We just figured our sales volume for 2011 and although I knew we had been busy, even I was surprised with the results!
This time last year we had $14,756,550 total volume closed and pending. A good start to the year. For the same time frame this year we have $24,382,800 closed and pending! That is an increase of 60% NEARLY TEN MILLION DOLLARS!!
Now, what does that mean to today’s Buyers and Sellers?
I believe there has been a realization by many Buyers that the current prices are great values. With prices somewhere around what they were in 2002 and 2003. They know; Yes, prices may yet dip, but by knowing the market and working with a knowledgeable agent and making good offers, and getting pre-approved for a loan, they can buy the properties they want at a price that is very attractive. They realize that inflation is the looming 6,000 pound gorilla in the room and every one per cent increase in interest will cost hundreds of dollars every month and thousands or hundreds of thousands more over the life of the loan.
What if you want to sell your Lake of the Ozarks home or condo now?
The good news is that inventories are down across the board. There are fewer homes and condos on the market this year than there were this time last year. So there is less competition. The bad news is that prices, though they seem to have stabilized, are not moving upward.
If you go back to 2000 and look at those prices and then add 3% per year as a basis for where prices should be without the real estate bubble, that is about where we are today. Next year prices will most likely be 2 to 3% higher than they are this year.
Not every seller is willing to accept this reality yet, so if you price your property realistically, it shows well and you hire an experienced and knowledgeable agent, even though 3 out of every 4 properties goes unsold, yours will most likely sell in a reasonable amount of time.
If you would like to know what your specific area or sector is selling for, or what the Absorption Rate (The time it would take to sell the current inventory) is for your home or condo, just contact us at Info@DemandDonna.com or give us a call at 888-366-6266.