St. Louis Real Estate-NOW WHAT?!

Filed under: First Time Home Buyer, For Buyers, For Sellers, Relocation Buyer, St. Louis Market Reports, Unrepresented Seller(FSBO)

St. Louis Real Estate Market Watch 
September 28th,  2007
The Anatomy of St. Louis Real Estate

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

Our St. Louis Real Estate Market seems to be “holding it’s own”, at least for the month of September.  The Pending Ratio (our comparison of number of listings to accepted contracts in the last month) has remained between 12%-13% and the the average list prices have remained fairly stable in all price ranges.  Some may say we’ve hit the bottom in this market.  Maybe, but this scenario is still following the yearly trends of Fall in the St. Louis Real Estate Market.  From now until the end of the year, we will continue to see the number of listings fall off a bit, with the buyer pool still remaining active.  Listening to the media touting the Lousy Real Estate Market has some people concerned and some sellers wary in St. Louis, but as we all know, the media will report the attention grabbing stories.  The St. Louis Real Estate Market, and many other Midwest markets are fairly stable and not very news-worthy.  The entire country as a whole is news-worthy, as the markets on the East and West Coast and Florida serve to make over-all averages look drastic.  Check out Doug Aegerter’s recent post here entitled “St. Louis Real Estate-Who’s Confused—ME??.  

Interested in new home sales?  Check out these statistics here..New Home Stats

Check This Out– By Jeannine Aversa, AP Economics Writer– New Home Sales

Next Week we will be replacing the St. Charles Market Watch with Jefferson County Market Watch.

Thinking of buying or selling a home? Contact Us for additional information tailored to your specific needs.

St. Louis Real Estate St. Louis County Market Watch September 28, 2007

St. Louis Real Estate St. Charles County Market Watch September 28, 2007

St. Louis Real Estate Benchmark Report August 2007

The report begins by breaking the market into 17 distinct price ranges. Then we show current listings and current pending listings which creates a pending ratio, which is helpful on a week to week basis to see if activity is increasing or decreasing in a price category. 

The report also shows the last 6 months of results and compares the data to the same 6 months of the previous year. 

The Market Analysis includes data on: 

Number of Active Listings (Current)
Pending Sales (Going to closing)
Pending Ratio (Active vs.Pending)
Sold (Last 6 months)
Expired (Last 6 months)1
Average List Price
Average Sale Price
Average List to Sales Price %
Days on Market (DOM)
Months worth of Inventory (Based on current pending rate)
Buyers Market: > 7 months of listing inventory

Transitional Market: 5 - 7 months of listing inventory (sometimes called a “balanced” market)

Seller Market: < 5 months of listing inventory

Average % Sale Price/List Price (0-30), (31-60), (61-90), (91-120), (120+)DOM
           
Notice that you’re paying a penalty for over pricing. . .hey. .it’s a fact!!  

The Benchmark Report is produced monthly for:

• Single Family Residence
• Ranch Style
• 1300 - 2000 sq.ft.
• 3 Bedrooms
• 1.5 Bathrooms  

Art Wagner can be reached at art@stlouisrealestatevoice.com

Posted by art   |   Read More   |   Your Comments Are Welcome!   |   09.28.2007

St. Louis Real Estate - Mortgage Insurance News

Filed under: First Time Home Buyer, For Buyers, For Sellers, Mortgage News, Real Estate News, Relocation Buyer

How quaint! Money down, good credit and some mortgage insurance and YOU could own a home.

FHA Mortgage Insurance May Change! by Chris Scheer, Branch Manager, Cornerstone Mortgage, O’Fallon, Missouri

HUD has announced a proposal to change the cost of both upfront and monthly mortgage insurance for purchases and refinances. This change is based upon loan to value and credit score. Their reasoning is that they want to be able to serve more borrowers and keep the opportunity for home ownership accessible to as many as possible. They have imitated a rate system that has been in place in the private mortgage insurance sector for years. Depending on how good your credit is and how much you put down or how much equity you have, your cost of the mortgage insurance will go down.

Why is this good?

As the secondary market continues to shy away from maximum financing i.e. 100% loans someone needs to step up to the plate to keep the ability to purchase lower priced homes feasible for most working class people. When they want and can purchase the starter home or the lower priced home, then the person selling that home has the chance to move up, which keeps the process moving right up the price scale.

You can view the proposed changes and get information on how you to can comment to HUD about this change here.

For your comments about this blog or any questions for Chris Scheer, please contact him at chrisscheer@stlouisrealestatevoice.com

Posted by doug   |   Read More   |   Your Comments Are Welcome!   |   09.27.2007

St. Louis Real Estate - Who’s Confused, ME?

Filed under: First Time Home Buyer, For Buyers, For Sellers, Real Estate News, Relocation Buyer

I’m not confused anymore by Doug Aegerter, Keller Williams Realty Southwest, St. Louis, Missouri

I quit reading the paper, listening to T.V. and radio broadcasts and perusing magazines – online or hardcopy – when it has anything to do with Real Estate. Especially – ST. LOUIS REAL ESTATE.

Why you ask – here’s one reason!

Dateline 9/20/2007 – CNNMoney.com – “Most overvalued housing markets”
“Latest analysis of 299 markets: See how your hometown ranks.” OMG – St. Louis Real Estate is 9% overpriced.

Wait hold on there is a red flag and the market is under review.

Dateline 9/25/2007 – Business 2.0 – “How to play the real estate bounce-back”

“The housing market may be melting down, but Business 2.0 worked with Moody’s Economy.com to identify 10 cities that have just about hit rock bottom – and offer opportunities for savvy investors to get in while the getting’s good.”

Oh, Hallelujah, the ruling on the field has been overturned, the growth rate is projected to be 4%, it’s safe to buy again!

Want the straight scoop – go find a Realtor!

Doug Aegerter can be reached at doug@stlouisrealestatevoice.com

Posted by doug   |   Read More   |   2 Comments »   |   09.26.2007

St. Louis Real Estate - Market Snapshot - Chesterfield Valley, Missouri

Filed under: Chesterfield Valley, For Buyers, For Sellers

Chesterfield Valley Market Snapshot by Doug Aegerter, Keller Williams Realty Southwest

As a complement to our weekly Market Watch Report for the entire St. Louis County Real Estate Market, the St. Louis Home For Sale Team is highlighting an area of St. Louis County each week. This week we are again taking a snapshot of the Chesterfield, Missouri Real Estate Market. Comparing the two reports and taking a quick look at Median Values in all categories it’s pretty much status quo with a slight increase in DOM.

The “Weekly Snapshot” has been expanded to include, Ranch, Multi Level and Condo, single family residences. The snapshot features single family residences that were listed and sold in the past 6 months. For a detailed report specific to your property you can request a Comparative Market Analysis(CMA) from the St. Louis Home For Sale Team. This service is absolutely free and without obligation.

Market Statistics for Chesterfield, Missouri May 2007

Market Statistics for Chesterfield, Missouri Sept 2007

Don’t be bashful if you see something noteworthy between the two spreadsheets you can leave us a comment!

Doug Aegerter can be contacted at doug@stlouisrealestatevoice.com

Posted by doug   |   Read More   |   Your Comments Are Welcome!   |   09.25.2007

St. Louis Real Estate - Mortgage News - Opinion

Filed under: Mortgage News

Licensing for Mortgage Originators? by Chris Scheer, Branch Manager, Cornerstone Mortgage, O’Fallon Missouri

As a mortgage professional for the last 14 years, I have been against licensing for originators. My logic was purely self serving. If I was doing business in a professional and ethical manner, I didn’t want to invest the time and or money into getting licensed. I was licensed in Illinois and when the time came to renew the license, I was too busy to do the little things that were required for me to keep my license. So now that you know why I WAS against it, let’s try to find out why I have changed my mind?

In a nutshell, there are still too many individuals and companies that are taking advantage of the consumer! The “Dark Side” has been reigned in by the changes in the sub-prime mortgage market, but like any bad fungus, they are regrouping and reforming to begin their next assault on the homeowners and would be home owners in our marketplace. If I, a busy professional am too busy to renew my license, how much effort do you think the minions of the “Dark Side” will put forth the get licensed or maintain their licenses? This move alone will chase many of the financial rapists out of business.

Now I recognize that a thief will always look for the easiest access. See the article by Michelle Singletary in the Washington Post; Some Mortgage Originators Skip State Licensing. However, slowing them down is the key. It is in the time that they have to look for easier avenues to get into the consumers’ houses that we have more opportunity to educate the borrower and attempt to protect them. I also think that the investors who are purchasing these loans should be held accountable. Here is the Federal Reserves report on how well the Fed has done at monitoring companies who are purchasing mortgages; Federal Housing Administration .

How do you feel about Mortgage Originators needing to be licensed?

Contact Chris Scheer at chrisscheer@stlouisrealestatevoice.com with your comments.

Posted by doug   |   Read More   |   Your Comments Are Welcome!   |   09.24.2007

St. Louis Real Estate-Buck the Trend-Buy a House!

Filed under: First Time Home Buyer, For Buyers, For Sellers, Real Estate News, Relocation Buyer, St. Louis Market Reports, Unrepresented Seller(FSBO)

St. Louis Real Estate Market Watch
September 22th, 2007
The Anatomy of St. Louis Real Estate

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

St. Louis Real Estate’s annual Fall trends are proving themselves accurate again this year. We are seeing the pending ratios (homes with accepted contracts) in almost every price range dropping again. This week there are actually a few more homes on the market, but with the buyer pool shrinking slightly, we are only seeing 1 in 8 homes with accepted contracts. The number of homes that are being rejected by the market (expired) has increased again this week. Our average days on market are remaining constant at 106 days, and with an average of 8.9 months of inventory, we are still definitely in a buyers market.

The St. Charles market seems to be following St. Louis’ example with pending ratios dropping and increases in the number of homes rejected by the market. In St. Charles County, however, the number of homes on the market has declined a bit also. From the months of inventory in almost all price ranges in St. Charles County, they will be in a buyers market for quite some time.

Thinking of buying or selling a home? Contact Us for additional information tailored to your specific needs.

St. Louis Real Estate St. Louis County Market Watch September 22, 2007

St. Louis Real Estate St. Charles County Market Watch September 22, 2007

St. Louis Real Estate Benchmark Report August 2007

The report begins by breaking the market into 17 distinct price ranges. Then we show current listings and current pending listings which creates a pending ratio, which is helpful on a week to week basis to see if activity is increasing or decreasing in a price category.

The report also shows the last 6 months of results and compares the data to the same 6 months of the previous year.

The Market Analysis includes data on:

Number of Active Listings (Current)
Pending Sales (Going to closing)
Pending Ratio (Active vs.Pending)
Sold (Last 6 months)
Expired (Last 6 months)1
Average List Price
Average Sale Price
Average List to Sales Price %
Days on Market (DOM)
Months worth of Inventory (Based on current pending rate)
Buyers Market: > 7 months of listing inventory

Transitional Market: 5 - 7 months of listing inventory (sometimes called a “balanced” market)

Seller Market: < 5 months of listing inventory

Average % Sale Price/List Price (0-30), (31-60), (61-90), (91-120), (120+)DOM

Notice that you’re paying a penalty for over pricing. . .hey. .it’s a fact!!

The Benchmark Report is produced monthly for:

• Single Family Residence
• Ranch Style
• 1300 - 2000 sq.ft.
• 3 Bedrooms
• 1.5 Bathrooms

Art Wagner can be reached at art@stlouisrealestatevoice.com

Tags: St.+Louis+Real+Estate, St.+Louis+Real+Estate+Market+Watch, St.+Louis+Real+Estate+Blog, MLS, Buyers, Sellers, FSBO, Relocation, First+Time+Home+Buyer, Real+Estate+Investors, For+Sale+by+Owner

Posted by art   |   Read More   |   Your Comments Are Welcome!   |   09.22.2007

St. Louis Real Estate - Building Inspection Notes - Decks

Filed under: Building Inspection News, First Time Home Buyer, For Buyers, For Sellers, Relocation Buyer

Humpty Dumpty sat on his new deck, OPPS!

RESIDENTIAL DECKS by Harry Morrell, ASHI Certified Inspector

Residential wood decks that are attached to the house are popular in today’s housing market. The decks add to the value of the house and is a great way for homeowners to relax and entertain.

Deck construction on new homes usually are not a concern and most always, wink,wink have been constructed under a building permit obtained by the General Contractor from local authorities.

Decks on older homes should be inspected carefully, especially if no documentation exists on who built the deck, and if the deck was not constructed under permit with a deck plan. Safety issues with decks are a legitimate concern, deck failure including bodily injury has occurred across the country from poorly constructed decks. Your inspector should be thoroughly familiar with deck construction to provide you with a comprehensive inspection and report during a real estate transaction.

The deck should be constructed with a naturally decay-resistant lumber or a pressure treated lumber. The size of the wood columns and concrete piers that are required to support a deck is based on the square footage of the deck. The house itself is considered a support. Approved structural supports are very important and can easily be determined during a visual home inspection. A critical part of the structural inspection of the deck is the concrete piers. If the piers are too small a deck could settle over time, and become uneven, failure could also occur under severe circumstances. All piers should be a minimum 36 inches deep to go below the frost line. Structural supports and connections are important. Connections must resist lateral movements as well as uplift. An inspector can shift his weight on top of the deck to check for lateral movements.

Decks are usually connected to the house at the ledger board. The ledger connection and attachment is critical to insure the deck is safely and securely supported. Failure is common at this point if constructed by non-professional contractors. The deck ledger shall not be nailed to the house. It must be lagged or bolted to the rim joist, which in turn must be securely attached to the framing and structure and sitting on the foundation wall.

In addition, a professional installation should include that all deck boards, and wood structural components be stained and water proofed with approved materials to prevent deterioration and decay. All power lines should be ten feet above the deck surface and at least three feet away from horizontal reach. Guard rails should be at least 36 inches high and balusters must be 2-4 inches apart. Deck stair structure should be strapped in to the main deck structure.

Home-buyers should talk to their inspectors if they have any other deck issues or concerns before closing.

Do you have any questions about decks? Harry can be contacted at harrymorrell@stlouisrealestatevoice.com

Posted by doug   |   Read More   |   Your Comments Are Welcome!   |   09.22.2007

St. Louis Real Estate - Consumer Alert!

Filed under: First Time Home Buyer, For Buyers, Mortgage News, Real Estate News

Really want to buy a home but you’re credit rating isn’t rebounding fast enough. Help may be found here!

Evolution of Credit by Chris Scheer, Branch Manager, Cornerstone Mortgage, O’Fallon, Missouri

I had a very interesting meeting today with a gentleman who runs a company called Evolution Credit, www.evolutioncredit.com. He has started this company with the thought of helping people fight the collection agencies of the world that destroy peoples credit, most of the time without the people even knowing that this is going on. The story is best told by him, but I can surmise that at a young age he attempted to purchase a home and had challenges because of a collection account for a company that he never had an account with. Being somewhat intelligent and frustrated by the months of work to remove the information he decided to start a company to help people who were in a similar boat as himself.

He has a very thorough working knowledge of the Fair Credit Reporting Act, The Fair Credit Billing Act (FCBA) and Electronic Fund Transfer Act (EFTA). Utilizing his systems and with clients diligent work he can improve credit scores significantly within a 12 month period. With the heavy reliance upon credit scoring in the both the mortgage lending and automobile lending arenas, this can make a huge difference in your cost to purchase a home or a car.

So what does this mean for the average consumer? With the recent changes in mortgage lending, if you want to have flexibility in the type of loan you can acquire or even to be able to qualify for a loan, you are going to have to get your credit scores above 620 to get a loan and above 700 for the premium loans. To do so will take time to manage your credit no different than you would manage an investment. Those that recognize this will benefit and those that don’t will pay a heave financial price.

Which one are you going to be?

For more information on credit scoring and home mortgages, please contact Chris Scheer at chrisscheer@stlouisrealestatevoice.com.

Posted by doug   |   Read More   |   Your Comments Are Welcome!   |   09.19.2007