RealtyTrac published a report earlier this week that prompted an article on Bloomberg Business with a headline of “U.S. Home Prices Are Surging 13 Times Faster Than Wages”. RealtyTrac’s report included a chart (below) showing several metropolitan areas throughout the U.S. where, over a recent two year period, home prices were outpacing wages and that “either wages are going to need to go up or (home) prices are going to need to at least flatten out and wait for wages to catch up”. Continue Reading →
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St Louis home sales jumped in February to 1,633 homes sold in the St Louis 5-County Core market (the city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin), an increase of almost 15 percent (14.8%) from February 2014 when there were 1,423 homes sold, and an increase of over 22 percent (22.3%) from the month before, according to the latest data available from MORE, REALTORS Continue Reading → The U.S. Census Bureau this week released a report titled “Desire to Move and Residential Mobility: 2010-2011” in which some interesting facts were revealed about what makes people want to move, who actually acts upon that desire and how this varies between homeowners and renters. Continue Reading → St Louis foreclosures declined in February for the St Louis MSA with a total of 843 foreclosure actions occurring during the month, a decline of over 22 percent from the month before and a decline of over 10 percent from a year ago, according to data just released this morning by RealtyTrac. Continue Reading → This week FNC, Inc., a large company that provides real estate market information to mortgage lenders across the country, published their FNC Residential Price Index™ report which showed St Louis home prices declined slightly in January from the month before (0.4%) and were also down slightly (0.7%) from a year ago. Continue Reading → New home construction in St Louis has begun 2015 with a slower start than one might expect given the spring-like weather St Louis experienced during much of January and the flurry of activity we have seen thus far this year from home buyers. Permits issued in January for new homes in the St Louis Metro Area were down 7.85 percent from a year ago, according to data from the Federal Reserve Bank of St Louis. Continue Reading → Renters are feeling more optimistic about the St Louis housing market as well as about the thought of home ownership with 23,721 renters in St Louis saying they are looking to buy a home in the next year, according to a report just released by Zillow. Continue Reading → Almost half (42%) of the residents in Missouri plan to buy a home within the next five years, according to the recently released BMO Harris Home Buying Report. Buyers surveyed indicated they plan to pay an average of $242,000 for a home when they move and almost half of the potential home buyers have indicated they are willing to get into a bidding war to get the home they want. Continue Reading → If you are like a lot of people and see St Louis foreclosures, or REO’s (real estate owned by banks and other lending institutions as a result of foreclosure) as a good opportunity to buy a residence for yourself or as an investment either for rental or for “flipping”, you best have cash and be prepared to “buck up” if you want to succeed! I say this because cash buyers continue to dominate the REO and foreclosure market with 61% of all REO and Foreclosure sales this year in St Louis being cash sales thus far. As the table below shows, while the number of foreclosure sales has declined this year from last year at the same time, the percentage of them going to cash buyers has not. Continue Reading → Reminenscent of the “good ole” days in the real estate biz, homes in St Louis are selling quickly, often within a day or two of hitting the market and frequently at full price or close to it! Continue Reading → When I entered the real estate industry 35 years ago, I quickly learned that there are three things that affect the value of a home; location, location, location. Well, it appears that, while a lot of other things have changed, such as the manual typewriters and carbon paper in our office have been replaced with Mac Book Pro’s and electronic documents, nothing has changed when it comes to what is important to home buyers, it’s still location! Continue Reading → Two zip codes in St Louis made RealtyTrac’s list of “Zips with the highest gross returns (from flipping property)” for 4th quarter, 2014. The 63139 zip code, which includes the Dog Town area of St Louis, came in number 2 on the list with an average gross return on investment of 163.9% and the 63116 zip code, which includes Tower Grove South, Holly Hills, Dutchtown South and Bevo, came in 9th on the list with an average gross return on investment of 127.7%. Continue Reading → As of the end of last month, there were 4,873 active listings of homes and condos for sale in the counties of St Louis and St Charles, the lowest inventory of homes for sale for those two counties in over 10 years. Continue Reading → The St Louis real estate market is definitely recovering from the housing bubble burst that sent it into a tail spin about six years ago. With the recovery, home sales have increased, although at a slower pace in 2014 than the year before, and St Louis home prices have increased but, in spite of this, are St Louis home prices too low? Continue Reading → St Louis home sales slowed in January to 1,322 homes sold in the St Louis 5-County Core market (the city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) which is a decline of over 36 percent (36.65%) from the month before, and a decline of almost 3 percent (2.94%) from a year ago, according to the latest data available from MORE, REALTORS. As the chart below shows, the median price of homes sold in St Louis in January was $144,498, down from $159,500 in December but up from a year ago when the median home Continue Reading → Institutional investors (entities that bought at least 10 residential properties in the last 12 months) are having much less of an impact on the housing market throughout Missouri than they were a year ago, according to a newly released report by RealtyTrac. Continue Reading → While the number of building permits issued for new single family homes during January 2015 in the Midwest was down 4.8 percent from January 2014, builders were busy starting construction on new homes at a pace that was 73.6 percent higher than the year before, according to the latest data from the U.S. Census Bureau. Other highlights from the report for January 2015 for the midwest region of the U.S.: Permits for new single family homes were issued at the seasonally adjusted annual rate of 99,000 units, down 2.0% from December and down 4.8% from January 2014. Construction commenced on Continue Reading → Mortgage Delinquencies (borrowers that are 60 days or more late on their house payment) declined in the 4th quarter of 2014 marking the 12th consecutive quarter of declines in the mortgage delinquency rate, according to data just released by TrasnUnion. As the table below shows, the mortgage delinquency rate for the 4th quarter of last year was 3.29%, a decline of 2.1% from the quarter before and a decline of 14.5% from the 4th quarter of 2013. Foreclosures and better borrowers are the reason… Ezra Becker, vice president of research and consulting at TrasnUnion, said the improvement in mortgage delinquencies Continue Reading → The seriously delinquent mortgage rate (90+ days late) fell to 1.91 percent of all outstanding mortgages in November, the lowest level since December 2008, according to a report just released by the Federal Housing Finance Agency (FHFA). Continue Reading → St Louis foreclosures increased dramatically in January with 1,116 foreclosure actions in the St Louis metro area during the month, an increase of 52.25 percent from December and an increase of 47.42 percent from January 2014, according to data just released this morning by RealtyTrac. Continue Reading → Cash home sales in St Louis during November, 2014, were responsible for 35.71 percent of all the home sales in the St Louis metro area for the month, according to data just released by CoreLogic. This is a decline of 9.32% from November, 2013 when cash home sales in St Louis accounted for 39.38% of the total home sales for the month Continue Reading → St Louis had 6,215 completed foreclosures in 2014 putting it 7th on the list of metros in the U.S. in terms of the number of completed foreclosures. As the table below, which lists the 25 top metro areas for foreclosures, shows, Tampa saw the most foreclosures with over 18,000 being completed during 2014, according to newly released data from Corelogic. According to the Corelogic report, there were 563,294 completed foreclosures in the U.S. during 2014, the lowest total for any 12 month period since November 2007 when it was 589,570. (We work hard on this and sure would appreciate a “Like”)[iframe http://www.facebook.com/plugins/like.php?href=https%3A%2F%2Fwww.facebook.com%2FStLouisRealEstateNews&send=false&layout=standard&width=50&show_faces=false&font&colorscheme=light&action=like&height=35&appId=537283152977556 Continue Reading → The St Louis real estate market is off to a good start and homes and condos in many neighborhoods are SELLING FAST! Find which St Louis neighborhoods are hot markets and selling fast as well as which are not and much more in our newly published, 5-minute, market video update for February 2015, below. If you have considered selling your home, or perhaps tried and failed in the past year or so, now is the time to consider it again. Give us a call and we’ll be happy to let you know the value of your home in today’s market or, try our new online Continue Reading → Over half (51%) of the foreclosures in St Louis are “Zombies” meaning that the owners have abandoned or vacated their home prior to their lender completing the foreclosure process, according to a report released this morning by RealtyTrac. Continue Reading → Down payment help is available for 87 percent of the homes in the U.S., according to an analysis completed recently by RealtyTrac and Down Payment Resource. This analysis looked at the geographic location of homes to see if they were within areas where down payment assistance are available to purchasers meeting the qualifications of the program. Continue Reading → The city of St Louis made the list of the top 50 markets to rent to Millenials, published by RealtyTrac. In determining the best markets in the U.S. for renting to millennial (most of whom are in their 20’s or early 30’s), RealtyTrac looked at rental markets where the gross annual yield on rentals was at least 9 percent, where Millenials make up more than 22 percent of the market (the national average) and where the Millenial population had increased at least 5% from 2007 through 2013. Continue Reading → According to the National Association of REALTORS® (NAR) 2015 Profile of Home Staging (the first ever by them), over 50 percent (52%) of real estate agents representing buyers said that a staged home will increase how much their buyer client is willing to pay for a home. For those not familiar with the term a staged home is one that has been prepared, usually by a professional, to help make the home show as well as possible and appeal to as many buyers as possible leading to ultimate goal of selling the home quickly for the highest price. Continue Reading → So you may be asking, why am I writing about crime here, after all isn’t this site about real estate? Correct but there are few things that can affect property values more than crime rates and school districts. Not to mention, from an economic development standpoint, crime also plays a role in the success we have as a region attracting businesses to St Louis to create jobs which also has a major impact on home prices. Continue Reading → Last summer I wrote an article addressing the issue as to whether paying a higher rate of commission will help a seller sell his or her home faster. My research for that article, in which I looked at a years worth of home sales in the St Louis area, showed that a higher than normal commission rate in fact did not lead to faster home sales. Now that we are seeing the market heat up I decided to take another look at this topic and this time focus on whether paying a higher real estate commission results in getting a higher price for the seller. Continue Reading → St Louis home sales for 2014 fell 2.4 percent from 2013 with a total of 30.557 homes sold in St Louis (in the 5-county core market) during 2014, shy of the 31,329 homes sold the year before. St Louis home prices, on the other hand, increased 5.6 percent during the same period, increasing from a median price of $142,000 for homes sold during 2013 to $150,000 for homes sold during 2014. Continue Reading → |
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