April Lake of the Ozarks Real Estate Update

This is the most exciting Spring at Lake of the Ozarks that I’ve experienced in several years.  The residential real estate market is moving along at a good pace; available inventory is still low.  Lot sales and new home construction has begun to pick up and the commercial market activity is showing positive signs in both property sales and businesses remodeling, expanding and creating new locations.
     In April, we’ll be settling into our new office.  We are moving from our current location to the opposite end of the building to double our office size to accommodate the increase in our business and several new agents joining our current team. 
     Kevin Wood joined us in February.  Kevin is an experienced sales agent with a background in lending and title insurance.  By mid-March, Kevin had already assisted five families in the purchase of a lake home.  He is a perfect fit in our organization, I couldn’t be more pleased and honored that he chose to work with us.
     Jeff Anderson joined us in March.  Jeff has several years of real estate experience and currently also operates a nightly vacation rental company.  Jeff’s unique niche in the vacation home market is a real asset and it is a privilege to work with him.
     Stanley Spears has worked with us for over a decade and is one of the most dedicated and considerate agents I’ve had the pleasure of knowing.  He is a great ambassador for our company and a real help in growing our business.
     Maggie Dollar is the jewel of our office.  She manages our listings and sales with ease and makes us all look good.  With the expansion of our business, we are searching for another individual to work with her.  Maggie has worked with us for over 15 years and we are truly blessed to have such a knowledgeable and loyal individual looking out for us.
     Karen Elliott manages our marketing, technology and office systems.  Karen has over 30 years’ experience in Lake of the Ozarks real estate.  Karen is also my wife and business partner.
     We are looking forward to welcoming three more future sales agents who are currently taking classes and studying for the real estate license exams.  They will be joining us over the next couple of months as they each complete their courses.
     Feel free to stop by our new office and meet our current and new staff.  We are very excited about the direction the market is heading and to be in a position to expand our business.
     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 have interest in a career in real estate or would like Michael’s assistance in the sale or purchase of property, contact him at 573.365.SOLD or cme@yourlake.com  View thousands of lake area listings at www.YourLake.com $1 million plus homes at www.LakeMansions.com   You can also view each months’ article, ask questions and offer your opinion on Michael’s real estate blog, www.AsTheLakeChurns.com

March Lake of the Ozarks Real Estate Update

     If the early spring-like weather and the possibility of getting a jump start on boating haven’t brought you to the lake, perhaps the rapid acceleration in the real estate market will entice you to make plans to come to the lake soon.
     Listing inventory continues to diminish as sales prices are climbing and average time on the market gets shorter.  Comparing statistics based on year to date listings and sales; the numbers shake out as follows.
     New listings of lakefront homes are down 11% compared to 2016 and the number of homes sold is up 26%.  Lakefront home pending sales are also up 13.6% and the average sales price has climbed by 13.1%.  The average days on the market has fallen 11.78%.
     Non-waterfront home sales have risen 6.5% with the average sales price decreasing slightly by 1.8% and the number of new listings becoming available has decreased 6.8%.  Pending sales for off water homes has jumped by 16.7%.  The average days on the market fell by 15.6%.
     Newly available condo listings are 4.6% fewer than last year and the number of units sold has increased 4.3%.  The average sales price is up by 11.8% with the average days on the market decreased by 23.3%.
     Finally, some good news for lakefront lot sales with the total up 75%; the number of new listings has also climbed by 33.75% indicating more seller confidence in the market.  The average sales price is down 21.4% however the median sales price is up 15.5% and the days on the market decreased by 9%.  I recently sold a lakefront lot in The Villages of Shawnee Bend that closed within 48 hours of the contract.  
     The market is up considerably and I feel that this will continue throughout the upcoming “lake season”.  I am seeing multiple offers submitted as well as properties being contracted very quickly from the time they are make available.  Don’t miss out on our beautiful, early spring as well as the opportunity to own the lake property you have been considering.

      Sales data obtained from the Lake of the Ozarks MLS comparing the time frame from January 1 to February 20 of 2016 and 2017.

      

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 have interest in a career in real estate or would like Michael’s assistance in the sale or purchase of property, contact him at 573.365.SOLD or cme@yourlake.com  View thousands of lake area listings at www.YourLake.com $1 million plus homes at www.LakeMansions.com   You can also view each months’ article, ask questions and offer your opinion on Michael’s real estate blog, www.AsTheLakeChurns.com

January Lake of the Ozarks Real Estate Update

 Surveillance Systems

With the progression of inexpensive technology; many homes now have video and audio surveillance systems that record the information to a local hard drive or a remote server.  The ease and convenience of these systems can go a long way toward providing peace of mind about keeping your home safe and secure.  They are also a great way for second homeowners to keep an eye on their property.  If you are a homeowner who has your home for sale; can it also be a great way to see what buyers think about your property?
     Before you choose to do this, please consider the laws in your state.  I am not an attorney and what is legal versus illegal when recording people without their knowledge differs from state to state.  You should consult an attorney with specific questions before you do anything along these lines.  I will share with you a summary of what I have researched regarding these laws in Missouri.
     Per The Digital Media Law Project:  Missouri's wiretapping law is a "one-party consent" law. Missouri makes it a crime to intercept or record any "wire, oral, or electronic communication" unless one party to the conversation consents.  In Missouri, you may record a conversation or phone call if you are a party to the conversation or you get prior consent from one party to the conversation, unless you are doing so to commit a criminal or tortious act.  Missouri also prohibits the disclosure or use of the contents of any wire communication obtained in violation of this section. Violation of the Missouri law is a class D felony, punishable by imprisonment and fine.  In addition to subjecting you to criminal prosecution, violating the Missouri wiretapping law can expose you to a civil lawsuit for damages by an injured party.  
     This law only extends to oral communications which are "uttered by a person exhibiting an expectation that such communication is not subject to interception under circumstances justifying such expectation.".  You may be able to record in-person conversations occurring in a public place where there is no reasonable expectation of privacy without consent.
     My opinion from researching the law and taking ethics into consideration is that a buyer should be made aware if a home they are viewing has recording devices.  I think any advantage you may gain is not worth the possible repercussions.  I also believe disclosing this to the potential buyer is the honest and right thing to do.
     My suggestion to buyers and their agents is to be mindful that homes may have recording systems and be conscious of your conversations while viewing a home.  You can also make a habit of inquiring whether a home you are considering has such a system.
     Disclosure of surveillance systems should be easily accomplished by posting a sign at your entrance stating that this home has an audio and video recording system.  I also believe that this disclosure should also be made to other agents conducting showings either via the MLS or other form of communication.  If the system is to be included in the sale of your home, this could be a plus to the buyer.  If you would prefer not to disclose this information, I suggest turning off the devices during showings.  The reason owners are asked to leave during showings is so buyers can have privacy and feel comfortable while looking at a home.  To record them without their knowledge seems like an invasion of privacy and lack of respect, in my opinion, even if it is your home.  

    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 have interest in a career in real estate or would like Michael’s assistance in the sale or purchase of property, contact him at 573.365.SOLD or cme@yourlake.com  View thousands of lake area listings at www.YourLake.com $1 million plus homes at www.LakeMansions.com   You can also view each months’ article, ask questions and offer your opinion on Michael’s real estate blog, www.AsTheLakeChurns.com