The Berra's Lake of the Ozarks Real Estate Blog

 Have the values of homes in your area stabilized? Are they still declining? Are they rebounding a little? It is all going to depend on your location. We cannot generalize on what is happening in your specific market, but opinions on the future of property values are out there. Experts, economists, and real estate analysts have different ideas on fluctuating property values, and their opinions will likely change as time goes on.

The link below gives some of the thoughts on the future of real estate. 

http://www.stltoday.com/business/article_c0de048a-56ae-519a-b8ef-54ef650fbdaa.html

 The 8th Annual Blue Moon Sanctuary Golf Benefit and Silent auction is coming up on Wednesday, September 15, 2010 at Osage National Golf Club in Lake Ozark, MO. Susie and I have hosted this event since the first year, and would like to invite you to attend. The proceeds from this event go the care of the abused, neglected, abandoned and special needs dogs and cats in the Lake communities. We have been able to raise over $150,000 for this nonprofit group in the past 7 years, but the money is tight now and we need your help more than ever. Please visit the website at:

www.bluemoongolf.info

The Lake of the Ozarks has something in every price range, style, size and quality. Here is what is currently on the market at the Lake.

Waterfront Homes: There are 1,214 available ranging in price from $32,500 to $5,800,000.

Off-water Homes: There are 1,226 available ranging in price from $12,500 to $1,400,000.

Waterfront Condos: There are 999 available ranging in price from $29,900 to $1,400,000.

Off-water Condos: There are 186 available ranging in price from $49,900 to $379,000.

Villas: There are 155 available ranging in price from $80,500 to $1,100,000.

Time-shares: There are 25 available ranging in price from $1,500 to $51,000.

Commercial Property: There are 432 available ranging in price from $12,900 to $5,700,000.

Lots/Land: There are 2,135 available ranging in price from $1,500 to $6,500,000.

Farms: There are 94 available ranging in price from $8,300 to $2,590,000.

*This data taken from the Bagnell Dam Association of Realtors MLS

 Mortgage loan interest rates are the lowest they have been since rate tracking began in the early 1970's. The average rate on 30 year fixed loans is 4.57%. Fifteen year fixed rate loans can be found in the low 4% range and adjustable rate mortgages can be had in the mid to upper 3% range.

If you have been putting off the purchase of a primary residence or second home here at the Lake, there is no time like the present. Home prices are down from the large spike of a couple years ago and the rates cannot be beat.

This combination of rates and values will not last forever!

We are now at the middle of 2010, and this is what is happening in the real estate world at the Lake of the Ozarks:

*The number of waterfront home sales is down 5% vs. 2009. Waterfront bank owned sales are up to 17 in 2010 vs. 10 sales for 2009.

*Off-water home sales are up 21% vs. 2009. Off water bank owned home sales are more than double the number vs. 2009, and make up nearly 35% of all off-water home sales so far this year.

*Waterfront condominium sales are up 3% vs. 2009. Waterfront condo bank owned sales are way up with 24 this year so far vs. 5 at the same point last year.

*Off-water condo sales are down 26% from 2009 and bank owned off-water condo sales are up slightly.

*Lots and land sales are nearly identical for 2010 vs. last year. Bank owned lots/land sales are at 8 vs. 5 for the same period last year.

*The number of commercial property sales is down 27% in 2010 vs. 2009, and the number of bank owned commercial sales has increased.

*There were 13 farms sold in the Lake area at this point in 2009 and there have been only 2 farm sales so far this year.

To summarize, the number of closed sales at the Lake of all types of property for the first half of 2010 is up roughly 4%. In 2009, 9.8% of all sales for the first half were bank owned homes, and that number has risen to 20.4% in 2010.

Note: Statistics are taken from the Bagnell Dam Association of Realtors MLS

I have spoken with numerous people lately regarding the value of their homes. In today's market, there are some property owners who are disappointed with their property's current market value. Many times, I hear the owners say that they have a year old appraisal, or a two year old appraisal that indicates that their home is worth substantially more than the estimate I give them.

Unfortunately, a 2 year old appraisal is useless in estimating value today. Market value is driven by the most current comparable sales data available. Several years back, an appraisal from 6 months prior may have been valid, as the market was far more stable at that time. But with the economy and housing market in a very precarious position, the appraisal's length of validity has probably been reduced to a very short time frame.

This does not mean the appraisers are wrong. They can only estimate the property's value from "historical data". They cannot predict the future.

So if you want a fair and accurate appraisal of your home, it needs to be as current as possible. The market seems to change every day lately, so the more recent the analysis, the higher probability for accuracy.

  If you are looking for live entertainment, the lake is the place to be. The link below shows all the places you can visit from June 25 to June 30 and hear some of our finest local musicians.

  www.lakenewsonline.com/entertainment/x370832448/Lake-Live-June-25-30