St. Louis Real Estate-Market Watch November 15th, 2008

Saint Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
November 15th, 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 has our pending ratio dropping from last week to 10.27 percent, with a few more active listings and a few less homes accepting contracts. This “slow down” is very typical in our local St. Louis Real Estate Market for this time of the year, however, it feels worse this year, as we are well below last year’s buyer and seller activity levels.

What makes this year different than last year also is the $700 Billion Dollar Bail-Out (OR Capital Injection)plan recently approved and now talk about another Stimulus Package possibly coming down the road. It’s no wonder buyers and sellers alike are waiting to see what’s going to happen next.

If you read, listen, watch the news, credit and lending are loosening a bit. WHERE?? We are not seeing it here yet. We think it will take another three to six months before we see any noticable improvements with lending institutions really beginning to lend again. That’s what we need to happen to even hope to instill consumer confidence back into the market.

This past week, Unemployment claims have risen again, and this time above the 90 day average by 25,000 to 516,000 and October retail sales have dropped 2.8 percent. The National Federation of Independant Business has said that small business sales conditions were the worst since 1980. There doesn’t seem to be much consumer confidence evident here yet. Read Lou Barnes’ article posted on Inman News this past Friday entitled, “Economy needs full $700 billion, and more” 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.

Fill out the form below to view the Market Report.

This entry was posted on Sunday, November 16th, 2008 at 7:38 pm and is filed under St. Louis Market Reports, Uncategorized. 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.