St. Louis Real Estate-Market Watch November 8th, 2008

 Saint Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
November 8th, 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 “getting ready for the holidays”.  Our pending ratio has risen slightly to 10.65 percent, which reflects about the same number of homes accepting contacts as last week, but with fewer active listings.

We are still seeing lower numbers of homes sold this past six months, compared to the same six months last year.  Most of the sellers who have let their listings expire are telling us they are ready to take a break until the holidays are over.  

For the sellers that are still on the market-STAY THERE; Buyer activity is still good and with falling inventory, your home has less and less competition.  We also find that this is the time of year when buyers tend to be  more motivated than the summer “tire kickers”.   There’s another motivating factor facing buyers now.  FHA guidelines will be changing after the first of the new year.  The minimum down payment the FHA will require will be going UP to 3.5 percent from 3 percent.  There are several other changes occuring also, but the downpayment change is the one that will effect most people using FHA financing. 

 This is worth noting in our market because the FHA loan limit is $281,000 (and change) and coincidentally, the price points that move our local St. Louis Real Estate Market just happen to be price ranges from $300,000 and down.  Check the current Market Watch Report and look for the highest pending ratios across all price ranges.  The double digit pending ratios are in these price ranges.

 

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!! 

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This entry was posted on Sunday, November 9th, 2008 at 3:15 pm and is filed under St. Louis Market Reports. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.