By Dennis Norman, on June 11th, 2024 
The Department of Veterans Affairs (VA) has introduced a temporary variance allowing veterans to pay certain buyer-broker charges when using their VA-guaranteed home loan benefits. This change comes in response to the recent National Association of Realtors (NAR) settlement, which now prohibits the publication of buyer-agent compensation in Multiple Listing Services (MLS). The concern is that many sellers may no longer offer a commission to buyer agents, potentially making it challenging for veterans to secure representation. By allowing veterans to pay these charges directly, the VA aims to ensure they remain competitive in the current real estate market.
At MORE, Continue Reading →
By Dennis Norman, on June 11th, 2024 
During the 12-month period ending April 30, 2024, a total of 4,071 building permits were issued for new single-family homes in the St. Louis area. This marks a 4.87% increase from the previous 12 months, which recorded 3,882 permits. According to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St. Louis HBA), four of the seven counties covered in the report experienced an increase in permits, three of which were in the double digits. Lincoln County saw the largest percentage increase at 37.66%. Conversely, the City of St. Louis experienced the largest decrease, with Continue Reading →
By Dennis Norman, on June 9th, 2024 
The latest data from MORE, REALTORS® shows that the metro east real estate market is still going strong as of May 2024. According to the chart below, the median sold price for homes in the metro east area was $191588, representing an 8.55% increase from May 2023 when the median sold price was $176500. This also marks a 4.69% increase from April 2024, when the median sold price was $183000.
The median list price for homes in the metro east update also saw a significant increase, rising 8.51% from $175000 in May 2023 to $189900 in May 2024. Additionally, there Continue Reading →
By Dennis Norman, on June 8th, 2024 
The real estate market in St Charles County continues to show strength and growth, with the median sold price for homes increasing by 5.71% in May 2024 compared to the same time last year. According to the chart below, available exclusively from MORE, REALTORS®, the median sold price for homes in the St Charles County update was $370,000, up from $350,000 in May 2023. This also marks a 2.78% increase from April 2024, when the median sold price was $360,000.
The median list price for homes in St Charles County also saw an increase of 5.82% from May 2023, reaching Continue Reading →
By Dennis Norman, on June 7th, 2024 
The latest data from MORE, REALTORS® reveals that the St. Louis Metropolitan Statistical Area (stl msa) real estate market is showing no signs of slowing down. In May 2024, the median sold price for homes in the stl msa reached $275,000, a 7.84% increase from the same month in 2023 when the median sold price was $255,000.
Compared to the previous month, May 2024’s median sold price of $275,000 also saw a 5.81% increase from April 2024’s median sold price of $259,900. This steady growth in home prices is a positive sign for sellers in the stl msa.
Additionally, the Continue Reading →
By Dennis Norman, on June 7th, 2024 
Brentwood Forest Condominiums, one of St. Louis’ largest condo communities, is currently grappling with significant structural repair issues that have cast a shadow over the market’s viability. Following the revelation of maintenance problems, the Federal Housing Administration (FHA) temporarily withdrew its loan approval for the development. This decision has significantly impacted both the homeowners and prospective buyers. In a recent article in the St. Louis Business Journal, it was stated that in response to this, the Brentwood Forest Condominium Association (BFCA) was “working diligently to address reported mortgage lending issues.”
The structural issues and subsequent lending restrictions have had a Continue Reading →
By Dennis Norman, on June 4th, 2024 
When considering the purchase of a new construction home in the St. Louis Metro area, it’s crucial to have a professional real estate agent on your side from the very beginning. Here’s why you shouldn’t work directly with the builder and the benefits of engaging an agent with extensive knowledge and experience in new home construction.
Why Not Work Directly with the Builder?
Builders often have sales agents on-site who are well-versed in their product, but these representatives work for the builder. Their primary goal is to protect the best interests of the builder, not to advocate for the best Continue Reading →
By Dennis Norman, on May 30th, 2024 
A Springfield, Missouri business owner, Brian Scroggs, has been indicted by a federal grand jury for orchestrating a fraudulent timeshare exit scheme, according to an announcement from the FBI. Scroggs, who owned Vacation Consulting Services, LLC, and The Transfer Group, LLC, promised clients he could help them exit their timeshare contracts for a fee. Despite knowing that timeshare companies had stopped working with exit firms, Scroggs continued to solicit new clients under false pretenses.
The indictment reveals that Scroggs defrauded clients of over $32,000 by falsely claiming his companies could release them from their timeshare agreements. His scheme involved hosting Continue Reading →
By Dennis Norman, on May 30th, 2024 
The Consumer Financial Protection Bureau (CFPB) has issued a Request for Information (RFI) regarding fees imposed in residential mortgage transactions. This initiative aims to gather insights and comments from the public about the escalating costs associated with obtaining a mortgage. As homeowners and prospective buyers, this is an opportunity for you to voice your experiences and concerns regarding these fees.
From 2021 to 2023, the median total loan costs for home purchase loans surged by over 36%, with the median dollar amount paid by borrowers in 2022 nearing $6,000. These rising costs, coupled with increased home prices and interest rates, Continue Reading →
By Dennis Norman, on May 28th, 2024 
House hacking is becoming an increasingly popular strategy among younger and first-time homebuyers in many parts of the country, including the St. Louis Metro Area. What is house hacking? Essentially, it involves purchasing a multi-unit property or a single-family home with rentable spaces, offering the new homeowner the opportunity to offset their mortgage payments with rental income. This approach not only reduces living expenses but also helps build equity faster and generate additional income streams.
House hacking offers numerous benefits, particularly in a market like St. Louis where property values are competitive and rental demand is strong. For first-time homebuyers, Continue Reading →
By Dennis Norman, on May 27th, 2024 
As we commemorate Memorial Day, it’s a time for reflection on our history and community. In St. Louis, Memorial Day holds particular significance, intertwining with our city’s rich historical tapestry.
The Historical Roots of Memorial Day in St. Louis
Memorial Day, originally known as Decoration Day, was established after the Civil War to honor fallen soldiers. St. Louis, with its strategic location and historical military significance, has always played a pivotal role in these commemorations. Jefferson Barracks National Cemetery, one of the oldest military cemeteries in the United States, serves as the final resting place for over 188,000 soldiers, spanning Continue Reading →
By Dennis Norman, on May 22nd, 2024 
The Freddie Mac U.S. Economic Housing and Mortgage Market Outlook for May 2024 reveals significant insights into how mortgage interest rates are impacting the housing market, particularly across different generations. With the 30-year fixed-rate mortgage recently surpassing 7%, many prospective homebuyers find themselves priced out of the market. At the same time, current homeowners are hesitant to sell, clinging to historically low rates secured in 2020 and 2021. According to Freddie Mac’s chart below, over 60% of mortgages have rates below 4%, creating a substantial financial disincentive for homeowners to move, effectively locking them into their current homes. Homeowners who Continue Reading →
By Dennis Norman, on May 19th, 2024 
The St. Louis metropolitan area, which covers counties in both Missouri and Illinois, has seen a strong start to the year in terms of home sales. According to data from MORE, REALTORS®, there have been 9,035 homes sold in the St. Louis metro area through the end of April 2024. This represents a 5.54% increase from the same period last year, where 8,561 homes were sold.
While this year’s YTD home sales may be lower compared to four years ago, with a decrease of 11.78%, it is important to note that the overall trend is still positive. This is great Continue Reading →
By Dennis Norman, on May 18th, 2024 
Are you looking to buy or sell a home in the St. Louis metropolitan area? Look no further! According to recent data, the fastest selling zip code in the area is 62084 in Madison-IL, IL. With an average of only 3 days on the market, homes in this zip code are in high demand. And with an average list price of $187,375, sellers can expect to get top dollar for their properties.
But that’s not all. The second and third fastest selling districts in the St. Louis metro area are also located in Madison-IL, IL and St Clair-IL, IL, respectively. Continue Reading →
By Dennis Norman, on May 16th, 2024 
Attention all home buyers and sellers in the St. Louis metropolitan area! Are you looking for a quick and seamless real estate experience? Look no further than the top three fastest selling school districts in the region. According to recent data, Freeburg DIST 70 in Illinois takes the top spot with an impressive average of only 12 days on the market for its two active listings, with an average list price of $344,000. Coming in at a close second is Windsor C-1 in Unincorporated, MO, with six listings and an average of just 15 days on the market. And rounding Continue Reading →
By Dennis Norman, on May 15th, 2024
The real estate market in the metro east area is showing no signs of slowing down. According to the latest data from MORE, REALTORS®, homes in the metro east update sold for a median price of $183,711 during April 2024. This represents a 5.58% increase from April 2023, when the median sold price was $174,000.
However, there was a slight decrease of 0.40% compared to March 2024, when the median sold price was $184,450. The median list price also saw a significant increase, rising by 8.79% from $170,000 in April 2023 to $184,950 in April 2024.
The number of home Continue Reading →
By Dennis Norman, on May 15th, 2024
The real estate market in St Charles County, MO continues to show strength and stability as we head into the summer months. According to the latest data available exclusively from MORE, REALTORS®, the median sold price for homes in the St Charles County update was $360,000 in April 2024. This represents a 2.06% increase from April 2023, when the median sold price was $352,750.
While there was a slight decrease of 2.82% from the previous month, when the median sold price was $370,450, the overall trend for home prices in St Charles County remains positive. Additionally, the median list price Continue Reading →
By Dennis Norman, on May 14th, 2024 
The latest data from the Franklin County update shows a continued upward trend in the real estate market. In April 2024, the median sold price for homes in the county was $245,450, representing a 5.34% increase from the same month last year. This also marks a slight decrease of 0.63% from March 2024.
The median list price for homes in Franklin County was $246,450, a 6.02% increase from April 2023. In terms of sales, there were 108 homes sold in April 2024, a significant 54.29% increase from April 2023.
For a visual representation of this data, refer to the chart Continue Reading →
By Dennis Norman, on May 14th, 2024 
As of April 2024, the St. Louis metro area real estate market continues to show steady growth. According to data from MORE, REALTORS®, the median sold price for homes in the St. Louis area was $260,000, representing a 2.36% increase from April 2023 when the median sold price was $254,000. This also marks a 4.00% increase from the previous month, March 2024, when the median sold price was $250,000.
The median list price for homes in St. Louis was $250,000, a slight 0.04% increase from April 2023. This indicates that sellers are still able to command a strong price for Continue Reading →
By Dennis Norman, on May 8th, 2024 
Lawrence Yun, Chief Economist for the National Association of REALTORS
In his forecast yesterday at the 2024 REALTORS® Legislative Meetings, National Association of Realtors® Chief Economist Lawrence Yun delivered a promising outlook for the real estate market with expectations for rising existing-home sales. According to Yun, the U.S. is likely to see existing-home sales increase to 4.46 million in 2024, a 9% rise from 2023, and surge to 5.05 million in 2025. Yun highlighted, “More jobs mean more home sales and higher housing demand. You need a strong local economy for a strong housing market.”
Additionally, Continue Reading →
By Dennis Norman, on May 7th, 2024 
The 12-month home sales trend chart below from MORE, REALTORS® shows a slight upward tick in St. Louis home sales. In April, 32,210 homes were sold during the 12-month period ending in April, marking the highest home sales trend in St. Louis since August 2023. Granted, this is spring—a typically strong selling season for real estate. However, the 12-month sales ending in April 2024 are below the figures from a year ago, which stood at 34,490. Nonetheless, this uptick is a positive sign. It’s also noteworthy that this April marks the first time in three years that the trend has Continue Reading →
By Dennis Norman, on May 7th, 2024
The St. Louis Metropolitan real estate market has experienced notable shifts in its latest 12-month cycle ending April 2024, as compared to the previous year. Firstly, the total number of homes sold in the St. Louis Metro area has seen a decline. Over the past 12 months, ending April 2024, St Louis home sales totaled 32,220 homes, a decrease of 6.58% from the previous year’s 34,490 homes. This reduction in sales volume may reflect a variety of market factors including economic shifts or changes in buyer sentiment.
Conversely, the median sold price for homes has edged upwards, indicating a resilient Continue Reading →
By Dennis Norman, on May 3rd, 2024 
Interest rates for a 30-year fixed-rate conventional mortgage declined to 7.28% today, down from their five-month high of 7.52%, reached just over a week ago. Today’s rate marks the lowest since April 9, when the interest rate on a 30-year fixed-rate mortgage stood at 7.06%.
Although the accompanying chart traces the trajectory of interest rates over the past 40 years, extending back to 1980, it does not predict their future movements. The direction of mortgage rates is influenced by a myriad of factors including, but not limited to, Federal Reserve policies, inflation expectations, and global economic conditions. Currently, experts Continue Reading →
By Dennis Norman, on May 2nd, 2024 
During the 12-month period ending March 31, 2024, a total of 4,070 building permits were issued for new single-family homes in the St. Louis area, marking a 3.83% increase from the previous 12 months, which recorded 3,920 permits. According to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St. Louis HBA), four of the seven counties covered in the report experienced a decline in permits. The City of St. Louis saw the largest decrease, with a 13.31% drop. Conversely, the three counties that experienced an increase in building permits all reported double-digit growth
Continue Reading →
By Dennis Norman, on May 1st, 2024 According to the latest Independent Landlord Rental Performance Report by Chandan Economics, April 2024 witnessed a decline in on-time rental payments in independently operated rental units nationwide, dropping to 85.2%. As illustrated by the chart below, this marks a decrease from 87.0% the prior month and 87.8% a year ago. Western states, notably Utah, Alaska, and Colorado, continue to lead the nation with the highest on-time payment rates. However, it’s worth noting that here in Missouri, only 82% of tenants paid their rent on time in April, resulting in Missouri ranking 43rd in the country for on-time rent payments.
Continue Reading →
By Dennis Norman, on April 27th, 2024 
In today’s real estate market, characterized by low inventory and somewhat high interest rates, the idea of buying a home can be daunting for some, especially those who are undecided about their long-term plans. Lease options present a compelling solution, offering flexibility and a strategic stepping stone toward owning a home. This approach is ideal for individuals who are still considering their options in terms of location, saving for a substantial down payment, or waiting for potentially lower interest rates.
A lease option allows tenants to live in a property with the option to purchase it at the end of Continue Reading →
By Dennis Norman, on April 26th, 2024 
Home sellers have reached a momentous $250 million settlement with HomeServices of America and its subsidiaries, including Long & Foster Companies, BHH Affiliates, LLC, and HSF Affiliates, LLC. This settlement, disclosed in a recent press release by the law firm representing the plaintiffs, resolves class action claims as part of a broader dispute over commission costs in the real estate industry.
In a landmark case held on October 31, 2023, a Missouri jury found HomeServices of America, along with the National Association of Realtors (NAR) and Keller Williams, culpable of conspiring to inflate commission fees, resulting in nearly $1.8 billion Continue Reading →
By Dennis Norman, on April 26th, 2024 
Interest rates for a 30-year fixed rate conventional mortgage hit 7.52% yesterday, the highest rate in five months, since November 13, 2023 when they were 7.58%. Today, however, they eased and the 30 year fixed rate mortgage interest rate dropped slightly to 7.45% and the interest rate for a 30-year FHA loan slipped below 7% to 6.95%.
The chart below shows interest rates for over 40 years, back to 1980 and shows about as much change as we’ve seen in fashion and technology during the period — from an astronomical high of 18.29% in October 1981 to an unbelievable low Continue Reading →
By Dennis Norman, on April 25th, 2024
The St. Louis 5-County Core market, encompassing St. Louis City County, St. Louis County, St. Charles County, Franklin County, and Jefferson County, reported a total of 4,518 home sales Year-to-Date through March 2024. This reflects a 4% increase in St. Louis home sales for the same period last year, which had 4,340 home sales. However, as the chart below—available exclusively from MORE, REALTORS®—shows, this represents varied performance compared to earlier years. In March 2022, there were 5,218 sales, a notable peak compared to 5,803 in 2021 and 5,216 in 2020.
This data highlights the fluctuations in the real estate market Continue Reading →
By Dennis Norman, on April 24th, 2024 
According to the latest report from Intercontinental Exchange, the U.S. mortgage market showed promising signs of stability in March 2024. The national delinquency rate decreased to 3.20%, marking a modest drop from February but remaining slightly higher than the record low observed in March 2023. Notably, serious delinquencies, which track loans 90+ days past due but not in active foreclosure, decreased significantly. These serious delinquencies fell by 24,000 cases—a 5.2% reduction from February, reaching their lowest level since mid-2006. This improvement is particularly significant as it occurred during a month that historically sees fluctuations due to its conclusion on a Continue Reading →
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