St. Louis Real Estate-Market Watch June 13th, 2009

Saint Louis Real Estate-Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
June 13th, 2009
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 with great activity and enthusiasm. However, over the last two weeks, a “monkey wrench” of sorts has been thrown into the mix for a lot of homebuyers and current homeowners who are planning to re-finance their mortgage.

Mortgage rates for the last two weeks have been going up, and now are at their highest level since Thanksgiving last year. WHOA!! How did this happen, you ask?

There are lots of theories out there, from less Federal involvment in the mortgage industry; increased buyer activity has made lenders over-confident of what’s really hapening ; and homeowners who are re-financing through the “Makeing Homes Affordable” programs aren’t able to if their current loan has mortgage insurance.

Holden Lewis, who writes for Bankrate.com has contributed two good articles on this subject last week entitled, ” Mortage rates hit 6-month high” and “Rates halt an “up” streak.” Check them out, they shed a bit of light on what’s happening now.

With the mortgage rates inching up, we are finding some first time homebuyers are having to re-think and re-calculate their anticipated home purchase. Rate increases are greatly affecting their purchasing power. Some buyers are having to “down-size” their idea of that perfect home.

REAL ESTATE AGENTS AND FOR SALE BY OWNERS- Are your listings and / or home sitting on the market too long?? 120 days or more?? We have a program designed to get your listing or FSBO home sold. Real Estate Agents get paid their commission in full. Contact us for more info.

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.

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