Dennis Norman - St Louis Real Estate News

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 →

St. Louis Sees 4.87% Rise in Single-Family Home Permits Over the Past Year

By Dennis Norman, on June 11th, 2024

St Louis MSA Building Permits for New Homes Data for November 2024 compared with year ago

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 →

Metro East Update: Real Estate Market Continues to Thrive in May 2024

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 →

St Charles County Real Estate Market Update as of June 2024

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 →

Median Home Prices Continue to Rise Throughout the St Louis Metro Area in May

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 →

The Challenges and Market Impact on Brentwood Forest Condos

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 →

St. Louis New Home Buyers: Why Partnering with a Real Estate Agent Matters

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 →

Mortgage Loan Fees Increased Thirty-Six Percent in two years: CFPB Launches Inquiry

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 →

Affordable Homeownership: How House Hacking Helps First-Time Buyers in St. Louis

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 →

Memorial Day Events: Honoring History and Community in St. Louis

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 →

May 2024 Housing Market: Homeowners Locked in by Low Mortgage Rates

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 →

St. Louis Metro Area YTD Home Sales Show Steady Increase in 2024

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 →

Discover the Hottest Zip Codes in St. Louis Metro Area for Home Buyers and Sellers

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 →

Discover the Top 3 Fastest Selling School Districts in St. Louis!

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 →

Metro East Update: Home Prices Continue to Rise in April 2024

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 →

St Charles County Real Estate Market Update as of May 2024

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 →

Franklin County Real Estate Market Update as of May 2024

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 →

St. Louis Metro Area Real Estate Market Update – April 2024

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 →