St. Louis Real Estate – Mortgage News – Live Talk

Filed under: For Buyers, For Sellers, Mortgage News

Someone Finally Heard the Message! by Chris Scheer, Branch Manager, Cornerstone Mortgage, O’Fallon, MO

Stop the presses!  After attempting to brand myself as “Your Residential Lending Expert” for over the past 2 years, one of my past clients has finally heard the message.  Dave Simons who hosts the “Dollars and Sense” money show on KMOX 1120 AM radio has asked me to join him on Wednesday, May 21, 2008 to discuss what is going on in the mortgage industry.  At this time I am scheduled to go on air at approximately 10:10 a.m.  The length of the visit should be around 10 minutes.

You can tune in or check out their live stream at www.kmox.com.

For questions or comments, please contact Chris Scheer at chrisscheer@stlouisrealestatevoice.com

Tags: St.+Louis+Real+Estate, Mortgage+News, Home+Buyers, Home+Sellers, KMOX+1120, Dave+Simons

Posted by Doug Aegerter   |   Read More   |   Your Comments Are Welcome!   |   05.19.2008

St. Louis Real Estate – Home Staging – Paint

Filed under: For Sellers, Home Staging

Interior Walls…Color Them Cozy! by Sue Rector ASP Stager, HomeStaging Innovations, LLC

As an ASP (Accredited Staging Professional) Home Stager, I am asked frequently at Staging Consultations….Do you think we need to repaint?…and…What color should we use?

In terms of dollars, painting is a considerably “low” investment that a Home Seller can make and receive a “higher” rate of return at closing.

Home Staging is all about presenting the house for sale in the Best Possible Showing Appearance.  When potential Home Buyers come through a house for sale, they are attracted to a property for many reasons.  The Mood or Feeling that a house presents is very important!  The interior wall color or colors of a house are extremely significant in helping to set the mood or feeling of a house.  Wall color can be one of the most important factors in a Home Buyer’s perception that turns a “House for Sale” into the “Home They LOVE!”

Consider the following if you are thinking about repainting your house as you prepare it for sale…or if your house has not sold and you are considering some repainting updates:

1.  A home is more appealing when it emits “Warm Fuzzies”…remember that phrase?  It is still pertinent today. ASP Home Stagers, through wall color consultations, can assist you in making your house as “warm and inviting as possible” to potential Home Buyers.  Hues of whites, although very neutral, tend to present a COLDER setting,  Hues of blues, although recommended for relaxation by some, tend to present a COOLER setting in rooms. Other more dramatic colors of red, yellow, darker greens, and orange are more “personalized colors” (Remember from Staging 101:  Home Staging is de-personalizing and Decorating is personalizing).  When choosing wall color for your house for sale, it is typically recommended that you choose a color to present a feeling…one that will not be a distraction within a room. In fact, wall color should be a non-factor within a room, just helping to set the mood, set the feeling.  Medium hues of browns, golds, taupes, and sometimes greens will warm up a rooms setting….making it feel inviting and cozy to Potential Buyers.  Darker hues of any color within rooms can make the room appear to be more closed in and smaller.  Lightening and brightening rooms are areas that ASP Home Stagers will recommend to improve in order to present your space in the Best Possible Showing Appearance.  A new “splash” of paint can greatly help in these areas, if the color is chosen wisely.

  
2.  If you decide to repaint, choosing a warm and inviting color, consider this in terms of what to repaint…when a house has several different colors within different rooms, the house can appear to be “choppy” in regards to the flow of the house.  So whenever possible, use that “warm color” throughout the house.  It will sustain the flow of the inviting mood to each room and area.  If you can not or do not want to repaint your whole house, then consider repainting the main areas of the house such as the living room, dining room, kitchen, family room, master bedroom suite, and all hallways.

3.  A new coat of paint makes a house feel clean and fresh!  In today’s housing market, Home Sellers need every advantage in making their house stand out from their competition.

ASP Home Stagers can assist you in choosing paint color to emit those “Warm Fuzzies” to those Potential Home Buyers, if you need help in this area.  We are not decorators… We are a part of the Real Estate Industry!  ASP Home Stagers know what helps to sell houses, faster.

If you are a Realtor, Home Seller, or Potential Home Buyer…what color do you think is the most appealing in setting an inviting mood:  Hues of browns, golds, taupes, or greens?  Any specific color and brand you like best?   Let us know.

If you would like more information on Home Staging Services, we invite you to visit www.stagedhomes.com and http://www.stlstaging.com/.  For any specific questions regarding Home Staging Services, please feel free to contact us as well, at homestaging@stlouisrealestatevoice.com

Remember—Color It COZY!

Posted by Doug Aegerter   |   Read More   |   1 Comment »   |   04.30.2008

St. Louis Real Estate – Home Staging – BLING

Filed under: For Sellers, Home Staging

Home Staging…It’s NOT Just About Vacant Houses!

Home Staging is the process of preparing a home for sale, regardless of price, location, or condition (Barb Schwarz, Creator of the Staging Concept).

From my experience as an Accredited Staging Professional (ASP), I continually receive inquiries for Home Staging Services, predominantly for vacant homes. I love staging vacant homes! It provides me with a “blank palate” to be creative in using my professional staging skills to define space and function of rooms and areas, as well as accentuating the special features of a house for sale.

BUT…there is so much MORE that Home Staging Services can offer Realtors and Home Sellers at affordable costs which can really impact the overall appearance of the house.

My favorite Home Staging Service to provide to Realtors and their Home Sellers is a Verbal Staging Consultation. Within my business, the dollar investment for this Home Staging Service typically ranges from $75-$150 and the time investment for the Home Seller is typically 1-2 hours. As an ASP Stager, when I meet motivated Home Sellers who are receptive to making changes in their home to present it in the Best Possible Showing Appearance, this type of consultation is all they need!

A Verbal Home Staging Consultation begins by sharing the general concepts of Home Staging. Then, the Home Seller is encouraged to grab a pen and paper and we are off! Looking at each room and/or area of the house, general and specific staging recommendations are shared and the reasons for the recommendations…furniture re-arrangement, de-cluttering, defining space and function, accentuating special features…ideas are quickly shared with the Home Sellers to changes that will appeal to a wide range of potential buyers.

What I have overwhelmingly found after these Verbal Staging Consultations is that this affordable, 1-2 hour consultation really helps Home Sellers to look at their home in a different way….through the eyes of potential buyers. I find that the majority of my clients understand why I made recommendations and after I leave they make the changes. The results…on a revisit that I make (at no extra charge), my clients have typically made dramatic changes through their own staging that I feel, as a professional, presents their home in a much better showing appearance. Some of my clients’ staging work looks as if a professional stager had completed the project!

As a Realtor or Home Seller, have you considered contacting an ASP Stager for a Verbal Staging Consultation? If so, did it help, did it make a difference in the overall appearance of the house? If not, WHY NOT? It’s affordable, it’s valuable information, and a consultation such as this is just another step to getting your house in the Best Possible Showing Appearance!

The pictures on the MLS will look their best as well, drawing potential buyers to make that appointment to view the house in person.

Home owners, if you are considering placing your home on the market, consider a Staging Consultation from an ASP Stager. If you already have your home on the market and it is has not sold…it is never to late to stage your home, consider a Staging Consultation as well.

Realtors…consider using an ASP Stager to offer additional value services to your clients, whether you pay for the Staging Consultation yourself or refer your clients to an ASP Stager.

Remember New Conventional Wisdom: What sells a house?…
Price, Location, Condition, Best Possible Showing Appearance, and Great Internet Marketing!

Need to find an Accredited Staging Professional in your area? Want to find out more consumer-related information regarding Home Staging? I encourage you to visit www.stagedhomes.com, http://www.stlstaging.com/ , or feel free to contact our staging team at homestaging@stlouisrealestatevoice.com.

Tags: St.+Louis+Real+Estate, Home+Staging, Vacant+homes, ASP+Stager

Posted by Doug Aegerter   |   Read More   |   1 Comment »   |   03.23.2008

St. Louis Real Estate – Home Staging – Internet Marketing

Filed under: For Sellers, Home Staging

St. Louis Home Staging and Marketing Your Home on the Internet…. What’s the Connection???What’s the Connection???What sells a house? OLD Conventional Wisdom said…Price, Location, and Condition.

But times have changed with the use of the Internet being the primary means and essential part of marketing houses in this country, as well as all over the world. Research notes that over 75% of buyers are looking online for houses before they ever contact a Realtor. Research also notes that the more photos you have of your property and the better the photos, potential buyers are going to stay on your site longer— increasing the possibility that they will call to make an appointment to view your property. In today’s housing market, potential buyers, as well as Realtors are typically going to be looking at photos of your house online FIRST, and then making a decision to see the house in person….or NOT.

So what does marketing your home on the Internet have to do with Home Staging?
What does the quality of the photos of your home on the Internet have to do with Home Staging?
The answer to the above questions: EVERYTHING!

The “quality of the photos of your property” has to do with 3 Significant Factors:

1. GREAT PHOTOGRAPHY, find a highly qualified real estate photographer,
2. WHAT is being photographed, and
3. HOW the areas and special features of a house are presented in the photos.

According to Barb Schwarz, Creator of the Staging Concept and CEO/Founder of stagedhomes.com,
the 3 C’s of Home Staging are:

1. Clean,
2. Clutter-Free, and
3. Color (ie neutralizing color)

Photos of an occupied home for sale will typically not show whether the house is clean…or not; however photos do reflect if rooms are cluttered and photos do reflect the colors within rooms. Cluttered space and personal color and/or color patterns can be very distracting to potential buyers whether they are viewing photos of a house online or viewing the house in person. Great houses can be overlooked by potential buyers seeing it online because the houses have not been put in their BEST POSSIBLE SHOWING APPEARANCE.

In a vacant home for sale, photos of an empty room tell buyers very little about which room it is, in many cases. Photos of empty rooms can present the color of the walls and the flooring, as well as special features; however, in vacant houses, photos of empty rooms do not adequately present the space, size, or function of those rooms. Home Staging Services that bring in furniture and accessories can really impact the way your “vacant” house is presented and viewed in photos, as well as in person.

If you are a home seller or a Realtor with an existing listing, I invite you to take a second look at your Internet marketing photos. Try to look at these photos through the eyes of a potential buyer. Can you see the great fireplace or the hardwood floors in the room among all of the furniture, rugs, and knickknacks? Can you tell which room is being displayed, if the house is vacant? What is the potential buyer seeing…too much color, outdated color or patterns?

STAGING your home is crucial in making the photos of your property more appealing and more inviting to potential buyers. STAGE your home BEFORE it goes on the market to make sure your Internet photos reflect your great house! If your home is already on the market, it is never too late to STAGE your house, take new and better photos, and present it in the BEST POSSIBLE SHOWING APPEARANCE.

STAGING presents your home in the BEST POSSIBLE SHOWING APPEARANCE, whether on Internet marketing sites or as potential buyers walk through.

What sells a house? NEW Conventional Wisdom…Price, Location, Condition, Best Possible Showing Appearance, and Great Internet Marketing!

Need to find an Accredited Staging Professional (ASP) in your area? Want to find out more consumer-related information about Home Staging? I encourage you to visit www.stagedhomes.com, http://www.stlstaging.com/, or feel free to contact our staging team at homestaging@stlouisrealestatevoice.com.

Posted by Doug Aegerter   |   Read More   |   4 Comments »   |   03.03.2008

St. Louis Real Estate – Mortgage News – Cust. Service

Filed under: First Time Home Buyer, For Buyers, For Sellers, Mortgage News, Real Estate News

Customer Service or Lack There Of! by Chris Scheer, Branch Manager, Cornerstone Mortgage, O’Fallon, MO

If you have read my previous posting on Manufactured Housing you may be aware of the challenge that I had getting the appraiser to put the Make, Model, serial number and year manufactured on an appraisal of a Manufactured house. The appraisal form clearly states that this information is needed, yet the appraiser we chose to use could not find the information on the property and thus felt it was not his responsibility to locate it. Over a 2 week period my assistant requested the information be added to the appraisal and each time she was told he didn’t have it or have access to it. Since this was one of my first challenges working with this assistant I let her attempt to handle the situation until it became a crisis. I recognize I should have stepped in sooner, but until you see someone perform under fire you don’t know how good they are.

At the eleventh hour I went to the Internet and found the source of the information within 10 minutes. Prior to doing that I sent an e-mail to the managing partner of the appraisal company that was very direct and to the point, see the following:

“We have a challenge. As you are aware, we have asked the appraiser to supply the Manufacturer’s serial number, name, trade/model and date manufactured for the property on xxxxx road. At this time this is the only item I need to get a clear to close, however, we will not close until we have it. In the appraisers defense, the realtor and her clients went through the entire house tonight and could not find it. However, since there is the HUD certification label #RAD730051 as per his appraisal, this should be the basis to track down the required information. If the realtor manages to find this information then the appraiser looks bad. If we manage to find this information, then the appraiser looks bad. If HUD provides it, he still looks bad, but not as bad. If he finds it, then he gets off the hook. See the challenge? I realize that this is extra work and frustrating for everyone. However we have a client who is trying to purchase a home and helping them achieve their goal is what we do. Feel free to call me if you have any questions or comments.”

I have inserted “the appraiser” and “realtor” where the names were in the correspondence. I received no reply to this e-mail from the appraiser and when I was contacted that day by the appraiser to review the value on another property nothing was mentioned of the e-mail until I brought the situation up. The defense of the appraiser was that no other lender had ever requested this information and he felt it was not his responsibility. I reiterated that the underwriter requested that the appraiser complete this section of the appraisal, therefore at that time it becomes the appraisers responsibility. He continued to contend that since he couldn’t find it then it wasn’t his job to get it. When I explained how easy it was for me to obtain, he asked why I didn’t do that sooner. It became a circle of discussion with me telling him what I expected as the client and him saying that he wouldn’t do it. Later that day I addressed the situation with one of the other principals at the company whom the e-mail was sent to and he defended his partner. Going further to say that we didn’t know what we were doing.

I appreciate a business partner defending his associates, but at the point that you have a client telling you that you screwed up and that what was being requested was not out of the ordinary for our industy. . . this is not the stance to take if you want to keep the relationship. As the lender I have a choice of the appraisers I choose and the stance this company took will keep them from getting any more of my business.

For questions or comments on this post, please contact Chris Scheer at chrisscheer@stlouisrealestatevocie.com

Posted by Doug Aegerter   |   Read More   |   Your Comments Are Welcome!   |   01.07.2008

St. Louis Real Estate-2008 Begins NOW!

Filed under: First Time Home Buyer, For Buyers, For Sellers, Real Estate News, Relocation Buyer, St. Louis Market Reports, Unrepresented Seller(FSBO)

St. Louis Real Estate Market Watch
January 4^th, 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 is continuing it’s winter trend of slowing with active listings under 4500, market rejected listings reaching over 4700 and the pending ratio falling again to 11.22%. However, the segment of the market in the $125,000 to $250,000 price range are maintaining pending ratios well above the average. These price ranges also tend to have the bulk of the inventory on the market at this time, as these are the price ranges that tend to keep the St. Louis market moving. There are a few of the higher price ranges that are also experiencing higher than average pending ratios.

We have seen in the last couple of weeks some good buyer activity in the market; we think it is because of unusually good weather, except for one snow day and two days of below freezing temperatures. Also, the roller-coaster ride that interest rates have been on has probably spurred some buyers to lock into a rate and buy now, as opposed to waiting.

Sellers-don’t get discouraged now– stay on the market while some of your competition waits on the sidelines. We still hear from frustrated sellers that they want to wait until the market improves. We tell them that if they are willing and able to wait possibly until 2009, go ahead. We still see all predictions for our real estate market to remain at the levels it is now, with possibly a very small increase in sales volume and home prices. If sellers are waiting for an “improvement” to 2003–05 conditions, it’s not happening anytime soon.

Those sellers waiting for spring will undoubtedly see more buyers in the marketplace, ALONG with an increase in competition (inventory). I guess that’s OK because when spring comes, the home will be priced a bit below market value, it will be in absolute show-room condition and it will be marketed with an unlimited budget. When spring comes, that’s what it will take. We’ll see.

Thinking of buying or selling a home? Contact Us for additional information tailored to your specific needs.

St. Louis Real Estate St. Louis County Market Watch January 4th, 2008

St. Louis Real Estate Jefferson County Market Watch December 29th, 2007

St. Louis Real Estate St. Charles County Market Watch January 4th, 2008

St. Louis Real Estate Benchmark Report December 2007

The report begins by breaking the market into 17 distinct price ranges. Then we show current listings and current pending listings which creates a pending ratio, which is helpful on a week to week basis to see if activity is increasing or decreasing in a price category.

The report also shows the last 6 months of results and compares the data to the same 6 months of the previous year.

The Market Analysis includes data on:

Number of Active Listings (Current)
Pending Sales (Going to closing)
Pending Ratio (Active vs.Pending)
Sold (Last 6 months)
Expired (Last 6 months)1
Average List Price
Average Sale Price
Average List to Sales Price %
Days on Market (DOM)
Months worth of Inventory (Based on current pending rate)
Buyers Market: > 7 months of listing inventory

Transitional Market: 5 – 7 months of listing inventory (sometimes called a “balanced” market)

Seller Market: < 5 months of listing inventory

Average % Sale Price/List Price (0-30), (31-60), (61-90), (91-120), (120+)DOM

Notice that you’re paying a penalty for over pricing. . .hey. .it’s a fact!!

The Benchmark Report is produced monthly for:

• Single Family Residence
• Ranch Style
• 1300 – 2000 sq.ft.
• 3 Bedrooms
• 1.5 Bathrooms

Art Wagner can be reached at art@stlouisrealestatevoice.com

Posted by Art Wagner   |   Read More   |   Your Comments Are Welcome!   |   01.05.2008

St. Louis Real Estate-Happy New Year!

Filed under: First Time Home Buyer, For Buyers, For Sellers, Mortgage News, Real Estate News, Relocation Buyer, St. Louis Market Reports, Unrepresented Seller(FSBO)

St. Louis Real Estate Market Watch
December 29th, 2007
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!

St. Louis Real Estate comes to the close of another year. And what a year it’s been watching home prices slide downward and days on market climb into triple digits. Watching the “Mortgage Credit Crisis” unfold was, and still is, one of the major events we all are paying close attention to. Buyers and Sellers this past year have had to adjust to a new set of “rules-of-thumb” when it came to buying and selling a home. Those that adjusted quickly had great success with their buying and selling process; those that took too long to adjust helped contribute to the abundance of inventory of homes that are still available. When all the statistics are in, I think we will still see that 2007 was one of the better years in real estate here in St. Louis.

St. Louis Real Estate in 2008 is predicted to be a better picture with a slight increase in home prices and an increase in sales volume. We have a lot going for us here in St. Louis in the coming year. Just a few of the positives are:

1. Mortgage lenders are sorting out their problems and developing products to help us

move forward into 2008

2. The Fed’s Rate Cut in the last quarter of 2007 should spur more activity within our marketplace.

3. With New Home Builders slowing their production, inventories should start to level off

a bit and in turn help existing-home sales.

4. The Wacovia / A.G. Edwards Merger and the Edward Jones Co. expansion will certainly create some great real estate opportunities in St. Louis.

5. President Bush’s plan to help a portion of the sub-prime borrowers should

help to keep inventories in some price ranges in check.

SO…We’re looking forward to 2008 and all the opportunities a new year presents.

WATCH WHAT HAPPENS— Stay with us through 2008 and see if all the postive predictions come true.

HAVE A SAFE AND HAPPY NEW YEAR!!

Thinking of buying or selling a home? Contact Us for additional information tailored to your specific needs.

St. Louis Real Estate St. Louis County Market Watch December 29th, 2007

St. Louis Real Estate Jefferson County Market Watch December 29th, 2007

St. Louis Real Estate St. Charles County Market Watch December 22nd, 2007

St. Louis Real Estate Benchmark Report November 2007

The report begins by breaking the market into 17 distinct price ranges. Then we show current listings and current pending listings which creates a pending ratio, which is helpful on a week to week basis to see if activity is increasing or decreasing in a price category.

The report also shows the last 6 months of results and compares the data to the same 6 months of the previous year.

The Market Analysis includes data on:

Number of Active Listings (Current)
Pending Sales (Going to closing)
Pending Ratio (Active vs.Pending)
Sold (Last 6 months)
Expired (Last 6 months)1
Average List Price
Average Sale Price
Average List to Sales Price %
Days on Market (DOM)
Months worth of Inventory (Based on current pending rate)
Buyers Market: > 7 months of listing inventory

Transitional Market: 5 – 7 months of listing inventory (sometimes called a “balanced” market)

Seller Market: < 5 months of listing inventory

Average % Sale Price/List Price (0-30), (31-60), (61-90), (91-120), (120+)DOM

Notice that you’re paying a penalty for over pricing. . .hey. .it’s a fact!!

The Benchmark Report is produced monthly for:

• Single Family Residence
• Ranch Style
• 1300 – 2000 sq.ft.
• 3 Bedrooms
• 1.5 Bathrooms

Art Wagner can be reached at art@stlouisrealestatevoice.com

Posted by Art Wagner   |   Read More   |   Your Comments Are Welcome!   |   12.29.2007

St. Louis Real Estate – Mortgage News – Manufactured House Blues

Filed under: First Time Home Buyer, For Buyers, For Sellers, Mortgage News, Real Estate News, Relocation Buyer

Manufactured Housing by Chris Scheer, Branch Manager, Cornerstone Mortgage, O’Fallon, MO

So why is it so hard to get a loan for a manufactured house?

Over the past month I have had the opportunity to work a loan that was on a manufactured house that had been repossessed by HUD. The client came to me saying they wanted to buy this house without having sold their current home so they could have time to fix it up before moving in. The borrower was self-employed and he felt his tax returns would not support him owning 2 homes. Based upon his excellent credit I told him we had a way to do the loan if he put 10% down. We would allow him to state his income and then when he sold his current home and was ready to pay down the mortgage on the new home we would refinance him. Things were going along swimmingly until the file hit underwriting. Even though the guidelines I had for the investor said they would do a conventional loan using stated income on a manufactured home, the information the underwriter had said otherwise. At this point most loan officers would take a pass and deny the loan. I chose to switch the loan to an FHA loan and ask the borrower for the documentation to support the income needed. Read the rest of this entry »

Posted by Doug Aegerter   |   Read More   |   Your Comments Are Welcome!   |   12.27.2007