Subscribe to our mailing list

* indicates required Email Address * First Name Last Name Opt-In Date Location

St. Louis Real Estate Search

 

New Home Sales In the Midwest Decline In July But Prices Increase

New home sales in the midwest declined in July to a seasonally-adjusted annual rate of 54,000 homes, a decline of 6.9 percent from the month before when sales were at a rate of 58,000 homes, according to a report just released by the U.S. Commerce Department.  The new home sales rate for the midwest in July 2015 was exactly the same as July 2014.

The new home supply in the United States decreased in July 1.9 percent to 5.2 months from a 5.3 month supply the month before and marks a decline of 14.8 percent from July 2014 when there was a 6.1 month supply.

New home prices increased 3 percent in July to a median price of $285,900 from $277,500 the month before and was 2 percent higher than a year ago when the median price of new homes sold in the U.S. was $280,400.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE

Search St Louis New Homes For Sale

See ALL Homes That Will Be Open In St Louis This Weekend

St Louis Home Sales and Prices Rise in July

Home sales in St Louis, for the 5-county core market, in July totaled 3,226 sales, an increase of 16.8 percent from July 2014 when there were 2,762 homes sold.  The St Louis core market consists of the city of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin.  While all of the 5 counties included in the core saw an increase in home sales from a year ago, the results, as the charts and individual results below show, varied widely by county.

Homes sold in July in St Louis sold at a median price of $177,500, a 5 percent increase from a year ago when the median price was $169,000.  As the charts below by county show, each county saw an increase in home prices.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
5 Key Strategies To Assure A Quick Home Sale At The Maximum Price
Continue reading St Louis Home Sales and Prices Rise in July

St Louis Foreclosure Activity Increases In July

St Louis foreclosure activity increased in July 32.23 percent from the month before to 1,194 foreclosures actions in the St Louis metro area, or a rate of one foreclosure activity for every 1,028 homes, according to the latest data from RealtyTrac.  As the table below shows, the foreclosure activity in July 2015 was up almost 150 percent from July 2014, however, when we look at the 12-month rolling average, we can see that the activity has risen about 6 percent from a year ago.

 (We work hard on this and sure would appreciate a “Like”)

Search St Louis Foreclosures For Sale HERE

Search St Louis Homes For Sale HERE

St louis Foreclosure Activity July 2014 - July 2015

Copyright 2015 – All Rights Reserved – St Louis Real Estate News

Over Half Of St Louis Foreclosure Sales In July Were Cash Sales

Over half of the St Louis Foreclosures  (bank and government owned) sold in July were sold for cash, according to the latest data from MORE, REALTORS.  In July 2015, there were a total of 323 foreclosure sales in the 5-county core St Louis market with 179 of them, or 55.4%, being cash sales.  As the table below shows, the number of foreclosure sales in St Louis in July 2015 was down 12.5% from July 2014 while the median sales price was up 1.8%.

There were a total of 3,754 home sales in St Louis in July 2015, an increase of 18.2% from July 2014 and, as the table below illustrates, 20.1% of those sales were cash sales as well.  The median price of homes sold was up 3.1% from the year before.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
5 Key Strategies To Assure A Quick Home Sale At The Maximum Price
Continue reading Over Half Of St Louis Foreclosure Sales In July Were Cash Sales

St Louis Home Prices and Sales Market Update VIDEO – August 2015

The St Louis Real Estate market continues to be strong!  Homes are selling quick in St. Louis and at prices that show solid appreciation over the past couple of years.  Get the details on the current St Louis real estate market, as well as where in St Louis are the hottest markets as well as the coldest ones, and much more in our newly released, 5-minute, market video update for August 2015, below.

Thought about selling your home?  Now is the time!   Give us a call and we’ll be happy to let you know the value of your home in today’s market or, try our new online home valuation site and find your homes value in under a minute – go to StLouisHousePrices.com and find your home’s value now as well as show you how to get your home sold quickly, for the highest price and, save money doing it!

Thinking of selling and want to know if your neighborhood is a seller’s market? Contact us and we’ll  answer that question for you.

Continue reading St Louis Home Prices and Sales Market Update VIDEO – August 2015

Low Quality Real Estate Agents Threaten The Industry – So how do you choose a good one?

I often find myself very surprised to hear how a consumer chose the real estate agent they hired to represent them and hear things such as “I work with him…”, “She is a friend of….”, “He is my cousin…” etc.  When I hear these responses several things come to mind:

  • Wow, our industry has done a poor job of looking and acting like professionals in the eyes of the consumer.  So much so that many consumers don’t see a real estate agent as a true professional or, if they do, they don’t seem to use the same selection process as they would when selecting other professionals.
  • Many consumers think the process of buying and/or selling a home is much simpler than it really is and has far less liability associated with it than it really does.  Like many things, buying or selling a home today is much more regulated than it was even just 10 years ago the penalty for mistakes has grown significantly.  Come October 3rd, when the boat load of additional regulations associated with the Dodd-Frank Act go into effect, it will become even worse.
  • Consumers deserve to be more informed about the home-buying (or selling) process as well as how the real estate industry, and agents within it, work.  They also need to understand what to look for in an agent and choose one like they would choose an attorney, doctor or CPA.

The real estate industry is concerned about low-quality agents…shouldn’t you be?

Recently, there have been two reports issued by key players in the real estate industry, the National Association of REALTORS® (NAR) and Inman, in which concern about low quality real estate agents was expressed.  In the NAR report, title the “D.A.N.G.E.R. Report”, in which the trade association examined what they saw as threats to the real estate industry, under the “Dangers to Agents” category, #1 on the list was “Masses of Marginal Agents…”.

(We work hard on this and sure would appreciate a “Like”)
Continue reading Low Quality Real Estate Agents Threaten The Industry – So how do you choose a good one?

Mortgage Originations In 2nd Quarter Rise…4th Consecutive Rise Since 14 Year Low

The Federal Reserve Bank of New York just released it’s Quarterly Report on Household Debt and Credit for the 2nd quarter of 2015 in which some encouraging facts were revealed with regard to the home mortgage market, including:

  • New home loan originations during the quarter increased to $466 billion…this marks the fourth consecutive quarterly increase since originations hit a 14-year low a year ago
  • As the chart below illustrates, roughly 95,000 individuals had a new foreclosure add to their credit report during the quarter, marking the lowest number of new foreclosures since the data was first tracked 16 years ago.
  • Mortgage delinquencies improved with the share of seriously delinquent mortgages (90+ days) dropping to 2.5% from 3.0% during the prior quarter.
  • Mortgage delinquencies improved again, with the share of mortgage balances 90 or more days delinquent decreasing slightly;
  • The median credit score for borrowers obtaining a home mortgage during the 2nd quarter, as the chart below shows, rose to above 750, while the bottom 10th percentile of borrowers, also known as “sub-prime”, rose to 650.  As the chart illustrates, back in 2000 the median was around 700 and the lowest percentile was barely above the 550 mark.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
5 Key Strategies To Assure A Quick Home Sale At The Maximum Price
Continue reading Mortgage Originations In 2nd Quarter Rise…4th Consecutive Rise Since 14 Year Low

How Will Implementation of Dodd-Frank Affect The Real Estate Market?

In case you are concerned the real estate industry is not subject to enough regulation, do not let your heart be troubled as new regulations imposed by the Dodd–Frank Wall Street Reform and Consumer Protection Act, which was signed into law back in 2010, affecting home mortgages go into effect October 3, 2015.   There has been much talk in the industry about the changes, which are fairly wide-sweeping including changes in the timing of, and type of required disclosures to the borrower as well as a brand new combination loan disclosure form and closing statement.  Below, is an overview of some highlights of the changes that I think will most affect St Louis home buyers and sellers as well as links to several additional resources as well.

The New TRID

Presently, a home buyer, at closing, receives a Truth In Lending Disclosure as well as a HUD-1 closing statement.  The former provides the details of the loan including interest rate, APR, costs associated with the loan as well as other details to comply with the Truth in Lending Act (TILA) CFPB Guide (TILA) and the latter provides a summary of the home purchase transaction such as purchase price, credits or charges to the buyer as well as other details required by the Real Estate Settlement Procedures Act (RESPA).

Beginning October 3, 2015, the two forms above will be combined into one, consumer-friendly, TRID (TILA-RESPA Integrated Disclosure) form.  The new TRID will present all the important financial details of the loan and home purchase into one form which will be much easier for the typical consumer to benefit form than the current forms.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
5 Key Strategies To Assure A Quick Home Sale At The Maximum Price
Continue reading How Will Implementation of Dodd-Frank Affect The Real Estate Market?

Where Are Homes Selling The Fastest In St Louis?

In the St Louis area homes are selling the fastest in the 63088 zip code area, which encompasses the city of Valley Park, followed by the 63127 zip area which is primarily Sunset Hills, according to data published by MORE, REALTORS.  As the table below shows, homes currently for sale in the Valley Park area have been on the market an average of 36 days and Sunset Hills homes for sale have been on the market for an average of 47 days.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
5 Key Strategies To Assure A Quick Home Sale At The Maximum Price
Continue reading Where Are Homes Selling The Fastest In St Louis?

The Ferguson Real Estate Market..one year later

One year ago today, the small city of Ferguson gained international attention after Ferguson Police Officer Darren Wilson shot and killed Michael Brown, an incident which spurred weeks of violence and property destruction in Ferguson.  This delivered a blow to the Ferguson real estate market which was, at the time, already struggling to recover from the housing bubble burst in 2008 which had severely impacted the area.   Now that a year has passed, I wanted to see how the real estate market in Ferguson was doing.

 

Time to sell a home is down…

As the chart to the right shows, the median days on market for homes for sale in Ferguson shot up immediately after the shooting.  Since then the trend has been downward and last month the time had dropped back to slightly below a year ago.

Median days to sell a home in Ferguson

St Louis Property Flipping Down Nearly Fifty Percent In Past Year

St Louis property flipping activity rose during the 2nd quarter of this year 6.2 percent from the first quarter, however was down 44.3 percent from a year ago, according to information just released by RealtyTrac.  During the 2nd quarter of this year, 3.2 percent of all home sales were “flips”, meaning they were purchased and then resold in an arms-length sale within 12 months.  The average gross profit on the flipped property was $39,181 down for $50,870 a year ago.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Want to flip property?  Check out my video on how to buy foreclosures here.
Continue reading St Louis Property Flipping Down Nearly Fifty Percent In Past Year

Home Prices Have Increased Over 30 Percent In Clayton School District In Past Year

I often talk about the effect the quality of a public school district has on home prices so decided to take a look at a few of the larger (and many of the top ranked) districts to see how home price appreciation has been during the past year.   As the table below illustrates, I took the median sales price of homes sold in each district during July 2014 and compared it with homes sold in July 2015.

While I wasn’t surprised to see Clayton at the top of the list of the districts I selected with an increase of 31..67% in home prices from a year ago, I was surprised, however, to see Rockwood at the bottom of my list with a decline of 3.15% in home prices in that district from a year ago.

If you would like to know how home prices have done in a district I have not shown here, please contact me  and I’ll be happy to get you the info.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
5 Key Strategies To Assure A Quick Home Sale At The Maximum Price
Continue reading Home Prices Have Increased Over 30 Percent In Clayton School District In Past Year

St Louis Pending Home Sales In July Increase From Year Ago

St Louis pending home sales in July slowed from to 2,332 sales from 2,602 sales the month before in the 5-county core St Louis market, but were still up 2 percent from July 2014 when there were 2,287 pending sales.  As the table and charts below show, year to date pending home sales for the core St Louis market is up over 9 percent from the same time last year and, while the trend is slowing, the 12 month rolling average is up over 6 percent.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
5 Key Strategies To Assure A Quick Home Sale At The Maximum Price
Continue reading St Louis Pending Home Sales In July Increase From Year Ago

St Louis Underwater Homeowners Rises Slightly-Equity Rich Owners Declines

The number of St Louis homeowners that are underwater, or have negative equity in their homes, has shown an upward trend lately, while those St Louis homeowners that are “equity rich” has trended downward.  According to data just released by RealtyTrac, 17.4 percent of homeowners in the St Louis metro area were seriously underwater (meaning their mortgage balance is 125% or more of the current value of their home) during the 2nd quarter of 2015.  This is showing a slight upward trend as, during the 4th quarter of 2014, just 17 percent were underwater.

As the table below shows, homeowners in the city of St Louis are in the worst shape, equity-wise with nearly one of every 4 (24.4%) housing units being seriously underwater St Charles County is in the best shape, of the counties in our core market, with just 7.4% of homeowners being seriously underwater.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
5 Key Strategies To Assure A Quick Home Sale At The Maximum Price
Continue reading St Louis Underwater Homeowners Rises Slightly-Equity Rich Owners Declines

Homeownership In America Hits Lowest Rate In Nearly Fifty Years

In the second quarter of this year, 63.4 percent of the households in the U.S. were homeowners, marking the lowest rate of home ownership since 1967, nearly 50 years ago, according to data just released by the U.S. Census Bureau.  The homeownership rate fell from 63.7 percent in the prior quarter and from 64.7 percent a year ago and now remains just just one-half of one percent from the all time low of 62.9 percent in 1965.

The Midwest Region Has The Highest Rate Of Homeownership-

As the regional chart below shows, the midwest region of the U.S., at 68.4 percent, has the highest rate of homeownership of the four regions, followed by the south at 64.9 percent.  Not surprisingly, the region with the lowest rate of homeownership is also the region with some of the highest home prices, the west.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
5 Key Strategies To Assure A Quick Home Sale At The Maximum Price
Continue reading Homeownership In America Hits Lowest Rate In Nearly Fifty Years

St Louis Mortgage Delinquency and Foreclosure Rates Drop To Lowest Level in Years

For the month  of May, 2015, less than 3 percent (2.95%) of St Louis mortgages were seriously delinquent (90+ days) marking a slight decline from the month before and a decline of 13 percent from a year ago, according to data just released by CoreLogic.  The St Louis foreclosure rate also hit the lowest level in a long time in May at 0.67 percent, a slight decline from 0.69 percent the month before and a decline of 10% from a year ago when the foreclosure rate was 0.77 percent.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Foreclosures For Sale HERE

Search St Louis Homes For Sale HERE Continue reading St Louis Mortgage Delinquency and Foreclosure Rates Drop To Lowest Level in Years

Rental Vacancy Rate In U.S. During 2nd Quarter Hits Lowest Level In Over 10 Years

The rental vacancy rate in the U.S. during the second quarter of this year was 6.8 percent, the lowest level in over 10 years, according to data just released by the U.S. Census Bureau.  This was a decline of over 9 percent (9.33%) from the 2nd quarter of 2014 when the rental vacancy rate was 7.5% and is the lowest level the rental vacancy rate has been at in over 10 years.

As the chart and table below shows, the U.S. homeowner vacancy rate also declined during the 2nd quarter of this year to 1.8 percent which ties the lowest level the homeowner vacancy rate has been at in over 10 years as well.

St Louis Rental Vacancy Rate Increases During 2nd Quarter-

As the table below shows, rental vacancies in St Louis increased slightly during 2nd quarter rising to 8.7 percent from 8.6 percent the previous quarter.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Continue reading Rental Vacancy Rate In U.S. During 2nd Quarter Hits Lowest Level In Over 10 Years

New Home Sales Slip In June In The Midwest

New home sales in the midwest slipped in June to a seasonally-adjusted annual rate of 56,000 homes, a decline of 11.1 percent from the month before when sales were at a rate of 63,000 homes, according to a report just released by the U.S. Commerce Department.  Even though new home sales cooled off in June, the pace for June was still 5.7 percent higher than June 2014 when new home sales came in at a rate of 53,000 homes.

The new home supply in the midwest increased in June 12.5 percent to 5.4 months from a 4.8 month supply the month before, however this marks a decline of 6.9 percent from June 2014 when there was a 5.8 month supply.

New home prices increased slightly in June, from the month before, to a median price of $281,800 however were down 1.8% from June 2014 when the median new home price in the midwest was $287,000.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE

Search St Louis New Homes For Sale

See ALL Homes That Will Be Open In St Louis This Weekend

Foreclosure Sales In St Louis Decline Over 4 Percent In June From Year Ago

Foreclosure Sales In St Louis (the 5-county core market) in June 2015 totaled 374 sales, a decline of 4.3 percent from June 2014 where there were 391 foreclosure sales.  The median price of the homes sold in June 2015 was 60,150, and increase of 7.2 percent from a year ago when the median price was $56,100.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Foreclosures For Sale HERE

Search St Louis Homes For Sale HERE

Foreclosure Sales and Prices By County – Change from June 2014 – June 2015:

Continue reading Foreclosure Sales In St Louis Decline Over 4 Percent In June From Year Ago

St Louis Home Sales In June Increased Over 15 Percent From Year Ago

St Louis Home sales, for the 5-county core market, in June totaled 3,542 sales, an increase of 15.4 percent from June 2014 when there were 3,068 homes sold.  The St Louis core market consists of the city of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin.  While all of the 5 counties included in the core saw an increase in home sales from a year ago, the results, as the charts and individual results below show, varied widely by county.

St Louis home prices rose 4.2 percent in June 2015 from the year before, for the 5-county core market.  As the charts below by county show, each county, except St Louis County where prices remained flat, saw and increase in home prices.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
5 Key Strategies To Assure A Quick Home Sale At The Maximum Price
Continue reading St Louis Home Sales In June Increased Over 15 Percent From Year Ago

St Louis Home Prices and Sales Market Update VIDEO-July 2015

The St Louis real estate market, like the weather,  is HOT!  Many of our listings are selling the first day and then for full price or above!  Naturally though, this is not true for all areas of St Louis nor all prices ranges.  Find where the hot seller’s markets, as well as cold buyer’s markets are in St Louis in our newly released, 5-minute, market video update for July 2015, below.

If you have considered selling your home, or perhaps tried and failed in the past year or so, now is the time to consider it again.  Give us a call and we’ll be happy to let you know the value of your home in today’s market or, try our new online home valuation site and find your homes value in under a minute – go to StLouisHousePrices.com and find your home’s value now!

Thinking of selling and want to know if your neighborhood is a seller’s market? Contact us and we’ll  answer that question for you.

Continue reading St Louis Home Prices and Sales Market Update VIDEO-July 2015

St Louis Rental Vacancies Increase In First Quarter – Still 3rd Lowest Level In 6 Years

St Louis Rental Vacancies remain at historically low levels in spite of a slight increase in the first quarter of this year to 8.6% from 8.5% in the 4th quarter of 2014.  The St Louis vacancy rate for first quarter of 2015 was also up significantly from the first quarter of 2014 when the vacancy rate for St Louis stood at just 7.2% although, as the table below shows,  we have to remember that was the lowest vacancy rate we had seen in over 10 years.

On a national level, the rental vacancy rate has declined as well, down to 7.1% for the 1st quarter of 2015, down from 8.3% for the 1st quarter of 2014.  As the chart below illustrates, all four regions in the U.S. have seen a decline in rental vacancy rates from the 1st quarter of 2014 to the same quarter in 2015.  This, coupled with the facts that St Louis has a higher vacancy rate for 1st quarter 2015 than that of the region, as well as has seen an increase in rate from a year ago while the region saw a decline, may be a warning sign that the St Louis market, while performing well, is not keeping up with the region and the nation.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Continue reading St Louis Rental Vacancies Increase In First Quarter – Still 3rd Lowest Level In 6 Years

St Louis Foreclosures Increase In First Half Of 2015

St Louis Foreclosures during the first half of 2015 increased in the St Louis metro area 26.52 percent from the second half of 2014 and 25.18 percent from the same period last year, according to a report released today by RealtyTrac.  According to the report, there were 5,468 foreclosure filings in the St Louis metro area during the first half of 2015 which equates to 1 in every 224 housing units in the metro area.

As the table below shows, with the exception of St Charles County, all of the counties making up the St Louis core market saw an increase in foreclosure activity in the first half of this year from the last half of last year.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Foreclosures For Sale HERE

Search St Louis Homes For Sale HERE

Continue reading St Louis Foreclosures Increase In First Half Of 2015

Only About One Third Of Low Income Missourians In Need Receive Federal Rent Assistance

Within the last few days, STL Today published an article titled “The affordability crisis in the St Louis rental market“, based upon a study recently released by the Urban Institute, revealing that “there is literally no affordable, non-subsidized housing available to St. Louis low-income families.”  While the focus of the article was non-subsidized affordable rentals, it also discussed the increasing number of extra-low-income families forced to pay over 50% of their income on rent.  I was surprised to hear this as I know federal spending on assistance programs has increased significantly over the last decade and I keep hearing that the economy is improving, unemployment is down, etc, so I would have expected a better report.  This prompted me to look into it a little further.

Missouri’s Low-Income Families and Rental Housing-

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Continue reading Only About One Third Of Low Income Missourians In Need Receive Federal Rent Assistance

Are St Louis Home Prices Too High?

The St Louis real estate market continues to be hot with many sellers benefiting from the low inventory of homes for sale resulting in buyers flocking to new listings and, when the homes are priced right, multiple offers being received in the first day.  Happened for one of my clients again this week…took the listing live on Tuesday at noon, had over 8 buyers through that afternoon and evening and multiple offers in hand by the next morning, all above listing price.  Granted, we did  a lot of pre-listing marketing to generate interest, and the seller worked hard to make sure the home was in show condition, but if the market wasn’t there, it wouldn’t have mattered.

Is all this activity causing St Louis home prices to rise to quickly and too much?  I get asked this question frequently today as none of us have yet forgotten what happened when the housing market bubble burst in 2008 so I spend a lot of time watching home prices in relation to the economy.  One of the things I look at to gauge how home prices are doing is to compare the rate home prices are increasing with the inflation rate…afterall, the two should be increasing at roughly the same rate.  As the charts below show, St Louis home prices tracked the CPI rate pretty closely through the 1980’s and 1990’s until late in the ’90’s when home prices began increasing at higher rate peaking around 2006 and then falling until around late 2011 early 2012 it was beck in line with CPI.  If you look closely, you will see, currently, home prices are just slightly above the CPI line indicating that, so far, so good, with regard to home prices.  If you want to take a closer look, click on the chart to be taken to the live chart on St Louis Real Estate Search.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Continue reading Are St Louis Home Prices Too High?

St Louis Area Home Prices Have Surpassed 2006 Peak Prices

The median price of homes sold in St Louis (the 5-county core market) this year thus far has been $169,000, an increase of 5.7 percent from when the market peaked in 2006 at $159,900.  While the peak of the housing bubble is considered to be 2006, as the chart below shows, St Louis home prices actually peaked in 2007 at $162,000 but, in either event, St Louis home prices have regained what was lost when the housing bubble burst and then some.

This is in contrast to what is happening at the national level with regard to home prices as evidenced by comments made by two of the top economists as teh National Association of Real Estate Editors (NAREE) conference last week.  At the conference, Lawrence Yun, Chief Economist for the National Association of Realtors (NAR) said he “anticipates home prices will return to their 2006 peak sometime this year” and Frank Nothaft, Chief Economist for Corelogic (and formerly for Freddie Mac) predicted home prices nationally would not return to 2006 levels until the end of 2017.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Continue reading St Louis Area Home Prices Have Surpassed 2006 Peak Prices

Insurance Claim Recommendations For Missourian’s With Storm Damage

The Missouri Department of Insurance issued some recommendations to Missourian’s that sustained property damage as a result of recent storms with regard to how to deal with the damage and handle insurance claims.

John M. Huff, the director of the Department of Insurance, said “Consumers who sustained property damage need to act now. Move quickly to protect your property from further damage and file claims with your insurance companies.”

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
5 Key Strategies To Assure A Quick Home Sale At The Maximum Price

Below are the tips from the Missouri Department of Insurance: Continue reading Insurance Claim Recommendations For Missourian’s With Storm Damage

Bank and Government Owned Home Sales Down But Selling For Record Percentage of List Price

St Louis bank and government owned home sales are down as banks and government enterprises such as Fannie Mae, FHA, VA and Freddie Mac whittle down their inventory of foreclosed homes while, at the same time, new mortgage delinquencies and foreclosure rates continue to decline.  While this is good for the St Louis real estate market, it makes it tough on investors, as well as owner occupants, who are looking for a deal on a distressed sale, as the competition is growing fierce driving prices up and opportunities down.

St Louis Bank and Government owned home sales down over 30% from year ago:

As the charts below show, year to date, through the end of May, there have been a total of 1,598 bank or government owned homes sold in the St Louis 5-county core market (the city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin), according to data available from MARIS, the REALTORS® MLS for the area, which is a decline of 31.4% from the same time a year ago when there were 2,100 bank and government owned home sales.

St Louis Distressed Home Sales Selling At Record Percentage of List Price:

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Want be successful buying distressed property?  Check out my video on how to buy distressed sales here.
Continue reading Bank and Government Owned Home Sales Down But Selling For Record Percentage of List Price

St Louis Pending Home Sales At Highest Level In Years

St Louis pending home sales in May hit the highest level we have seen in years with 2,558 pending homes sales during the month in the 5-county core market*, an increase of 8.9% from May 2014 when there were 2,348 pending home sales.  Year to date this year, through the end of May, there have been 12,595 pending home sales, an increase of 7.8% from the same time last year.

St Louis Pending Home Sales – 5 County Core Market*

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
5 Key Strategies To Assure A Quick Home Sale At The Maximum Price
Continue reading St Louis Pending Home Sales At Highest Level In Years

St Louis Area Homes Are Affordable-Down payment Assistance Can Make Even More So

St Louis area homes are already affordable based upon the relationship between the median home price and median income for the area, but can become even more affordable when home buyers take advantage of down payment assistance programs that are available throughout the area.

Housing affordability is still good in spite of rising prices-

Data for April, from RealtyTrac, shows house payments on a median priced home in St Louis County required 23% of median income and in St Charles County required just 21% of median income while the national average was 23%.  Even with the hot market we have been in, and rising home prices in St Louis, affordability for April in both St Louis County and St Charles County were still lower than their historic norms of 24% and 22% respectively.

Downpayment assistance programs make homes even more affordable –

There are several (over 50) down payment assistance programs in Missouri with many of them available in the St Louis area.  To see a complete list of downpayment assistance programs available, along with complete program information, visit Downpayment Assistance Programs For Missouri.  To give you an idea of the type of assistance that is available, below is some data from buyers that received down payment assistance in the St Louis area in April 2015:

  • In St Louis County the average down payment help benefit received was $6,125.00 which represented 3.53% of the median sales price.
  • In St Charles County the average down payment help benefit received was $5,000.00 which represented 2.5% of the median sales price.
  • There are 24 down payment help programs available to people buying homes in St Louis County and 16 programs averrable to people buying in St Charles County.

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Complete Information On Over 50 Down Payment Assistance Programs Available In Missouri