St. Louis Real Estate - Home Staging - Paint

Filed under: For Sellers, Home Staging

Interior Walls…Color Them Cozy! by Sue Rector ASP Stager, HomeStaging Innovations, LLC

As an ASP (Accredited Staging Professional) Home Stager, I am asked frequently at Staging Consultations….Do you think we need to repaint?…and…What color should we use?

In terms of dollars, painting is a considerably “low” investment that a Home Seller can make and receive a “higher” rate of return at closing.

Home Staging is all about presenting the house for sale in the Best Possible Showing Appearance.  When potential Home Buyers come through a house for sale, they are attracted to a property for many reasons.  The Mood or Feeling that a house presents is very important!  The interior wall color or colors of a house are extremely significant in helping to set the mood or feeling of a house.  Wall color can be one of the most important factors in a Home Buyer’s perception that turns a “House for Sale” into the “Home They LOVE!”

Consider the following if you are thinking about repainting your house as you prepare it for sale…or if your house has not sold and you are considering some repainting updates:

1.  A home is more appealing when it emits “Warm Fuzzies”…remember that phrase?  It is still pertinent today. ASP Home Stagers, through wall color consultations, can assist you in making your house as “warm and inviting as possible” to potential Home Buyers.  Hues of whites, although very neutral, tend to present a COLDER setting,  Hues of blues, although recommended for relaxation by some, tend to present a COOLER setting in rooms. Other more dramatic colors of red, yellow, darker greens, and orange are more “personalized colors” (Remember from Staging 101:  Home Staging is de-personalizing and Decorating is personalizing).  When choosing wall color for your house for sale, it is typically recommended that you choose a color to present a feeling…one that will not be a distraction within a room. In fact, wall color should be a non-factor within a room, just helping to set the mood, set the feeling.  Medium hues of browns, golds, taupes, and sometimes greens will warm up a rooms setting….making it feel inviting and cozy to Potential Buyers.  Darker hues of any color within rooms can make the room appear to be more closed in and smaller.  Lightening and brightening rooms are areas that ASP Home Stagers will recommend to improve in order to present your space in the Best Possible Showing Appearance.  A new “splash” of paint can greatly help in these areas, if the color is chosen wisely.

  
2.  If you decide to repaint, choosing a warm and inviting color, consider this in terms of what to repaint…when a house has several different colors within different rooms, the house can appear to be “choppy” in regards to the flow of the house.  So whenever possible, use that “warm color” throughout the house.  It will sustain the flow of the inviting mood to each room and area.  If you can not or do not want to repaint your whole house, then consider repainting the main areas of the house such as the living room, dining room, kitchen, family room, master bedroom suite, and all hallways.

3.  A new coat of paint makes a house feel clean and fresh!  In today’s housing market, Home Sellers need every advantage in making their house stand out from their competition.

ASP Home Stagers can assist you in choosing paint color to emit those “Warm Fuzzies” to those Potential Home Buyers, if you need help in this area.  We are not decorators… We are a part of the Real Estate Industry!  ASP Home Stagers know what helps to sell houses, faster.

If you are a Realtor, Home Seller, or Potential Home Buyer…what color do you think is the most appealing in setting an inviting mood:  Hues of browns, golds, taupes, or greens?  Any specific color and brand you like best?   Let us know.

If you would like more information on Home Staging Services, we invite you to visit www.stagedhomes.com and www.westagestlouis.com.  For any specific questions regarding Home Staging Services, please feel free to contact us as well, at homestaging@stlouisrealestatevoice.com

Remember—Color It COZY!

Posted by doug   |   Read More   |   1 Comment »   |   04.30.2008

St. Louis Real Estate-Market Watch April 26th, 2008

Filed under: St. Louis Market Reports

St. Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
April 26th, 2008
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 to show good signs of activity in the lower price ranges; those between $125,000 to $300,000, as the pending ratios continue to perform above the average.  Inventory in these price ranges continues to be in that “transitional” level with the $175,000–$199,999 price range showing signs of a sellers market, at least right now.

The $450,000–$499,999 price range is also showing great activity with a pending ratio at 22.6 percent and low inventory levels at 4.4 months.  Sellers in this price range should be encouraged, at least at this poiint in time, as there is less competition and greater likelihood of selling close to listing price.  Keep in mind, the home STILL must be priced within market value. 

This bit of good news, however, does not mean we are headed back in time to “the boom years”.  We think that we are still seeing results of slight increases in buyer activity coupled with our normal spring surge of activity on both the buyer and seller side of our real estate market.  There are signs out there in the marketplace that some buyers and sellers are hesitant yet, waiting to see where this market will really end up. 

A March 22^nd article in the St. Louis Post Dispatch annouces that according to the National Association of Realtors, existing home sales dropped another 2 percent in March. St. Louis County experienced a 21 percent drop in sales and the median home price declined to $148,450.  To read the complete article, go to STLToday.com; the article is entitled “Area Home Sales Continue Slump in March”.

In an April 23^rd article on RISMedia.com, Bank of America announced that after their aquisition of Countrywide Financial Corp. closes in the third quarter of this year, they will implement new lending guidelines in it’s consumer mortage business to address the dramatically changed mortgage environment.

Bank of America said they will continue to offer an assortment of “first lien” products to retail consumers, including some forms of Adjustable Rate Mortgages, but will also implement enhanced borrower protections and re-define certain limits and penalties associated with these products.  They are planning to discontinue non-traditional mortgages, such as option ARMs, and some low or no documentation loans. 

Bank of America will also be providing customers with more tools to help borrowers understand completely the decisions they are making through education, disclosures, and fair sales practices.  

 Read the complete article at RISMedia.com, entitled “Bank of America Announces Home Lending Guidelines”.

  For some great information regarding the real estate market and a really cool home-value calculator, check out the report just released by the Office of Federal Housing Enterprise Oversight (OFHEO) at http://www.ofheo.gov/.

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 April 26th, 2008

St. Louis Real Estate Jefferson  County  Market Watch April 20th, 2008

St. Louis Real Estate St. Charles County Market Watch April 26th, 2008

St. Louis Real Estate Benchmark Report March 2008

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!   |   04.27.2008

St. Louis Real Estate-Market Watch April 20th, 2008

Filed under: St. Louis Market Reports

St. Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
April 20th, 2008
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 again seeing a small increase in active listings and accepted contracts; common for this time of year but not quite as active as last year at this time.  Our pending ratio has inched up a bit to 15.86 percent and our inventory in the price ranges that move the St. Louis Market are remaining in that “transitional” area of 5–7 months. 

Another encouraging sign we see is in some of the higher price ranges, where pending ratios are up and the buying acitivity has increased slightly.

Jefferson County this week is showing great signs of activity in the $100,000 to $200,000 price ranges, as pending ratios are running from 13.5 percent up to 22.6 percent.  These are the price ranges that tend to drive the Jefferson County market and make up just over half the total active listings in the County.

 For some great information regarding the real estate market and a really cool home-value calculator, check out the report just released by the Office of Federal Housing Enterprise Oversight (OFHEO) at http://www.ofheo.gov/.

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 April 20th, 2008

St. Louis Real Estate Jefferson  County  Market Watch April 20th, 2008

St. Louis Real Estate St. Charles County Market Watch April 12th, 2008

St. Louis Real Estate Benchmark Report March 2008

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!   |   04.20.2008

St. Louis Real Estate-Market Watch April 12th, 2008

Filed under: St. Louis Market Reports

St. Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
April 12th, 2008
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 small increases in active listings and homes accepting contracts, thus pushing our average pending ratio over 15.5 percent.  The major segment of our market which falls in the $100,000 to $300,000 price ranges are exhibiting better than average pending ratios.  These price ranges make up 61.7 percent of the active listings this week which tells us that it IS a good time to be in the marketplace. 

 If you are a seller in these price ranges, check out the average list to sale price averages; we are still in a 1.5 percent to 4.5 percent market.  Buyers take note of this also, as this information could serve as a guide to you when making your offer on your new home. 

Go to Bankrate.com for an article by Steve McLinden entitled, “Is The Real Estate Market Timed for Buyers?”  The article provides some good insight and information whether you are a buyer or a seller.

For any of you that have adjustable rate mortgages and are being challenged by the “re-setting” of your mortgage, the Bush Administration has announced additional help for sub-prime borrowers.  HUD’s Federal Housing Administration is being given more flexibility in insuring more mortgages.  They are now able to help those sub-prime borrowers who have been late on two OR three consecutive payments or late two or three times in the past twelve months. 

Since September last year, FHA has helped nearly 150,000 borrowers and with this new expanded program, they estimate to help an additional 500,000 or so families.

HEY, WAIT A MINUTE– Isn’t this what they should have done from the beginning?? We think so. 

Read the complete article at RisMedia.com, entitled “Bush Administration to Expand Mortgage Help for Struggling Families.” 

 For some great information regarding the real estate market and a really cool home-value calculator, check out the report just released by the Office of Federal Housing Enterprise Oversight (OFHEO) at http://www.ofheo.gov/.

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 April 12th, 2008

St. Louis Real Estate Jefferson  County  Market Watch April 5th, 2008

St. Louis Real Estate St. Charles County Market Watch April 12th, 2008

St. Louis Real Estate Benchmark Report March 2008

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   |   1 Comment »   |   04.13.2008

St. Louis Real Estate-Market Watch April 5th, 2008

Filed under: St. Louis Market Reports

St. Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
April 5th, 2008
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 for the first week of April continues a fairly flat performance so far. We are still seeing a small increase in active listings, and a small increase in homes sold, however, our pending ratio has dropped by more than 1 percent this week. With the small increases in active listings and homes sold, we would expect the pending ratio to remain close to constant. However, we also are seeing a decrease in the number of homes accepting contracts, which will drive the pending ratio lower.

Is buyer activity slowing?? We think so, at least a bit. We are not seeing the normal increases in listings that we have seen in previous years at this time. Homes accepting contracts and the pending ratios in most price ranges are also down considerably from one year ago.

To do some of your own analysis, check out our Market Watch report from March 30th, 2007. It’s interesting to note that average listing prices aren’t all that much different. HUH?? This points to two ideas; one, our market is a bit more stable than other parts of the country OR two, there are still a lot of over-priced homes in the market. We think it’s a blend of both, but evidenced by the decreases in home sales and the buyer activity falling off a bit, we have to look at pricing first.

The other “monkey wrench” in our market this year is everybodies question, “What’s the Fed going to do next??” and “When will the credit crunch be over?”. There are a good number of buyers and sellers still waiting to see when our market will really hit bottom. There are also buyers wanting to get into the market that are facing challenges with getting a mortgage now that lending requirements are tighter. “Gosh, you mean I actually have to have some money to get a loan?”

It seems that the “experts” are now admitting that the challenges with the housing market and the economy are worse than they expected and predicted last year. GO FIGURE!

Go to Bankrate.com for current mortgage rates and a great synopsis of how this whole thing started. Also, if you want to see what the Mortgage Industry is reporting to their colleagues, check out Mortgage Implode.

For some great information regarding the real estate market and a really cool home-value calculator, check out the report just released by the Office of Federal Housing Enterprise Oversight (OFHEO) at http://www.ofheo.gov/.

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 April 5th, 2008

St. Louis Real Estate Jefferson County Market Watch April 5th, 2008

St. Louis Real Estate St. Charles County Market Watch March 28th, 2008

St. Louis Real Estate Benchmark Report March 2008

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   |   2 Comments »   |   04.06.2008

St. Louis Real Estate - Home Inspection - Legalize

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

THE LEGALITIES OF HOME INSPECTIONS by Harry Morrell, ASHI Certified Inspector, Allied Building Inspections

Sellers and most always buyers are somewhat confused or do not understand the legality of Real Estate transaction home inspections in the state of Missouri. First and foremost a real estate transaction inspection, whether it be a full building inspection, a termite inspection, a Radon test or a combination of all three is not mandated by state law, nor is the findings by the inspector and the written documentation resulting from the inspection mean that the owner or seller of the home or building is mandated to repair, replace, or improve defects discovered during the inspection.

Listing agents often relate to me the hard time they have explaining to the home owner why they should improve some significant defects when no state law mandates their repair or replacement. My explanation to buyers is much simpler. I advise my clients, (mostly buyers), that the main purpose of their home inspection is for them to be able to make a common sense and intelligent decision on their purchase based upon the condition of the home at the time of inspection. If there is significant structural damage and defects, some buyers may decide to move on to another home even if the seller agrees to repair and improve. Minor mechanical and structural defects and concerns can be negotiated for repair or replacement, but the buyer must realize that he or she will be dealing with three types of sellers.

1. One seller may agree to repair and replace all listed items that are defective. This would be a motivated seller who wants to move the home.

2. Another seller might acknowledge that these defects are real and significant but will tell the buyer to fix them if the buyer wants the house. The seller might not care if the house gets sold or not.

3. Still another seller might say that he will repair the plumbing if the buyer agrees to repair the electric. This is called negotiating and your Realtor will be able to be in your corner for this.

What if your inspector finds extremely high levels of Radon gas in the house, and extensive Termite damage along with a live infestation of termites in the house? Then the seller most certainly will have to make the repairs and improvements, right?? The answer is pure and simple.

ABSOLUTELY NOT!

The seller will have to disclose these items to the next potential buyer, and will certainly have a very difficult time in selling his house, but he does not have to make any repairs or improvements. All buyers should be prepared to run into difficult sellers who do not want to bargain in good faith and move on to that next home. There is a lot to choose from. It is a great buyers market, and sellers will find that they will find a great buy as well on their next home.

Home buyers should always remember and consider the alternative when difficult sellers refuse to negotiate. Just imagine if you purchased the home without an inspection and discovered thousands of dollars worth of defects a year after you moved into the home. Be sure and ask your inspector what he considers a significant or minor defect. Most veteran inspectors will have no problem giving you an estimated dollar cost guide on repairs and upgrades as well. Make sure your inspector in ASHI certified.

Harry can be contacted at harrymorrell@stlouisrealestatevoice.com

Tags: St.+Louis+Real+Estate, St.+Louis+Home+Inspection, ASHI, Home+Seller, Home+Buyer

Posted by doug   |   Read More   |   Your Comments Are Welcome!   |   04.01.2008