St. Louis Real Estate – Market Snapshot – Kirkwood MO

Filed under: Kirkwood, Neighborhood Reviews

Successfully pricing homes in the Kirkwood Missouri Real Estate market. by Doug Aegerter, Keller Williams Realty Southwest.

The St. Louis Home For Sale Team is resuming neighborhood snapshot reports and here is the second in the current series, featuring Kirkwood, MO.

The Kirkwood Market Snapshot reviews the Kirkwood Missouri Real Estate market during the past six months and touches upon the complete spectrum of property that was listed and sold.

If you want to drill down deeper into an area, maybe a subdivision or your street. . .fill out a CMA request and we will be happy to accommodate you. This service is absolutely free and without obligation.

If you want to find out more about Kirkwood happenings check out the Kirkwood Calendar tab, and as always you can find a complete list of services at the Kirkwood web site. If you’re in the area be sure to check out the Kirkwood Farmers Market.

Farmer’s Market (Taylor & Argonne):

Official hours are Thursday & Friday, 8 a.m. to 6 p.m., Saturday 8 a.m. to 5 p.m.

 Doug Aegerter can be contacted at doug@stlouisrealestatevoice.com

 Don’t want to miss a Market Snapshot . . . be sure to subscribe.

Posted by Doug Aegerter   |   Read More   |   Your Comments Are Welcome!   |   06.30.2008

St. Louis Real Estate – Market Snapshot – Fenton MO

Filed under: Fenton, Neighborhood Reviews

Successfully pricing homes in the Fenton Missouri Real Estate market. by Doug Aegerter, Keller Williams Realty Southwest.

While Art is off drowning worms somewhere and the Weekly Market Report is MIA, I’m filling in with a Market Snapshot for the Fenton, MO residential home market.

The St. Louis Home For Sale Team is resuming our neighborhood reports and we’re kicking it off with Fenton, MO. The Fenton Market Snapshot reviews the Fenton Missouri Real Estate market during the past 6 months and touches upon the complete spectrum of property that was listed and sold. This report excludes the part of Fenton that is in Jefferson County.

If you want us to drill down deeper into an area, maybe a subdivision or your street. . .fill out a CMA request and we will be happy to accommodate. This service is absolutely free and without obligation.

If you want to find out more about Fenton happenings check out the Fenton Newsletter, and as always you can find a complete list of services at the City of Fenton web site.

 Doug Aegerter can be contacted at doug@stlouisrealestatevoice.com

 Don’t want to miss a Market Snapshot . . . be sure to subscribe.

Posted by Doug Aegerter   |   Read More   |   Your Comments Are Welcome!   |   06.28.2008

St. Louis Real Estate-Market Watch June 21st, 2008

Filed under: St. Louis Market Reports

St. Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
June 21st, 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 looks like last week, once again.  We have not seen any significant increases or decreases across the board this week.  Most of our numbers are stagnant, with a very small increase in active listings, homes accepting contracts and the pending ratio trending upward by .17 percent.

It also looks like some of our predictions for the summer are unfortunately coming true. We are almost 500 active listings behind last year’s active listings.  Our 3471 homes sold in the last six months of 2008 is over 1000 behind last year’s homes sold numbers for the same six month time frame. 

With the interest rates inching up a bit again this week, we will probably see more buyer’s sitting on the fence waiting to see what happens. 

This week, we compiled a chart showing the percentage changes in the List Price, Sales Price and Days On Market for all price ranges. We compared the past six months of 2008 to the same time period in 2007.  Click on the link,  HERE ,to view this comparison chart.  It’s interesting to note that Average List and Average Sales prices haven’t moved very much, but the Days On Market have certainly increased for a variety of reasons.

TELL US WHAT YOU THINK—Give us your reasoning for the condition our market is in today. We’ll publish a compilation of what all our readers have told us in the next Market Watch post in TWO WEEKS. Send your responses to art@stlouisrealestatevoice.com or doug@stlouisrealestatevoice.com. 

WE WILL BE OUT OF TOWN NEXT WEEKEND; So the next Market Watch Report will be published over the July Fourth weekend. 

  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 a FREE Comparative Market Analysis and additional information tailored to your specific needs.

St. Louis Real Estate St. Louis County Market Watch June 21st, 2008

St. Louis Real Estate Jefferson  County  Market Watch June 21st, 2008

St. Louis Real Estate St. Charles County Market Watch June 14th, 2008

St. Louis Real Estate Benchmark Report May 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 Wagner   |   Read More   |   Your Comments Are Welcome!   |   06.22.2008

St. Louis Real Estate – Mortgage News – FHA takes the gloves off

Filed under: First Time Home Buyer, For Buyers, For Sellers

FHA Lifts 90 Waiting Period by Chris Scheer, Cornerstone Mortgage, O’Fallon, MO

In a move to help get foreclosures off the books of lenders quicker and help avoid deterioration of properties that have been foreclosed upon the Department of Housing and Urban Development has lifted their ban on writing a contract if the title has changed in the past 90 days. 

See the following article: FHA Lifts Waiting Period, Extends Insurance Coverage

For further clarification you can visit HUD’s website.

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

Posted by Doug Aegerter   |   Read More   |   Your Comments Are Welcome!   |   06.18.2008

St. Louis Real Estate – Mortgage News – Foreclosure

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

Summer is almost here! by Chris Scheer, Cornerstone Mortgage, O’Fallon, MO

After spending 5 of the last 7 days on the golf course, I realized (not for the first time) that my future is not in professional golf.  Thus I am resigned to continuing to help people achieve the American Dream of home ownership.  So what is going on in the real estate world you ask? 

Well we finally have the long awaited change in FHA mortgage insurance premiums coming into play. Therefore after July 14, 2008 it will be more expensive for borrowers with less than stellar credit to purchase a home.  The effect in most cases will be less than $20 per month, but when you are living paycheck to paycheck, $20 a month can be a lot of money! 

Foreclosures continue to rise!  That is to be expected, but what it has done is that over the past 10 years an appraiser could ignore a comparable sale if it was a foreclosure.  Now with the amount of foreclosures, they have to be treated as part of the marketplace.  Thus property values are declining in areas of numerous foreclosures.  The positive aspect of this is that those property owners who have been complaining about their rising real estate taxes will see a freeze on the rise and in some cases may see there property taxes come down in 2009!

For questions or comments on this post, please contact Chris Scheer at chrisscheer@stlouisrealestatevoice.com

Tags: St.+Louis+Real+Estate, Mortgage+News, First+Time+Home+Buyers, Home+Buyers, FHA, mortgage+insurance+premiums

Posted by Doug Aegerter   |   Read More   |   Your Comments Are Welcome!   |   06.16.2008

St. Louis Real Estate-Market Watch June 14th, 2008

Filed under: St. Louis Market Reports

St. Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
June 14^th, 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 doesn’t look much different than last week-relatively flat. We see a few more active listings, homes sold and the pending ratio increasing slightly.  At an average 6.4 months of inventory, we are still very much in a buyer’s market. 

Buying activity has slowed a bit, possibly due to the increase in interest rates from an average of 6.08 percent to 6.29 percent this week, according to Bankrate.com.  We have also seen a drop in refinance applications due to the increased interest rate. 

So…when is this housing market going to improve??  Most forecasts predicted the first half of 2008 to be sluggish with the second half of 2008 to gradually improve. We’ve seen the first half of the year, and so far the predictions were right-SLUGGISH.  As for the second half of the year, well, that’s to be seen.  Most experts agree that a “gradual improvement” usually means several years, not several months. 

Bankrate.com has a great article entitiled “When Will Your Housing Market Recover?” explaining how this works and how to do your own homework in your area and the indicators to look for and a bit about how to analyze them.  Check it out HERE.

  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 a FREE Comparative Market Analysis and additional information tailored to your specific needs.

St. Louis Real Estate St. Louis County Market Watch June 14th, 2008

St. Louis Real Estate Jefferson  County  Market Watch June 7th, 2008

St. Louis Real Estate St. Charles County Market Watch June 14th, 2008

St. Louis Real Estate Benchmark Report May 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 Wagner   |   Read More   |   Your Comments Are Welcome!   |   06.15.2008

St. Louis Real Estate-Market Watch June 7th, 2008

Filed under: St. Louis Market Reports

St. Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
June 7^th, 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 remain stable, with a small increase in active listings.  However, we are seeing a drop in accepted contracts, thus our pending ratio has dropped this week to 15.61 percent.  Average list prices and sales prices continue to move upward slightly and if you compare these to last year’s statistics, they are very close to the same across all price ranges.  More proof that we really are in a fairly stable market. 

The one thing to notice however, is that last year at this time we showed 4523 homes sold between Dec 2006 and June 2007 and this year, we are showing 3176 homes sold between Dec. 2007 and June 2008.  Our inventory has diminished since last year also, as we were seeing over 6000 listings last year opposed to 5727 this year. 

Sellers-this should be good news for you somewhat, as you may be able to sell closer to your list price.  That is assuming that your list price is within market value.

Buyers-you have somewhat less inventory to see, which may make your home-buying decision easier.  Just be aware that Great Deal may not be out there much longer, and you have more competition for every home that is for sale right now.   Buyers need to be prepared with pre-approved financing and be ready to “pull the trigger” when they find their dream home, or they may lose it to another buyer who is prepared.   

  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 a FREE Comparative Market Analysis and additional information tailored to your specific needs.

St. Louis Real Estate St. Louis County Market Watch June 7th, 2008

St. Louis Real Estate Jefferson  County  Market Watch June 7th, 2008

St. Louis Real Estate St. Charles County Market Watch May 31st, 2008

St. Louis Real Estate Benchmark Report May 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 Wagner   |   Read More   |   Your Comments Are Welcome!   |   06.08.2008

St. Louis Real Estate – Building Inspection – The Report

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

UNDERSTANDING THE REPORT by Harry Morrell, Allied Building Inspection, ASHI Certified Inspector

Home inspection reports have made dramatic changes from its earliest beginnings of 25-30 years ago to now. Although there still are old time inspectors providing hand written check lists type reports, most of today’s inspectors provide comprehensive computer generated reports that include color digital pictures. Even though these newer upgraded reports look spectacular compared with the obsolete hand written check lists, a new set of problems and concerns has raised its ugly head.

There are a wide variety of home inspection computer software programs on the market that today’s home inspector’s use. Inspector’s usually purchase the shell of the program and are able to boiler plate whole paragraphs that describe certain mechanical and structural components. Additional paragraphs can be built to describe the defects or conditions for any mechanical or structural component as well. These boiler plate paragraphs can be entered into the report by a click of the mouse. This allows the inspector to provide a 25-30 page report with photos in about 30 minutes. There are also inspectors that are capable of providing on site computer generated reports similar in length, but usually formatted by a check list. The downside of this is that the boiler plate paragraph may not apply to your particular house.

Home buyers should be aware of and question any technical type verbiage that appears too vague or confusing in nature. Reports should be simple and easy to read as well as being comprehensive. For example if an inspector merely states that the roof needs further review by a qualified roofing contractor, he may be cutting the client short. This leaves an opening for the roofer to recommend a new roof when the roof may still have several years of service left. It leaves the question of what exactly is the general condition of the roof unanswered. If the inspector states that 45% of the roofing has significant deterioration, and missing and damaged shingles, then goes on to recommend a new roof, there is no need have a roofer further evaluate the roof, just replace it.

This type of reporting can apply to any structural or mechanical component as well. If you are reading a report describing the electric service panel as appears to be OK, but better have a qualified electrician further evaluate it just in case. The buyer may be getting short changed. If the inspector noted rust and corrosion within the interior of the panel, burn marks on the conductors and connections, and conductors running across the bus bar, the inspector probably did a pretty good job inspecting the service.

A good inspection report should include a summary of defects and conditions on each and every structural and mechanical component, as well as a comprehensive narrative with photos expounding on the summary. All this should not include repetitive and ambiguous statements. A verbal summary, with a photo slide show by the inspector after the inspector should give the buyer a pretty good idea of the level of competence of the inspection and of the finished report. All buyers should thoroughly read their report and then read it again. If there is anything that the buyer does not understand or feels the inspector missed, there is always only one thing to do, CALL BEFORE CLOSING!

Harry O. Morrell
ASHI Certified Inspector  

Harry can be reached at harrymorrell@stlouisrealestatevoice.com

Posted by Doug Aegerter   |   Read More   |   Your Comments Are Welcome!   |   06.06.2008