lows, now people are standing in line to view property as soon as it becomes available.
     In another interesting twist in the middle of everything is a new rule by the National Association of Realtors.  This was something decided on in 2019 and each area Multiple Listing System (MLS) had until May 1, 2020 to implement it.  All new listings taken by any Realtor member must be shared with the entire membership via the MLS system as soon as the property is advertised in any other fashion.  What this means for you as a buyer is that you have the opportunity to see each property as it becomes available.  For sellers, it means that your property is exposed to the widest possible audience of buyers and you can obtain the best deal.
     Of course, there is never a rule made unless someone has behaved in a fashion to prompt it.  Many agents were promoting their listings to a select group of people in the hopes that they could work both sides of the transaction and collect the entire commission.  I don’t know how much of this occurred in the lake area but it will certainly remove any temptation to operate in this manner while the market is moving so quickly.  To be clear, I feel a good agent is perfectly capable of handling both sides of a transaction but I don’t feel people should be forced into that situation.  Also, I think sellers deserve the best exposure for their property.
     What this means for my customers who receive new listing updates is that I can now provide them with a true, timely picture of what is available.  I have a lake area listing search on my website YourLake.com that allows you to enter your specific criteria, view any current matching properties and immediately receive updates as soon as a new listing is entered in MLS whether it is one of my company listings or a cooperating broker’s listing.  Happy lake home hunting and Happy 4th of July!
Michael Elliott has been selling real estate at the Lake of the Ozarks since 1981.  He is one of the most respected brokers in the area.  If you would like to work with Michael in the sale or purchase of property, or have interest in a career in real estate, contact him at 573.365.SOLD or cme@yourlake.com  or stop by C. Michael Elliott & Associates, 3738 Osage Beach Parkway.  View thousands of lake area listings at www.YourLake.com.  You can also view each months’ article, ask questions and offer your opinion on Michael’s real estate blog, www.AsTheLakeChurns.com