Your Lake of the Ozarks Mortgage Lender: Home Purchasing Basics

Tuesday, June 2, 2020

The Best Time to Buy a Lake Home

The question that is burning on everyone’s mind, "When is the best time to buy a Lake home?” There are many factors at play when it comes to choosing a time to buy, and they could depend on the market, what is available, and even the interest rates. Let’s take a look at some of these factors to help guide you into the best choice for you and your buying needs.

Things to Remember When Buying During Peak Season

There can be many highlights to purchasing a home during the peak season. For the Lake area, peak season runs from Memorial Day to Labor Day, with a little padding on the ends. One of the most popular reasons for purchasing during the peak season is because there are generally more homes on the market. However, this year is a little different. Not only are there often more to choose from during the peak buying season, but due to current events, the interest rates are fantastic.

There are, of course, a few cons to purchasing a vacation home at Lake of the Ozarks during the busy Summer season. Greater demand can also bring more competition, and more competition can increase the price of a home. Homes also sell a lot faster during the peak season as everyone wants to get a contract on their favorite listing before any others do. You may also find the prices are higher during the peak season because of the higher competition.

Things to Remember When Buying During the Off-Season

Off-season at Lake of the Ozarks is through the later Fall months into early Spring. Obviously, there is still traffic all through the year as different hobbyists and homeowners enjoy the quiet serenity of the Lake through those months, but it is definitely more toned down. Some of the pros of buying during the off-season are that you can generally get a home with very little competition. Most people are not thinking about buying a vacation home at Lake of the Ozarks during the Winter, so you should not have the same level of bidding wars during this time of the year. Purchasing a Lake home during the Winter also allows you to see what the area looks like when things are slower and more relaxed. Granted, with the holidays happening there is still a lot going on at the Lake, but it is certainly not like busy Summer weekends.

Some downsides to purchasing a vacation home in the Winter can be as simple as not being able to tour the home when scheduled because of weather. Lake levels are also generally lower through the off-season and the wildlife and plants are hibernating, so the environment definitely has a different feel than it does during the hustle-bustle of Summer.

When Do You Want to Buy?

In the end, the best time to buy a vacation home at Lake of the Ozarks comes down to two things.

When are you ready to buy?
What homes are available?

If you have the money ready, and there are a few homes on the market that look like they could be perfect for you, then NOW is the best time to buy! Team Lasson has been assisting so many homebuyers as they secure their dream vacation homes this Summer. Interest rates have been phenomenal, so if you have been considering the purchase of a vacation home, there is no time like the present. You can visit our website to learn more about us at Lake of the Ozarks or fill out an application to get started!

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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, January 30, 2015

Home Buying Basics

So you've decided to purchase a home, now what? There are many important things to consider throughout the home buying process, especially if you are a first-time home buyer. A home purchase is probably your largest financial transaction to date, so its important that you make the right decisions. With the assistance of your Lake of the Ozarks mortgage lender and real estate agent, buying a home should be an efficient, pleasant and ultimately rewarding experience. First State Bank Mortgage has some home purchasing basics to help keep you on track!

Real Estate Agent

You can count on your real estate agent to take care of the following:

Preview available homes to weed out those that are overpriced, or undesirable in some other way.
Show you the homes that fit your personal needs.
Help you determine the difference between a "good buy" and a property which, because of its nature (neighborhood, market appeal, etc.), might be hard to sell in the future.
Negotiate the best deal for you. With a Pre-Qualification letter from your mortgage lender at the Lake of the Ozarks in hand, your real estate agent will be able to demonstrate that you are a qualified and capable borrower. This will strongly influence the seller, and may make the difference between the acceptance of your offer or someone else's, even if your offer is lower!

Mortgage Lender

You can count on your Lake of the Ozarks home loan officer to do the following:

Assist you in selecting the best loan to meet your personal situation and goals. This decision can end up saving you thousands of dollars throughout the years.
Keep you informed of your loan status throughout the entire process.
Keep your real estate agent informed of the loan process. Note: Your personal information is always kept confidential; only deal points and progress are shared with your real estate agent.
Get the appropriate loan for you at the best rates and fees. This will save you significant money not only upfront, but also throughout the years to come.

Yourself

The following are items you will need to count on yourself for:

Keep your real estate agent informed of any questions or concerns as they develop.
Keep the process moving by providing documentation and decisions as soon as reasonably possible. By doing so, many of the details are taken care of early in the process so you can concentrate on any last-minute details or events that require your attention.
Enjoy purchasing your home, but remain objective throughout to make the decisions that are best for you.
Make sure you are pre-approved for your home loan at the Lake of the Ozarks as early as possible. this will put the power of financing behind you so that you can focus on choosing the right home for you!

When it comes to your financing needs, Sr. Residential Mortgage Lender Michael Lasson is committed to working with you every step of the way! I'll discuss your financing options, offer competitive interest rates and back it up with the first class service you deserve and I guarantee. Opening the doors to your Lake home!