St. Louis Real Estate-Market Watch October 24th, 2009

Filed under: St. Louis Market Reports

Real Estate-Market Watch  by Art Wagner @ Keller Williams Realty Southwest Saint Louis , Sunset Hills, Mo.
October 24th, 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  heads towards the end of October with activity very stable. Our average pending ratio continues to move in a positive direction, with more homes accepting contracts and getting sold.

Our average listing and selling prices are remaining stable also, with the average list price to sales price percentage still at 96 percent.  Inventory still remains at acceptable levels at an average of 5.8 months. 

In an article published by RISMedia.com, the National Association of Realtors proclaimed that existing home sales bounced back strongly in September. First Time Home Buyers drove much of this activity, which marks five gains in the past six months.  Sales activity is at the highest level we have seen since July 2007, when sales hit 5.73 million, nation-wide. 

According to the article, the Midwest existing home sales jumped 9.6 percent, or 1.25 million.  This is 7.8 percent above one year ago.  The median price of a home in the Midwest today is $147,600 which is 1.0 percent below September 2008.  CLICK HERE  to read the complete article.

 Speaking of First Time Home Buyers; Have you heard about all the fraud plaguing the First Time Home Buyer Tax Credit??

How about this:

1.  19,300 people filed claims for homes they HAVEN’T bought yet.

2.  74,000 filers claimed a credit, but have owned a home in the last three years.

3.  580 people that filed for the credit were under 18 years old. One of these  claimants was only 4 years old!! 

4.  3,200 filers used an Individual Taxpayer ID number, not a social security number.  Taxpayer ID’s are usually used by immigrants not allowed to work in the US.  Non-resident aliens are not allowed to claim the tax credit. 

This may make you shake your head, or laugh, or both.  However,  when we are seriously approaching the November 30 expiration date of the tax credit, this may jeopardize it’s hopeful extension into next year.

The General Accouting Office (GAO) reports that over 1.4 million people have filed for the credit in 2008 and 2009, costing the government $10 billion in lost revenue.  The total amount of the program is limited to $13.6 billion. 

I have to ask-Congress is complaining about a measly $10 billion??? 

Looking at the BIG PICTURE,  if this $10-$14 billion helps stabilize the housing market, and helps provide homes for people that would have had to wait another year or so, I say that’s a far cry better than the Government pissing $10-$15 billion away on some other project we would probably never ever hear about.

  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!   |   10.25.2009

St. Louis Real Estate-Market Watch October 19th, 2009

Filed under: St. Louis Market Reports

Real Estate-Market Watch  by Art Wagner @ Keller Williams Realty Southwest Saint Louis , Sunset Hills, Mo.
October 19th, 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 is starting to follow our typical Fall trends with fewer new active listings.  Of the active listings out there, we are still seeing pending ratios (homes accepting contracts) well above the 20 percent mark in the lower price ranges. 

The St. Charles County market is on FIRE in their lower price ranges.  In the $100,000 to $125,000 range, 42 out of 75 active listings have accepted contracts in the last 30 or so days, for a pending ratio of 56 percent-AWESOME! The other two price ranges, $125,000-$150,000 and $150,000 to $175,000 are also showing great activity with pending ratios at 44 and 33 percent, respectively. 

In these lower price ranges in St. Charles County, inventory levels are at 3 months and below.  Our St. Louis County inventory levels in these same price ranges are very low also, at 3.2 to 4.3 months of inventory.

Buyers in these price ranges won’t have the luxury of being too particular, or waiting for a price adjustment before deciding to write a contract.  If they don’t do it now, the home will probably be gone by next week. 

This type of activity is being seen all across the country, as the First Time Home Buyer’s Tax Credit heads toward it’s expiration date of November 30th.  We also see the awesome low interest rates, and the great value for the dollar as contributing greatly to this activity.  

The Mortgage Banker’s Association, National Association of Realtors and National Association of Home Builders got together last week and drafted a letter to Treasury Secretary, Geithner, HUD Secretary Donovan, and National Economic Council Chair Summers,  in support of an extension of the Tax Credit and stating that it has had a major impact on the housing market stabilization and the U.S. economy as well.  

They state, among other items, that new home buyers spent an average of $12300.00 on furnishings, repairs, appliances, etc.. where the current homeowner only spent an average of $8900.00.   This spending, they state, has helped create jobs, and help boost our over-all economic situation.

Read the letter for yourself, and see if you agree with them-we do.             Click Here to read the article, courtesy of RISmedia.com.

 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!   |   10.19.2009

Saint Louis Real Estate-Market Watch October 10th, 2009

Filed under: St. Louis Market Reports

Real Estate-Market Watch  by Art Wagner @ Keller Williams Realty Southwest Saint Louis , Sunset Hills, Mo.
October 10th, 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 Saint Louis Real Estate Market this week continues with good activity as Fall is upon us.  This is the time of year we start to see activity falling off a bit, but not so this year-so far.

Compared to this same week last year, we are seeing increased numbers of homes accepting contracts (pending) in all price ranges from $100,000 dollars up to $400,000 dollars.  Our pending ratio this week sits at 16.51 percent with 4887 active listings and 807 homes accepting contracts. Last year, this time, we had a pending ratio of 10.85 percent with 5218 active listings and 566 homes accepting contracts. 

 This year we are seeing some higher price ranges with better activity than this same time last year.   Homeowners who have sold to first time home buyers need to buy somewhere else, and a good number of them are buying bigger, higher priced homes.    

The Legislature recently passed a bill allowing the First Time Home Buyer Tax Credit to be extended for another year for all Military Service Personal.  The reasoning is that if you have been deployed, or are deployed now, you will still be able to take advantage of the tax credit when you come home.  The Bill still needs approval by Congress and the President.

Extending the First Time Homebuyer Tax Credit for the rest of us is still being debated and no definite answers yet.  We’ll keep you up to date as we get dangerously close to November 30th.

 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!   |   10.12.2009

Saint Louis Real Estate-Market Watch October 5th, 2009

Filed under: St. Louis Market Reports

Real Estate-Market Watch  by Art Wagner @ Keller Williams Realty Southwest Saint Louis , Sunset Hills, Mo.
October 5th, 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 Saint Louis Real Estate Market this week  shows a few less active listings and a few less homes accepting contracts, but the number of homes being sold continues to climb.  Our lower price ranges, as usual this year, tend to account for the majority of the activity. 

First Time homebuyers are a large part of this activity, but we also see many active second time home buyers in the marketplace, knowing that there may not be a better time to get awesome value for their dollar.

We still have not heard anything definite about the Government extending the First Time Homebuyer’s Tax Credit, so the expiration date of November 30th looms closer and closer.  Buyer’s still hoping for the $8000.00 tax credit need to have an accepted contract within the next few weeks, or sooner, to assure themselves that they will be able to close the deal by November 30th.   Don’t forget about the four day Thanksgiving holiday at the end of November, make sure it figures into your planning to close your transaaction.

 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!   |   10.05.2009

Saint Louis Real Estate-Market Watch September 26th, 2009

Filed under: St. Louis Market Reports

Real Estate-Market Watch  by Art Wagner @ Keller Williams Realty Southwest Saint Louis , Sunset Hills, Mo.
September 26th, 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 Saint Louis Real Estate Market this week continues to see buyers actively shopping for their first new home.  We are also seeing good activity from “move-up” buyers looking for their next home.  Some of these “move-up” buyers have recently sold, or are in the process of selling, their current residence to a First Time Home Buyer, and now need to find a another home.  

Homes accepting contracts (pending) are increasing somewhat each week, driving our average pending ratio up to 16.32% this week.  Pending ratios continue to be well above the 20 percent mark in our lower price ranges.

We continue to hear about the possible extension of the $8000.00 First Time Home-buyers Tax Credit going into next year.  With nothing cast in stone, and Congress debating Health Care Reform, it’s still uncertain whether anything will get done about the tax credit. 

A recent survey conducted by Zillow and Harris Interactiveasked first time home-buyers how an extension to the tax credit would impact their decision to buy a home.  18 percent said it would be a primary influence, 25 percent said it would be a significant influence and 27 percent said it would have some impact.  31 percent said it would have no impact at all on their buying decision.  RisMedia.com has the complete article, where the statistics above were obtained from.  Read the complete article, entitled, “The Possible Impact and Real Cost of Extending the First-Time Home-buyer Tax Credit”  HERE.   This extension could cost the Federal Government  15 Billion dollars. 

ALL HOMEOWNERS- Don’t forget the Residential Energy Property Credit.  The What?? 

This is a tax credit available to all homeowners through December 31, 2010 who improve their homes through energy efficient upgrades, such as windows, insulation, roofing, doors, heating and ventilating and AC systems, tankless water heaters, solar power, wind turbines, etc.

Once again, RisMedia.com has a great article detailing more specifics on this tax credit available to ALL homeowners.  Read the full article, “Plenty of Stimulus Money Available for Energy Improvements” 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!! 

Posted by Art Wagner   |   Read More   |   Your Comments Are Welcome!   |   09.28.2009

Waxman-Markey and St. Louis Real Estate

Filed under: Opinion, Real Estate News

Waxman-Markey. . . it’s that Cap and Trade thingy!

Waxman-Markey’s intended or unintended consequences, will bring the Real Estate recovery to it’s knees.

“That bill contains 397 new regulations. One of them would affect almost everyone who buys or sells a home. If Waxman-Markey becomes law, homes for sale that qualify as “federally related transactions” — which is almost all of them — would be required to undergo an environmental inspection.”  read more - Politico

How’s that Hope and Change thing working out for you?

I would love to hear from you!

Posted by Doug Aegerter   |   Read More   |   2 Comments »   |   09.24.2009

St. Louis Real Estate-Market Watch September 19th, 2009

Filed under: St. Louis Market Reports

Real Estate-Market Watch  by Art Wagner @ Keller Williams Realty Southwest Saint Louis , Sunset Hills, Mo.
September 19th, 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 increases across the board with more active listings, more homes accepting contracts and pending ratios up from last week.   Driving these increases are primarily the lower price ranges where a lot of first time homebuyers are moving full steam, as their window to qualify for the $8000 dollar tax credit is closing, and not too slowly now.

We still hear and see rumblings in the news about the tax credit being extended into next year, but nothing solid yet.  The outlook seems to be a bit better, as more “experts” are saying that the tax credit will probably be extended, but at the same level, and hopefully to all buyers next year.  We’ll see if they’re right.

In the meantime, our advice to all buyers trying to get those keys before November 30th is that you better have an accepted contract no later than the middle of October.  Lenders, Title Companies, Real Estate Offices and any other businesses that compliment real estate are going to busier than a one-armed paper hanger from now until the end of November.  Plus, don’t forget at the end of November, there is a four day holiday-THANKSGIVING- that everyone must schedule around. 

I know how busy we, and other real estate agents are now, and will be at the end of November; I certainly wouldn’t want to be a loan underwriter or processor at a title company.   Those folks will be able to teach a stress management class when this is over. 

 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!   |   09.21.2009

St. Louis Real Estate-Market Watch September 12th, 2009

Filed under: St. Louis Market Reports

Real Estate-Market Watch  by Art Wagner @ Keller Williams Realty Southwest Saint Louis , Sunset Hills, Mo.
September 12th, 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 slight increase in active listings and and increase in homes accepting contracts and sold.  This activity has pushed the pending ratio up three quarters of a point to 15.27 percent.

Activity in the lower price ranges still accounts for the majority of our sales, as first time homebuyers scramble to beat the deadline of November 30th.  November 30th is the last day a buyer will be able to close on a home and still qualify for the $8000.00 tax credit.

If you are keeping up with the news, nationally and locally, you have undoubtedly heard that there is plenty of lobbying at all levels for the government to extend the First Time Homebuyers Tax Credit into next year.  Some proponents are lobbying to increase the amount to $15,000 and include any homebuyer, not just the first time buyers.

When  Congress come back to work they will have plenty on their plate to deal with; remember Health Care?; so it’s uncertain if the homebuyers tax credit will receive the attention it certainly is due. 

While extending the tax credit would be beneficial for buyers, sellers and all of the Realtors nation-wide, it could present more problems and issues down the road.  With the national debt at an historic high,  a tax credit extension would certainly affect our debt. 

Personally, I’m for extending the tax credit, at the $8000.00 dollar level, and maybe allow any buyer to use it.  I would extend it at least until the end of June next year,  hoping to help keep the momentum going through the winter months and into the spring.  I’m afraid that if the tax credit expires November 30th this year, our activity will plummet back to where it was a year or two ago during our winter months. 

All statistics we run show that the great first time homebuyer activity, fueled by the tax credit has helped keep our activity on a par with the past couple years and has not significantly increased it.

Tell us what you think-Should the First Time Homebuyer’s Tax Credit be Extended in it’s same form, or changed to include any buyer and increased to $15,000??

Email us with your opinions and we will give you an over-view of your collective wisdom and insight in the coming weeks.

 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!   |   09.14.2009