By Dennis Norman, on July 14th, 2014 The St Louis housing market continues to improve however, as I always say, real estate is very local so markets vary widely from city to city and neighborhood to neighborhood. Not that long ago, most of the neighborhoods in St Louis were buyers markets, according to our Market Action Index however, over the past year or so, many have moved into seller’s market territory. This doesn’t mean there aren’t any buyers markets left however, and in the table below I bring you the Ten Best Buyers Markets In St Louis based upon our Market Action Index.
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By Dennis Norman, on July 10th, 2014 More than 15 neighborhoods in the St Louis area are HOT SELLERS MARKETS while more than 15 are HOT MARKETS FOR BUYERS. If you are a home buyer, seller or investor, wouldn’t it be good to know where these areas are? Or, if you are a homeowner that has considered selling your home, wouldn’t it be good to know if your neighborhood is currently a sellers market? Well, you can find out all of this and much more with just a 5 minute investment of your time by checking out our July 2014 5-Minute Market Update Video below.
Many areas Continue Reading →
By Dennis Norman, on July 9th, 2014 Today’s new home buyer’s most important features are the kitchen and master bedroom, according to a survey conducted by PulteGroup. The kitchen was chosen as the most important feature in a new home by 29% of those surveyed, followed by the master bedroom with 22% picking that as their top feature. So, the bottom line is, the most important thing to new home buyers is to eat and sleep! ;)
As for kitchen features that new home buyers are looking for, 23% aid a large eat in area was the most important feature of the kitchen, followed by 22% that Continue Reading →
By Dennis Norman, on July 8th, 2014 Consumers continue to gain confidence in the housing market but not enough to return us to a “normal” housing market, according to the June 2014 Fannie Mae National Housing Survey. In the survey consumers are asked, among other things, what their expectations are with regard to home prices and, while the expectation is for home values to increase 2.4% in the next 12 months, this is slightly lower than indicated in the previous few months. When asked about the expectation with regard to mortgage interested rates, 55% of the consumers think interest rates will rise in the next year, this Continue Reading →
By Dennis Norman, on July 7th, 2014 If you are a property in St Louis county and do not agree with the value the St Louis County Assessor, the deadline for property assessment appeals to the St Louis County Board of Equalization is July 14, 2014. You can now file online by going to St Louis County’s website here or you can download the forms by clicking here. If you are “old school” and want to go pick up the forms you can do that at the board of equalization office at 41 South Central. This is not a reassessment year, however you can still appeal the assessment Continue Reading →
By Dennis Norman, on July 7th, 2014 St Louis’ Most Expensive Foreclosures currently for sale includes homes in St Louis, St Charles and Franklin counties and top out at $1,700,000 at the time of this article. While buying a foreclosure does generally involve more risk than buying a privately owned home that is being sold under “non-distress” conditions, the added risk is usually rewarded in a much better price and therefore a better deal. The main risks with buying a foreclosure have to do with the condition of the property both in that the property is normally being sold as is, there is not a sellers disclosure Continue Reading →
By Dennis Norman, on July 3rd, 2014 I’ll begin with a disclaimer. I realize this is a VERY subjective topic and there are about a hundred different criteria one may use to determine the best area to invest in rental property however, having said that, I attempted to do a broad brush analysis from 30,000 feet. I decided to look at which area, in general, offers the best return on investment when it comes to rental property. For the sake of my analysis, I looked at single family homes as rental properties since they are the most common investment by individual investors.
To determine the best rate Continue Reading →
By Dennis Norman, on July 2nd, 2014 As I wrote about recently, lofts in St Louis are making a comeback and the loft market is heating up. Lofts come in a lot of shapes and sizes and, given the challenge presented to developers to create great residential spaces in old buildings original built to be warehouses or for other commercial uses, not all are created equal. Below are 3 of what I think are the coolest loftscurrently on the market. (click the image to see all photos and complete details).
(click the image to see all photos and complete details)
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By Dennis Norman, on July 2nd, 2014 Home ownership rates have been on the decline and, in fact, reached a 19 year low the first quarto of this year when the home ownership rate in the U.S. fell to 64.8%. However, for people 65 years and older, the rate of home ownership has been on the rise. As the chart below shows, while the rate of home ownership declined for the U.S. overall, the rate for those persons aged 65 and over has continued to rise.
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By Dennis Norman, on June 30th, 2014 The city of Florissant, through it’s “Homeownership Assistance Program” is offering home buyers up to $6,000 in matching funds for a down payment if they will buy a home in Florissant. To be eligible the buyer does NOT have to be a first-time buyer nor meet any income requirements or restrictions as many grant programs have, but they must not currently be a homeowner in Florissant.
The matching funds will actually be a loan, however the loan will be forgiven after the buyer lives in the home 5 years. For more information see the Homeownership Assistance Program Website.
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By Dennis Norman, on June 30th, 2014 Pending homes sales increased in May, up 6.1 percent from April, however was still 5.2 percent below the period a year ago, according to the report just released today from the National Association of REALTORS (NAR).
Lawrence Yun, the chief economist for NAR, said he expects home sales to continue improving throughout the balance of the year however still expects 2014 to see fewer home sales than 2013 due to the “ sluggish first quarter”.
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By Dennis Norman, on June 26th, 2014 New home sales in the midwest region during May 2014 increased 5.7 percent from a year ago, according to the latest information from the U.S. Census Bureau. New homes sales in the midwest region of the U.S. were at a seasonally-adjusted annual rate of 74,000 homes during May. New home sales for the month before, April 2014, were adjusted downward to an annual rate of 73,000 homes after first being reported at a rate of 84,000 homes.
The midwest region had the smallest month over month, as well as year-over-year, increase in new home sales of the four U.S. regions Continue Reading →
By Dennis Norman, on June 26th, 2014 Zombie Foreclosures, while fewer, are still quite prevalent in the St Louis area. So, what is a zombie foreclosure? Good question. It’s yet another term that has come out of the real estate bubble burst of 2008 and refers to homes that are in the foreclosure process and the owner has vacated the home prior to actually losing it as the foreclosure is not complete. These properties often become an eyesore and burden on the neighbors, and the city they are in, as they are sort of in “no man’s land” as the owner has left the property and typically Continue Reading →
By Dennis Norman, on June 24th, 2014 St Louis Foreclosures, and short sales, in May 2014 accounted for just 8.5% of all home sales in the St Louis core market (city of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin), according to data released just this morning from RealtyTrac. This is a decline of 26.7% from May 2013 when foreclosures and short sales in St Louis accounted for 11.6% of all home sales.
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By Dennis Norman, on June 24th, 2014 St Louis Lofts are making a comeback both in popularity and price, according to the latest data available from Mid America Regional Information Systems (MARIS), the St Louis REALTOR® MLS. As the charts below show, loft sales in St Louis peaked in 2006 (when all real estate peaked) with sales of lofts hitting 218 for the year and the median price of lofts sold that year coming in at a record $215,700. After 2006 however, sales fell year after year finally hitting a low in 2010 when only 67 lofts were sold, a decline of almost 70% from the peak. Continue Reading →
By Dennis Norman, on June 23rd, 2014 Sunset Hills is certainly gaining in popularity as more people discover just how convenient the location is to many areas of St. Louis. Sunset Hills has easy access to both Interstate 270 as well as Interstate 44 making almost any St Louis destination a short trip. We opened an office in Sunset Hills last year that I have been working out of a lot, and since working from there I have myself discover the convenience of being located at 270 and 44.
Sunset Hills real estate consists of a variety of architectural styles and settings with something for almost everyone. Continue Reading →
By Dennis Norman, on June 23rd, 2014 St Louis Home Prices rose 4 percent from May 2013’s median sales price of $150,000 to May 2014’s median price of $156,000 for the 5-county core St Louis housing market which consists of the City of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin, according to the latest data released by MORE, REALTORS. As the table below shows, the city of St Louis saw the biggest gain in median home prices with the median sales price increasing over 27% from May 2013 to May 2014.
St Louis Home Sales are still Continue Reading →
By Dennis Norman, on June 20th, 2014 The St Louis Luxury Home Market is concentrated within the central corridor of the St Louis area with the highest median home prices (of homes listed) currently being found in Frontenac, with a median price of $1,326,654, followed by Ladue, Town and Country, Clayton and Creve Coeur.
Like the rest of the St Louis real estate market, The St Louis Luxury Home Market suffered when the housing bubble burst a few years ago but is it on the road to recovery like the bulk of the St Louis housing market? To address this, I looked at the market from several Continue Reading →
By Dennis Norman, on June 17th, 2014 New home building permits issued in the Midwest region of the U.S. in May was up 1 percent (seasonally adjusted) from a year ago and increased 7.3 percent from the month before, accordion to the latest data released by the U.S. Census Bureau. On a national level, new home building permits issued in May were down 0.8% from the year before but were up 3.7% from April, according to the report.
As the chart below from the Fed Reserve shows, building permits issued in St Louis are definitely on the rise but are still at levels much lower than back during Continue Reading →
By Dennis Norman, on June 17th, 2014 Mortgage default rates, as tracked by the S&P/Experian Consumer Credit Default Indices, on first mortgages were at .92 in May 2014, down from 1.01 the month before and down almost 30% (29.7%) from May 2013 when the first mortgage default rate index was at 1.31. The default rate index on second mortgages is improving as well with the index for May 2014 at .57, down from .63 in April and from .60 in May 2013, according to the report.
This is good news for the housing market and consistent with the trend we have seen lately of lower delinquencies and Continue Reading →
By Dennis Norman, on June 16th, 2014 St Louis’ Hottest Real Estate Markets for this month looks very similar to this time last month however the 63021 area of Ballwin has now moved to the top of list of hot markets based upon our “Market Action Index” scoring a 51 out of a possible 60. Valley Park came in second, followed by the 63011 area of Ballwin, Chesterfield and Glendale.
As the table below shows, all of the top 5 hot markets, with the exception of Valley Park, are also very low on the months supply of homes for sale with all of them just having a Continue Reading →
By Dennis Norman, on June 13th, 2014 The inventory of homes for sale in several St Louis neighborhoods is down to the lowest level we have seen in years. It would be great if that was the result of skyrocketing home sales however, it’s really a combination of home sales and a lack of sellers. While there are many different reasons people are not choosing to sell right now, I believe it is a lack of equity that is holding back many homeowners from selling, particularly in the lower price ranges. Last month I did an article about the fact that 40 percent of St Louis homeowners Continue Reading →
By Dennis Norman, on June 12th, 2014 St Louis home prices have, in some areas, recovered to around 95% of home prices during the peak of the housing bubble. Get the specifics on this as well as much more in our June 2014 5-Minute Market Update Video below.
Many areas of St Louis have become sellers markets due to increasing demand and lack of inventory. If you have considered selling, 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 Continue Reading →
By Dennis Norman, on June 11th, 2014 Charles Hoffman, dean of the College of Business Administration at the University of Missouri in St Louis has listed his 11,000+ square foot home that sits on 1.5 acres in Sunrise Beach at Lake of the Ozarks for sale for $5,895,000. According to the listing agents description, this is the “Deal of the Century”. Mr. Hoffman, prior to becoming Dean at UMSL, was, according to Wikipedia, President and CEO of Covad Communication Group and is known as a turnaround artist for struggling companies.
Lake of the Ozarks (Camden County) Luxury Homes For Sale – $5,000,000+
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By Dennis Norman, on June 10th, 2014 New home construction is not keeping up with demand in most of the U.S. and could even lead to “persistent housing shortages and affordability issues unless housing starts increase to match up with local job creation”, according to a newly released analysis by the National Association of REALTORS® (NAR).
Lawrence Yun, NAR’s chief economist, discussed in the report the relationship between new jobs and increased demand for housing saying “Historically, there’s one new home construction for every one-and-a-half new jobs,”. Yun goes on to say “Our analysis found that a majority of states are constructing too few homes in relation Continue Reading →
By Dennis Norman, on June 9th, 2014 Forty-eight percent of Americans surveyed feel home prices will increase in the next twelve months and only 7 percent think home prices will decline, accordion to Fannie Mae’s May 2014 National Housing Survey which was just released. As for the economy, consumers weren’t so optimistic as, according to the report, 57% of those surveyed feel the economy is headed the wrong direction.
Other highlights from the Fannie Mae National Housing Survey for May 2014:
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By Dennis Norman, on June 5th, 2014 St Louis Home Prices are close to regaining what was lost after home prices peaked during the boom and then crashed and burned, according to the latest data from MORE, REALTORS. As the table below shows, home prices in the three major St Louis counties (St Louis, St Charles and the city of St Louis) have recovered to about 95% of what they peaked at during the boom. The outlying counties of Jefferson and Franklin have been slower to recover.
Find your home’s market value online in LESS THAN A MINUTE!
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By Dennis Norman, on June 4th, 2014 St Louis Hills is arguably one of the most popular neighborhoods in South St Louis and is rich in history. According to the St Louis Hills Neighborhood association website, St Louis hills encompasses an area of 700 acres and was originally developed by Cyrus Crane Willmore. The street names in St Louis Hills, as well as much of the architecture of the older homes, reflects Willmore’s English heritage.
St. Louis Hills Homes For Sale – $300,000+
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By Dennis Norman, on June 4th, 2014 There were 569,000 new homes (single-family) completed in the U.S. last year. So what are popular features and finishes in new homes today? What does the “typical” new home have? Below is a summary of some of the characteristics of the new homes built in 2013 as detailed in a report by the U.S. Census Bureau: Continue Reading →
By Dennis Norman, on June 3rd, 2014 The best places to flip property in the U.S. are, with the exception of Wright County Minnesota, all east of the Mississippi extending from as far north on the east coast as New York to as far south as Florida, according to a report just released by RealtyTrac. For this report, RealtyTrac looked at property that was “flipped” (bought and then resold within the same period…often times done by an investor for profit) during the one-year period from April 2013 through March 2014, and ranked the counties based upon the gross return on investment made in those flips. One thing to keep in mind, this is just a “gross margin” or simply the difference between what the house was bought for and then resold for during the period without taking into account the expenses involved in the acquisition and sale, cost of rehab and improvements that were done or carrying cost. Continue Reading →
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