Want to “POP” an area, a special feature, or a room to attract that Potential Buyer’s Eye?

Use Vignettes!!

What is a Vignette, you say?  Well, it is “an arrangement” of three items:  one high, one medium, and one low in terms of their height.   The items within an arrangement can be greenery, knickknacks, pictures, small furniture items, etc.

The word vignette is pronounced /vin yet/. 

Vignettes are interesting to the eye.  They are groupings of items that appear to go  together in a way that is perceived to be un-cluttered and pleasing.

Use vignettes to draw a Potential Buyer’s eye to a particular area or space in a room, such as the corner of a great counter in the kitchen.  In staging a kitchen, it is usually recommended to have the least amount of items on your counters–but an interesting vignette on one end or in a corner area shows off the counters and attracts the buyer’s eye to the space. 

Use vignettes to draw a Potential Buyer’s eye to a great feature in your house, such as a fireplace. The vignette could be placed somewhere on the mantle or on the base of the fireplace.  This example below shows a wonderful granite shelf that we wanted to emphasize in a master bathroom. 
The vignette worked well to POP this great feature!

Use vignettes to draw a Potential Buyer’s eye into a room, such as this interesting arrangement in a small half bathroom.  This not only draws them into the room, but the vignette makes the half bathroom more interesting and inviting!

So…Vignettes, Anyone???  We welcome any of your comments about this idea or if you have some “Vignette Ideas” of your own that you would like to describe and share, let us know.

For more information regarding Home Staging Services, feel free to contact me at Homestaging@stlouisrealestatevoice.com and visit our website at www.stlstaging.com.

Sue Rector, ASP Stager
Accredited Staging Professional
HomeStaging Innovations, LLC

White Walls….NOT the New Neutral!

Recently while providing Home Sellers with Staging Consultations, I experienced very similar situations.  I walked into houses that are for sale and all of the walls were white or off white.  In all of these cases, the Home Sellers told me that they had various colors of walls and that their Realtor told them to paint all of the walls white.  They all told me that the Realtors suggested this because the rooms will look bigger, brighter, and cleaner…and that white was a “neutral color”. 

In my previous article, “Color It Cozy” I discussed how important interior wall color is when selling a house.

When a Potential Buyer comes through your house-for-sale for the first, second, or third time, you want them to feel “Warm and Cozy”.  Whether they know it or not, Potential Buyers are looking for that home which emits those “Warm Fuzzies”.

The color white or hues of the color white are NOT colors that will emit warm and cozy feelings.  Does the color white or hues of white reflect light better so that rooms seem brighter…Yes.  Does the color white or hues of white make rooms appear bigger…Maybe.  Does the color white or hues of white make rooms appear cleaner…Not sure about that one.

Think about this…What is the color of SNOW?…WHITE

What is the temperature of SNOW?…COLD

In my experience as a Professional Stager, White = Cold.

Would you want to stay in a COLD room or a WARM room?????

White and hues of white are the Old Neutrals.

There are many different “Warm Neutrals” that will help Potential Buyers to feel “Warm and Cozy” as they go through your house. 

Warm neutrals can be hues of Browns, Golds, or Soft Greens.

I have several favorites that I share with my clients when they are interested in presenting their house-for-sale in the Best Possible Showing Appearance. These are Sherwin Williams colors-which can be purchased through that store or matched to other brands that you prefer.  I hope that these will be helpful to you if you are considering re-painting your interior walls. When at all possible, paint all the walls the same warm color.  It makes your house flow altogether.  You might think this would be “boring”, but remember when you stage a house for sale, you are not decorating. Staging is about creating a mood, a setting in order for the Potential Buyer to visualize themselves living there with their things!

My favorite hues are the hues of Brown and Gold because these will typically go with any décor that you might have, soft hues of Greens may not:

Browns:  SW6106 Kilim Beige, SW6107 Nomadic Desert, SW6141 Softer Tan, SW6142 Macadamia, SW6085 Simplify Beige, SW6086 Sand Dune, SW6093 Familiar Beige, SW6099 Sand Dollar, SW6100 Practical Beige

Golds:  SW6120 Believable Buff, SW6121 Whole Wheat, SW6127 Ivoire, SW6128 Blond.

Remember…staging statistics indicate that the investment in painting whether it is inside or out, gives you the most return for your dollars.  Wall colors create a mood, a feeling for Potential Buyers.  Make your wall colors “Warm and Inviting”!

If you have any questions regarding wall colors or home staging, feel free to contact me at Homestaging@stlouisrealestatevoice.com .

Sue Rector, ASP

Accredited Staging Professional
HomeStaging Innovations, LLC
www.stlstaging.com

Neither the State of Missouri nor any federal agencies currently have any regulations regarding investigation, evaluation, or remediation of mold. The front runners in the development of mold regulations include the states of New York, California, Minnesota, and Texas. 

A general home inspection during a real estate transaction typically includes looking for mold, and water/moisture intrusion. This is significant during the inspection of the interior.  Every home inspector should be aware of the legal consequences of mold in homes. In fact, mold litigation has been the chief reason for mold awareness in homes. Health issues and the affects mold has on adults and children have been debatable. However, the mere thought of going through trials and litigation over mold, health concerns, and law suits make the whole mold issue significant. 

A careful visual inspection for mold and water/moisture intrusion can eliminate 80% of the concern and responsibility of mold being in the home. The 20% of what is going on in between the walls that can’t be seen will always be there. Most good home inspectors will do a virtual photo scan of the entire house to document what the conditions were at the time of the inspection. However, all parties should be aware that lawsuits and litigation can raise its ugly head even when everyone has made a good faith effort to disclose and carefully inspect the property before the real estate transaction has closed. 

During the inspection the inspector will typically look for stains and/or mold and then try to determine the source of the stains. Mold does not appear out of the blue by itself. Sources are typically an interior water leak, or water/moisture intrusion from the exterior to the interior spaces or lack of or improper ventilation. If there is an unusual odor or musty smell, air monitoring should be considered. If mold is found, the inspector may also suggest taking a sample to determine and identify exactly what type mold is present in the home, toxic or allergenic. Both these procedures are separate fees from the whole house building inspection. 

Take time and talk with your inspector over all these variables and more concerning mold. You can’t afford not to know about mold in your home. And make sure your inspector is ASHI certified! 

Harry Morrell
ASHI Certified Inspector

“WOW!”

That is what Sellers want Potential Buyers to say… when those buyers walk through their house for sale. 

Any house on the market can achieve “The WOW Factor” by meeting or exceeding a Potential Buyer’s expectations.  When a Potential Buyer’s expectations are met or exceeded…this could very likely lead to a contract, then a FINAL SALE! 

How does a Seller achieve The WOW Factor? 

Staging your house for sale is essential in achieving “The WOW Factor”.  In one of my earlier articles, I discussed the connection between Home Staging and Internet Marketing.  In order for Potential Buyers to say “WOW” when they walk through your house…you first have to get them TO your house. 

Price, Location, and Great Internet Pictures, along with a creative descriptive write-up will get that Buyer to make an appointment to see your house.  A Staged Home makes the Internet marketing pictures of your house for sale look great!   The old saying of “A picture is worth a thousand words” continues to hold true today.  Pictures of a house for sale can impact a Potential Buyer much more than a list of the house’s features.  

But what is very important for Sellers to understand is that pictures can be deceiving.  There is nothing worse than a Buyer arriving at a house that they saw on the Internet, and immediately the house is Below their expectations.   Meeting, but especially Exceeding a Buyer’s expectations of a house they make an appointment to see, will keep their interest, get them inside….and hopefully this will lead to a contract! 

Barb Schwarz, Creator of the Staging Concept and Founder/CEO of Stagedhomes.com, says that staging is the process of preparing a home for sale regardless of price, location, or condition.  

Staging a house for sale gets the house in the Best Possible Showing Appearance. 

Staging defines the home’s space in terms of size and function.

Staging accentuates the special features of a home.

Staging creates a “welcoming ambiance and atmosphere” which will be very pleasing to a Buyer

…and that’s when they say “WOW”! 

Does your house for sale have “The WOW Factor”?  Is it in the Best Possible Showing Appearance?  Based on your internet marketing, will a Buyer’s expectations be met or exceeded when they drive up and come through your house? 

If you are considering selling your house or currently have your house on the market…and you don’t know or don’t feel that it has “The Wow Factor”, then consider Home Staging Services.   An Accredited Staging Professional (ASP) can assist you to achieve “The WOW Factor” through Staging Consultation Services,  Hands-On Staging Services, or Vacant Home Staging Services. 

With excess inventory in this current market, Buyers can be and are being particular about the houses they make appointments to see.  Make sure that your house for sale has “The WOW Factor” online and in person! 

For more information about Home Staging Services and putting the “WOW” in your house for sale, feel free to contact me at homestaging@stlouisrealestatevoice.com .

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

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

St. Louis Real Estate Market Watch 
December 22nd,  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 TAKES A BACK SEAT TO LAST MINUTE HOLIDAY SHOPPING!!

Makes sense, this time of year, as active listings and pending sales and our pending ratios drop again this week.  Even so, there is still activity in the marketplace.  Serious buyers and sellers alike are hoping for that ULTIMATE holiday gift—a new home or an accepted contract.

Once the holidays have passed, it will be interesting to see how the buyers and sellers in the marketplace adjust to all the new events in the mortgage industry.  Let’s hope 2008 will be a better year for everyone in the market. 

According to the National Association of Realtors, existing-home sales are projected to trend upward  in 2008. The NAR also predicts that the median home price for 2008 should increase 0.3% in 2008.  Read this article in it’s entirety here at Realtor.org. 

HAPPY HOLIDAYS TO ALL OUR READERS!!

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 22nd, 2007

St. Louis Real Estate Jefferson  County Market Watch December 15th, 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

St. Louis Real Estate Market Watch 
December 15th,  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! 

This week, buyers choices for that Dream Home continue to diminish, as we are showing less than 5000 active listings.  To follow, the pending ratio is inching higher to 12.48%.  This is typical this time of year, but what is not typical is the recent actions by the Fed and other Central Banks around the world, and the mortgage rates on a roller-coaster, but still very affordable around 6%.

Both buyers and sellers should benefit from these recent actions by the Fed and other Central Banks around the world.  Buyers that fit into the scenarios just created will have a better chance of obtaining a mortgage or possibly locking into a more favorable rate.  Sellers therefore should have a better chance of getting their home sold in a timely fashion. 

The higher priced homes in our area may also benefit, as there is now talk about raising the $417,000 limit on conventional mortgages. Currently, a mortgage above $417,000 is qualified as a JUMBO mortgage which usually comes with a higher interest rate. 

Who knows where all these “fixes” will come to rest, but it seems that everything that’s being done is good step in the right direction.  Keep an eye on what’s happening with us by checking out Chris Scheer’s articles that are posted in our blog frequently.  You can also check current happenings at www.realtor.org. 

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

St. Louis Real Estate St. Louis CountyMarket Watch December 15th, 2007

St. Louis Real Estate Jefferson  County Market Watch December 15th, 2007

St. Louis Real Estate St. Charles County Market Watch November 24, 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

St. Louis Real Estate Market Watch
December 8th, 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!

The St. Louis Real Estate Market this week continues to show typical seasonal trends of slowing with an increase of expired listings staying off the market, and a big drop in active listings. The good news is that our pending ratio is holding between 12–13%. This is a good indicator that the homes that are still on the market are attracting offers and accepting contracts.

The other good news is that if you are loan shopping now, you have an opportunity to get a fixed 30 year mortgage below 6%, if you qualify. Check out our Mortgage Guru Chriss Scheer’s latest articles posted in our blog for his evaluation of the current mortgage industry situations.

Also, President Bush this week rolled out his plan to help the sub-prime market problems. For an in-depth description and explaination of the program, see this article,”Who the Subprime Mortgage Plan Will Help” courtesy of RIS Media. This plan seems to be a step in the right direction, although it will probably only help 1.2 million people in the subprime market, as it targets borrowers who are relatively current on their mortgages.

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 8th, 2007

St. Louis Real Estate Jefferson County Market Watch December 1st, 2007

St. Louis Real Estate St. Charles County Market Watch December 8th, 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

St. Louis Real Estate Market Watch 
November 24th,  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! 

HEY BUYERS!! How much more evidence do you need to see that NOW is the time to buy that DREAM HOME?? 

MORTGAGE RATES HAVE FALLEN AGAIN!!  Read Chris Scheer’s article, “Lock it and Pocket the Money”, published in our blog or check out Inman News for proof. This last week we’ve seen some awesome activity on the mortgage rate side of our business.

Earlier this week, Inman News reported that the long-term mortgage interest rates were down and that the benchmark 10–year Treasury bond yield dropped to 3.83%. Inman News reports, based on data from Bankrate.com, that the 30–yr. fixed rate was down to 5.82% and the 15–yr. fixed rate fell to 5.4%.  Bankrate.com’s data is composed of surveying 4000 banks in 50 states.

Inman News also reported this last week that the “sales rate for NEW HOME sales rose in October for the first time since April, but fell about 23.5% compared to October 2006.  Also, the median sales price of new homes dropped 13% in October compared to October 2006.”

This last Wednesday, according to Inman News, the National Association of Realtors reported that the median price of re-sale homes fell 5.1% in October 2007 compared to October 2006.  Also, another index released this week by the National Association of Home Builders and Wells Fargo, revealed that the NATIONAL median price of new and re-sale homes sold in the third quarter this year dropped 3.6% compared to the third quarter of 2006.

FOR ALL YOU JUMBO MORTGAGE BUYERS— Sorry, your loan will probably get a bit more expensive, as this last week, Inman News reported that the average 30 yr. JUMBO loan rose 4 basis points from a week ago to 7.24%.

SO…What does that mean for our St. Louis Real Estate Market??—That means BUY YOUR NEW HOME NOW, and LOCK IN YOUR LOAN.

With the St. Louis Real Estate Market this week showing more listings coming off the market, and pending ratios hanging in at 12–13%, the buyers that are serious are buying.  There are some GREAT values out there, which doesn’t mean you can STEAL a home, just that this a great time to get excellent value for your hard-earned dollar.  For homes that are priced within market value, we are still in a 2–4% market with our average sales to list price comparisons. 

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 1st, 2007

St. Louis Real Estate Jefferson  County Market Watch December 1st, 2007

St. Louis Real Estate St. Charles County Market Watch November 24, 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