LOZ August Market Update - What you need to know!
Posted by Abie Calinisan on Monday, August 8, 2022 at 5:42 PM By Abie Calinisan / August 8, 2022 Comment
The Lake of the Ozarks real estate market has been on fire for a while now, with sales and prices up year-to-date.
But is this market finally cooling down?
Here's what's going on in the Lake of the Ozarks real estate market:
Average Sales Price.
Average Sales Price year to date is up 11% of where we were last year. That means home prices are still increasing.
Number of Pending Listings.
For 2022, it has increased over July of last year so there's more pending right now. Meaning more activities are going on in the Lake of the Ozarks.
You may look at mainstream media and they say interest rates are increasing and inventory is going up, price reductions are now a thing and all. Our local market at Lake of the Ozarks has its own numbers, though, and they don't lie!
Home prices are going up. Pendings are going up.
This shows that home prices are selling for more money and there's more homes selling.
So how does that affect you?
If you're a buyer, know that now is a great time to buy a home!
Every single study out there shows that over the next five years home prices are going to continue to increase.
You'll be spending more money and getting into your lake home will be even more expensive than it already is.
On top of all that, interest rates are rising as well.
They're projected to go up even further in the next few years and that means if you wait until then to buy your lake home... your interest rate could be higher than it's been in years!
And for the sellers...now's a fantastic time to sell your home!
Prices are still increasing, and there's less inventory coming available than there was last year. That means buyers are looking for homes—and they just don't know that yours is available.
That's why it's so important to get the word out about your house being for sale so people can find you!
If you want to take the next step in your real estate journey, we're here for you.
We've been ranked number one in our area for five plus years now, and we want to help you navigate through this normalizing market.