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 cme@yourlake.com or stop by C.
Michael Elliott & Associates, 3738 Osage Beach Parkway.
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