BRANSON, Mo.– Even during a pandemic, the housing market in the Ozarks continues to see what realtors are calling a boom.
There are a few factors as to why the housing market is doing so well, but the main reason is low-interest rates. Many people looking to buy a home are realizing most houses are selling before they even hit the market.
“In 16 years that I have been a broker, this is by far the most exciting market we’ve seen,” said Charlie Gerken a broker and partner at Gerken and Associates, Inc.
Gerken says despite the COVID-19 pandemic the real estate market in the Tri-Lakes area has boomed over the last year.
“2019 was a banner year for us,” said Gerken. “I would say for any real estate office in town and we were 54% up from 2020 over 2019.”
It’s not just people selling their homes, but more companies are building new homes for future residents.
“We’ve got quite a bit going on. I think we got around 130 projects in the works,” said Ben Creeton, Co-owner of Built Right.
Creeton says the demand in the area is so high that many of these houses are sold before they are even built.
“Like on a spec house, it gets sold before we usually finish it because there’s just not very much around available at this time,” said Creeton.
It’s more than just retirees moving to the Ozarks.
“What’s interesting is I’ve sold houses to guys from Google, from PayPal,” said Gerken. “Now, this was a few years ago and that was because they could telecommute.”
“We’ve had a lot of people come in from California, and the interest rates are so low right now that we have a lot more people just trying to get in while the interest rates are low,” said Creeton.
This housing market trend in the tri-lake area doesn’t seem to be stopping anytime soon. Gerken reported that the average number of days on the market for a residential home, has continually dropped for the last five years.
“From 2016 to about now, it has just been rockets, and so we’ve had an influx of people come into the market. Whether it’s new home-buyers, who have been sitting on the fence. They’ve never had a home before, and they’re getting that 3% interest rate,” said Gerken. “They’re coming out of the woodworks. You’ve got investors who see Branson as an incredible opportunity with foreign travel down and more domestic travel for the next year or two is what they’re forecasting.”