Your Lake of the Ozarks Mortgage Lender: best time of year to buy a house

Wednesday, August 7, 2019

Reasons to Buy a Second Home NOW

Are you thinking about buying a second home at the Lake of the Ozarks? There are many reasons why now is such an incredible time to make your purchase. Team Lasson is your resident mortgage lender at the Lake of the Ozarks, and we want to provide you with the information that you need to help you make the best decision about your real estate purchase. Here are a few reasons why NOW is an incredible time to buy a vacation home at the Lake of the Ozarks!

The Federal Reserve

If you have not been paying attention to the Federal Reserve in the last week, they cut the Fed Funds Rate by .25% to 2.25%, which was the first rate cut in 10 years. While many are wondering why the home loans rates are not declining by .25% parallel to the fed action, there are some good reasons why. While the FFR (Fed Funds Rate) has no effect whatsoever on home loan rates, they are driven by pricing and trading action in mortgage-backed securities. These tend to ebb and flow with the direction of the US 10-Year Note.

The interesting thing to note, though, is that since last November up until last Wednesday’s Fed rate cut, home loan rates have declined by over 1.00%. Home loan rates are already declining by so much!

In the end, all of this means that home loan rates are near three-year lows and, thanks to low inflation, the slowing growth around the globe, and the U.S./China trade war renewed, rates may likely go lower still.

Take Season Into Consideration

As the Summer season starts to come to a close, this could be a huge asset to you in your home hunting ventures. The advantage of buying after the close of a busy season is that you may just find a really good deal on the home of your dreams. Not to mention, the Fall season will be creeping up soon, and the Lake of the Ozarks was voted one of the best places in the country to enjoy the changing colors!

Now is the perfect time to purchase your new home or condo!

You Can Close Before the End of the Year

For those who are purchasing homes exclusively for personal enjoyment, closing in 2019 could provide some great benefits! Generally, you can deduct your mortgage interest and real estate taxes, the same as you would on a primary residence. By getting your vacation home purchased now, you still have time to make payments and build up the mortgage interest before the end of the year!

Vacation Properties at the Lake of the Ozarks

If you are considering a purchase, you may want to think about it sooner rather than later. Team Lasson feels that NOW is a great time to buy a home, and we would love to help you through the process. Visit our website at www.yourlakeloan.com, to learn more about us, or give us a call to schedule an appointment. We would love to chat with you about your goals!

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.

Tuesday, July 26, 2016

The Best Time of Year to Buy a Home

You've probably heard that spring is a busy time in the real estate world. People are jumping to get out and enjoy the outdoors after being cooped up all winter. Are those buyers really serious about buying a home at the Lake of the Ozarks though? In today's blog, your Lake of the Ozarks mortgage lender will discuss when the best time of year to buy is and why.

Buying a Home in the Spring

While spring is hands-down the busiest time in real estate, it's not necessarily the best time to buy. Why is that? Inventory might be at an all year high, but competition is also higher. With the increase of competition, comes higher home prices. Getting in a bidding war with other home buyers can easily cause you to pay more for that home than you would have if competition was lower. Home sellers are less likely to negotiate when multiple offers are coming in. According to data from RealtyTrac, April is the worst month to buy a house.

Buying a Home in the Fall

According to data from RealtyTrac, the month where buyers get the best deal is October. It's true that inventory might be lower during the fall season. However, buyers looking in the fall are more serious about buying. Competition is lower during the fall months and that makes negotiating easier. Those listing their homes in the fall are more motivated to sell, which makes it easier for you to get a home at a lower price than you might in the spring.

Pros and Cons to Buying in the Fall

Just like with everything in life, there are pros and cons to buying a home in the fall. Take a look at a few of them to determine if purchasing a home at the Lake of the Ozarks during the fall season seems like a good choice for you:

Pros

Sellers are serious. If they weren't, they would wait until the spring to put their home on the market. Motivated sellers means more flexibility during negotiations.
You'll have less competition from other buyers. Families, in particular, don't normally like to move during the fall season because school is in session. You'll have more time to look and more time to work out a deal without rushing to beat other offers.
Inventory is low. This could be looked at as a pro and a con. Lower inventory means that you have less homes to choose from, but that also makes it easier to narrow down your list of potential homes to buy.

Cons

You could experience bad weather. You're not going to want to get out and look at houses in bad weather. From rain to snow and sleet, nasty weather can easily put a damper on your house hunting.
Days are becoming shorter. Due to daylight savings time, buyers are forced to either take off work early or house hunt on the weekends to get it done before it gets dark out.

Summer is winding down and fall is just around the corner! Now is the time to get your mortgage pre-approval at the Lake of the Ozarks so you're ready to start house hunting. For all your Lake of the Ozarks home financing needs, give me a call at 573-746-7211. I'm here to help you every step of the way and get you into your dream home!

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

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

Michael Lasson

Sr. Loan Officer