Market report for Lake of the Ozarks
3rd quarter real estate report: Lake of the Ozarks Board of Realtors
Obvious to anyone driving around the lake area, and noticing the "For Sale" signs that seem to have become part of the lawn's landscape for so many disappointed home owners; residential sales of single family homes are way down from this time last year.
Total median selling price dropped from $162,000 for the comparable period in 2007 to $150,000 as of Sept 30th of this year.
Total sales dropped from over $129 million this time last year to $82 million this year.
So what's this mean for potential buyers and sellers?
It means that were my sister considering selling her home right how, I'd advise her to either price her property competivitely if she really needed to sell; or to wait, if possible, for the market to improve.
What I wouldn't recommend is listing a home right now for what you think it should bring during a good market, and letting it accumulate DOM (days on the market).
It's important to note that there are lots of good homes currently on the market priced fairly yet lingering month after month - most especially 3-4 bedroom homes offshore - due to low demand.
On the brighter side, a tough market for homeselling makes for a great market for home buying. And it's a very good time to 'trade up' towards your dream home. While it's true that you'll have to take less for your current home, the savings on a larger home will more than make up the difference.
If you're looking to buy or ‘trade up', local banks are still lending, interest rates are low, and you'll find more selection than you would typically hope to find.
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