As your advocate, guide, and confidant, it is our job to make the entire process easier. In this vein, here are a few things we want everyone to know about real estate at the Lake of the Ozarks.
1. SELLERS - Your House Might Not Be Ready For Listing Photos
If you have never sold a home (or haven't in several years) you may not be up-to-date on everything that needs to happen before taking listing photos and marketing your home. EVERYTHING needs to be deep-cleaned, and ALL clutter needs to be removed or, at the very least, hidden - all the way down to the magnets and pictures covering your refrigerator. Any work you may have already done to prepare your home for listing photos will be hugely helpful, but be prepared for your agent to prescribe a few other tasks before photos are taken.
2. BUYERS - You Won't Be Able To Afford Every House
Your real estate agent can show you any home you want, but ultimately it is entirely up to your mortgage lender to determine how much house you can afford. Consequently, we strongly encourage our buyers to talk with a lender before they begin searching for homes in earnest. By getting prequalified or pre-approved before seriously beginning the home search, you will be able to have a realistic understanding of the price points will be able to afford. Once you know your price parameters, your agent will be able to help you find homes within that price range.
3. SELLERS - No One Can Actually Predict How Quickly Your Home Will Sell
The market is hot right now and most homes are selling quickly, but it is impossible to truly predict how quickly a buyer will extend an offer that you wish to accept. It will depend on the quality of the offers you receive, how much foot traffic and general visibility your home gets, and how much effort your agent puts into marketing your home. A good agent will go out of his or her way to ensure that your property gets in front of as many buyers as possible, but again - it is impossible to predict exactly how quickly things will happen.
4. BUYERS - Just Because You Can Afford To Buy A House Doesn't Mean That You Should
Your lender will tell you how much house you can afford to purchase based on your debt-to-income ratio. The debt-to-income ratio looks at how much of your monthly income is tied up going to preexisting debts and the new debt you will have once you take out a home loan; typically, lenders will want to make sure that your total debts will not equate to more than 40-42% of your gross income. However, they don't take into account the myriad of other expenses you will have to face as a homeowner, such as repairs, maintenance, upgrades, utilities, etc. Buying a cheaper home with a smaller mortgage payment will leave more room for these other (sometimes unpredictable) expenses.
Eagle's Nest Realty Will Be Here For You Every Step Of The Way!
No matter where you are at in your real estate journey, the team at Eagle's Nest Realty, Inc. would be more than happy to assist you in any way possible! Our goal is to make selling or buying real estate at the Lake of the Ozarks as stress-free and rewarding as possible. Contact us to get started!
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