St. Louis Real Estate - Home Staging WOW

Filed under: For Sellers, Home Staging, Unrepresented Seller(FSBO)

The WOW Factor

“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 .

Posted by Sue Rector   |   Read More   |   1 Comment »   |   10.16.2008

St. Louis Real Estate - Did You Bail?

Filed under: Opinion, Real Estate News

Last week was indeed a mess. Panic to the left of me, panic to the right, bail out, sit tight, . . .!

Thought I was going to lose it when I heard about the mortgage re-negotiation plan . . . sounded like a sure fire way to take a 5% problem and turn it into 15% problem overnight.

Anybody get excited when the news came out that there were 5 million mortgages in default because loans were issued to illegal aliens?

So the media does its thing. . . something like shouting “FIRE” in a theater and fear takes over.

That was last week. Today, last week is just a memory to the media . . . however . . .

I’m a fan of  John Hussman, President, Hussman Investment Trust, I think his news letter this week is worth sharing with you. Here are a few excerpts with a link to the entire article.

“The only thing we have to fear is the fearmongering of Wall Street itself.”

“Look - a few weeks ago, there was a $700 billion pile of money on the table, but the only way for Wall Street and bureaucrats to get their paws on it was to scare the public out of its collective gourd. They succeeded, but created the psychology that the U.S. was on the verge of depression if the bailout wasn’t passed. Having created that psychology, the crisis took on a life of its own. ”

“Property appreciation should be traded for mortgage reductions.”

“The proper way to address homeowner distress is not for the government to buy troubled mortgages and simply reduce the principal. That idea is utterly insane. If that policy was enacted, every homeowner in America would have an incentive to immediately go delinquent on their mortgage. Rather, Congress should provide for a relatively modest alteration in bankruptcy laws, allowing judges to write down mortgage principal but at the same time provide the mortgage lender with what I’d call a “Property Appreciation Right” (PAR) that would give the lender a claim on some amount of future price appreciation of property owned by the borrower. In that way, the mortgage lender would have the prospect of being made whole over time, homeowners who have faithfully made payments on their own mortgages would not be discriminated against, and homeowners in trouble would surrender some future price appreciation for immediate reduction in their monthly payment burden. ”

Read the entire article Four Magic Words: “We Are Providing Capital”

Posted by Doug Aegerter   |   Read More   |   Your Comments Are Welcome!   |   10.13.2008

St. Louis Real Estate-Market Watch October 11th, 2008

Filed under: St. Louis Market Reports

Saint Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
October 11th, 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 this week continues to exhibit an air of caution.  Our pending ratio is down under 11 percent, with fewer listings coming on the market and more homes falling into the expired listing column.  Our average listing prices and selling prices are holding steady through all this and homes that are selling are doing so at an average 95.3 percent of list price.  On a comparison to last year, we are still behind by over 1000+ homes being sold in the past six months.

The majority of the prospective buyers and sellers that we talk to are choosing to stay on the sidelines right now, if they don’t have to be in the marketplace.  Those that must buy or sell in this market are proceeding very cautiously and arming themselves with education and information about our real estate market during the process much more than in the past.

We are all still waiting to see what and how the historic “Bailout” plan will be implemented, and I for one want to see how the accountability procedures are set up.  With proper accountability I believe this “Bailout” plan will work to stimulate our economy. 

The great news this week comes with oil prices falling, along with other comodities which have been falling since mid summer.  The dollar has risen 15 percent against major exporters to us, which should result in import prices sliding quickly. Lou Barnes, who writes for Inman News has posted a great article entitled “The Great Run of 08″.  Click HERE to read the complete article. 

More good news; the Fed, as of October 8th, has cut the federal funds rate by 50 basis points, or one half of one percent, to 1.5 percent.  Granted, this won’t affect mortgage rates immediately, but should trickle down in the months to come.  Read the article from Bankrate.com HERE. 

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!! 

Fill out the form below to view the Market Report.

Posted by Art Wagner   |   Read More   |   Your Comments Are Welcome!   |   10.12.2008

St. Louis Real Estate - Financial Meltdown

Filed under: Mortgage News, Real Estate News

“Too weird for words”…that’s our financial world right now.

As a result, Chicken Little is running wild!  And he is providing fuel for every single media outlet in this country.  “The sky is falling, the sky is falling…”  Well, unless you’re willing to live in a bomb shelter that your grandparents or great grandparents built and eat canned goods for the next 12-18 months, you would do well to be calm in the face of this storm that we’re in today.   Because let’s face it, the storm’s hit and the fan is blowing at high speed.

So let’s talk reality about the financial marketplace.  What are some fundamental truths that most people aren’t aware of today?  Consider that historical studies show that the Dow Jones typically experiences a sharp and sudden drop every 4.3 years.  The last one we had in the US was in 2001, so we are 2.7 years overdue.  The S&P 500 historically experiences a sudden drop of similar magnitude as we’re seeing every 10 years.  We haven’t had one since the crash of 1987, making us 10 years overdue.  What we are experiencing, while painful and frustrating, is not unexpected for those who understand the marketplace.  What IS unexpected is the fact that it this occurrence coincides with all of the backlash of the real estate failures we are seeing.

I will not waste time pointing fingers or laying blame.  There aren’t many who are without responsibility in this mess.  However, what I will highlight is the element at the HEART of our circumstance that can have the most effect at an individual level.  That is, unequivocally, consumer sentiment.  This is the only thing that we as individuals can affect personally…put our minds on the positive and move forward with life.  While unemployment has risen, it is still nowhere near the 9.0 and 10.8 percent levels of our worst recessions as a nation.  Nor is it at the average recession level of 7.6 percent.  We are at 6.2 percent in the St. Louis metro area.  That means that 93.8 percent of us do have work and we can continue to give 100% when we are fortunate to be able to go.

In the long run, if consumer sentiment continues to drop and panic continues to rise in our hearts and minds, we as individuals will only perpetuate what has befallen us.  Spending tightens up because people are afraid-afraid to lose their jobs, afraid to run out of gas (which is at a new low of $80/barrel by the way, eyes on the pumps), afraid to lose their houses.

Panic is infectious and it is paralyzing. The media has done a fine job of spreading the virus.  But let’s face it, no matter how the fat cats on Wall Street have squandered or mismanaged, we as individuals still have work to do, mortgages to pay, families to raise and nurture.  No matter what gas costs, we have to buy it to do the things in life we need to accomplish each day.  No matter what milk and eggs cost, we have to buy them to feed our children.  And we will.  Because that’s what we do.  I’m not playing Pollyanna; I have the same worries and concerns, the same bills to cover each month.  Yet I say that we are resilient.  The United States has had 10 recessions throughout history and, on average, they’ve lasted 10 months, on one occasion it lasted as long as 14 months.

What to do?  No sense complaining, losing sleep, worrying.  Know that the nation will take care of itself.  We have more resources and opportunities to restructure and rebound from the financial situation of today than in any other era in which such tribulations occurred.  Be concerned for yourself.  Take actions to make sure your future is secure.  Review your financials with your financial planner (or your spouse/partner) and create a strategy for rebuilding.  Give 110% at work and make yourself so valuable if a staff cut should come down the pike, you’re not on the short list.  Eat well, perhaps just less extravagantly.  Your health is important.  Spend normally, just more wisely.  It will stimulate the economy and support your communities.  Love your children and teach them courage and faith, not fear and scarcity.  It will be your legacy to them and their future.  The rest is all temporary.

Posted by Aprille Trupiano   |   Read More   |   Your Comments Are Welcome!   |   10.11.2008

St. Louis Real Estate Voice - Building Inspection - Fireplaces

Filed under: Building Inspection News

Are you going to use your fireplace this heating season. . .you better read this!

Cooler weather is right around the corner and homeowners should consider getting their fireplaces ready for service for those cold winter nights. Home buyers who are purchasing a home with a wood burning fireplace should ensure that the homeowner has properly maintained this appliance. A standard ASHI inspection will address most concerns a buyer may have during the real estate transaction inspection. The inspector will know when conditions require further evaluation.

The National Fire Protection Association, (NFPA) has addressed the minimum chimney inspection standards and classified three levels of inspection.

A level one inspection includes the readily accessible portions of the chimney exterior, the interior fireplace, and portions of the chimney connections that are accessible. The inspector should be looking for the basic soundness of the chimney structure and flue as well as the basic appliance installation and connections. The inspector should also verify if the chimney is free of obstruction and there is proper clearance with combustibles in accessible locations including basements, attics, and crawl spaces. Level one inspections should be included in your report, in the fireplace section, at the time of the real estate transaction.

Level two inspections includes inspecting everything listed in a level one inspection with the addition of video scanning equipment to examine and positively determine if the internal surfaces and joints of all flue liners incorporated within the chimney are performing as intended. No removal or destruction of permanently attached portions of the chimney or building structure is required by a level two inspection.

When a level one or two inspection suggests a hidden hazard and the inspection cannot be performed without special tools to access concealed areas of the chimney or flue, a level three inspection is highly recommended. Removal or destruction, as necessary, of permanently attached portions of the chimney or building structure will be required to positively determine if safety hazards or conditions exist.

Your home inspector will be able to advise you of the appropriate level of inspection needed for your particular house. In addition, regular yearly inspections are recommended for all chimneys, fireplaces, and vents. Each year unsafe chimneys cause significant numbers of injuries and deaths, and account for more than $200 million in property losses. Don’t become a statistic, get an inspection.

Posted by Harry Morrell   |   Read More   |   1 Comment »   |   10.07.2008

St. Louis Real Estate - New Face, New Voice

Filed under: Mortgage News

Greetings…
I’m Aprille Trupiano and I’m excited to be a part of the St. Louis Real Estate Voice community!

In today’s volatile financial market, it’s important to have expert advisors supporting your most important decisions. Along with the other professionals on the St. Louis Real Estate Voice, I look forward to contributing to those decisions for you and your family.
As a Mortgage Banker, I approach each and every consultation with my Borrowers bearing the same principal in mind - to provide sound information that is relevant to my clients’ future. I am not interested in “closing the deal” today to get you a loan that will “just do”. Today more than ever, you have to know how your financial decisions will impact you tomorrow. I am committed to securing you a mortgage that will serve your needs today as well as protect you and your family in the future.
Call me at (314) 878-7900 or email me at Aprille@FirstIntegrity.com  to get a complimentary copy of my Special Report, “How to Select a Personal Mortgage Consultant and Why Having One is Important to Your Future”. There’s no fee for the report, but being misinformed can be very costly.

Posted by Aprille Trupiano   |   Read More   |   Your Comments Are Welcome!   |   10.06.2008

St. Louis Real Estate-Market Watch October 4th, 2008

Filed under: St. Louis Market Reports

Saint Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
October 4th, 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 this week is seeing 100+ fewer listings than last week and fewer homes accepting contracts.  Our pending ratio is better than one percent below last week at 10.89 percent and we are seeing more listings expiring and staying off the market, at least for now.

It’s no wonder, with all the financial news this past week.  Between the $700 Billion Bailout package issues this past week and now we’re still not sure whether Citicorp or Wells Fargo owns Wachovia’s banking and/or securities departments.  What else can we throw on the fire to make buyers and sellers in our marketplace sit and wait??

Another issue that has hit home with us this week is is our first-hand experience with lenders tightening the screws with not only their lending requirements but also their appraisal review procedures. It really does seem to follow that tightening lending practices would include adjusting appraisal reviews.

Buyers in today’s market—take note: Depending on where in the St. Louis Metro area you are buying,  a good tip would be to talk to your lender and get a real good idea of how their appraiser will set values and how they will look for comparable properties when appraising your new home.  What we have seen is that appraisers and lenders are looking back about 90 days for comparable sold properties and not looking much further out than 3–5 miles at the extreme from the subject property.  Depending on the area you are buying in, they may not look outside of your subdivision or zip code.  This shouldn’t be a problem in a lot of the St. Louis Metro area, but there are isolated areas, and price ranges, where this scenario can cause major headaches.

Lenders right now are being extremely cautious; The last thing they need is to create more “Toxic Assets” on their books.  I can’t say as I blame them, but the buyers out there need to be very aware of this. 

Buyers-when you look at comparables prior to making an offer on that dream home, pay careful attention as to where they are and how long ago they sold. That should give you an idea as to what an appraiser will see also.  Talk with your real estate professional, as they should be very in tune with this process.  

ARE YOU thinking of buying or selling a home? Contact Doug Aegerter or Art Wagner for more information and a FREE Comparative Market Analysis (CMA) of your home or your neighborhood.

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

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

St. Louis Real Estate St. Charles County Market Watch September 27th, 2008

St. Louis Real Estate Benchmark Report September 2008

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 (Closed transactions last 6 months)
Expired (Last 6 months)
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!   |   10.05.2008

St. Louis Real Estate-Market Watch September 27th, 2008

Filed under: St. Louis Market Reports

Saint Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
September 27th, 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 this week shows more signs of slowing down a bit with fewer active listings, fewer homes accepting contracts and our pending ratio has dropped below 12 percent.  Our average list prices have dropped a bit with average sales prices  inching upward slightly, thereby pushing the list to sales price percentage a bit over 95 percent. 

As we head into Fall, we are seeing buyers in the market being advised to offer anywhere from 15 to 25 percent less than list price for a home they wish to purchase.  Either they think the St. Louis Market is really that bad, or are just getting inaccurate advise from their advisor, whoever that may be.  Even homes that have been on the market for 120 days or more are still selling in a 92–96.6 percent range.  Yes, somewhere along the way, the price of the home may have been adjusted, but if that is so, the home was overpriced from the start. You will find most of those homes in the “expired” column of our report. 

We spend a lot of time with people, helping them understand the real St. Louis Real Estate Market.  We wish everyone in the Real Estate and Financial Services businesses would do the same.  It just might help to instill a bit more consumer confidence, at least locally. 

ARE YOU thinking of buying or selling a home? Contact Doug Aegerter or Art Wagner for more information and a FREE Comparative Market Analysis (CMA) of your home or your neighborhood.

St. Louis Real Estate St. Louis County Market Watch September 27th, 2008

St. Louis Real Estate Jefferson County Market Watch September 20th, 2008

St. Louis Real Estate St. Charles County Market Watch September 27th, 2008

St. Louis Real Estate Benchmark Report August 2008

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 (Closed transactions last 6 months)
Expired (Last 6 months)
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 Top Tomato   |   Read More   |   Your Comments Are Welcome!   |   09.28.2008