St. Louis Real Estate-Market Watch November 7th, 2009

Your Dream Home Real Estate-Market Watch by Art Wagner @ Keller Williams Realty Southwest Saint Louis , Sunset Hills, Mo.
November 7th, 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 shows good activity in the lower price ranges, with pending ratios ranging from 17 percent up to 25.7 percent. Some of the higher price ranges are also still showing pending ratios above 12 percent.

As most of you probably already have read, President Obama signed into law last week the extension of the First Time Home Buyer’s Tax Credit with a couple of new twists. The extension runs until the end of June 2010. There is a caviot to the June 2010 date, however. All contracts must be in effect by April 30th and must close by June 30, 2010.

The tax credit remains at $8,000 dollars maximum (up to 10 percent of the purchase price) for first time home buyers or anyone that has not owned a home in the past three years. For move-up buyers that have lived in their home for five consecutive years out of the last eight years, there is a $6500 dollar tax credit now available. So it is possible that the homeowners that are selling to the first time home buyers may qualify for a tax credit of their own when they move up to their next home.

Income levels for the credits have also been increased. Single tax filers earning up to $125,000 per year will qualify for the full credit. Single tax filers earning $125,000 to $145,000 are eligible for a partial credit and those earning over $145,000 are not eligible for any credit.

Joint tax filers earning up to $225,000 are eligible for the full credit. Joint filers earning between $225,000 and $245,000 will qualify for a partial credit and those earning over $245,000 will not be eligible for the credit.

With the First Time Home Buyer’s Tax Credit extension in place now, we expect to see good activity continue through the fall and winter months in St. Louis. We will certainly see activity slow a bit as we get closer to all the Holidays, but that’s normal for our area. After the Holidays, the tax credit extension will help to get buyers, and sellers moving again and into the market.

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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This entry was posted on Monday, November 9th, 2009 at 7:35 am 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.