St. Louis Real Estate – Mortgage News – Blame Game

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

Are we done with the blame game?

I continue to read stories in newspapers and on line about who is to blame for the mortgage mess. The latest is posted here; Who’s to blame for the Mortgage Mess .

At this point does it really matter who is to blame. As with the past financial challenges that this country has had to deal with, we have another caused by greed and lack of oversight, read more about Financial Disasters. Now is the time to move on. How do we do that? I am glad you asked!

As much as it pains me, I do believe that we need more regulation and licensing of mortgage originators; especially those that choose to be mortgage brokers. The challenge with a broker is that they are in theory there to help their client get the best by being able to offer products from a variety of companies. What has happened instead is the majority of brokers are there to only make as much money as they can and then move on to the next victim. Now I realize that victim is a harsh term, but the way the majority of the “dark side” behaved was to make as much as they could from as many as possible.

As I sat in my office today helping one of my new loan officers understand some terminology on some different loan programs, he mentioned that there should be a school for loan officers so that they could go somewhere and get the education to understand what it was that they were selling. For far too long this has been an industry of graduates of the School of Hard Knocks and the School of the Easy Path to Fast Money. Those of us that have chosen this career path to help people achieve their financial dreams need to push for licensing and education requirements so that we can keep the people who only want to make as much money as possible with the greatest of ease out of the business.

For you comments or questions, please contact Chris Scheer at chrisscheer@stlouisrealestatevoice.com

Posted by Doug Aegerter   |   Read More   |   Your Comments Are Welcome!   |   11.28.2007

St. Louis Real Estate-Market Watch November 24, 2007

Filed under: Real Estate News

St. Louis Real Estate Market Watch 
November 24th,  2007
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 GOOD NEWS, at least for the buyers and sellers that are still out there.  Our pending ratio has seen an increase of almost 1.5%, which means that more homes have accepted offers in the last 30–40 days.  This is happening with less active listings and more “market rejected listings” (expired’s) staying off the market.  A very small decrease in buyer activity and less inventory gives buyers less choices.  It’s easier to make a decision when you don’t have as many choices. 

The St. Charles Real Estate Market is also seeing less active listings with a few more “market rejected listings” staying off the market.  However, the St. Charles’ Market’s pending ratios are hanging in around a four week average of 10.2%. 

Sellers—stick with it!! Homes do sell over the Holiday season.  This is also a great time to STAGE your home on the OUTSIDE too.  Decorate for the holidays, even if you are not occupying the home.  Buyers love to see what their new home looks like decorated for holidays. CURB APPEAL!!

Buyers—You still have plenty to see in the St. Louis Real Estate Market.  What could be a better Holiday gift than a new home.  BUY NOW and you’ll stand a good chance of being settled in your new home for the holidays.  

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 November 24, 2007

St. Louis Real Estate Jefferson  County Market Watch November 17th, 2007

St. Louis Real Estate St. Charles County Market Watch November 24, 2007

St. Louis Real Estate Benchmark Report October 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 Wagner   |   Read More   |   Your Comments Are Welcome!   |   11.24.2007

St. Louis Real Estate-Market Watch November 17, 2007

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 
November 17th,  2007
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! 

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

The St. Louis Real Estate Market this week has shown a small improvement from the last couple of weeks. We are seeing positive signs with the pending ratio inching up closer to 12% as more homes are accepting contracts AND selling a bit closer to listing price at 97.7%.  Much of this is due to less inventory on the market and buyers having fewer choices. This week, active listings have dropped by almost 200 and there is still an ever increasing number of “market rejected listings” choosing to stay off the market.

As we get closer to the end of the year, buyers that need to buy are realizing that it’s time to act if they want to be in a home before the end of the year. 

The Sellers that we talk to also realize that the end of the year is approaching and are either adjusting their prices or making other concessions or needed improvements to try to attract the buyers that are in the marketplace.  In this market, or any market for that matter, it’s all about being no. 1 and the “Best House on The Block.”

St. Louis Real Estate St. Louis County Market Watch November 17th, 2007

St. Louis Real Estate Jefferson  County Market Watch November 17th, 2007

St. Louis Real Estate St. Charles County Market Watch November 10, 2007

St. Louis Real Estate Benchmark Report October 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 Wagner   |   Read More   |   Your Comments Are Welcome!   |   11.17.2007

St. Louis Real Estate – Off Topic – The Tomato Tribute

Filed under: Real Estate News

WOW. . . what a trip, from green on the vine to a ribbon at the fair, the “St. Louis Real Estate” fair, no less.

Our blogging experiment started sometime last January with a lot of research on the web that, fortunately for us, found it’s way to a blogging zealot named Jim Cronin at the “Real Estate Tomato”. My first impression was that he was a fast talking guy with all the answers, I was soon to find out that he was a fast talking guy with all the answers and MORE.

The trip was everything that Jim said it would be and he supplied the encouragement when we thought we were wasting our time and not making any progress. We wanted our blog to provide timely and useful information for consumers across the entire St. Louis real estate spectrum. We started posting in March and really struggled through the first 4 months. Then we started making progress in some of the minor keyword searches. . . but we wanted the whole enchilada tomato. . . St. Louis Real Estate.

Holy Tomato, sometime in early November we were page ranked in Google (four out of ten) and recently are page one, number four, when searching “St Louis Real Estate” using Google.

Our sincere thanks to Jim Cronin and the Tomato Team for coming through with everything they promised and MORE. Thanks Jim, Jason and Molly and the entire team for helping us stay the course and giving us the tools and encouragement along the way.

Doug and Art
stlouisrealestatevoice.com
Keller Williams Realty Southwest

Posted by Doug Aegerter   |   Read More   |   1 Comment »   |   11.14.2007

St. Louis Real Estate – Building Inspection – Grading and Drainage

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

GRADING AND DRAINAGE by Harry Morrell, Allied Building Inspections

A big part of the foundation and structure inspection involves getting a real close look at the grading and drainage on the site that the house was built on. Home inspectors will have all their red flags up when they drive up to a house below street level sitting in a hole. Inspectors will not be surprised when structural issues are discovered under these type conditions.

The initial exterior inspection will usually begin with site conditions, including, drainage, grading, landscaping, large dead trees, vegetation hindering drainage or too close to the house, water ponding, and soil erosion. If these conditions are present and improper, the conditions may result in foundation and structural defects. Concrete foundation walls do not crack, leak, or fail by themselves. Concrete foundation walls are rated for 200+ years of service life. However, if drainage problems cause water to run into the foundation of a house, over the years significant damage can result. It should also be noted that Americans do not do maintenance well pay attention well. Homeowners that do not pay attention to and maintain their homes, sometimes ignore warning signs and defects indicating significant problems will be on the way if corrections are not performed, or until their home is inspected during a real estate transaction.

When an inspector observes cracks, displacement, bowing walls and leakage in the basement it usually does not end there. When concrete foundation walls begin to fail, the defects usually follow straight up to the top of the house. Starting with cracks and displacement on the walls, leakage and standing water in the basement, wood structural components, i.e., floor joists and wood built up beams can rack, split or move, the dry wall in the living spaces above will show signs of cracks around the windows and doors, windows and doors may jam and bind, interior ceilings will crack, wood structural components in the attic will be affected as well, trusses and rafters will move crack or rack.

The source of this nightmare scenario can be traced back to the grading and drainage issues that were neglected for all those years. It should be noted that these defects can be overlooked by a buyer that loves the location, design, and color of the house. The inspector will find these defects on the real estate transaction inspection though. As well as documenting the foundation defects the inspector will identify the source as well.

All these foundation defects can repaired, but anticipate pricey repair costs. Grading and drainage can be improved as well. Grading, re-grading, adding fill , cutting fill, installing grade swails, French drain, downspout drain pipe extension, and interior drain tile sump-pump system are just a few improvements that can eliminate grading and drainage issues.

My advice is for buyers to ask their inspectors about any further concerns they have on these issues and for sellers to have an inspector perform a pre-listing inspection on their house before their house goes on the market to identify these issues and avoid these deal killing issues during the transaction.

Harry O. Morrell
Allied Building Inspections, LLC
ASHI Certified Inspector

Posted by Doug Aegerter   |   Read More   |   Your Comments Are Welcome!   |   11.13.2007

St. Louis Real Estate – Mortgage News – Wise Up

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

I had the chance to get my shoes shined last week and found more wisdom in the person shining my shoes than I do in most people I meet on a daily basis. Life has been hard to him but he also has finally learned from his mistakes. He says it took him the opportunity to be locked up for 7 years to learn he didn’t know it all. “I knew everything but my own ignorance” he said. “I was always with a pocket full of money and living for the moment. My decisions were always about me and what I wanted at that moment. How could I get satisfaction or how could I get enjoyment at that moment. Most of the time it was alcohol and women; it took me going to jail to learn what gives you pleasure gives you pain.”

Think about it!

As he took the time to shine my shoes he kept on talking about how he made the wrong choices and kept on making the wrong choices. But now he saw the light and realized that it wasn’t about now, it was about the rest of his life. He is now saving money and planning for his retirement.

Think about that!

This man shines shoes for a living and he is saving money and planning for his retirement. How many people in this country make $100,000 a year and don’t manage to save money. I don’t know what my enlightened shoe shiner earns, but I know that for a $5 shine I gave him a $5 tip. Those two quotes, “I knew everything but my own ignorance” and “what gives you pleasure gives you pain” were worth more to me than my college education.

So what does this have to do with buying a home or financing a home? I hate to say that if you didn’t get the message then you weren’t paying attention. Quit living beyond your means! Start saving money! Stop using credit cards. Here is a quote for you, “only poor people use credit cards.” Stop believing that you have to live better than your friends or at least as good as them. If they are your friends they will accept you for who you are not what you look like. This applies to your home also. Do you really need that giant house? Do you really need that new car? Is what giving you pleasure now going to give you pain later in life? Remember our entire economy is on the brink of disaster. The Federal Deficit is growing by the second. Be sure that you are preparing for the future and not living for the present.

For questions of comments, please contact Chris Scheer at crisscheer@stlouisrealestatevoice.com

Posted by Doug Aegerter   |   Read More   |   1 Comment »   |   11.12.2007

St. Louis Real Estate-Market Watch November 10, 2007

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 
November 10th,  2007
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 has not made any significant moves from last week.  We are sitting on a “plateau” right now, perhaps waiting to see what will happen as we get closer to the holidays and perhaps waiting to see if the rate cut by the Fed will effect the market. 

There is still plenty of inventory in the market for buyers to look at, but they should also take note that sellers that are in the marketplace are pricing their homes competitively as evidenced by our average list to sales percentages.  Homes accepting offers within the first 30 days, are still in a 2–3% market.  Homes that are up to 60 days on the market are remaining in a 3–4% market.  So..buyers that are looking for a that “so called DEAL”  must look at homes that are on the market longer than 60 days, and in some price ranges 90 days plus.

Mr. Buyer, do you want to take the chance that you will miss the home of your dreams by waiting for long market times?  Buyers that are looking now are more motivated and are buying somewhat quicker than in previous months. 

Sellers—with the amount of inventory on the market your mission still has not changed.  To get your home sold in today’s market, for the most money, in the shortest period of time you MUST be NO. 1 in your price range. You should be priced within market value, or a bit below it, be in the best condition, with all the expected updated in your price range and have the home aggressively marketed by a real estate professional. 

 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 November 10, 2007

St. Louis Real Estate Jefferson  County Market Watch November 2nd, 2007

St. Louis Real Estate St. Charles County Market Watch November 10, 2007

St. Louis Real Estate Benchmark Report October 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 Wagner   |   Read More   |   1 Comment »   |   11.10.2007

St. Louis Real Estate-Market Watch November 2, 2007

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 
November 2^nd,  2007
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 continuing it’s fall trends with again; less listings, lower pending ratios and more rejected listings remaining off the market.  SELLERS TAKE NOTE-THIS IS GREAT!!  Those sellers just entering the market or remaining on the market will indeed face less competition and a bit more motivated buyer pool.

Less competition equated to more activity on your home and hopefully a sales price closer to the listing price.  As we mentioned last week, we are still very much in a buyer’s market with average total inventory at 10 months.

Jefferson County Real Estate Market is following the St. Louis County trends this week.  The major difference in Jefferson County is the pending ratio lower at 9.7% this week and the Days On Market are about 30 more than St. Louis County.

TRIVIA FROM LAST WEEK:  IF you’re a seller that also believes in LUCK AND PRAYER—There is a superstition here in St. Louis that by doing “something” outside in your yard will help your home sell. WHAT IS IT YOU MUST DO IN YOUR YARD? AND..it has nothing to do with perfect landscaping.

ANSWER: The superstition in St. Louis is that if you bury a statue of St. Joseph UPSIDE DOWN in your yard, he will bring you good luck, and hopefully a BUYER for your home in a short period of time.  We have clients in High Ridge, Mo. that will tell you it works!!

 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 November 2nd, 2007

St. Louis Real Estate Jefferson  County Market Watch November 2nd, 2007

St. Louis Real Estate St. Charles County Market Watch October 27, 2007

St. Louis Real Estate Benchmark Report October 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 Wagner   |   Read More   |   Your Comments Are Welcome!   |   11.03.2007