St. Louis Real Estate-Market Watch August 1st, 2009

Filed under: St. Louis Market Reports

Saint Louis Real Estate-Market Watch  by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
August 1st, 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….WAIT A MINUTE!…. 

IS THIS REALLY the first of August already??  Hard to believe, for me, what with a pile of mulch still in my driveway,  a yard only half re-landscaped, and my list of summer “honey-do’s” is still a mile long.   My good intentions better get moving in the next two months or so! (I hope my wife isn’t on our RSS feed!)

Ok, back to Real Estate; our market this week seems to have slowed a bit with activity, due to last minute vacations, getting kids ready for school, and all the other last minute things you are supposed to do in August before school starts.

The part of our activity that hasn’t seemed to slow down so far is the First Time Homebuyer activity.  With December approaching, these buyers are well aware that they must stay in the marketplace and find a home soon, since from the time they get an accepted contract on their home, it could take 30-45 days to close their transaction.  So..if you back up from December first, that means that you will need to find your home by mid to late October at the latest. 

Sure, you can still find a home in November, but you had better have all your “ducks” in a row before you write that contract; such as a solid pre-approval letter from your lender,  enough cash in the bank to cover closing costs (you will still need something, even if the seller helps you out), and all your financial information, tax records, pay stubs, etc… ready to go in case your lender needs more info once your mortgage application and contract are submitted to their underwriting department.

Plan ahead, and you can certainly close on your home in less than 30 days, provided your lender can cooperate (better be a local lender!) and the seller can close in less than 30 days. 

Sellers-read the above again and know that if you are still waiting to put your home on the market-do it now!   Deadlines for buyers and a free gift of $8000 dollars, which is expected to disappear after December first,  are great motivations for a lot of buyers in the market right now.

 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!! 

Posted by Art Wagner   |   Read More   |   Your Comments Are Welcome!   |   08.02.2009

St. Louis Real Estate-Market Watch July 25th, 2009

Filed under: St. Louis Market Reports

Saint Louis Real Estate-Market Watch  by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
July 25th, 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 a small increase in active listings and a small decrease in homes accepting contracts (Pending).  Thus, our pending ratio has dropped slightly from last week.  Homes sold for the past six months is at 3246, a decline of about 900 from this same time last year. 

WHAT?!  I thought our activity was up considerably from last year??  Well, check the numbers; as far as we know, statistics don’t lie.  Last year, our active listings were up about 700 from this year, with the pending ratio last year at this time at 15.02 percent.  This year at this time, our pending ratio is at 15.48 percent.  Pretty close, I’d say.   Also, our average list prices are within a couple hundred dollars and our average sales prices are within 8-10 thousand dollars when you compare this year to last year.  More proof again that we really are in a very stable market. 

SO…. has the “First Time Homebuyer” tax credit really done anything to help incresase sales??  It appears that it has at least helped stay off any further decline in sales in the lower price ranges.  What we hear from some of our clients is that the tax credit, coupled with lower interest rates has spurred them into buying this year instead of waiting another year. 

It will be interesting to see what happens after December 1st, when the First Time Homebuyer Tax Credit expires.  It will be difficult to determine exactly what effect the expiration has, as our market seasonally slows down anyway in December.  We will be watching and comparing sales numbers closely in October through December, as our market tends to fall off a bit beginning in late September and into October and into the winter months.  Stay tuned, we’ll try to have some analysis for you that makes sense.

HELP ME OUT- Shoot me an email and tell me what you think about our market stability and activity this year.   You can reach me at art@stlouisrealestatevoice.com. 

 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!! 

Posted by Art Wagner   |   Read More   |   Your Comments Are Welcome!   |   07.26.2009

St. Louis Real Estate-Market Watch July 18th, 2009

Filed under: St. Louis Market Reports

Saint Louis Real Estate-Market Watch  by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
July 18th, 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 doesn’t look much different than last week.  Active listings have increased a tick, our pending ratio continues to hover  around 16.5% and inventory remains at 6.1 months as an average across all price ranges.

Buyer activity remains strong and we are even seeing a bit of an up-tick in activity in some of the higher price ranges.  Witmessed in the past several weeks by increased attendance at some Open Houses we have hosted and in talking with sellers and For Sale By Owner’s about their Open House experiences.

Sellers that are still “sitting on the fence”  should be on the market now,  as our “peak season”  is still here, but won’t be for too many more months.  Homes that are within market value, or a bit below, and are in top-notch condition are selling-and ususally beating the Days On Market averages for their price range.  You still must be the number one choice in the neighborhood.

  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!! 

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Posted by Art Wagner   |   Read More   |   Your Comments Are Welcome!   |   07.19.2009

St. Louis Real Estate-Market Watch July 11th, 2009

Filed under: St. Louis Market Reports

Saint Louis Real Estate-Market Watch  by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
July 11th, 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 to show great buyer activity, especially in the “First Time Homebuyer” price ranges.  These price ranges tend to be around the $100,000 to $250,000 range. 

Pending ratios in these price ranges continue at or above 20 percent.   Note worthy also is that in seven of the higher price ranges, the pending ratios have increased to over 10 percent, with some over 15 percent. 

Our over-all pending ratio (homes listed compared to homes accepting contracts in the last 30-40 days)  is at 16.49 percent, which is 2.5 percent above last year’s pending ratio. 

Another point worth mentioning is that looking at average list price to sales price comparisons for the first six months of 2009, there is only a few hundred dollars to a few thousand dollars difference when compared to the first six months of 2008.  We are in a very stable market with regards to pricing.   Our average List Price to Sales Price percentages in all price ranges remains between 97 percent to 99 percent for homes sold in the past six months. 

  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!! 

Posted by Art Wagner   |   Read More   |   1 Comment »   |   07.13.2009

St. Louis Real Estate-Market Watch June 27th, 2009

Filed under: St. Louis Market Reports

Saint Louis Real Estate-Market Watch  by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
June 27th, 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 seems to have hit a bit of a plateau with active listings.  Even so, listings that are accepting contracts and home sales closing are still increasing.  That means that inventory should be declining.  This is more good news for sellers and this should be an added incentivve to buyers to be ready to make an offer when you find your home.

We’ve said this before, but look this week at inventory levels in the lower price ranges in St. Louis County.   From $125,000 up to $249,000, inventory levels are at or under 5 months.  Some of the higher price ranges now are hovering between 5 and 6 months of inventory also. 

 First Time Homebuyers-don’t forget the $8000.00 tax credit expires on December 1st, 2009.  Get out there and find your home and put $8000.00 in your pocket.

Anyone looking for a great deal, and willing to do some work, keep in mind that if you buy a foreclosure, you may qualify for an additional $14,999 assistance from the government towards your purchae. How sweet is that??  Want more details and info?? Contact us for the scoop on this program.  

AND…if you are a first time homebuyer that is buying a foreclosure, you may be able to “double-dip” and get both the $8000.00 tax credit and the additional $14,999.

NOTE: THE MARKET WATCH REPORT WILL NOT BE PUBLISHED NEXT WEEKEND.  WE’LL BE CHECKING OUT CINCINNATI, OHIO’S FIREWORKS ON THE OHIO RIVER TO SEE IF THEY COMPARE TO ST. LOUIS’.   

HAPPY 4TH OF JULY TO EVERYONE. 

 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!! 

Posted by Art Wagner   |   Read More   |   Your Comments Are Welcome!   |   06.28.2009

St. Louis Real Estate-Market Watch June 20th, 2009

Filed under: St. Louis Market Reports

Saint Louis Real Estate-Market Watch  by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
June 20th, 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!

Please accept our apologies for the very late post of our Market Watch Report.

With a busy Father’s Day Weekend, I didn’t get a chance to post this until late last night, as my primary job when our family gets together is that of Chef at the Grill.   Our Web Hosting company, The Real Estate Tomato,  decided last night would be a good night to perform maintenance on their system, so I was unable to post until this morning.

The St. Louis Real Estate Market this week continues with our usual summer activity.

Our pending ratios (homes accepting contracts) in the lower price ranges continue to hover around 20 percent, or above.  These are the price ranges where most first time homebuyers are shopping-and buying. 

The St. Charles County Real Estate Market is also showing awesome activity, especially in those “first time homebuyer price ranges.”  At $175,000 and down, pending ratios are at 32 percent up to a high of 50.8 percent. 

Home buyers in these price ranges in St. Charles County better not wait to make an offer once they find the right home.  It may be gone by the next day, or sooner.

 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!! 

Posted by Art Wagner   |   Read More   |   Your Comments Are Welcome!   |   06.22.2009

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

Filed under: St. Louis Market Reports

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!! 

Posted by Art Wagner   |   Read More   |   Your Comments Are Welcome!   |   06.14.2009

St. Louis Real Estate-Market Watch June 6th, 2009

Filed under: St. Louis Market Reports, Uncategorized

Saint Louis Real Estate-Market Watch  by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
June 6th, 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 is getting HOTTER by the week!  At least in all price ranges below $300,000.  Both St. Louis County and St. Charles County are showing pending ratios of at or near 20 percent.  When was the last time you saw 1 out of every 5 homes listed accepting contracts within 30-40 days??

In St. Louis County, the pending ratios at or near 20 percent could be seen back as far as January in some price ranges, but we didn’t see strong competition between buyers like we are seeing now.

St. Charles County also has experienced some of this awesome activity back as far as February but again, not the strong competition from buyers on a single home.   This week, the lower price ranges in St. Charles County are seeing pending ratios at 28 percent to 40 percent. 

The other item to note is that we have a bit of a seller’s market in St. Charles County in the $100,000 to $175,000 price range, with less than 4 months of inventory in those price ranges. 

First Time Homebuyers are seeing December 1st approaching fast, as that’s when the $8000.00 tax credit is expiring. 

Sales in some of the higher price ranges are also improving, as we are seeing pending ratios of 12 percent to 16 percent up to the $600,000 range in St. Louis County.

Buyers-when you find that home, don’t hesitate or think you can wait until the price drops so you can get a better bargain. If you’re in the lower price ranges, you better act quickly or you stand a chance of losing your dream home. 

The one caviot here is that the home still must be priced within market value or a bit below and be in great condition.  There are still a lot of over-priced homes out there.

 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!! 

Posted by Art Wagner   |   Read More   |   Your Comments Are Welcome!   |   06.07.2009