St. Louis Real Estate-Market Watch December 8th, 2007

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
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

Posted by Art Wagner   |   Read More   |   Your Comments Are Welcome!   |   12.08.2007

St. Louis Real Estate-Just Do It-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 
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

Posted by Art Wagner   |   Read More   |   Your Comments Are Welcome!   |   12.01.2007

St. Louis Real Estate-Market Watch November 17, 2007

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 
November 17th,  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! 

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

The St. Louis Real Estate Market this week has shown a small improvement from the last couple of weeks. We are seeing positive signs with the pending ratio inching up closer to 12% as more homes are accepting contracts AND selling a bit closer to listing price at 97.7%.  Much of this is due to less inventory on the market and buyers having fewer choices. This week, active listings have dropped by almost 200 and there is still an ever increasing number of “market rejected listings” choosing to stay off the market.

As we get closer to the end of the year, buyers that need to buy are realizing that it’s time to act if they want to be in a home before the end of the year. 

The Sellers that we talk to also realize that the end of the year is approaching and are either adjusting their prices or making other concessions or needed improvements to try to attract the buyers that are in the marketplace.  In this market, or any market for that matter, it’s all about being no. 1 and the “Best House on The Block.”

St. Louis Real Estate St. Louis County Market Watch November 17th, 2007

St. Louis Real Estate Jefferson  County Market Watch November 17th, 2007

St. Louis Real Estate St. Charles County Market Watch November 10, 2007

St. Louis Real Estate Benchmark Report October 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!   |   11.17.2007

St. Louis Real Estate-Market Watch November 10, 2007

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 
November 10th,  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 has not made any significant moves from last week.  We are sitting on a “plateau” right now, perhaps waiting to see what will happen as we get closer to the holidays and perhaps waiting to see if the rate cut by the Fed will effect the market. 

There is still plenty of inventory in the market for buyers to look at, but they should also take note that sellers that are in the marketplace are pricing their homes competitively as evidenced by our average list to sales percentages.  Homes accepting offers within the first 30 days, are still in a 2–3% market.  Homes that are up to 60 days on the market are remaining in a 3–4% market.  So..buyers that are looking for a that “so called DEAL”  must look at homes that are on the market longer than 60 days, and in some price ranges 90 days plus.

Mr. Buyer, do you want to take the chance that you will miss the home of your dreams by waiting for long market times?  Buyers that are looking now are more motivated and are buying somewhat quicker than in previous months. 

Sellers—with the amount of inventory on the market your mission still has not changed.  To get your home sold in today’s market, for the most money, in the shortest period of time you MUST be NO. 1 in your price range. You should be priced within market value, or a bit below it, be in the best condition, with all the expected updated in your price range and have the home aggressively marketed by a real estate professional. 

 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 November 10, 2007

St. Louis Real Estate Jefferson  County Market Watch November 2nd, 2007

St. Louis Real Estate St. Charles County Market Watch November 10, 2007

St. Louis Real Estate Benchmark Report October 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   |   1 Comment »   |   11.10.2007

St. Louis Real Estate-Market Watch November 2, 2007

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 
November 2^nd,  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 is continuing it’s fall trends with again; less listings, lower pending ratios and more rejected listings remaining off the market.  SELLERS TAKE NOTE-THIS IS GREAT!!  Those sellers just entering the market or remaining on the market will indeed face less competition and a bit more motivated buyer pool.

Less competition equated to more activity on your home and hopefully a sales price closer to the listing price.  As we mentioned last week, we are still very much in a buyer’s market with average total inventory at 10 months.

Jefferson County Real Estate Market is following the St. Louis County trends this week.  The major difference in Jefferson County is the pending ratio lower at 9.7% this week and the Days On Market are about 30 more than St. Louis County.

TRIVIA FROM LAST WEEK:  IF you’re a seller that also believes in LUCK AND PRAYER—There is a superstition here in St. Louis that by doing “something” outside in your yard will help your home sell. WHAT IS IT YOU MUST DO IN YOUR YARD? AND..it has nothing to do with perfect landscaping.

ANSWER: The superstition in St. Louis is that if you bury a statue of St. Joseph UPSIDE DOWN in your yard, he will bring you good luck, and hopefully a BUYER for your home in a short period of time.  We have clients in High Ridge, Mo. that will tell you it works!!

 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 November 2nd, 2007

St. Louis Real Estate Jefferson  County Market Watch November 2nd, 2007

St. Louis Real Estate St. Charles County Market Watch October 27, 2007

St. Louis Real Estate Benchmark Report October 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!   |   11.03.2007

St. Louis Real Estate – Mortgage News – Downpayment Assistance

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

Downpayment Assistance Rule:

For the past few years, FHA has allowed charitable non-interested parties to supply the down payment to a borrower on FHA loans. Unfortunately, this practice caused housing prices to be inflated as the seller would raise their price and then contribute the increase to the charity as a donation. The charity would then give a gift to the borrower and thus have the down payment for a home with an FHA mortgage. The challenge is that the borrower had no vested interest in the house and when times got tough it was easy for them to walk away since they would be losing nothing other than a home with an inflated price. Selling the home was difficult in a flat or declining real estate market. This practice is one of the logs on the bonfire of the mortgage industry that is burning across our nation.

Here is the latest on this practice:

FHA will issue official guidance regarding implementation of the regulation regarding a mortgagor’s cash investment. In the interim, to address the questions raised by many industry partners, FHA is providing the following information:

1. Nehemiah Corporation of America, due to a previous Settlement Agreement and as discussed in the rule, is granted relief from the effective date of the rule until April 1, 2008.

2. HUD has agreed to grant the AmeriDream Downpayment Assistance Program relief from the effective date of the rule until February 29, 2008.

3. All other similar downpayment assistance providers have not been granted relief from the effective date of the rule, which is October 31, 2007.

Provided that the homebuyer has entered into a contract of sale (including any amendments to purchase price) on or before October 31, 2007, FHA will recognize the gift if made to the homebuyer and properly documented as an acceptable source of the downpayment.

To read the final rule in its entirety and for more information please visit: http://hudclips.org/sub_nonhud/cgi/pdf/4846a.pdf

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

Posted by Doug Aegerter   |   Read More   |   3 Comments »   |   10.30.2007

St. Louis Real Estate – Mortgage News – Get on It

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

Lock Now! by Chris Scheer, Branch Manager, Cornerstone Mortgage, O’Fallon, MO

Over the last week we have seen interest rates for fixed rate mortgages drop between .25% and .375%. Why is this you ask? Wall Street is taking positions based on what they think the Federal Reserve will do with short term interest rates. For those of you that are waiting until the Federal Reserve Board makes its announcement at 1:15 p.m. C.S.T. on Wednesday October 31, 2007 you will be too late. See my previous writings about how the market moves before and after a Fed meeting.

Other things to consider, with the 30 year fixed rate hovering just above 6% we are at a psychological barrier. For the long term rates to go below 6% takes tremendous pressure. I don’t see the economic reasons that would apply this pressure taking place at this time. There are too many other signals that rates should be going up as opposed to down. This could be your last time for 6 months to lock into that really low rate!

Contact Chris Scheer at chrisscheer@stlouisrealestatevoice.com

Posted by Doug Aegerter   |   Read More   |   1 Comment »   |   10.28.2007

St. Louis Real Estate – Building Inspections – Fireplace

Filed under: Building Inspection News, First Time Home Buyer, For Buyers, For Sellers, Relocation Buyer, Unrepresented Seller(FSBO)

FIREPLACE INSPECTIONS by Harry Morrell, Allied Building Inspections

Cooler weather is nearing and home buyers will want to be sure that the fireplace and all its components are intact and operating properly. Fireplaces and their components are a big part of real estate transaction inspections and should be included in your inspection report when buying your home. An ASHI inspector is qualified to deliver a comprehensive report and inspection on the fireplace components. If the inspector observes red flags and safety concerns, a qualified chimney sweep will be recommended to perform any repairs, replacements, or service needed for safe and proper fireplace operations. A chimney sweep is qualified to perform a level three fireplace inspection, which is above and beyond what is needed for a real estate transaction inspection. The sweep is the best person to go to for repairs and improvements for any fireplace issue or concern.

There are two types of chimneys. One for the venting of gas fired appliances, and the other for fireplaces. This article only concerns information for fireplace components.

The fireplace inspection is focused on safety issues as well as structural integrity of the fireplace and chimney chase. Masonry chimneys shall be constructed on foundations of solid masonry or concrete at least 12 inches thick and at least 6 inches beyond each side of the exterior dimensions of the chimney. Footings should be installed below the earth frost line. Chimneys should be structurally sound, durable, smoke tight, and capable of conveying flue gases to the exterior safely. Clearances from combustibles is important and is something the inspector looks for. A two-inch clearance is required on a fireplace chimney in both interior and exterior installation. Chimneys are required to be lined with clay tile or approved metal liners. The inspector may not be able to totally view all flues from top to bottom. If there is any concern or blockage noted, a qualified chimney sweep should be recommended to service the unit before use. The actual brick chimney chase structure should be carefully inspected for cracks, displacement, deterioration, and leaning. Inspectors should be sure the structure is completely intact and sound, falling bricks can cause serious injuries.

The interior fireplace itself will be inspected for structural integrity, clearances from combustibles, and free of significant creosote build up. Creosote build up can result in devastating fires that are almost impossible to put out. Your inspector should raise a red flag and caution the buyer not to operate the fireplace until it is cleaned and serviced. Lighting and operating the fireplace is usually never done for real estate transaction inspections.

Wood burning stoves and fireplace inserts are popular and can certainly add warmth to a house as well as a pleasing decorative feature. However, most of these type units are added on to homes after the house was built and may have had amateurish installations. The unit itself may not be UL rated which raises additional safety concerns. The inspector should thoroughly inspect these appliances and recommend a qualified chimney sweep to make all necessary improvements and repairs for safe and affective service.

Harry O. Morrell
Allied Building Inspections, LLC
Certified ASHI Inspector

Harry can be contacted at HarryMorrell@stlouisrealestatevoice.com

Posted by Doug Aegerter   |   Read More   |   2 Comments »   |   10.28.2007