The median price of homes sold in St Louis (the 5-county core market) this year thus far has been $169,000, an increase of 5.7 percent from when the market peaked in 2006 at $159,900. While the peak of the housing bubble is considered to be 2006, as the chart below shows, St Louis home prices actually peaked in 2007 at $162,000 but, in either event, St Louis home prices have not only regained what was lost when the housing bubble burst, but then some. Continue Reading →
The Missouri Department of Insurance issued some recommendations to Missourian’s that sustained property damage as a result of recent storms with regard to how to deal with the damage and handle insurance claims. Continue Reading →
St Louis bank and government owned home sales are down as banks and government enterprises such as Fannie Mae, FHA, VA and Freddie Mac whittle down their inventory of foreclosed homes while, at the same time, new mortgage delinquencies and foreclosure rates continue to decline. While this is Continue Reading →
St Louis pending home sales in May hit the highest level we have seen in years with 2,558 pending homes sales during the month in the 5-county core market*, an increase of 8.9% from May 2014 when there were 2,348 pending home sales. Year to date this year, through the end of May, there have been 12,595 pending home sales, an increase of 7.8% from the same time last year. Continue Reading →
St Louis area homes are already affordable based upon the relationship between the median home price and median income for the area, but can become even more affordable when home buyers take advantage of down payment assistance programs that are available throughout the area. Continue Reading →
It wasn’t that long ago that sellers were practically begging buyers to purchase their home but that is not the case today. Today, in some very sought after St Louis neighborhoods the inventory of homes is so low and demand so high that when a new listing hits the market it’s like a feeding frenzy for buyers. This has led to frustration and disappointment for many buyers leading some to become a little too overanxious and buy a home that really is not right for them or overpay for one out of fear of “missing out”. Continue Reading →
Further proof of just how “local” real estate is and how important it is for home buyers and sellers to have accurate, targeted, local data is the fact that today the St Louis Business Journal reported “home sales increased 17.9 percent year to date in the St. Louis metropolitan area, more than twice the national rate of 8.4 percent” which would if you are looking to buy a home, say in the City of St Louis, may influence your decision thinking it’s a hot selling area. Continue Reading →
We have been in the midst of a pretty crazy real estate market lately in St Louis with new listings in many areas and price ranges being subjected to a “feeding frenzy” by buyers. It is not uncommon at all today to have two or three showings taking place on a new listing at the same time with the total of first day showings easily getting into double digits and a signed contract before the end of the 2nd day on the market. Continue Reading →
The St Louis real estate market continues to be on fire in many areas with buyers flocking to new listings like St Louisan’s to a Cardinals versus Cubs game! In some areas and price ranges it is not uncommon to have new listings receive 5 – 10 showings the first day and to sell within the first day or two and be sold before the ink is barely dry on the listing agreement.
St Louis’ Fastest Selling Neighborhood’s Are Selling 35% Faster Than Last Month!
Last month around this time I wrote a similar article with a list of Continue Reading →
Over two million (2.2 million) boomerang buyers may re-enter the housing market as home buyers over the next five years as their credit recovers to the point where they can obtain a home mortgage again, according to a study just released by Trans Union. According to the study, 700,000 of those buyers will be eligible for mortgages this year alone. Boomerang buyers are described as homeowners who lost their home in foreclosure, did a short sale, deed in lieu or had some other serious negative credit action with regard to their home mortgage, such as becoming 60 days or more Continue Reading →
What cities in St Louis County have the highest home prices? Well, based upon homes that are either currently for sale or sold within the past year, the top 3 spots on both lists (current market or past 12 months0 are occupied by the St Louis County cities of Huntleigh, Country Life Acres and Ladue. Continue Reading →
Yes, I’m referring to CO Gas, more commonly known as Carbon Monoxide, of course! Carbon monoxide (CO) is a silent killer! There are many reasons why you should have a fully functional Carbon monoxide (CO) detector in your house at all times! First we need to understand the facts! Continue Reading →
The other day I had a client, who was planning on using FHA financing, as me if I thought she would be able to negotiate as good of a deal as if she was obtaining a conventional loan. The concern was that, as an FHA buyer, would she be perceived as a weaker buyer in the seller’s eyes since FHA’s credit and income guidelines are not as stringent as Fannie Mae, and FHA requires a smaller downpayment as well. Continue Reading →
The State of Missouri spends $9,597 per pupil on public schools and is ranked 30th in the nation in terms of spending per pupil, according to data just released by the U.S. Census Bureau. Continue Reading →
The pending home sales index, published by the National Association of REALTORS® ,based upon the number of homes that went under contract but have not yet closed yet, hit 112.4 in April, a 3.4% increase from March and a 14% increase from a year ago marking the largest annual increase in almost 3 years (since September 2012) and the highest level for the index since hitting 112.5 in May 2006 during the height of the boom. Continue Reading →
The city of St Louis came in at the top of list of RealtyTrac’s “Top Buyer’s Markets”, just released this morning. For the report, RealtyTrac analyzed average sales prices and estimated market values at time of sale for homes and condos sold in April in 315 U.S. counties to come up with a list of the Top Seller’s Markets and the Top Buyer’s Markets. Continue Reading →
New Home Construction in the Midwest really heated up during the month of may with construction beginning during the month on new single-family homes a the annual rate of 126,000 homes, an increase of 43.2% from March and an increase of 15.6% from April 2014, according to newly released date from the U.S. Commerce Department and U.S. Census Bureau. Continue Reading →
The mortgage delinquency rate (home owners that are 60 days or more delinquent on mortgage payment) dropped to 2.95 percent in the first quarter of 2015, marking the first time the mortgage delinquency rate has been below 3 percent since the 3rd quarter of 2007 when the rate was 2.61 percent, according to a report released this morning by TransUnion. Continue Reading →
Cash home sales accounted for just under 1 of every 4 (23%) home sales in St Louis during the month of April 2015, a slight decline from a year ago when cash home sales were responsible for 25% of the total home sales. Continue Reading →
A definite confirmation of an improving real estate market is the fact that, according to a report just released by RealtyTrac, loan originations, for the purchase of a home, during the first quarter of 2015 increased 17 percent from a year ago. Additionally, Kansas City, Missouri saw the 4th largest increase from a year ago, of major metro areas, with a 32 percent increase in home loans. St Louis made the top 20 list for year or year increases with a 13 percent increase.
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There have been many recent articles and reports about the millennial generation and why they are not buying homes at the same rate as earlier generations did at their age. Many point to the burden of student loan debt as a cause of their inability to qualify for a mortgage thereby holding the millennials back from buying a home. However, a new study by TransUnion suggests this may not be the case. Continue Reading →
There is no doubt the St Louis real estate market has been HOT thus far this spring and homes are selling well. Personally, four, of the last five listings I’ve taken, sold within the first day of hitting the MLS. Granted, there is a lot that goes into this in terms of pricing, marketing strategy etc., but even with everything done perfectly we weren’t seeing results like this last year Continue Reading →
Flipping homes accounts for a smaller percentage of home sales today at about 4 percent of total home sales in the U.S., then in the recent past when they accounted for 6 percent of more of the homes being sold (6.8% at the recent peak in 1st quarter 2012), according to a report released today by RealtyTrac. Continue Reading →
Realtor.com just released it’s list of the 20 hottest real estate markets in America and the top two markets are in Texas, with Waco at number one and Dallas-Fort Worth-Arlington at number two. Realtor.com’s rankings were based upon the number of listing views relative to the number of listings on Realtor.com. Continue Reading →
Pending home sales, the measure of homes with contracts on them but not yet closed, is up five percent on a year to date basis through April of this year compared with the same time last year, for the five-county St Louis core market (St Louis City and the Counties of St Louis, St Charles, Jefferson and Franklin). Through the end of April, there have been 7,434 pending home sales, up from 7,080 at the same time last year but still down from 7,984 at this time in 2013. The chart below shows the past five years and, beneath that, Continue Reading →
St Louis home sales, in the 5-county “core” St Louis market, increased 16.9 percent in March from the year before, with 2,589 homes sold in March 2015 up from 2,214 sold in March 2014. As the chart below shows, there was the normal “seasonal” dip during the winter months, but the St Louis real estate market has come out of winter strong!
St Louis home prices on the rise too!
As the chart below also illustrates, the median price of homes sold in St Louis has increased from a year ago as well. The median price of homes sold in Continue Reading →
The Federal Housing Finance Agency (FHFA) issued a release yesterday stating that while that agency acts as conservator for Fannie Mae and Freddie Mac, no “property of the Agency shall be subject to levy, attachment, garnishment, foreclosure, or sale without the consent of the Agency.” The release went on to say that Title 12 United States Code Section 4617(j)(3) “precludes involuntary extinguishment of Fannie Mae or Freddie Mac liens while they are operating in conservatorships and preempts any state law that purports to allow holders of homeownership association (HOA) liens to extinguish a Fannie Mae or Freddie Mac lien, Continue Reading →
Between 2006 and 2014 nearly 9.3 million homeowners in the U.S. were either foreclosed on, did a deed of lieu of foreclosures, or did a short sale of their home, according to a recent report by the National Association of REALTORS (NAR). Continue Reading →
This week, the 10,000 square foot Ladue Manse that is the home of Barry H. Beracha and his wife Barbara, came on the market with a price tag of $3,75 million. “Casual elegance” is how the listing describes this 16 room home, with 5 bedrooms, 7 bath rooms and a 1.5 acre lot located at 5 Warson Hills Lane in Ladue.
Mr. Beracha currently serves as a Director for Hertz Global Holdings, Inc. and, prior to retirement, served as Chief Executive Officer of the Sara Lee Bakery Group.
5 Warson Hills, Ladue, Misouri 63124
To view all Continue Reading →
The St Louis real estate market has definitely heated up and we are seeing as many as 10 or 20 showings on new listings within the first day or two of hitting the market with many of the homes also selling during the first couple of days. Naturally, this is not happening for all homes in all price ranges in all areas, but is certainly happening in some. So where are homes selling the quickest in St Louis? To answer this question, I pulled market data for homes that are currently under contract but have not closed, then looked at how much time they were on the market before selling and have the results below. Continue Reading →