St. Louis Real Estate-Market Watch October 11th, 2008

Saint Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
October 11th, 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 exhibit an air of caution. Our pending ratio is down under 11 percent, with fewer listings coming on the market and more homes falling into the expired listing column. Our average listing prices and selling prices are holding steady through all this and homes that are selling are doing so at an average 95.3 percent of list price. On a comparison to last year, we are still behind by over 1000+ homes being sold in the past six months.

The majority of the prospective buyers and sellers that we talk to are choosing to stay on the sidelines right now, if they don’t have to be in the marketplace. Those that must buy or sell in this market are proceeding very cautiously and arming themselves with education and information about our real estate market during the process much more than in the past.

We are all still waiting to see what and how the historic “Bailout” plan will be implemented, and I for one want to see how the accountability procedures are set up. With proper accountability I believe this “Bailout” plan will work to stimulate our economy.

The great news this week comes with oil prices falling, along with other comodities which have been falling since mid summer. The dollar has risen 15 percent against major exporters to us, which should result in import prices sliding quickly. Lou Barnes, who writes for Inman News has posted a great article entitled “The Great Run of 08″. Click HERE to read the complete article.

More good news; the Fed, as of October 8th, has cut the federal funds rate by 50 basis points, or one half of one percent, to 1.5 percent. Granted, this won’t affect mortgage rates immediately, but should trickle down in the months to come. Read the article from Bankrate.com HERE.

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!!

WHO DO YOU KNOW that’s thinking of buying or selling a home?

Contact Doug Aegerter or Art Wagner for more information and a FREE Comparative Market Analysis (CMA) of your home or your neighborhood.

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