St. Louis Real Estate-Market Watch June 27th, 2009

Filed under: St. Louis Market Reports

Saint Louis Real Estate-Market Watch  by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
June 27th, 2009
The Anatomy of St. Louis Real Estate

The St. Louis Home for Sale Team provides a weekly St. Louis County and Bi-weekly St. Charles County Market and Jefferson County Market Watch Report to review and plug into your home buying or selling scenario.  Your questions and comments are welcome!

 The St. Louis Real Estate Market this week seems to have hit a bit of a plateau with active listings.  Even so, listings that are accepting contracts and home sales closing are still increasing.  That means that inventory should be declining.  This is more good news for sellers and this should be an added incentivve to buyers to be ready to make an offer when you find your home.

We’ve said this before, but look this week at inventory levels in the lower price ranges in St. Louis County.   From $125,000 up to $249,000, inventory levels are at or under 5 months.  Some of the higher price ranges now are hovering between 5 and 6 months of inventory also. 

 First Time Homebuyers-don’t forget the $8000.00 tax credit expires on December 1st, 2009.  Get out there and find your home and put $8000.00 in your pocket.

Anyone looking for a great deal, and willing to do some work, keep in mind that if you buy a foreclosure, you may qualify for an additional $14,999 assistance from the government towards your purchae. How sweet is that??  Want more details and info?? Contact us for the scoop on this program.  

AND…if you are a first time homebuyer that is buying a foreclosure, you may be able to “double-dip” and get both the $8000.00 tax credit and the additional $14,999.

NOTE: THE MARKET WATCH REPORT WILL NOT BE PUBLISHED NEXT WEEKEND.  WE’LL BE CHECKING OUT CINCINNATI, OHIO’S FIREWORKS ON THE OHIO RIVER TO SEE IF THEY COMPARE TO ST. LOUIS’.   

HAPPY 4TH OF JULY TO EVERYONE. 

 REAL ESTATE AGENTS AND FOR SALE BY OWNERS- Are your listings and / or home sitting on the market too long?? 120 days or more??  We have a program designed to get your listing or FSBO home sold.  Real Estate Agents get paid their commission in full.  Contact us for more info.

 WHO DO YOU KNOW NOW that is challenged with their mortgage payments OR needs to sell for less than their home is worth?? WE CAN HELP!! 

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Posted by Art Wagner   |   Read More   |   1 Comment »   |   06.28.2009

St. Louis Real Estate-Market Watch June 20th, 2009

Filed under: St. Louis Market Reports

Saint Louis Real Estate-Market Watch  by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
June 20th, 2009
The Anatomy of St. Louis Real Estate

The St. Louis Home for Sale Team provides a weekly St. Louis County and Bi-weekly St. Charles County Market and Jefferson County Market Watch Report to review and plug into your home buying or selling scenario.  Your questions and comments are welcome!

Please accept our apologies for the very late post of our Market Watch Report.

With a busy Father’s Day Weekend, I didn’t get a chance to post this until late last night, as my primary job when our family gets together is that of Chef at the Grill.   Our Web Hosting company, The Real Estate Tomato,  decided last night would be a good night to perform maintenance on their system, so I was unable to post until this morning.

The St. Louis Real Estate Market this week continues with our usual summer activity.

Our pending ratios (homes accepting contracts) in the lower price ranges continue to hover around 20 percent, or above.  These are the price ranges where most first time homebuyers are shopping-and buying. 

The St. Charles County Real Estate Market is also showing awesome activity, especially in those “first time homebuyer price ranges.”  At $175,000 and down, pending ratios are at 32 percent up to a high of 50.8 percent. 

Home buyers in these price ranges in St. Charles County better not wait to make an offer once they find the right home.  It may be gone by the next day, or sooner.

 REAL ESTATE AGENTS AND FOR SALE BY OWNERS- Are your listings and / or home sitting on the market too long?? 120 days or more??  We have a program designed to get your listing or FSBO home sold.  Real Estate Agents get paid their commission in full.  Contact us for more info.

 WHO DO YOU KNOW NOW that is challenged with their mortgage payments OR needs to sell for less than their home is worth?? WE CAN HELP!! 

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Posted by Art Wagner   |   Read More   |   Your Comments Are Welcome!   |   06.22.2009

St. Louis Real Estate-Market Watch June 13th, 2009

Filed under: St. Louis Market Reports

Saint Louis Real Estate-Market Watch  by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
June 13th, 2009
The Anatomy of St. Louis Real Estate

The St. Louis Home for Sale Team provides a weekly St. Louis County and Bi-weekly St. Charles County Market and Jefferson County Market Watch Report to review and plug into your home buying or selling scenario. Your questions and comments are welcome!

 The St. Louis Real Estate Market this week continues with great activity and enthusiasm.  However, over the last two weeks, a “monkey wrench” of sorts has been thrown into the mix for a lot of homebuyers and current homeowners who are planning to re-finance their mortgage.

Mortgage rates for the last two weeks have been going up, and now are at their highest level since Thanksgiving last year.  WHOA!! How did this happen, you ask? 

There are lots of theories out there, from less Federal involvment in the mortgage industry; increased buyer activity has made lenders over-confident of what’s really hapening ; and  homeowners who are re-financing through the “Makeing Homes Affordable” programs aren’t able to if their current loan has mortgage insurance. 

Holden Lewis, who writes for Bankrate.com has contributed two good articles on this subject last week entitled, ” Mortage rates hit 6-month high” and “Rates halt an “up” streak.”  Check them out, they shed a bit of light on what’s happening now.

With the mortgage rates inching up, we are finding some first time homebuyers are having to re-think and re-calculate their anticipated home purchase.  Rate increases are greatly affecting their purchasing power.  Some buyers are having to “down-size” their idea of that perfect home.

 REAL ESTATE AGENTS AND FOR SALE BY OWNERS- Are your listings and / or home sitting on the market too long?? 120 days or more??  We have a program designed to get your listing or FSBO home sold.  Real Estate Agents get paid their commission in full.  Contact us for more info.

 WHO DO YOU KNOW NOW that is challenged with their mortgage payments OR needs to sell for less than their home is worth?? WE CAN HELP!! 

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Posted by Art Wagner   |   Read More   |   Your Comments Are Welcome!   |   06.14.2009

St. Louis Real Estate-Market Watch June 6th, 2009

Filed under: St. Louis Market Reports, Uncategorized

Saint Louis Real Estate-Market Watch  by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
June 6th, 2009
The Anatomy of St. Louis Real Estate

The St. Louis Home for Sale Team provides a weekly St. Louis County and Bi-weekly St. Charles County Market and Jefferson County Market Watch Report to review and plug into your home buying or selling scenario. Your questions and comments are welcome!

 The St. Louis Real Estate Market is getting HOTTER by the week!  At least in all price ranges below $300,000.  Both St. Louis County and St. Charles County are showing pending ratios of at or near 20 percent.  When was the last time you saw 1 out of every 5 homes listed accepting contracts within 30-40 days??

In St. Louis County, the pending ratios at or near 20 percent could be seen back as far as January in some price ranges, but we didn’t see strong competition between buyers like we are seeing now.

St. Charles County also has experienced some of this awesome activity back as far as February but again, not the strong competition from buyers on a single home.   This week, the lower price ranges in St. Charles County are seeing pending ratios at 28 percent to 40 percent. 

The other item to note is that we have a bit of a seller’s market in St. Charles County in the $100,000 to $175,000 price range, with less than 4 months of inventory in those price ranges. 

First Time Homebuyers are seeing December 1st approaching fast, as that’s when the $8000.00 tax credit is expiring. 

Sales in some of the higher price ranges are also improving, as we are seeing pending ratios of 12 percent to 16 percent up to the $600,000 range in St. Louis County.

Buyers-when you find that home, don’t hesitate or think you can wait until the price drops so you can get a better bargain. If you’re in the lower price ranges, you better act quickly or you stand a chance of losing your dream home. 

The one caviot here is that the home still must be priced within market value or a bit below and be in great condition.  There are still a lot of over-priced homes out there.

 REAL ESTATE AGENTS AND FOR SALE BY OWNERS- Are your listings and / or home sitting on the market too long?? 120 days or more??  We have a program designed to get your listing or FSBO home sold.  Real Estate Agents get paid their commission in full.  Contact us for more info.

 WHO DO YOU KNOW NOW that is challenged with their mortgage payments OR needs to sell for less than their home is worth?? WE CAN HELP!! 

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Posted by Art Wagner   |   Read More   |   Your Comments Are Welcome!   |   06.07.2009

St. Louis Real Estate-Market Watch May 30th, 2009

Filed under: St. Louis Market Reports

Saint Louis Real Estate-Market Watch  by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
May 30th, 2009
The Anatomy of St. Louis Real Estate

The St. Louis Home for Sale Team provides a weekly St. Louis County and Bi-weekly St. Charles County Market and Jefferson County Market Watch Report to review and plug into your home buying or selling scenario. Your questions and comments are welcome!

 The St. Louis Real Estate Market seems to have hit a plateau this week, with our active listings, accepted contracts and pending ratios near last week’s levels.  Buyer activity continues to be strong, as we are seeing more and more homes in the under $300,000 ranges recieving multiple offers and accepting contracts quickly. 

Even some of the higher price ranges are moving a bit more, with some pending ratios above 15 percent. 

For those buyers shopping  for a loan, and homeowners who are looking to re-finance in this historically low interest rate market, take note. 

That great credit score of 680 or 720 may not get the job done anymore these days.  With the mortgage lending landscape changing almost weekly, buyers and re-finance candidates should be prepared for more conservative requirements and possibly some higher costs.  Bankrate.com has a great article outlining some of the different situations and how to prepare yourself to avoid any surprises when you talk to your lender. Read the article, “Good Credit Score Not Good Enough Anymore”  HERE.

 REAL ESTATE AGENTS AND FOR SALE BY OWNERS- Are your listings and / or home sitting on the market too long?? 120 days or more??  We have a program designed to get your listing or FSBO home sold.  Real Estate Agents get paid their commission in full.  Contact us for more info.

 WHO DO YOU KNOW NOW that is challenged with their mortgage payments OR needs to sell for less than their home is worth?? WE CAN HELP!! 

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Posted by Art Wagner   |   Read More   |   Your Comments Are Welcome!   |   05.31.2009

St. Louis Real Estate-Market Watch May 23rd, 2009

Filed under: St. Louis Market Reports

Saint Louis Real Estate-Market Watch  by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
May 23rd, 2009
The Anatomy of St. Louis Real Estate

The St. Louis Home for Sale Team provides a weekly St. Louis County and Bi-weekly St. Charles County Market and Jefferson County Market Watch Report to review and plug into your home buying or selling scenario. Your questions and comments are welcome!

 The St. Louis Real Estate Market this week spotlights the St. Charles County Market Watch report. 

If you thought homes were “flying off the shelf” in St. Louis County, check out the St. Charles Market Watch Report!  In the price ranges of $100,000 to $200,000,  pending ratios are above 25 percent, and look at the $100,000 to $124,999 range–53.4 percent.  What’s happening??

These price ranges typically move the St.  Charles market, just like they do in St. Louis County, however, these price ranges are also being call “First-Time Homebuyer” price ranges this year.  Anybody who thinks that the $8000.00 First Time Homebuyer tax credit isn’t working needs to have these statistics shoved in their face.

Now, look at the months of inventory in these price ranges, or our absorption rate, as some realtors call it.  Looks like we have a small seller’s market within our larger buyers market. 

Whoa! Hold on Mr. Seller-just because these price ranges are moving quickly doesn’t mean you can get crazy with pricing or not have your home in “show condition”. 

Buyers, and especially a lot of First Time Homebuyers where husband and wife are working their tails off the afford a home are still looking for homes in as close to perfect condition as they can find.  With both spouses working, they do not have time to work on a house too. 

 The home also MUST be priced within market value,  as buyers are much more aware of the market and the values in it.  Real Estate agents, also are better informed and price savvy than they have ever been.  Thanks be to the Internet, Realtor Web Sites, and Web Sites like this one, where current market information is readily available to anyone that knows where to look.  

Since we see most First Time Homebuyers working with Real Estate Agents, aggressive sellers still won’t be able to sell their homes if they are priced above market value.

HAPPY MEMORIAL DAY WEEKEND….

 REAL ESTATE AGENTS AND FOR SALE BY OWNERS- Are your listings and / or home sitting on the market too long?? 120 days or more??  We have a program designed to get your listing or FSBO home sold.  Real Estate Agents get paid their commission in full.  Contact us for more info.

 WHO DO YOU KNOW NOW that is challenged with their mortgage payments OR needs to sell for less than their home is worth?? WE CAN HELP!! 

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Posted by Art Wagner   |   Read More   |   Your Comments Are Welcome!   |   05.24.2009

St. Louis Real Estate-Market Watch May 16th, 2009

Filed under: St. Louis Market Reports

Saint Louis Real Estate-Market Watch  by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
May 16th, 2009
The Anatomy of St. Louis Real Estate

The St. Louis Home for Sale Team provides a weekly St. Louis County and Bi-weekly St. Charles County Market and Jefferson County Market Watch Report to review and plug into your home buying or selling scenario. Your questions and comments are welcome!

The St. Louis Real Estate Market this week still shows great buyer and seller activity.  Our pending ratio is up to 16.8 percent, with more active listings coming on the market and more homes accepting contracts this week.

The price ranges that typically keep our local market moving; from $100,000 to $300,000 continue with the highest amount of activity, with pending ratios very near and above 20 percent.   We see inventory in these price ranges at anywhere from 4.2 months to 6 months. 

For buyers in these price ranges that still think there is a lot of inventory out there, beware.  We are seeing homes that are priced correctly and in “show” condition are getting multiple offers, with buyers bidding against each other for these “prime” homes.

First Time Homebuyers-if you haven’t started looking yet, GET BUSY!  Get with your lender for a pre-approval letter and start looking now, as the $8000.00 tax credit expires December 1st.  With inventory as low as it is now, you don’t want to see somebody else get that home you’ve had your eye on.

 REAL ESTATE AGENTS AND FOR SALE BY OWNERS- Are your listings and / or home sitting on the market too long?? 120 days or more??  We have a program designed to get your listing or FSBO home sold.  Real Estate Agents get paid their commission in full.  Contact us for more info.

 WHO DO YOU KNOW NOW that is challenged with their mortgage payments OR needs to sell for less than their home is worth?? WE CAN HELP!! 

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Posted by Art Wagner   |   Read More   |   Your Comments Are Welcome!   |   05.17.2009

St. Louis Real Estate-Market Watch May 9th, 2009

Filed under: St. Louis Market Reports

Saint Louis Real Estate-Market Watch  by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
May 9th, 2009
The Anatomy of St. Louis Real Estate

The St. Louis Home for Sale Team provides a weekly St. Louis County and Bi-weekly St. Charles County Market and Jefferson County Market Watch Report to review and plug into your home buying or selling scenario. Your questions and comments are welcome!

The St. Louis Real Estate market this week is showing increases in active listings, homes accepting contracts and our pending ratio is up to 16.3 percent.

These are all good signs of buyer and seller activity. We continue to talk to buyers in the marketplace who are still looking for their “deal of a century”.  The misconception that a lot of these “bargain hunters” has is that they will be able to find an awesome home, in move-in condition at bargain basement pricing. 

In our local market, what we are finding is that homes that are priced at “give-away” pricing most of the time are in need of updating, minor and/or major repairs or renovation.  As most buyers we talk to don’t have the time, or money or patience to make repairs, etc… they end up frustrated by the whole process. 

The homes in our market that are move-in ready are going to be priced at market value, or slightly below, thus a fair price and good value for your dollar.

Buyers are also looking for move-in ready foreclosures and short sale properties at huge discounts, which again, due to lenders stricter requirements and closer scrutiny when dealing with these properties, pricing is not at a 25-35 percent discount, as many buyers believe. 

Buyers in our local market have basically two choices; one, get a once in a life-time deal and be ready to do some work, or two, find a great move-in ready home and accept the fact that you will pay around market value for that home.

All that being said, there are instances where buyers have found an awesome, move-in ready home at bargain-basement pricing, but these are few and far between in our market. 

Want Proof?  Take a close look at our Market Watch Report which is published weekly.  Look at the Average Sales price to List Price column and you will see that in all price ranges we are still above 97 and 98 percent.  All these statistics that we publish include any foreclosures and short sales  in the marketplace.

 REAL ESTATE AGENTS AND FOR SALE BY OWNERS- Are your listings and / or home sitting on the market too long?? 120 days or more??  We have a program designed to get your listing or FSBO home sold.  Real Estate Agents get paid their commission in full.  Contact us for more info.

 WHO DO YOU KNOW NOW that is challenged with their mortgage payments OR needs to sell for less than their home is worth?? WE CAN HELP!! 

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Posted by Art Wagner   |   Read More   |   Your Comments Are Welcome!   |   05.10.2009