Your Lake of the Ozarks Mortgage Lender: Home Prices

Wednesday, February 19, 2020

The Rise in House Prices & What it Can Mean For You

In 2019, home prices rose at a rate of 3.3%, which is a drop of 1.7% from 2018’s 5% increase. The price increase went down, but the home prices still rose. This can be a bonus for sellers who bought their homes before the prices started rising, but it can make things harder for buyers if they cannot afford the homes on the market. This temporary imbalance can mean that determined buyers have to figure out how to save enough to make their monthly mortgage payment affordable. Whether you are buying or selling, the current home prices can have a huge impact on your financial journey, so we are going to break it down and learn why.

For Buyers

If you are planning on buying a home in 2020, it will be important for you to sit down and analyze the best price for your budget. You can work through this process by submitting a home loan application on our website and letting our team of mortgage lenders at the Lake of the Ozarks assist you - or you can figure the rough estimates on your own.

This is especially essential when you are purchasing a vacation home at the Lake of the Ozarks as you will now be paying for two mortgages. Some experts suggest that you do not want to pay more than 25% of your take-home pay on a mortgage, but after you analyze your finances you can make an informed decision. The best news is that while home prices may be on the rise, home loan rates are better than they have been in years! If you find a home you love, this is a great time to secure your loan.

For Sellers

From a seller's perspective, higher home prices can mean it is a great time to sell your home. Because you want to get the best possible price out of your home, it is important to work with a real estate agent who is experienced in the Lake area as well as has experience selling homes like yours. They can use a competitive market analysis to find out what similar homes are selling for in your area and help you with your listing price.

For Homeowners

If you own a home, you may be curious about how the value of your home is doing. As the prices of homes are going up, is your home value appreciating as well? If you bought your home eight to ten years ago, there is a strong chance that you have a very nice profit tied up in your home! In fact, some studies show that people who had owned their home for four to seven years, were getting $52,000-68,900 more than they purchased them for, if they sold them last year!

The Housing Market at the Lake of the Ozarks

We have been saying this for a few months now, but if you are considering purchasing a home, NOW is the time to get it done! Home interest rates have been at incredible lows, and we do not want you to miss them. Team Lasson is ready to help you work through the home loan process. Visit our website to learn more about our mortgage company at the Lake of the Ozarks, or to fill out your application and get started! We cannot wait to see you get the home of your dreams just in time for Summer!

For Lake area news, resources and tips on financial services, please

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Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.com

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

Friday, April 17, 2015

What's in Store for the Housing Market this Spring?

The latest news on Gross Domestic Product, which is the broadest measure of U.S. economic activity, shows economic growth is still sluggish overall. GDP for all of 2014 was only 2.42%, which is disappointing considering we're in the 6th year of the economic recovery. However, the housing sector continues to improve, despite the harsh winter weather earlier this year.

Housing Sector

Despite a big 17% decline in Housing Starts in February, Building Permits, which are a sign of future construction were up 3%. This is a good sign that the setback in Housing Starts was most likely temporary due to inclement weather. New Home Sales hit a 7-year high in February, another good sign for the housing sector.

New Home Sales

In February, New Home Sales hit a 7-year high, rising 8% from January to an annual rate of 539,000 units. New Home Sales now stand at their best level since February 2008. They're up nearly 25% from the 432,000 recorded in February 2014. While pricing and sales for new homes were up, the Existing Home Sales report was not as promising, due to winter weather and low inventory. It remains to be seen what will happen this spring and summer, but these early numbers for new homes are another promising note in the recovery.

2015 Housing Market

Freddie Mac recently noted in its March 2015 U.S. Economic and Housing Market Outlook that it expects 2015 to be the best year for home sales and new construction since 2007. Freddie Mac cited an improving job market, rising rents and expanded credit availability as some of the reasons for its positive outlook.

Home Prices

Home prices are continuing to show signs of growth, as the S&P/Case-Shiller Home Price Index rose by 4.6% from January 2014 5o January 2015. This is the biggest gain since September. Its also up from the 4.4% annual rate recorded in December. The lofty price gains seen in 2013 an early 2014 may have cooled, but home price gains continue to be steady at what is considered normal levels.

The bottom line here is that Lake of the Ozarks home loan rates remain very attractive, making now a great time to consider a home purchase or refinance. Contact your Lake of the Ozarks mortgage lender today at 573-746-7211 to start the process!

For Lake area news, resources and tips on financial services, please