Dennis Norman - St Louis Real Estate News

Mortgage Interest Rates Fall To 6-Month Low

By Dennis Norman, on July 30th, 2024

UPDATE: Friday, August 2, 2024…Today, after the jobs report and other economic data was released, mortgage interest rates fell to 6.40% on a 30-year fixed rate mortgage, the lowest level in nearly 16 months…the last time rates were this low was in early April 2023.

The interest rate on a 30-year fixed-rate conventional mortgage fell to 6.80% today, according to the MND rate index as shown in the chart below. This marks the lowest rate in over six months, since January 9th of this year when rates were at 6.80% as well. This drop in rates comes as the Federal Continue Reading →

Midwest Leads Homeownership Rates Despite Slight Decline

By Dennis Norman, on July 30th, 2024

The latest homeownership rates released by the U.S. Census Bureau illustrate a stable housing market across various regions, with the Midwest continuing to lead in homeownership. The Midwest, where St. Louis is a prominent hub, saw a slight decrease from 70.2% in the second quarter of 2023 to 69.9% in the second quarter of 2024. This marginal decline still places the Midwest at the highest homeownership rate among all regions, underscoring the area’s enduring appeal and stability. As St. Louis continues to develop and attract new residents, the robust homeownership rate in the Midwest highlights the region’s Continue Reading →

Midwest Rental Market Tightens, Boosting St. Louis Appeal

By Dennis Norman, on July 30th, 2024

The latest rental vacancy rates released by the U.S. Census Bureau highlight a significant shift in the housing market dynamics across various regions. Here in the Midwest, we experienced a noteworthy decline in vacancy rates, dropping from 6.9% in the second quarter of 2023 to 5.5% in the second quarter of 2024. This decrease suggests a tightening rental market in the Midwest, contrasting with the national trend where the overall vacancy rate slightly increased. As the Midwest continues to attract more residents and stabilize its housing market, St. Louis stands to benefit from this positive momentum.

The rental vacancy rates Continue Reading →

St. Louis Real Estate Secrets: The Surprising Rise of Office Exclusive Listings

By Dennis Norman, on July 29th, 2024

In a recent deep dive into the world of “office exclusive” listings, we uncovered some surprising trends within the St. Louis metropolitan area. Our previous analysis revealed that 22.6% of listings in St. Charles County and 28.8% in St. Louis County were classified as “office exclusive”, sparking a conversation about who truly benefits from these types of listings.

Unveiling St. Louis MSA Stats

MARIS, the regional MLS, holds the key to the actual number of office exclusive listings, a piece of data that remains hidden from public view and member brokers alike. However, through meticulous data compilation over the Continue Reading →

Do Office Exclusive Listings Serve Sellers or Listing Agents Better?

By Dennis Norman, on July 25th, 2024

In today’s competitive real estate market, “office exclusive” listings have become a notable, and at times, rather heated, topic of discussion among agents. Recently, we took a closer look at the prevalence of these listings in St Charles County and St Louis County, Missouri. Our findings, illustrated in the chart below, reveal that 22.6% of listings in St Charles County and 28.8% in St Louis County are “office exclusive” listings.

Understanding Office Exclusive Listings

According to MLS rules, office exclusive listings cannot be advertised or listed on the MLS. This means they are not visible on the thousands of real Continue Reading →

Transparency in Real Estate: What the New Rules Mean for You

By Dennis Norman, on July 24th, 2024

This week, on July 23rd, the St. Louis REALTORS® Association implemented new and revised contract forms and agreements for use by Realtors throughout St. Louis and the surrounding areas. These updates are a direct response to significant changes in industry practices resulting from the settlement of massive class action lawsuits by the National Association of Realtors (NAR). For a detailed breakdown of these changes, you can refer to the settlement agreement below.

The revisions aim to align current practices with the legal outcomes of these settlements, ensuring compliance and fostering transparency in real estate transactions. One of the pivotal changes Continue Reading →

The Ultimate Guide to Wildwood Real Estate: Listings, Open Houses, and More

By Dennis Norman, on July 21st, 2024

Nestled in the western suburbs of St. Louis, Wildwood, MO, is a thriving community known for its picturesque landscapes, top-rated schools, and a blend of suburban and rural charm. Established in 1995, Wildwood offers residents a high quality of life with its extensive parks, trails, and outdoor activities, making it a sought-after location for families and outdoor enthusiasts alike.

Popular Communities in Wildwood High School Areas Lafayette High School Area Real Estate Search Eureka High School Area Real Estate Search Marquette High School Area Real Estate Search Rockwood Summit High School Area Real Estate Search Middle School Areas Wildwood Middle Continue Reading →

St. Louis Continues to See Increase in New Home Construction Over the Past 12 Months

By Dennis Norman, on July 19th, 2024

During the 12-month period ending May 31, 2024, a total of 4,004 building permits were issued for new single-family homes in the St. Louis area. This marks a 2.72% increase from the previous 12 months, which recorded 3,898 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, two of which were in double digits. The leading winner and loser were the same this month as last, with Lincoln County seeing the largest percentage increase at Continue Reading →

Housing Coalition Slams Biden’s Rent Cap Proposal

By Dennis Norman, on July 19th, 2024

President Biden’s recent proposal for a 5% corporate rent cap has stirred significant debate among housing experts. The Housing Solutions Coalition (HSC) has criticized the plan, labeling it as “typical election year rhetoric” and warning that rent caps exacerbate housing shortages, leading to higher rents and lower quality housing. They argue that the nation’s massive housing deficit requires solutions that prioritize building more housing, not restricting development.

The HSC advocates for regulatory and financial incentives for home builders and multifamily owners/operators, along with increased subsidies for low-income families. They contend that these measures would effectively address affordability issues, whereas rent Continue Reading →

Mortgage Interest Rates Hit Lowest Level in Over Five Months

By Dennis Norman, on July 16th, 2024

Mortgage interest rates for a 30-year fixed-rate mortgage dipped to 6.81% this week, the lowest level since February 1 when the rate fell to 6.63%. The rate for a 30-year fixed-rate FHA loan fell to 6.26%. This has a significant impact on the cost of a home. For example, a change of just 0.5% in the interest rate can alter the house payment on a typical median-priced home in St. Louis by nearly $100.

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Mortgage Interest Rates

(click image below for live, interactive chart)

Continue Reading →

Biden’s Rent Cap Plan Faces Criticism from Home Builders Association

By Dennis Norman, on July 16th, 2024

President Biden has announced a plan to cap rent increases at 5% per year for corporate landlords with more than 50 units. This initiative is part of a broader strategy to lower housing costs and address the housing shortage. The plan also includes repurposing public land for affordable housing and rehabilitating distressed properties. The Biden administration emphasizes that these actions will help protect tenants from excessive rent hikes and promote the development of new affordable housing units.

However, the National Association of Home Builders (NAHB) has expressed significant concerns about this proposal. Carl Harris, chairman of the NAHB, argues that Continue Reading →

HUD Charges Appraiser, Appraisal Management Company, and Lender with Race Discrimination

By Dennis Norman, on July 15th, 2024

In a significant move to address racial discrimination in housing, the U.S. Department of Housing and Urban Development (HUD) has charged an appraiser, an appraisal management company, and a lender with discriminatory practices. This case involves allegations against Maksym Mykhailyna, Maverick Appraisal Group, Solidifi U.S. Inc., and Rocket Mortgage, LLC, for issuing a biased appraisal that undervalued a Black homeowner’s property in Denver, Colorado. According to HUD, “The Fair Housing Act protects all of us from discrimination throughout the process of buying a home or securing a home loan,” emphasizing the severity of the charges and HUD’s commitment to enforcing Continue Reading →

Discover the Hottest Real Estate Markets in St. Louis: Fastest Selling Zip Codes Revealed!

By Dennis Norman, on July 15th, 2024

Are you looking to buy or sell a home in the St. Louis metropolitan area? If so, you’ll want to pay attention to the latest data on the fastest selling zip codes. According to recent statistics, the top three zip codes with the shortest average days on the market are 62084 in Madison-IL, IL, 63146 in St. Louis, MO, and 63034 in St. Louis, MO. This means that homes in these areas are in high demand and selling quickly, making them ideal locations for both buyers and sellers.

In 62084, the average listing stays on the market for just 11 Continue Reading →

Discover the Top 3 Fastest Selling School Districts in the St Louis Metropolitan Area

By Dennis Norman, on July 12th, 2024

Are you looking to buy or sell a home in the St. Louis metropolitan area? If so, it’s important to know which school districts are experiencing the fastest home sales. According to recent data, the top three fastest selling school districts in the area are Wolf Branch DIST 113, Lebanon CUSD 9, and HILLSBORO DIST 3.

With an average of only 4 days on the market, Wolf Branch DIST 113 in Illinois takes the top spot. This district boasts 7 active listings with an average list price of $284,357. Coming in at second place is Lebanon CUSD 9 with an Continue Reading →

Metro East Update: June 2024 Real Estate Market Shows Steady Growth

By Dennis Norman, on July 9th, 2024

The metro east area of St. Louis, MO continues to see a strong real estate market, with the latest data from June 2024 showing a steady increase in home prices. According to the chart below, exclusively available from MORE, REALTORS®, the median sold price for homes in the metro east update was $210,000, a 2.44% increase from June 2023. This also represents a 10.24% increase from May 2024, when the median sold price was $190,500.

The median list price for homes in the metro east update was $200,000, a slight increase of 0.05% from June 2023. However, there was a Continue Reading →

St Charles County Real Estate Market Update as of July 2024

By Dennis Norman, on July 8th, 2024

The real estate market in St Charles County has continued to show strong growth and stability as of July 2024. According to the latest data from MORE, REALTORS®, the median sold price for homes in the county during June 2024 was $391,500, representing an increase of 7.26% from the same time last year when the median sold price was $365,000. This also marks a 6.41% increase from May 2024, when the median sold price was $367,900.

The median list price for homes in St Charles County was $379,900 in June 2024, a significant increase of 8.54% from $350,000 in June Continue Reading →

St Louis Metro Area: June 2024 Real Estate Market Update

By Dennis Norman, on July 7th, 2024

As of June 2024, the stl msa real estate market continues to show strong growth. According to data exclusively from MORE, REALTORS®, the median sold price for homes in the stl msa update was $299950, a 9.07% increase from June 2023. This also marks a 9.07% increase from May 2024, when the median sold price was $275000.

The median list price for homes in the stl msa update was $290000, a 9.43% increase from June 2023. Despite the increase in prices, there were 2800 home sales in June 2024, a decrease of 18.60% from June 2023.

The chart below illustrates Continue Reading →

Franklin County Update Real Estate Market Update as of July 2024

By Dennis Norman, on July 7th, 2024

According to the latest data from MORE, REALTORS®, the median sold price for homes in the franklin county update was $240000 in June 2024. This represents a 1.23% decrease from June 2023 when the median sold price was $243000. Additionally, last month’s median sold price of $240000 also saw a decrease of 5.51% compared to May 2024.

Despite the decrease in median sold price, the median list price for homes in the franklin county update saw a slight increase of 0.81% from $247000 in June 2023 to $249000 in June 2024. However, there were 14.95% fewer home sales in June Continue Reading →

New NAR Rule: What Buyers Need to Know About Written Agreements Before Home Tours

By Dennis Norman, on July 5th, 2024

Starting August 17, 2024, the National Association of REALTORS® (NAR) is implementing a new requirement on its members that will impact home buyers and REALTORS® alike. This new rule mandates that REALTORS® must have a written agreement with buyers before showing them any homes. This change is required as part of the settlement agreement of multiple massive class-action lawsuits where NAR was accused of anti-competitive practices. The settlement aimed to increase transparency and fairness in real estate transactions, ensuring that both buyers and agents have a clear understanding of their relationship and obligations. However, there’s a lot of confusion Continue Reading →

Freedom and Real Estate: Reflecting on Independence Day

By Dennis Norman, on July 4th, 2024

As we celebrate Independence Day, we not only honor the birth of our nation but also reflect on the freedoms and opportunities that make America unique. For the real estate market, these principles of independence and liberty are deeply ingrained. Homeownership is often seen as a cornerstone of the American Dream, representing stability, investment in the future, and personal freedom. This day serves as a reminder of the importance of owning a piece of this great land and the value it brings to families and communities.

The significance of Independence Day extends to the real estate industry by highlighting the Continue Reading →

Widespread Disapproval of National Association of REALTORS®’ Handling of Commission Lawsuit

By Dennis Norman, on June 27th, 2024

A recent flash poll by T3 Sixty at the NAR Midyear Conference highlights significant dissatisfaction among real estate professionals regarding the National Association of REALTORS® (NAR) and its handling of the ongoing commission lawsuit. View the entire report and survey results below.disa

Key Findings: Approval of NAR’s Performance: Only 30% of respondents approve of NAR’s overall performance. A striking 63% disapprove, indicating widespread dissatisfaction. Handling of Compensation Lawsuits: Just 32% approve of NAR’s legal strategies. A majority of 62% disapprove, showing deep concerns about the settlement’s impact.

At MORE Realtors, we understand the confusion and concerns surrounding these changes. Our Continue Reading →

Why Home Sellers Should Consider Filing a Notice of Intent to Sell

By Dennis Norman, on June 22nd, 2024

Selling a home can be a complex process, especially when recent work has been done by contractors. One way Missouri home sellers can simplify their sale and protect themselves is by filing a Notice of Intent to Sell (NOIS). While not required by Missouri law, a NOIS can significantly benefit property owners. Filing this notice shortens the period contractors and material suppliers have to file a mechanics lien from six months to just 45 days after the notice is filed. This can reduce the risk of unexpected liens popping up after the sale.

M&I Title Company, a local Continue Reading →

Housing Market Sentiment Hits New Low: Only 14% Think It’s a Good Time to Buy

By Dennis Norman, on June 18th, 2024

According to the latest data from the Fannie Mae Home Purchase Sentiment Index, shown below, a mere 14% of consumers currently believe it’s a good time to buy a home. This starkly contrasts with the increasing sentiment that it’s a bad time to buy, which has surged to nearly 80%. Over the past decade, the confidence in the housing market has drastically shifted, with a significant decline in the optimism seen in previous years. The reasons behind this sentiment could range from rising mortgage rates to economic uncertainties.

At MORE, REALTORS®St, we closely monitor market trends and data like the Continue Reading →

St. Louis Metro Area Home Sales See Steady Increase in 2024

By Dennis Norman, on June 17th, 2024

The St. Louis metropolitan area, which covers counties in both Missouri and Illinois, has seen a steady increase in home sales so far this year. According to data from MORE, REALTORS®, there have been 12,130 homes sold in the St. Louis metro area through the end of May 2024. This represents a 5.63% increase from the same period last year, when 11,483 homes were sold.

Compared to four years ago, when there were 13,295 homes sold through May 2024, this year’s sales have seen a slight decrease of 8.76%. However, this decrease is still within a reasonable range and does Continue Reading →

Discover the Hottest Real Estate Markets in St. Louis: The Fastest Selling Zip Codes Revealed!

By Dennis Norman, on June 16th, 2024

Are you looking to buy or sell a home in the St. Louis metropolitan area? If so, you’ll want to pay attention to the latest real estate data. According to recent statistics, the top three fastest-selling ZIP codes in the region are 63134, 63114, and 63117, all in St. Louis County, MO. The top three ZIP codes span a diverse market and geographic area, with 63134 primarily made up of Berkeley in North St. Louis County, 63114 consisting of Overland and several smaller, mid-St. Louis County areas, and 63117 encompassing Richmond Heights in the 40 corridor area of St. Louis Continue Reading →

Luxury Living: The St. Louis Zip Codes Are Among America’s Wealthiest

By Dennis Norman, on June 13th, 2024

A recent article in the St. Louis Business Journal highlights the prominence of St. Louis in the newly released Business Journals Wealthy 1000 ranking. Among the nation’s wealthiest ZIP codes, nine from the St. Louis area have made the list, underscoring the region’s economic significance. Leading the charge is Ladue’s 63124 ZIP code, recognized not only as the wealthiest in St. Louis but also a major player on the national stage.

This new ranking takes into account various wealth metrics such as income, home equity, and estimated savings, painting a comprehensive picture of affluence in the area. While Ladue tops Continue Reading →

Federal Reserve Projections: What St. Louis Homebuyers and Sellers Need to Know

By Dennis Norman, on June 12th, 2024

The latest Federal Reserve Economic Projections, released on June 12, 2024, provide valuable insights into the future economic landscape that will impact homebuyers and sellers in St. Louis. The Federal Open Market Committee (FOMC) anticipates steady real GDP growth of around 2.0% from 2024 to 2026, which indicates a stable economic environment for making real estate investments. This projection is reassuring for those considering buying or selling homes, as economic stability often correlates with a steady housing market.

Interestingly, the unemployment rate is projected to hover around 4.1% during the same period, reflecting a healthy job market. For potential homebuyers, Continue Reading →

Discover the Fastest Selling School Districts in St. Louis Metropolitan Area

By Dennis Norman, on June 12th, 2024

Are you looking to buy or sell a home in the St. Louis metropolitan area? If so, you’ll want to pay attention to the fastest selling school districts in the region. According to recent data, the top three districts with the shortest time on the market are Wolf Branch DIST 113 in Unincorporated, IL, Winfield R-IV in Unincorporated, MO, and Windsor C-1 in Unincorporated, MO.

Wolf Branch DIST 113 takes the top spot with an average of only 11 days on the market for its two active listings. The district also boasts an average list price of $399,750, making it Continue Reading →

How to Successfully Negotiate Below Asking Price in St. Louis’ Competitive Market

By Dennis Norman, on June 12th, 2024

Navigating the competitive St. Louis real estate market, where inventory remains relatively low, requires strategic thinking and a well-crafted offer. While it’s possible to make an offer below the asking price, success hinges on several factors where the expertise of a seasoned professional agent, like those at MORE, REALTORS®, can be invaluable.

First, the amount of time a listing has been on the market is crucial. Properties that have lingered longer are often ripe for negotiation. A well-priced home will see significant activity, so an experienced agent can help you gauge the market response and determine a reasonable offer. Additionally, Continue Reading →

VA Introduces Temporary Variance Allowing Veterans to Pay Buyer-Broker Charges Amid NAR Settlement Changes

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 →