Dennis Norman - St Louis Real Estate News

Like The Weather, St Louis Housing Market Cooling

By Dennis Norman, on September 8th, 2017

As we approach the fall season (officially referred to as “autumn”, it begins September 22nd) and the temperatures cool, St Louis home prices and sales are beginning to cool as well. There’s no reason for panic as this is normal due to the “seasonality” of the real estate market, however, we in the real estate business never like to see it arrive.

As the tables below for the St Louis MSA, as well as the counties that make up the St Louis real estate market, show, the St Louis real estate market as a whole, is now a “cooling seller’s Continue Reading →

If You Live In These Neighborhoods You Should Move Now!

By Dennis Norman, on September 5th, 2017

If you own a home in Maplewood, Warson Woods, Shrewsbury, Crestwood, or Bridgeton you should sell now before it’s too late! No, there’s nothing bad about to happen to those areas (as far as I know) but these areas are currently suffering from a shortage of homes for sale and are failing to meet the markets current demand. Each of these areas has less than a one-month supply of homes for sale making this a great time to sell!

Below, is a list of the top 10 St Louis municipalities with a shortage of homes for sale but there are Continue Reading →

Do Homes Sell Over Labor Day Weekend?

By Dennis Norman, on September 1st, 2017

As we head into Labor Day weekend many people will be having friends and family to their homes for barbecues, parties and other get-togethers while other people may just be looking to a quiet weekend at home with family. In either event, if you have your home listed for sale, a showing, or showings, can be disruptive, to those plans and may prompt to you consider taking your home off the market for the weekend, or at least not permitting showings for the next 3 days. After all, it’s a holiday weekend, so what do you have to lose? People Continue Reading →

St Louis Neighborhoods That Sold The Fastest In The Last 30 Days

By Dennis Norman, on August 28th, 2017

The St Louis real estate market typically hits its peak during the spring months then continues strong into summer. Come August, the housing market in St Louis tends to slow as families squeeze in vacations and school begins. After Labor Day we normally see an increase in activity until the market goes into something reminiscent of hibernation for the Thanksgiving and Christmas season.

Even though Labor Day is just a few days away, home sales that closed within the past 30 days show that homes are still selling quickly in St Louis. Below is our list of the 10 Continue Reading →

Home Sales and Prices Continue Upward Trend Throughout St Louis Area

By Dennis Norman, on August 21st, 2017

For the 12-month period ending July 31, 2017, as the table below shows, there were 36,741 homes sold in the St Louis MSA an increase in home sales of 13.35% from the prior 12-month period. The median price of homes sold in the St Louis MSA during the past 12 months was $170,000, an increase in home prices of 3.66% from the prior 12 month period.

St LouisHome sales and price summary by county (see tables below for details):

St Louis City and County Home sales Up 6.06% Home prices Up 4.79% St Charles County Home sales Up 4.43% Home Continue Reading →

Homes Listed By Agents Net The Owner More Than For Sale By Owner- Even After Deducting Commission

By Dennis Norman, on August 19th, 2017

Inman News, a popular source of industry news for real estate agents, recently published an article title “Agents sell homes for more than FSBOs: study”. In this article, the author cited a study done by Collateral Analytics which revealed that homes sold by real estate agents sold for a mean of 5.5% more than FSBO’s (for sale by owner’s).

Being the usual skeptic that I am and also being unwilling to promote industry propoganda just because it sounds good, I decided to attempt to do an analysis of my own based upon the St Louis market. So, what I Continue Reading →

Why Would You Do Business With Movement Mortgage?

By Dennis Norman, on August 17th, 2017

Unfortunately today, when we see a headline such as the one in this article, we almost immediately think something bad…its’ hard not too. Considering everything we witness in life and see in the media day in and day out, it’s become normal to think “what have they done?..what are you going to tell me that is bad about them? What’s the dirt?”.

Well, I’m happy to say, I don’t have anything bad to say, I don’t have any dirt on them nor scandalous information but, please don’t stop reading because of that.:)

In fact I’m going to praise Continue Reading →

St Louis Real Estate Market Update VIDEO – August 2017

By Dennis Norman, on August 13th, 2017

The St Louis real estate market continues to be strong… Get the latest information on St Louis area home prices, sales and the market, as well as why this information is important and even a quick example of how we use this type of information to help our clients, in our just released market update video.

In our MORE, REALTORS, 5 Minute St Louis Real Estate Market Update video below, you can quickly and easily get the latest information on home prices, home sales, trends and more for the entire St Louis area!

Sell Your Home For Continue Reading →

Should You Offer A Selling Agent Bonus When Selling Your Home?

By Dennis Norman, on August 9th, 2017

This is another one of those topics where there are plenty of varying opinions however, for the sake of this article I’m going to take a look at it from purely a data-driven standpoint which, perhaps, is a little more objective approach. While it’s not that common, especially in a sellers market like a huge chunk of the St Louis real estate market has experienced for some time now, there are currently just 185 active listings in the St Louis MSA offering an agent bonus so just a tad over 1 percent of the 15,546 active listings in the St Continue Reading →

Are Condos Or Homes A Better Investment In St Louis?

By Dennis Norman, on August 3rd, 2017

It’s no secret that here in St Louis we are little slow to embrace new trends or styles and that holds true when it comes to our housing market. I remember when I first entered the real estate business in 1979 although condominiums had become quite popular in many metropolitan areas in the U.S. at the time, since the early 60’s when the popularity began to increase, they weren’t very common here. I remember many early condominium developers in St Louis struggling to make a profit doing condo conversions (where multi-family properties were converted into the condominium form of ownership Continue Reading →

St Louis Metro Area Cities Where Homes Have Sold The Slowest In the Past 30 Days

By Dennis Norman, on July 29th, 2017

The St Louis real estate market is hot, but there are some areas that are not as hot as others and are slower selling. While the hottest St Louis markets are seeing homes sell within a few days on average, there are some markets where homes are taking much longer to sell. Granted, as the table below shows, there are only two on the top 10 slowest markets list where the average is over 100 days (and still well below historic average times to sell) so even the slow markets, are pretty good today! Continue Reading →

Cities In The St Louis Metro Area Where Homes Have Sold The Fastest In The Past Month

By Dennis Norman, on July 23rd, 2017

The St Louis real estate market continues to be like the weather, hot! Many neighborhoods through the St Louis area continue to enjoy a seller’s market, largely driven by a shortage of homes for sale, creating a low inventory. So where in the St Louis metro area are homes selling the fastest? While you would need to click on the list below to go the live data for the latest information from our site, as of the day I wrote this, Vally Park was number 1 on the list. During the past 30 days, homes that sold in Valley Park were on the market an average of only 4 days before selling! Continue Reading →

St Clair County Illinois Real Estate Market Outperforming Madison County Illinois Market

By Dennis Norman, on July 19th, 2017

The Mississippi river clearly defines the Missouri/Illinois state line in fact it does so much so that it is often easy to forget that nearly half (8 of 17) of the counties that make up the St Louis MSA are located in Illinois. Granted, many of these are smaller counties, in fact Illinois has 6 of the 8 smallest counties (by population) in the St Louis MSA, however, Madison County and St Clair County, both with roughly 260,000 people, are the 4th and 5th (respectively) largest counties in the St Louis MSA. Continue Reading →

St Louis Home Prices And Sales Increase From A Year Ago

By Dennis Norman, on July 18th, 2017

For the 12-month period ending June 20, 2017, as the table below shows, there were 36,447 homes sold in the St Louis MSA an increase of 2.08% from the prior 12-month period. The median price of homes sold in the St Louis MSA during the past 12 months was $169,000, an increase of 4.0% from the prior 12 month period. Continue Reading →

The Importance Of Accurate St Louis Home Price Data for Sellers and Buyers- Prices Down 19%?? Or Up 8%??

By Dennis Norman, on July 14th, 2017

Yes, I often harp on the importance of having accurate information when it comes to the St Louis real estate market and, admittedly, am a data nerd, however, considering that a home sale or purchase is generally one of, if not the, largest financial transactions a person makes, I think it’s worth the effort to get it right. This is why at our company, MORE, REALTORS, we have spent thousands and dollars and thousands of hours of work over the course of several years to develop software for our agents, and clients, that provides what we feel is the most accurate and relevant information out there when it comes to St Louis home prices and sales information. Continue Reading →

St Louis Real Estate Market Update VIDEO – July 2017

By Dennis Norman, on July 13th, 2017

Home prices are cooling slightly as we transition from the spring market to the summer market… Every year we see home prices reach their peak in the spring market which, depending on weather, the economy as well as other things, could be May or June typically, and then fall slightly as we go into the summer months. This year is no different and we are seeing the normal seasonal change in home prices but St Louis continues to have a strong real estate market and continues to favor sellers for the most part. Continue Reading →

Is There a Connection Between St Louis Population Shift and Home Prices?

By Dennis Norman, on July 6th, 2017

Below is a 10-year chart, showing the median price per foot (one of the most accurate ways to look at home prices) for each of the 5-counties that make up the St Louis core-market. As the chart reveals, there doesn’t necessarily seem to be any correlation between home appreciation and population shift. Below is a quick analysis: Continue Reading →

St Louis Population Shifting Outward

By Dennis Norman, on July 5th, 2017

Recently, the U.S. Census Bureau released the 2016 population estimates revealing that the city of St Louis continues to lose residents while outlying counties like St Charles, Jefferson and Franklin grow and St Louis county remains relatively stagnant. Continue Reading →

City of St Louis Has Best Home Affordability In St Louis Area

By Dennis Norman, on July 4th, 2017

It’s good when the value of your home increases, right? Yes, generally, most homeowners, look at their homes as an investment in addition to shelter for their families so they are generally happy to see the value of their investment increase. The flip side of it is, homebuyers, particularly first-time buyers, would, of course, like to see lower prices and better value in the home they buy. The thing that helps balance out these competing interests is inflation, but more specifically, the rate of income growth. Continue Reading →

What To Look Out For In Credit Repair Companies

By Dennis Norman, on June 29th, 2017

The housing bubble that led to the housing bubble burst in 2008 started a decline in the value of homes, including those in St Louis, for the following 3 to 4 years. This resulted in much larger number of homeowners facing financial struggles including late payments, foreclosures, short sales, bankruptcy and the like, than was the historic norm. As a result, while maybe not a new concept but certainly one that had been more obscure in the past, credit repair, became a lucrative and growing business as consumers sought to repair the damage done and position themselves to buy a home. Continue Reading →

The Importance Of Accurate Home Price Data And The Danger Of Bad Data

By Dennis Norman, on June 24th, 2017

Ok, I’ll admit it, I know I’m sort of a big data nerd and not everyone is, so I may be in the minority when it comes to the attention I give, and time I devote, to market data, stats, trends and the like. However, while not everyone wants to study this stuff, anyone in the market to buy or sell real estate either needs to be up to date on what is going on in the market in terms of price (and the other stuff I mentioned) or be represented by a real estate agent that is. Otherwise, without this information or, worse yet, with bad information, home buyers and sellers can make some really bad decisions. Continue Reading →

St Louis Home Sales and Home Prices Are Both Up Over 5 Percent From A Year Ago

By Dennis Norman, on June 22nd, 2017

St Louis continues to enjoy a pretty robust real estate market, albeit it a challenging one for buyers due to the low inventory of homes for sale in most areas, with St Louis home sales, during the past 12 months, up over 5 percent from the prior 12-month period and St Louis home prices up over 5 percent for the same period as well. Continue Reading →

No Listing Shortage Of Million-Dollar Listings In St Louis

By Dennis Norman, on June 21st, 2017

The low inventory of homes for sale in St Louis comes up today in most conversations related to the St Louis real estate market. St Louis home buyers have struggled to get to new listings quick enough, and then make strong enough offers, to successfully beat out the competition. Well, while that may be the story for the majority of the St Louis real estate market, it is certainly not the story for the $1Million+ market. Continue Reading →

Home Flipping In St Louis Hits Highest Level In 8 Years

By Dennis Norman, on June 15th, 2017

Home flipping accounted for 8.6 percent of all the home sales in the St Louis MSA during the 1st quarter of this year according to a report released today by Attom Data Solutions. This is an increase of 14.7% from the prior quarter when 7.5% of the homes sold were flips and is an increase of 6.2% from a year ago when 8.1% of the homes sold in St Louis were flips, according to the report. Continue Reading →

St Louis Home Prices Verses Rent Continues To Show Value In Home Prices

By Dennis Norman, on June 15th, 2017

There are several ways to look at home prices and home affordability as well as to argue the merits of homeownership versus renting, however, one my favorite metrics to consider along these lines is the relationship between home prices and rental rates. Most home buyers, that are seeking a home to live in, never consider what the home they are considering purchasing would rent for, since that is not their intended use. Continue Reading →

St Louis Real Estate Market Update VIDEO – June 2017

By Dennis Norman, on June 15th, 2017

What a great time to be a home seller! This month, as the video below shows, there remains a shortage of homes for sale in many areas throughout the St. Louis area making it fun for sellers and challenging for buyers Listings that have been properly price, positioned in the market and marketed appropriately are selling in a matter of days in many areas and price ranges throughout St Louis.

Whether you are thinking of buying or selling and would like me to look at your situation and your market to determine the best strategy, just call, or text me, Continue Reading →

Mortgage Loan Delinquency Rates Hit Lowest Level Since 2000

By Dennis Norman, on June 14th, 2017

According to a report just released by Corelogic, the 30-59 day mortgage delinquency rate in March (the most recent month reported) fell to just 1.7%, the lowest level since January 2000. Continue Reading →

Charging Pet Deposit For Service Dog Costs Landlord $20,500

By Dennis Norman, on June 13th, 2017

The U.S. Department of Housing and Urban Development (HUD) announced last week that the Silver State Fair Housing Council, and the owner/manager of four apartment complexes in Reno, Nevada had reached an agreement to settle four Fair Housing complaints. Silver Lake State Fair Housing Council filed the complaints on September 20, 2016 against ERGS, Inc. alleging ERGS had violated the Federal Fair Housing Act by charging a pet deposit to tenants with service animals. Continue Reading →

The City Of St Louis Has Youngest Population and Lowest Homeownership Rate In Area

By Dennis Norman, on June 12th, 2017

In the real estate community there are frequent discussions about the millennial’s and their impact on the real estate market. Since their generation makes up the largest share of the population presently, their interest, or lack thereof, in homeownership definitely has the attention of us in the real estate industry. The consensus among many in the real estate industry is that millennials don’t value homeownership as much as their baby boomer parents did, and do, however, they don’t necessarily have anything against the idea. The millennial generation seems to be more driven by lifestyle and flexibility than whether or not Continue Reading →

St Louis County Circuit Court Judge Strikes Down St Louis County Landlord License Ordinance

By Dennis Norman, on June 8th, 2017

On June 2, 2017, in a victory for landlords, St Louis County Circuit Court Judge Gloria Clark Reno declared St Louis County’s landlord license ordinance unconstitutional. Going into effect on December 31, 2015, after being passed by the St Louis County Council, in a surprise vote, the St Louis County Landlord Licensing Ordinance required landlords to obtain a license annually to have the right to rent out their property. Continue Reading →