The numbers are sobering.  If you are a buyer, there’s no reason not to cash in on this opportunity RIGHT NOW!   If you must sell in this market, you need to get with a knowledgeable agent that will tell you the truth about pricing to sell, because the buyer’s know these numbers and are making offers off of them.   

I just saw a national stat that 20% of all sales in 2008 were foreclosures.  Yes, we are seeing an increase at the Lake of the Ozarks, but for the year 2008, only .008 of residential sales were listed as  a foreclosure. 

CURRENT UPDATE 2012:  In 2011, there were 274  foreclosure sales.  In 2010, there were 382 foreclosures sold.  That’s a big decrease.  Like a 28% decrease.   If you are a buyer, this means you are missing the best time to nab a foreclosure buy.  Here are the current foreclosure deals at the Lake of the Ozarks.

Everyone is looking for a deal, and choosing the right buyer’s agent to work with is crucial and critical.  I like to say that “I can deliver certainty of outcome.”  You will be certain that you didn’t overpay for property and you will feel comfortable with your deal.  I sell enough real estate that no one deal is going to make or break me, so you won’t feel pressure from me to go ahead and buy a deal that you are not 100% convinced is right for you. 

If you would like to interview me to see if we might be able to work together, call 573-480-6420 or e-mail me.   

John Garrett of RE/MAX Lake of the Ozarks has worked with many banks, governement agencies, trusts, and other entities that are looking for professional representation in Camden County Missouri.  John’s central location in Mid-Missouri allows him to adequately serve Camden as well as other counties, such as Miller, Morgan, Pulsaki, Laclede, Cole, Hickory, and Dallas County.   

John Garrett has been trained and has listed and sold many REO properties and can give you professional and ethical representation every step of the way.   Call 573-302-2320.

How do I “interview” a Buyer’s Broker at the Lake of the Ozarks?

• They should have a Broker’s License in the State of Missouri.  Make sure more than 75% of their sales activity is in your desired area.  Don’t use an agent from St Louis or Columbia to buy at the Lake.
  
• Ask how long they have been full time in real estate.
• Ask them to produce sold listing sheets with their name as the selling agent to verify their claims.
• They should explain the duties of a buyer’s broker, and what happens in different situations, especially in “dual agency” situations.
• A good agent will spend more time listening rather than talking.  If they focus on how “great” they are, rather than getting to know your family, lifestyle, and needs, you don’t want them.
• The best agents can quickly tell you about the market, how it is performing compared to last year, how many “property showings” their company has had in the last 30 days, how many contracts were written and accepted during that time, and what property is currently selling for per square foot in different areas.   This will “weed out” 90% of the agents right here.   They should be able to answer this off the top of their head, not by taking hours to get back to you with the information.

What will a buyer’s agent do for me?

• A buyer’s broker can show you homes that are on the market, and the best ones may even know of ones that aren’t even on the market – yet.
• A buyer’s broker can help you write your offer to put your best foot forward and beat other buyer’s offers on the best properties.
• A buyer’s broker will provide market data to help you establish an offering price based on price per square foot, local conditions, and seller mentality.
• A buyer’s broker will negotiate on your behalf, honestly and ethically.
• Much happens between writing an offer and closing, a buyer’s broker will attend to the details in a timely manner.  We have put together a paperwork package that shows what we do to get a deal from accepted offer to successful closing, and it was over 200 pages of forms, documents, disclosures, etc. This should be done for you, within set deadlines and without you having to worry about it!  

This will give you a guideline for a successful interview to choose your next agent.  At the Lake of the Ozarks, the only choice for a professional Buyer’s Agent is John Garrett 573-480-6420

The Lake of the Ozarks real estate market can be very challenging for buyers.  You need an experienced and qualified agent like John Garrett to help you make the right choice. 

There are things a real estate agent, by law, CANNOT tell you when you are buying a home unless you have a signed buyers agency agreement. Things like:

How much you should offer on a home?

What price the seller will accept?

What terms are in your favor?

Why the seller is moving?

How long the property has been on the market?

Is this property a short sale or foreclosure?

Purchasing real estate is a complex transaction and in most cases the seller will be represented by an agent. Even if you are looking at new construction, a buyer broker costs you nothing yet has a lot to offer. Here’s a great article on how to interview a Lake of the Ozarks Buyer’s Agent.

Research by the NATIONAL ASSOCIATION OF REALTORS has shown that when a buyer’s representative is used, the prospective buyer found a home faster than consumers who did not use a buyer’s representative. At the Lake of the Ozarks, given our very large geographical area, the need for a buyer’s agent is even greater. In many cases, I, as a buyer broker can help you save money by showing you “Sold Comps” helping you to make a more informed initial offer on the property.  As your buyer broker my services include:

Evaluating your specific needs and wants, locating properties that fit those specifications.

Utilizing technology to your advantage to make sure it makes your buying process easier, not more confusing!

Coordinating showings – accompanying you on the showings, or previewing properties on your behalf.

Researching the selected properties to identify any problems or issues to help the buyer make an informed decision. Many Lake Areas have no planning and zoning, and my local real estate knowledge is invaluable.

Advising you on structuring an appropriate offer to purchase.

Negotiating the fairest purchase price on the most favorable terms that the market will permit on your behalf.

Helping secure appropriate financing for the selected property.

Providing you with a list of potential qualified vendors (e.g. appraiser, surveyor, inspectors, movers, attorneys, carpenters, etc.) if these services are needed.

Answering your questions, and getting answers for you. I always keep the lines of communication open with my clients.

Most importantly, the ability and willing to LISTEN TO YOUR NEEDS AND WANTS and find the best fit for you.

Clearly, by working with a buyer broker you receive a great deal of valuable services at no charge. At the end of the day, my job as your broker is to deliver results and you can take comfort in knowing that my interest are 100% aligned with yours. Since the seller is paying the commission, the worst agents cost you the same as the best, or so it might appear! Don’t make the wrong choice, because the bad or less experienced agent can cost you with their mistakes that hit your pocketbook, consume your time, add hassle and stress to your life. You have enough to worry, make sure your real estate purchase at the Lake is not one of them. Contact me today and you’ll quickly see the value I add to every transaction that I sign my name to.

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Condos at Lake of the Ozarks did very well in 2007, posting very respectable gains in appreciation of 9.5%, bringing the 5 year average to 9.8%.  Think about that, Lake of the Ozarks condominiums have gone up in price, on average, 9.8% per year over the last 5 years.  A $100,000 condo bought 5 years ago would now be worth $159,592 (on average), not to shabby!  That same owner also had a tax write-off on property taxes, interest paid on the mortgage, and also had the chance to enjoy and use the condo for recreation during that period.  What are your stocks/mutual funds doing right now?

In the above example, even if you sold the unit, paid a commission and closing costs, and paid the capital gains, you are still in great shape.  Cost of sale is 7%, the capital gain is taxed at 15%, and that is on the basis not on the whole $159,000.  The real advantage is that you only had to put 5, 10, or 20% down on the unit, so the power of leverage just gave you a great boost.

When you hear talk that the Lake of the Ozarks condo market is down, take a look at the real numbers and realize that smart money is making more money that ever at the Lake, that’s why lenders are lining up to fund 40 and 50 million project right now as we speak.  Call John Garrett if you need to discuss this situation any further at 888-322-1802 and remember to ask for John.

Days on market for condos has been going up this year, and right now there are 1570 condos for sale. 

The number of condos that have sold for 100% of asking price has decreased as well.  This is a great time to buy a new construction condo, the developers are dealing. 

The average price numbers look good for the market.    Call John with any questions or comments 573-302-2320. 

Wow, summer sales were as hot as the weather! 

Combined, there was a very nice increase in the number of units sold from 173 to 182.  Not a huge gain, but a gain.  Given the tighter money, the paranoia, bad press and fear being put out to buyers,  this is really a nice surprise. 

Even more impressive is the dollar volume sold.  

So even larger gains were made in volume sold from $31,534,000 in 2006 to $35,845,000 in 2007. 

Commissions paid out to RE/MAX Lake of the Ozarks agents in August saw an increase of 40% over the same month last year, bringing the amount of commission paid year to date to the exact level they were in 2006 (within one tenth of a point), a recording setting year for sales!  Dollar volume through the month of August shows that RE/MAX Lake of the Ozarks has already closed over 215 million in sales, and had over 855 closing sides! 

The idea that the market is slow is dead wrong, and after a super hot August, the fall buying season looks like it will be very busy indeed.  Now is a great time to sell, and if you are considering selling, call the experts at 573-302-2320. 

Should I use No Down Payment to Buy?

This option has changed from a tool of low income buyers that simply lacked any cash to put down on a purchase to a very smart investment vehicle for the disciplined investor.  One of the main factors involved in this is the likelihood that you will not own your condominium for a very long term, as most Lake of the Ozark Condos “turn over” every 3.5 years on average (this is my estimation).   

The main idea at work here is that you will be able to take the money saved and will consistently invest it instead in things such as stocks or mutual funds or something similar. You can do this by taking the money you would have otherwise used as down payment and invest those same funds somewhere else, provided you put your money to work, and don’t spend it frivolously. I agree with the concept, and these concepts should most definitely be explored.  Right now, there is a serious backlash against no money down and interest only options, and for good reason.   Many loan officers put people that never should have been in these plans into their primary homes and used the lower payments to qualify buyers for more than they could afford. 

What I am suggesting is that you consider all options when looking at purchasing a Lake of the Ozarks Condominium.  Using your mortgage as a financial planning tool is a good thing, but is not for everybody by any stretch.  I’ll be glad to help you with any questions you have about your condominium purchase at the Lake of the Ozarks.