By: Dennis Norman
Earlier this week I did part one , and yesterday part two of my E-View with Carole Baras, CRS, GRI, ePRO, the 2009 President of the St. Louis Association of REALTORS(R) to get her take on the St. Louis real estate market.
Today I’ll pick up where I left off and complete my E-View with Carole:
Dennis – Carole, What do you feel are the best opportunities today for buyers in St. Louis?
Carole - Buyers that are looking to purchase a home and are first time buyers have NEVER had the opportunity they have today. A GIFT of $8,000 (the first-time buyer tax credit) is unheard of in the past and first time buyers really need to take advantage of this offer.
There are good properties available throughout St. Louis city and county. St. Louis has many good neighborhoods and great housing stock. We have good value for good homes. There is NO Better Time and NO Better Place!
Dennis – How are things for sellers in St Louis city and county? If someone currently owns a home and would love to sell their home and take advantage of some of the buying opportunities you mentioned, what would your advice be to them? What can they expect when they try to sell their home? What price ranges/types of homes are selling best?
Carole – Sellers need to look at their homes through a buyer’s eyes. By that I mean get professional help from their REALTOR(R). They have to make sure the home is in good condition and will be competitive against the other homes that are in the same price range and similar to theirs.
The seller needs to listen to the advice of their REALTOR(R) and price their home aggressively. This is very important so your home will shine and be noticed by the buyers that are out there looking.
The most active sales are the homes that are priced under $250,000 and that is because of the first-time buyers that are actively buying. All price ranges are selling and buyers are out there it just may take time to attract the right one.
Dennis- Recently I have heard a lot about HVCC (Home Valuation Code of Conduct) causing a lot of problems and costing people deals due to low appraisals as a result of use of appraisers that are not familiar with the local market. Have you seen this? What is your take on it?
Carole - Yes, this has been causing some problems and has caused deals to not go through because of appraisals not being completed on time and in many cases coming in way below the sale price that was agreed to by the parties. As some times happens, when a wrong is being corrected, law makers tend to go the opposite extreme and this is the case with this situation (HVCC). The National Association of REALTORS(R) is addressing this problem and has been actively working to try to get a moratorium on this legislation.
I would like to thank Carole Baras for taking the time to share her thoughts on the market with us. As is evident by her responses, she is knowledgable, not to mention passionate, about St. Louis and about being a REALTOR(R).
If you wish to reach Carole below is her contact information: