Lake of the Ozarks Real Estate Blog

Lake of the Ozarks Welcomes 2012

Wed, 11 Jan 2012 14:52:00 GMT

Welcome 2012! Here are some of the things that we have seen happen over 2011 and are expecting so far in 2012.

- New Hwy 54 Expressway has been finished and opened.

- Hwy 242, also called the Horshoe Bend Expressway, has been finished and opened.

- Golden Corral has been completed and has opened for business

- Cracker Barrel has reached an agreement with a local real estate developer to put in a restaurant and is hoping to start construction sometime in the 2012 year, but no time frame has been set.

- CVS will be opening in March of this year

- Kohls will be opening in March of this year

- Menards is currently under construction and has a projected opening of April of this year.

- Jo-Ann's Retail Fabric store will be opening in April of 2012

- Dierbergs, a St. Louis Grocery Chain, will start construction this year and is projecting to open in April of 2013.

- Tan Tar A is in the middle of working out a deal to sell all of the Estates Lots to the homeowners. They are having some hoops to jump through with the New P & Z Commissioner, but they hope to have all of this rectified and accomplished sometime in 2012.

These are the "Big Ticket" items that are happening at the lake or have already happened! As for the John Q Hammonds Hotel & Convention Center, there has been no word as to when they will start construction or if they ever will. All that is known currently is that they own the land and they still have their TIF (Tax Increment Financing) available for when they are ready. There are still talks going around about revitalizing the Lake Ozark Strip, but there has not been any advancement to speak about.

Justin Farrell

John Farrell Real Estate Company

REALTOR

Office: (573) 348-2181

Toll Free : (800) 318-2181

Cell: (573) 216-2580

Fax: (573) 348-2167

Website: www.johnfarrell.com

Lake of the Ozarks Real Estate showing signs of improvement

Thu, 18 Aug 2011 19:42:00 GMT

The numbers are in and I am pleased to report that the Real Estate Market at the lake is showing signs of improvement. The number of lake front homes sold in the time from January 1 – July 31 in 2010 was 258 and in 2011 was 292; an improvement of 34 more units sold. The overall volume of lake front homes sold was $83,805,783 and improved to $89,220,018; an improvement of nearly 6 million dollars.

Despite the improvement with the sale of Lake Front homes we are seeing a decrease in the sales of homes off the water. In 2010 there were 377 homes sold off the water and in 2011 there have been 368 homes sold or 9 units less. That is a very moderate drop in sales and not something to get too excited about but the part to get a little concerned about is the drop in the average sales price. In 2010 the average sales price of a house off the water was $109,790 and in 2011 the average sales price is $99,039.

Overall I believe the real estate market at the Lake of the Ozarks to be better than it is in a lot of communities around the country but we still have our challenges to look forward to. If you would like to see more information about the real estate market feel free to contact me at John Farrell Real Estate Co.

Lake of the Ozarks Real Estate Sales Activity

Tue, 26 Jul 2011 16:12:00 GMT

There is reason for optimism at the Lake of the Ozarks. After the first six months of 2011 the overall sales outlook has improved. The number of sales for the following property types has increased; Lake Front Homes, Resale Condominiums, Villas and Townhomes and Commercial. In addition the overall sales volume in dollars for the following property types has increased; Lake Front Homes, Resale Condominiums, Villas and Townhomes and Farms. This is real good news for Sellers in the lake area of these types of properties.

The good news for Buyers is that the average sales price for the following property types has decreased; Lake Front homes, Offshore homes, Resale Condominiums, Villas and Townhomes, Non Lakefront lots and Commercial. In addition we have seen an icrease in the number of foreclosure sales from last year 171 in 2010 and 194 in 2011 (this combines all property types).

In my opinion we may be seeing a stabilizing of the real estate economy at the Lake of the Ozarks. Overall the number of properties sold has increased and the sales volume for some key property types has increased but we have seen a decrease in the average sales price of properties at the lake. This provides some good news for both buyers and sellers. Ultimately the market at the lake is still a Buyers Market due to the large number of inventory available and decreasing values but it is a very good time to take advantage of these decreased prices.

Jonas Farrell Video Blog 4-9-2011

Tue, 14 Jun 2011 22:08:00 GMT

View the Video Blog below.

7 Burglary Prevention Tips

Tue, 07 Jun 2011 14:23:00 GMT

The following information was found on Houselogic.com.  The information on this 
site is free to everyone and I strongly recommend that you create an account and 
check out all of their useful information.

7 Burglary Prevention Tips for Your Summer Vacation

May 31, 2011

MINNEAPOLIS, May 18, 2011/PRNewswire/ — Warm weather means summer vacation. Before you pack up, follow these tips from Hydreon Corp. to ensure your possessions are still there when you get back.

1. Don’t post about your vacation on Facebook until after you get back. If that takes more discipline than you can muster, at the very least keep your location status off any public social networking pages. Many burglars use these sites to identify “safe” targets.

2. Make your home look lived in. A light on a timer is a great first step. Hydreon Corp. sells a sensing device, Fake TV, that mimics the glow of a TV to deter burglars.

3. Don’t leave obvious signs that the house is unoccupied. Stop the mail and paper, or have a neighbor take it in. Arrange for lawn care as needed. And don’t leave notes on the door! (“Dear thieves …”)

4. Make your home hard to get into. You need good locks. Your hidden outdoor key is probably not as cleverly hidden as you think it is. So, get to know your neighbors, and leave the key with them. Let them know you’ll be gone, and have them keep an eye out during your absence. If you have an alarm system, by all means use it. Amazingly, many people forget to set the alarm.

Conversely, don’t think that an alarm system makes you invulnerable. Burglars can still cause you a great deal of misery in a smash-and-grab robbery, leaving before the police can respond. Park a car in the driveway, but be sure to take out the garage door opener first.

5. Remove obvious temptations. Take a walk around your property and make sure you can’t see any easily pawned valuables through uncovered windows. Are there any ladders left out, or particularly easy or well-concealed access points?

6. Prepare for the worst. If your computer were stolen, what might the consequences be? For most of us, this would be dire indeed. So, back up and password protect. Make a quick run-through around the house with a video recorder, listing off the valuables. This could save a lot of hassle with the insurance company if you should need to file a claim.

7. Strike the right balance. Only you can make the trade-off between security measures and the burdens they impose. You may wish to place irreplaceable items in a secure location, such as a fireproof safe. This can include expensive jewelry, family photos, and financial records. Your insurance policy is up to date, right? Also, label your possessions with your name. An engraver is best, but a Sharpie is a lot better than nothing.

The good news is that only two out of a hundred homes will be burglarized in any given year. The bad news, and this is intended to jump-start you into a bit of action, is that for those two homes that are burglarized, the effects of the intrusion are often devastating. The average burglary costs $1,750, and a whole lot of peace of mind. Ask anyone who has had a break-in; they never look at their home quite the same again.

Security is a mindset, and need not be a great burden. Fortunately, your security measures do not need to be perfect. Most crime is opportunistic, and if the guy down the street failed to take a few simple precautions, his house (poor chap!) is more likely to draw the attention of the thief than yours. And frankly, there are no measures that can stop the most determined criminals. So, just take a few simple steps to improve your odds and peace of mind. It will make your getaway that much more relaxing.

Spring and Summer Home Maintenance Tips

Wed, 18 May 2011 13:43:00 GMT

The team at Houselogic.com does a really good job of providing helpful information for homeowners. The following article has some really good helpful tips on routine maintenance a homeowner should do is the Spring and Summer to maintain optimal condition and efficiency in their home.

Certain home maintenance tasks should be completed each season to prevent structural damage, save energy, and keep all your home’s systems running properly. What maintenance tasks are most important for the Midwest in spring and summer? Here are the major issues you should be aware of and critical tasks you should complete. For a comprehensive list of tasks by season, refer to the to-do lists to the right of this article.

When spring arrives in the Midwest, it’s time to clean up your home and yard from the ravages of winter. As the weather warms, you can also accomplish some routine maintenance tasks that are much more agreeable when the sun is shining.

Key maintenance tasks to perform

• Check your gutters and downspouts. “Stuff accumulates even after your fall gutter cleaning,” says Frank Lesh, president of Home Sweet Home Inspection Co. in Indian Head Park, Ill. “Pine needles especially, which fall all year long and are difficult to remove.” Children’s toys, he says, also find their way into gutters between cleanings, as well as nails and other debris from the roof. Look for any signs of wind or ice damage—has the gutter pulled away from the house, or bent so that there are depressions where water can stand? You can usually repair damage yourself for under $50 by adjusting or reattaching brackets and gently hammering out bent areas.

Lesh also recommends examining your downspouts for blockages. “You can’t see inside them,” he says, “so tap them with a screwdriver handle to see if they sound hollow.” If the ends run underground, where animals can build nests or winter debris can become trapped, your best bet is to put a garden hose in the gutter and see where the water discharges. If you have a blockage, you’ll have to disassemble or dig up part of the downspout until you locate it.

• Inspect your roof for winter damage. This is best done from a ladder, but if you’re allergic to ladders, use a pair of binoculars to check your roof from your yard. Look for loose and missing shingles. If anything looks unusual, investigate further yourself or call a roofing contractor.

• Take a close look at your chimney. “Do this even if the winter was mild,” Lesh says. “High winds, rain, and snow can damage a chimney. Look for cracks, missing mortar, loose bricks or boards, and signs of rot.” If any of those things are present, call a chimney sweep certified by the Chimney Safety Institute of America for a repair estimate. If the metal flashing and the cap on a chimney are galvanized, Lesh says, check to see if they look brownish, which means they’re rusting and should be replaced. Also, make sure the cap is still present but hasn’t collapsed and covered the flue opening, which could cause a dangerous carbon monoxide buildup inside the house. Expect chimney repairs to start around $200.

• Examine your drainage. Make sure soil slopes away from your foundation at least 6 vertical inches in the first 10 feet on all sides of the house and that there are no areas of standing water. If you have properly sloped foundation drainage but still have areas of standing water, consider a landscaping solution, such as a swales (contoured drainage depressions), berms (raised banks of earth), terraces, or French drains (a shallow, gravel-filled trench that diverts water away from the house).

• Take a look at your siding. Has any of it come loose or begun to rot? Repair any damaged sections before moisture has a chance to set in. No matter what your siding is made of (wood, vinyl, brick), it may need a spring cleaning. The best DIY method for any kind of siding is a bucket of soapy water and a long-handled brush. A power washer is not recommended and should only be handled by a professional cleaning contractor. If you choose to have your siding professionally cleaned, expect to pay $300–$500 depending on the size of your home.

• Schedule your biannual HVAC appointment. Get ready for the air conditioning season with your spring tune-up. If your system wasn’t running well last season, be sure to tell your contractor, and make sure he performs actual repairs if necessary rather than simply adding refrigerant. “He shouldn’t just charge it up,” Lesh says. “That will work for a while, but it won’t last. Freon lasts forever—if your system is low, there’s a leak somewhere, and he should tell you specifically what he’s going to check to fix it.” Expect to pay $50–$100.

Your contractor’s maintenance checklist should include checking thermostats and controls, checking the refrigerant level, tightening connections, lubricating any moving parts, checking the condensate drain, and cleaning the coils and blower. Duct cleaning, while it probably won’t hurt anything, is not necessary; be wary of contractors who want to coat the inside of the ducts with antimicrobial agents, as research has not proven the effectiveness of this method and any chemicals used in your ducts will likely become airborne.

On your own, make sure your filters are changed and vacuum out all your floor registers.

• Check your GFCIs. The U.S. Consumer Product Safety Commission recommends that you do this once a month, and it’s a good idea to incorporate it into your spring maintenance routine. GFCIs (ground fault circuit interrupters) are electrical outlets that protect you from deadly electrical shocks by shutting off the power anytime even a minimal disturbance in current is detected. They feature two buttons (“test” and “reset”), and should be present anywhere water and electricity can mix: kitchens, bathrooms, basements, garages, and the exterior of the house.

To test your GFCIs, plug a small appliance (a nightlight, for example) into each GFCI. Press the test button, which should click and shut off the nightlight. The reset button should also pop out when you press the test button; when you press reset, the nightlight should come back on.

If the nightlight doesn’t go off when you press the test button, either the GFCI has failed and should be replaced, or the wiring is faulty should be inspected. If the reset button doesn’t pop out, or if pressing it doesn’t restore power to the nightlight, the GFCI has failed and should be replaced. These distinctions can help you tell an electrician what the problem is—neither job is one you should attempt yourself if you don’t have ample experience with electrical repair.

Spending a weekend or two on maintenance can prevent expensive repairs and alert you to developing problems before they become serious. Be sure to check out the comprehensive seasonal to-do list following this article, and visit the links below for more detailed information on completing tasks or repairs yourself.

Karin Beuerlein has covered home improvement and green living topics extensively for HGTV.com, FineLiving.com, and FrontDoor.com. In more than a decade of freelancing, she’s also written for dozens of national and regional publications, including Better Homes & Gardens, The History Channel Magazine, Eating Well, and Chicago Tribune. She and her husband started married life by remodeling the house they were living in. They still have both the marriage and the house, no small feat.

Tips for Trimming your Summer Electric Bill

Mon, 16 May 2011 18:05:00 GMT

The dog days of summer can really put the heat on electricity bills and put even the best air conditioning systems to the test.

Here are six tips to keep your utility bills down this summer:

1. An air conditioner set at 70 degrees can cost twice as much to operate as one set at 78 degrees. Raise the thermostat by 2 degrees above its normal setting. You’ll still be comfortable, and your pocketbook will thank you.

2. Set the thermostat to 80 degrees when you’ll be out of the house for several hours and lower it when you return. But don’t shut the air conditioner off; it’s less efficient to cool the house back down than to leave it set at a higher temperature.

3. A ceiling fan uses about as much energy as a 100-watt bulb, but it can make a room feel up to eight degrees cooler. In summer, blades should turn counterclockwise, pushing air downward to create a cool breeze.

4. Keeping windows closed and curtains drawn during the day can reduce cooling costs by 30%.

5. Lights, computers, and televisions all generate heat. Turn them off when they’re not in use.

6. Get your air conditioner serviced before you need to turn it on to avoid the rush in service calls made to air-conditioning repair companies on the first hot day of the year.

7. Create shade for the outdoor part of your AC unit, but keep the area around the exterior unit clear of leaves, bushes, and other obstructions to ensure adequate airflow.

8. Clean or replace the air filter monthly. Clogged, dirty filters block air flow and make a unit work much harder. A clean filter can save up to 10% on your bill.

Source: American Home Shield

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Wed, 09 Mar 2011 03:47:00 GMT

There are plenty of myths out there about financing. While I am not a loan officer by trade I do get plenty of experience with loans; below is a small lists some common financing myths and the truth regarding each myth:

1. It’s impossible to get low down payment loans – UNTRUE!

a. FHA down payments are only 3.5 percent and VA is 0 percent. In some areas, there may be some 100 percent USDA loans available.

2. It takes perfect credit to get a loan – UNTRUE!

a. There is a relationship of better rates to better credit but many issues on a credit report may be explained. The way to know for sure is to speak to a reliable lender.

3.    If I’ve had a bankruptcy or foreclosure, I can’t qualify – UNTRUE!
        a.    Credit history following a short sale or foreclosure is very important and there can be extenuating circumstances. It only takes a few moments with a reliable lending professional to find out if your individual situation will allow you to qualify.

4.    Getting pre-approved is expensive – UNTRUE!
        a.    Usually, the only expense to getting pre-approved is the cost of the credit report which could be around $35. The advantage is that you will know that you qualify for a particular mortgage amount.

5. I should wait to qualify until I find a home – UNTRUE!

        a.    Too often people make the mistake of assuming they know how much money they can borrow. It is only after they have spent hours and days with a Realtor searching for and locating their dream house they then determine that they may have a problem with their credit and don’t qualify for the loan. If you are considering purchasing a house it is best for you to get qualified for financing before starting your search

6.    All lenders are the same – UNTRUE!
        a.    Reliable lending professionals will explain the entire process before collecting fees, quote fees up-front, have competitive products, do what is necessary to get the loan approved and close at the locked rate and terms. Ask for recommendations from recent borrowers.

7. Adjustable rate mortgages are more expensive than fixed rate mortgages – UNTRUE!
a. Adjustable rate mortgages can be less expensive than fixed rates if the buyers’ circumstances warrant it. There are many variables and you need to be aware of them before deciding which type of loan to finance your purchase; the ARM may provide the cheapest cost of housing.

If you are considering borrowing money to purchase a house, do not assume anything. There are a lot of lending professionals out there. I always recommend that you first speak with a loan officer where you bank and then get competitive quotes from another lender and consider a mortgage broker as well.

Helpful tips for Conserving Energy in Your Home

Fri, 25 Feb 2011 04:55:00 GMT

REALTOR® Karen Stephens in Memphis, TN, encourages homeowners to give their pocketbook and Mother Nature a break this season by taking advantage of these simple, surprising ways to save energy and money.

This is a slightly older post offered by blogger Karen Stephens of Realtor.com but the tips are still good.

In today's economic environment we are all looking for ways to save money. I just recently moved into a larger house, the house is more than twice the size of the old one but it was recently gutted and remodeled. I was anticipating a slight increase in my electric bill but the most recent bill was 2.5 times my average electric bill at the old house. Even with the better insulation and newer construction I need to continue to find ways to keep the utility expense down.

If you are looking for ways to reduce your electric bill I encourage you to read these tips and give them a try.

“Put lamps in the corners: Did you know you can switch to a lower wattage bulb in a lamp or lower its dimmer switch and not lose a noticeable amount of light? It’s all about placement. When a lamp is placed in a corner, the light reflects off the adjoining walls, which makes the room lighter and brighter.

Switch to a laptop: If you’re reading this article on a laptop, you’re using 1/3 less energy than if you’re reading this on a desktop.

Choose an LCD TV: If you’re among those considering a flat-screen upgrade from your conventional, CRT TV, choose an LCD screen for the biggest energy save.

Give your water heater a blanket: Just like you pile on extra layers in the winter, your hot water heater can use some extra insulation too. A fiberglass insulation blanket is a simple addition that can cut heat loss and save 4 to 9 percent on the average water-heating bill.

Turn off the burner before you’re done cooking: When you turn off an electric burner, it doesn’t cool off immediately. Use that to your advantage by turning it off early and using the residual heat to finish up your dish.

Add motion sensors: You might be diligent about shutting off unnecessary lights, but your kids? Not so much. Adding motion sensors to playrooms and bedrooms cost only $15 to $50 per light, and ensures you don’t pay for energy that you’re not using.

Spin laundry faster: The faster your washing machine can spin excess water out of your laundry, the less you’ll need to use your dryer. Many newer washers spin clothes so effectively, they cut drying time and energy consumption in half—which results in an equal drop in your dryer’s energy bill.

Use an ice tray: Stop using your automatic icemaker. It increases your fridge’s energy consumption by 14 to 20 percent. Ice trays, on the other hand, don’t increase your energy costs one iota.

Use the dishwasher: If you think doing your dishes by hand is greener than powering up the dishwasher, you’re wrong. Dishwashers use about 1/3 as much hot water and relieve that much strain from your energy-taxing water heater. Added bonus: you don’t have to wash any dishes.” Click here to read more blog posts by Karen Stephens.

Hammons Reps meet with Osage Beach Mayor

Fri, 28 Jan 2011 16:49:00 GMT

The Lake Sun Leader has an article in the front page of the weekend paper citing that representatives of John Q. Hammons have met with Osage Beach Mayor Penny Lyons and reaffirmed their intent to build the Chateau at the Lake, when economic conditions improve.

This is Great news for the lake area. Hammons company is one of the strongest and largest hotel companies in the midwest region. I have never been to their hotel in Branson but I have heard from friends that have stayed there and all say that it is a beautiful complex. A hotel similar located in the heart of Osage Beach and right there next to the Grand Glaize bridge would be a huge boost to the community of Osage Beach.

That said I think the most important point to remember is that they are waiting on the economy to recover. With that said, I would not expect to see any construction begin for the next 2 - 3 years. I hope I am wrong and construction begins sooner but in my realistic expectations, I would not expect to see this hotel up and running for at least 5 years.

For more information read the article available at LakeNewsOnline.com.

Top 5 Points when Considering Buying a 2nd Home at the Lake

Mon, 23 Aug 2010 18:31:00 GMT

Are you considering purchasing a 2nd home or condo at the Lake of the Ozarks?

Here are my top 5 Points that you should consider before you jump into your car and cruise to the lake for a weekend of searching.

1) Will you be paying cash or will you need to get a Loan? If you are getting a loan it is a good idea to speak to a Loan Officer to get Pre-Qualified for a loan.

i) If you are one of the lucky individuals that is capable of paying cash then good for you; you can effectively skip this first step and move right on to the second step. However if you will require some financing it is a good idea to visit with a Loan Officer and get them to pre-qualify you for a loan. This will effectively let you know what you can afford and prevent you from spending your time and your Realtors time touring properties that you may not be capable of purchasing.

ii) I always recommend to my clients that they at least contact a lender at the lake. All areas are unique and the lake certainly has some unique hurdles to obtaining financing. Using a local lender will help prevent any problems with closing a loan.

2) House or Condo? There are very clear advantages and disadvantages owning a home and/or condo at the lake.

i) If you are a person that really values privacy, peace and quiet then you’re a good candidate for a house. But be warned when you own a house along with it comes the responsibility of maintaining the interior and the exterior. I have been a Realtor for 11 years and in that time I have helped many clients sell their lake house and move to a condo because they are tired of all the work they have to do when they come to the lake. Remember you are buying a home at the lake so you can enjoy the lake with your family and unless you enjoy yard work then you may want to consider a condo.

ii) If you plan to spend most of your time boating, shopping or golfing then you may want to consider purchasing a condo. Owning a condo alleviates all the responsibility of maintaining the exterior of your home. All you have to do is pay your assessments and all of the grounds are maintained for you. This allows you to maximize your enjoyment of the lakes recreational opportunities or simply sit down and relax. However, be warned if you are a very private person and not much for socializing then a condo may not be your best choice.

3)   What area of the Lake do you like to spend your time?

i)   The Lake of the Ozarks is a large area with lots of different communities surrounding its 1,300+ miles of shoreline. There are many different areas of the lake for a person to purchase a 2nd home; a few of them are Lake Ozark, Four Seasons, North shore, Porto Cima, The Villages, Osage Beach, Linn Creek, Camdenton, Greenview, Sunrise Beach and Laurie. All of the communities have unique features and amenities worth considering.

ii)   Chances are if you are considering a 2nd home at the lake then you probably already know which area of the lake you want to be in. However, if you are not sure then be sure to speak with your Realtor regarding the different qualities of each community and let them know what is important to you.

iii)   Another consideration is what area of the lake do you like to boat on. Remember there are two sides to the lake; if you like to boat between the 20 and 30 mile marker but do not like Osage Beach then you should consider a house in the Greenview and Sunrise Beach area.

4)   What do you Need and what do you Want?

i)   Once you have determined if a house or condo would be better for you, you should start a list of what features you Need and what features you Want.

ii)   Take a piece of paper and draw a line down the middle, on the left write Needs and on the left write Wants. On the needs side you should list all of the features that you absolutely have to have in your 2nd home and under the Wants side make a list of the features that you would like to have but are not necessarily deal breakers.

iii)   Some examples of Needs are 3 bedrooms, 2 bathrooms, 2 slip boat dock, garage, etc. Some examples of Wants are Level driveway, minimal steps to the lake, cove location, main channel view, dock with slide.

5)   Pick your Realtor. You should pick your Realtor carefully; make sure your Realtor has your best interest at heart. There are too many Realtors out there who are eyeing that commission and only care about the commission.

i)   Chances are you probably know someone who owns a property at the lake and they probably purchased the property through a Realtor. Ask your friend about their Realtor and if they would use them again.

ii)   Some key points you should look for in your Realtor are; Experience (this can be the Realtor or the Broker that he/she works for), Availability (make sure the Realtor is Full time and not part time; if you needed Surgery You wouldn’t use a Part Time Surgeon Would You!), Knowledge (how well does the Realtor know the lake area and the current condition of the market) and Personality (it is a fact that most people like to work with people that they like. Try to find a common interest with the Realtor this will make your time together more enjoyable).

Jonas Farrell
Broker / Officer
John Farrell Real Estate Co.

RISMEDIA

Mon, 29 Mar 2010 15:28:00 GMT

Buying a home is one of the biggest decisions an individual can make. So it’s understandable that one considering a home purchase may take their time to avoid rushing into such a large financial commitment. However, several factors might leave prospective home buyers who don’t purchase a property now wishing they had taken action sooner.

“Current market conditions have created a perfect storm of sorts that has made it an ideal time to purchase for first-time and trade-up buyers alike,” said James M. Weichert, president and founder of Weichert, Realtors. “Those who have the means and the desire to buy now but don’t, aren’t likely to see such a great opportunity again anytime soon.”
Specifically, Weichert offered three reasons why those who aren’t under contract to purchase a new home by April 30, 2010 might regret it.

1. They won’t receive a sizeable amount of money from Uncle Sam.
For the past two years, the federal government has offered a home buyer tax credit to help stimulate the economy. But that financial incentive is set to expire soon. First-time buyers who aren’t under contract to purchase a home by April 30, 2010 will leave the $8,000 that is available to them through the tax credit on the table. Meanwhile, repeat buyers will miss out on the opportunity to collect up to $6,500 from the government.

2. They might not lock-in on the historically-low interest rates.
Thanks to measures taken by the Federal Reserve including the purchasing of mortgage-backed securities, interest rates have remained historically-low for several years. With the economy beginning to show signs of recovery, it is widely believed that the government will soon put an end to these stimulus efforts.

If that happens, many economists believe we will begin to see a sharp increase in interest rates which could result in a much higher monthly payment for those who wait. For example, an interest rate increase of 1% on a 30-year fixed mortgage of $300,000 could cost a buyer $188 more a month or $67,000 more over the span of the entire loan.

3. They might miss out on record home price affordability.
Home price affordability is at its most optimal level in decades. As a result, those who wait to buy will likely pay more for the home they purchase than what that same home would cost right now. In fact, home prices have already begun to rise slightly in some markets. Instead of getting a better bargain, waiting to buy a home might net buyers a higher purchase price, less appreciation and less house for their buck.

“There is no time to waste for anyone who wants to take advantage of this great buying opportunity. Particularly for those who have a home to sell first,” added Weichert. “If you are prone to saying ‘what if’ and wondering what could have been, you will thank yourself down the road for buying now.”

Why Should I Get Pre-Approved for Financing?

Tue, 23 Mar 2010 15:28:00 GMT

Buyers should definitely get Pre-Approved for financing for 3 simple reasons.

1. To Save Time. Even with today's market being a "Buyers Market" it is still to the individuals benefit to get pre-approved for financing. Many times buyers believe that they are capable of purchasing a home in a certain price range but will not know for certain. Could you imagine how heart breaking it would be to be touring homes that are priced between $150,000 and $200,000 only to find out after you have located that one house that you really love and want to purchase that you have a problem with your credit score. Issues with credit scores can take months to resolve and just one or two marks on your credit could mean the difference between getting approved or not approved for financing. Now you and your Realtor are out the time spent searching for and touring houses. The seller may also be frustrated if they agreed to a contract only to lose it a few days later when you are not approved for financing.

2. To Improve Negotiating Power. As I mentioned above today is definitely a buyers market but in the last 45 days I have written two contracts only to discover that there was a competing offer coming in for the property. If a property is well priced there is a good chance you are not the only potential buyer considering it. If you submit an offer and can show that you are already pre-approved for financing and your competitor is not pre-approved your offer could hold more weight for the seller in consideration because there is less risk to them on the potential of losing the contract to non-approval of financing.

3. Offers on Foreclosures require Pre-approval letter. In today's market the foreclosures are very common and there are a lot of good deals being found in the purchase of a foreclosure. Foreclosure properties require a letter of pre-approval be submitted along with your offer to purchase. If you do not have a letter of pre-approval to submit with the offer the bank will kick back your offer and will not consider it.

At John Farrell Real Estate our Agents work with local lenders on a daily basis and we are here to assist you. If you are considering purchasing a home and would like to visit with us about getting pre-approved and perhaps receive some recommendations of good lenders please contact us at your convenience. We can be reached at 573-348-2181.

Top Reasons Why You Should Not Wait To Buy!!

Thu, 11 Mar 2010 20:23:00 GMT

Prices are at Incredible Lows: Real Estate Prices are at all time lows. In the past 6 months I have done several deals that made me jealous of what the buyer was getting. Seriously people are buying homes today that just a few years ago would have been 25 - 50% higher is price. Even if you are a seller and you have to take less for your home to sell you will likely be able to take advantage of the reduced prices when you purchase your next home.

Interest Rates are Incredibly Low: Just today I had a mortgage Broker come by my office and drop off a rate sheet showing 30 year loans for less than 5%; that is Amazing! My Father, John Farrell, before he opened the Real Estate Office was Vice President for a local bank and he has said on numerous occasions that he remembers 18% interest rates. Just think about that; a $100,000 loan today would have a payment of $542 per month with a 5% interest rate and financed over 30 years; In the early 80s that same loan at 18% would have cost you $1,511 per month, that is a difference of $969.

Tax Credit: Buyers still have time to take advantage of the Home Buying Tax Credit. First time buyers have until April 30th to locate a home and negotiate a contract to be eligible for the 10% or $8,000 tax credit. Sellers who have owned their primary residence for a minimum of 5 years and manage to sell their house are eligible for a tax credit up to $6,500. Remember these contracts must be negotiated and accepted no later than April 30th and closed no later than June 30th.

All Time High Supplies: When you consider the foreclosure listings, auctions and other sellers there has never been more inventory for buyers to choose from. This truly is a Buyers Market and if one seller is not willing to negotiate with you all you have to do is walk down the street and make an offer to the next seller.

Stop Waiting For The Bottom: I tell everyone I know that if you wait to know for sure that the market has hit rock bottom and has no where to go but up then you will likely miss out on the best deals. Look, no one can guarantee you when prices will hit rock bottom and start to go back up. If that could be predicted, no one would buy until that happened and nothing would sell. I truly believe that anyone waiting to hear that the market has bottomed out will likely miss out on the best deals.

Remember buyers and sellers are both taking risks. Individuals who are selling today are taking a risk on the possibility that the market may begin to turn around in 6 months and prices could start to improve. Buyers are taking the risk on the possibility that the market could get worse and the home they purchase today could continue to drop in value. My suggestion to buyers is that if you want or need to buy stop worrying about getting the absolute best purchase you can and just look for the best house you can at the right price. If you are planning to be there for a long period of time what does another $5,000 really mean.

Water Quality of Lake of the Ozarks

Fri, 12 Feb 2010 19:19:00 GMT

Stay up to date with the best information about the E-coli situation at Lake of the Ozarks at www.lakewaterquality.org.

There is going to be a special report tonight on KOMU Channel 8 (satellite) and Channel 7 (Charter Cable) about septic systems at the Lake of the Ozarks and E-coli.