Local housing strong

Tri-Lakes Area realtors report the local housing market remains strong, but nationally home sales slipped eight percent last month.

BDN photo
by Gary Leach

By Mindy Honey
BDN Staff Writer
mhoney@bransondailynews.com

As home sales slipped eight percent last month nationwide, local realtors and lenders locally are not concerned the Tri-Lakes Area will witness the same situation here.

“Compared to the rest of the nation, Branson is on fire,” realtor Doug Edens with Realty Executives said. “With our residential, we have shown no price reduction. With all the things coming to Branson, I have more investors looking at Branson than I ever had.”

Edens said for those who are looking to sell, if they have their home priced correctly and ready to sell, it should be able to sell in 40 to 60 days.

Senior vice-president of Ozark Mountain Bank Mike Booth said he is seeing the market leveling out in the Branson area, but still described it as strong.

In the early ‘90s, the area witnessed an over-supply and a decrease in pricing, Booth said. More recently the area has seen somewhat of a spike in homes, but, this time a spike in the number of people moving to the area as well.

“Today’s supply and today’s demand now is in the process of finding a balance,” he said. “As a result of this balance, we will find out how much of a price increase or decrease the housing market will have over the next three years. The one thing Branson has in my opinion over the rest of the country, it still holds the best quality of life for people who live here, thus keeping the housing market strong. As a result of some of the new subdivisions and condominium projects, we have experienced a large increase in real estate loans in ‘07 versus previous years.”

One factor fueling the housing market in the area are the type of people looking to buy in the Tri-Lakes Area. Edens said many of the people coming to Branson are established. They have cash and they have credit. Branson is very attractive to retirees and those looking to relocate.

“People don’t typically relocate unless they are successful,” Edens said. “We’re a second home or retiree destination. People want to come here to live.”

“Branson is probably one of the best places to retire and relocate in the United States,” Booth said.

The area’s affordability is a factor as well.

Edens referred to a family that recently moved to the area from the west coast and was able to afford a home for the same price as a down payment for a home in California.

Kathy Clark, of Carol Jones Realtors, added it is the affordability of homes here which contributes to a strong market.

The fact that home prices never spiked here the way they did in many other parts of the country is the reason the area is not seeing the drastic drop in prices and are able to attract buyers, President of the Tri-Lakes Board of REALTORS Nelda Lies said.

“Overall in our area, we are pretty stable,” Lies said. “We are not immune to what is going on across the United States, but haven’t been affected as much.”

Unfortunately, the instability other parts of the country are experiencing are affecting some sales here.

“We have people wanting to move here, but can’t,” Lies said, because they can’t get their current home sold.

Edens said it is people from Michigan, Indiana and Ohio, the areas hardest hit, that are having trouble relocating.

“They want to move here but can’t get rid of their old house,” he said.

Local lenders also play a part in the market.

“The nation has had a lot of predatory lenders that have got customers into loan programs they cannot afford,” Booth said. “However, in my opinion, the banks that we have in our area are very careful not to put someone in a position of losing their home. Ozark Mountain Bank, in the past 12 months, hasn’t experienced an increase in foreclosures at all.”

“Our banks, our lenders, they have done a real good job being explicit and helping (borrowers),” Clark said. “We have good quality lenders. We are not seeing a lot of foreclosures.”

Clark, who has sold in the area since ‘99 said she doesn’t know of any of her clients being put into foreclosure and actually is seeing somewhat the opposite.

“We have people selling homes and upgrading,” she said.

“I forecast residential (sales) to continue at the healthy pace it is at,” Edens said.