Hot Seller's Market
You don’t need me to tell you that it’s a HOT seller’s market or that property values have doubled and then some this year. I think that information is glaring at you from every media source available.
As I write this as the end of April, there are currently about 1200 properties on the market in the Lake of the Ozarks and Bagnell Dam area multiple listing system. This number includes all homes, on and off water, condos, lots, farms, and acreages. There have been almost that number of properties sold and closed so far this year. We also have just under 1,000 agents in our local MLS with hundreds of agents who primarily work other areas also working the lake market.
I see a lot of information talking about whether now is the time to sell or buy. There are so many variables to this answer depending on everything from how you plan to use the property to what level of risk you are comfortable with.
Almost all properties, and especially homes and condos, are receiving multiple offers. Some things to keep in mind as a buyer. You need to be in a position to move quickly when a property becomes available. If you aren’t located at the lake full time, develop a relationship with a broker that you can count on. You need a broker who will be able to visit a new listing as soon as it hits the market, tell you if it will suit your needs and give you a video walk through. Even better, is a broker who will let you know as soon as a suitable property becomes available AND one who will seek out property not on the market or for sale by owner for you.
You will need to be pre-approved for financing or have the ability to pay cash in order to compete with today’s offers. Depending on the property, you may need to make an offer considerably above the asking price. While you need to be able to make a strong offer, I urge you to be cautious about giving up your rights to inspections and appraisals. It’s easy to get carried away with winning the bidding war. An experienced real estate broker can help you stay calm and make rational long-term decisions.
If you are considering selling your lake property, you are definitely in the driver’s seat. Prior to accepting offers, setting the asking price and how you initially present your property to the market still matters and can make a big difference in your final sale price. If you need to purchase another property, you should research your options before deciding to sell.
Some properties are receiving as many as twenty offers. This is a great position to be in but can bring a lot of confusion in deciding which offer to accept. Highest price seems like the obvious choice but there are many other factors to consider. Various contingencies, closing dates, items included in the sale and buyers financing are a few of the items that you will need to weigh out. A buyer might make a cash offer, but your broker should verify that they have the funds to bring to the closing table or you could be starting over at square one. With the amount of ready buyers, it’s a great idea to have a backup offer in place in case the first buyer is unable to complete the purchase.
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 firstname.lastname@example.org or stop by C. Michael Elliott & Associates, 3738 Osage Beach Parkway.