Real Estate Market - St Louis Real Estate News

City of St Louis Tops List of Places with Man-Made Environmental Hazards

By Dennis Norman, on September 23rd, 2014

The City of St Louis was at the top of a list that you don’t really want to be on, the “Top 50 Counties with the Highest Prevalence of Man-Made Environmental Hazards“, just released this morning by RealtyTrac. The city of St Louis scored a 87.2, more than triple the score of Philadelphia (27.8) which occupies the number 2 spot on the list.

In scoring locations for this list, RealtyTrac only looked at counties with a population of 100,000 or more and then ranked them based upon the % of bad air quality days, the number of Superfund sites Continue Reading →

St Louis Home Sales Down From A Year Ago; Prices Up

By Dennis Norman, on September 22nd, 2014

St Louis Home Sales were down 5.21 percent in August 2014 from a year ago however St Louis home prices increased 6.44 percent during the same period, according the latest data available from MORE, REALTORS.

As the table below shows, Franklin County and Jefferson County saw an increase in home sales during the past year however the other counties that make up the core St Louis market did not. All of the five counties that make up the bulk of the St Louis real estate market saw an increase in home prices from last year with Continue Reading →

Mortgage Interest Rates Make Biggest One-Week Increase Of The Year

By Dennis Norman, on September 19th, 2014

Mortgage Interest Rates rose this week to an average of 4.23 percent for a 30-year fixed rate home loan, up from 4.12 percent last week, marking the largest one-week jump in interest rates we have seen thus far this year, according to data just released by Freddie Mac. Mortgage interest rates for fixed-rate loans have now hit the highest level since May 1st.

(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 100 35 ]

Search St Louis Homes For Sale HERE

Mortgage interest rates from the Freddie Mac report:

30-year fixed rate mortgages averaged 4.23% Last week Continue Reading →

Top 15 Sellers Markets In St Louis

By Dennis Norman, on September 16th, 2014

Nearly all of the 15 top sellers markets in St. Louis are in St. Louis County, with the only exceptions being number 12 on the list, Barnhart in Jefferson County, and number 15, O’Fallon in St Charles County, according to the latest data available from MORE, REALTORS. The list below is based upon MORE’S Market Action IndexTM which, among other things, looks at supply, demand and inventory for an area and then applies an index value to it.

Search ALL St Louis Homes For Sale Continue Reading →

Missouri Rank’s 19th On List of States with Highest Natural Hazard Risk

By Dennis Norman, on September 12th, 2014

According to a report just released by Corelogic, Florida has the highest risk of property damage from a natural hazard of any state in the country (shocker, right?). At the other end of the list is Michigan with the lowest risk and Missouri came in at 19th no doubt due to flood risk, tornadoes and the New Madrid fault that makes it’s home in the southeast portion of our state.

According to an updated map published by the folks at U.S. Geological Survey, an earthquake on the New Madrid fault could impact all of the State of Missouri with Continue Reading →

A Look At The Ferguson Real Estate Market

By Dennis Norman, on September 10th, 2014

One month ago yesterday, officer Darren Wilson shot Michael Brown and suddenly Ferguson, the little city where I grew up and began my career in real estate in 1979, became the focus of national news and headlines for days and weeks ahead. Unfortunately, the coverage of the shooting has cast Ferguson in a very negative light and no doubt will hurt the progress the city has made over the past several years to revitalize its city and make it an attractive place to live, work and start a business. This website is about real estate, so while I think this Continue Reading →

St Louis Home Prices and Sales Market Update VIDEO-September 2014

By Dennis Norman, on September 8th, 2014

St Louis home prices have increased 7 percent in the past year for the St Louis core market as a whole, but St Louis home sales have not followed suit and are on track for fewer home sales this year than last. You can find out more about this as well as get other useful information on the St Louis real estate market, including where the SELLERS MARKETS are in St Louis and the GOOD BUYERS MARKETS in our 5-Minute Market Update Video For September 2014 below.

Many areas of St Louis have become sellers markets due to increasing demand Continue Reading →

St Louis’ Top Ten Buyer’s Markets

By Dennis Norman, on September 5th, 2014

In spite of improvements in the St Louis real estate market and many areas becoming Seller’s markets due to low inventory and high demand, there are sill neighborhoods in St Louis where the market favors buyers. The top ten buyer’s markets in St Louis, listed in the table below, are in a variety of locations with two areas within the city of St Louis, and the rest in Jefferson and Franklin county. Absent from the list are buyers markets in St Louis county and St Charles county.

Dr. Randall Sterkel’s French Country Manse in Ladue Hits Market For $5.75 Million

By Dennis Norman, on September 5th, 2014

Local pediatric physician, Dr. Randall Sterkel who, according to the Childrens Hospital website, is “consistently recognized in “The Best Doctors in America” list”, including the most recent list for 2013, just put his nearly 15,000 square foot (14,776) French Country Style home on the market with an asking price of $5.75 million. According to the St Louis County tax records, Dr. Sterkel’s home, located at 9746 Litzsinger in Ladue, sits on 3.11 acres, had a tax bill of $50,854 for 2013 and indicates the home was purchased by Randall and Stephanie Sterkel on June 7, 2002 from Dan and Doris Continue Reading →

Valley Park: The Hottest Market In St Louis?

By Dennis Norman, on September 3rd, 2014

I’ll be honest, there was a time, and perhaps not that long ago, when I wouldn’t have thought I would have used “Valley Park” and “Hottest Market in St Louis” in the same sentence but the day may have come! No, I have nothing against Valley Park, it’s just it has struggled in the past with perception issues but it appears it has overcome much of that and people today are seeing the value offered in this west county alternative to higher priced neighboring communities.

According to our Market Action Index (see below for the top 10 list) which looks Continue Reading →

Flipping Property in St Louis County Yields Almost 25 Percent Gross Profit On Average

By Dennis Norman, on August 29th, 2014

Flipping property in the St Louis area has paid off for investors over the past year provided they have stayed out of the City of St Louis. “Flipping” or a “Flip” is a term used today to describe when a property is bought and then re-sold within a short time period. In St Louis County, the 3rd quarter of 2013 and the 3rd quarter of 2014, there were 658 properties flipped at an average gross profit of nearly 25 percent (24.56%) , according to a newly released report from RealtyTrac. During the same period there were 203 properties flipped in Continue Reading →

Study Shows Mortgage Interest Deduction Primarily Helps Higher Income Homeowners

By Dennis Norman, on August 26th, 2014

The Mortgage Interest Deduction (MID) is often a topic of much debate often around whether or not it truly helps promote home ownership or is just a another tax break for higher income tax payers. The interesting thing is, the best I can tell, when the deduction for interest was first established it actually had nothing to do with promoting home ownership but instead was intended to benefit proprietors and small business owners. Few realize that the deductibility of interest goes back to 1913 when Congress ratified the Sixteenth Amendment to the constitution which gave the government the right to Continue Reading →

Midwest New Home Sales Slip in July

By Dennis Norman, on August 25th, 2014

New home sales in the midwest region of the U.S. slipped in July with new home sales coming in at the seasonally-adjusted annual rate of 52,000 homes, down 8.8% from a rate of 57,000 homes the month before and down 1.9% from July 2013, according to data released today by the U.S. Census Bureau. Year to date, through July, there have been 36,000 new homes sold (not seasonally adjusted) down 2.7% from the same time last year when there were 37,000 year to date new home sales.

On a national level, in July new home sales were at a seasonally-adjusted Continue Reading →

St Louis Home Sales Down In July While Prices Are Up

By Dennis Norman, on August 22nd, 2014

St Louis Home Sales were down slightly in July 2014 (2.25%) from a year ago however St Louis home prices increased 3.3% during the same period, according the latest data available from MORE, REALTORS.

As the table below shows, St Charles County and Franklin County both saw an increase in home sales in July 2014 from July 2014 while the other 3 counties in the core market saw a decrease in home sales during the same period. Home prices increased in the counties of St Louis, St Charles and Jefferson and declined slightly in the City Continue Reading →

Property Flipping In St Louis Trending Downward

By Dennis Norman, on August 21st, 2014

Property flipping, which is basically buying a property and then reselling it immediately, or shortly thereafter, is occurring less frequently now in St Louis than it was, according to a report released today by RealtyTrac. According to the report, there were 289 houses flipped in the St Louis metro area during the 2nd quarter, down 44% from the first quarter and down 17% from the 2nd quarter of 2013. During the 2nd quarter of this year, 3.3% of all St Louis home sales were “flip” deals which, for the purpose of this report, were homes that were bought, then resold Continue Reading →

Survey Shows Two-Thirds of Americans Think Now Is a Good Time to Buy a House

By Dennis Norman, on August 19th, 2014

The Fannie Mae monthly national housing survey for July 2014 shows 67 percent of those surveyed feel now is a good time to buy a home, down from 70 percent that felt that way the month before and down from 74 percent that responded in July 2013 that it was a good time to buy. Forty-three percent of the respondents feel now is a good time to sell a home, an increase from 40 percent the month before and up from July 2013 when 40% felt it was a good time to sell. Continue Reading →

St Louis Best Buyers Markets

By Dennis Norman, on August 18th, 2014

Where are the best buyers markets in St Louis? Can a home buyer still find a great deal in St Louis? These are questions we hear frequently today as the St Louis real estate markets continues to improve and many neighborhoods have a shortage of homes for sale thereby creating a sellers market. Let your heart not be troubled though, there are still some buyers markets in St Louis where the buyer has the upper hand.

What makes a neighborhood a buyers market? For the sake of this discussion, I am using our market action index to determine where the Continue Reading →

Over Half Of St Louis Foreclosures Sold Are Cash Sales

By Dennis Norman, on August 13th, 2014

Cash sales accounted for more than 1 in 5 (21.7%) St Louis home sales in July 2014, a slight decrease from a year ago when cash sales accounted for 22.1% of home sales. The median price of these cash home sales in July 2014 was $162,000, 3.3% higher than a year ago when the median price was $156,810. St Louis foreclosures sold during the month of July 2014 were cash sales more than half the time (56.5%), an increase of 7.3% from a year ago when cash sales accounted for 52.7% of St Louis foreclosure sales. The median price of Continue Reading →

St Louis Neighborhoods With Largest Price Gains In Past Year

By Dennis Norman, on August 12th, 2014

The largest price gains in home prices over the past year are found in a variety of St Louis area neighborhoods however there is a concentration of them in the 40 corridor from mid-county to west county. In compiling data for this article, I looked at what I feel is the best indicator of home price change, price per square foot, and selected neighborhoods that had at least a 10% increase in home prices during the past 12 months.

There are charts below showing the price per foot for the past year for each specific neighborhood as well as our Continue Reading →

St Louis Home Prices and Sales Market Update VIDEO-August 2014

By Dennis Norman, on August 11th, 2014

St Louis home prices have increased in the past year and you can find out by how much, as well as a ton of other useful information on the St Louis real estate market, such as where the HOT SELLERS MARKETS are in St Louis, the GOOD BUYERS MARKETS (down to just 11 neighborhoods this month) and a whole lot more in our 5-Minute Market Update Video For August 2014 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 Continue Reading →

How To Avoid Problems With Homeowners Insurance

By Dennis Norman, on August 8th, 2014

Homeowners Insurance is something that most homeowners have, but many don’t necessarily understand all the nuances of their policy or, in the case of policies that may have been originally purchased years ago, may not know that they don’t have sufficient coverage today. If there are problems with the policy or with the company the policy is issued by, the time you find out is typically after a loss is suffered and the homeowner goes through the claim process. Continue Reading →

St Charles County Makes List of Affordable Housing Markets With Jobs

By Dennis Norman, on August 7th, 2014

Today, RealtyTrac released a new report which revealed that, as of the 2nd quarter of 2014, affordable housing is on the decline in one-third of the largest counties in the U.S. In compiling the report, the historical average for income to price affordability percentages were analyzed and the results showed that one-third of the counties analyzed now have higher affordability percentages than their historical average now making homes in those counties less affordable now than they have been on average over the past 14 years. On the positive side, no St Louis area counties were on that list Continue Reading →

Villa’s Gaining In Popularity in St Louis

By Dennis Norman, on August 6th, 2014

Villa’s are becoming increasingly popular in St Louis evidenced by the increase in online searches by home buyers searching for a Villa. Let’s get to the question that may be going through your mind right now, what is a “Villa”, or more accurately, what type of housing in St Louis is the term “Villa” being applied to? The term “Villa” has to be one of the most misapplied terms used in the housing industry today as it’s origin goes back to Roman times when “Villa” referred a large country estate owned by a wealthy person. Today however, Villa refers more Continue Reading →

Missouri Ranks Third In Nation For Lowest Mortgage Closing Costs

By Dennis Norman, on August 4th, 2014

Missouri, along with it’s affordable home prices, also has the 3rd lowest mortgage closing costs according to data just released today by BankRate. According to the report, in Missouri, the average mortgage closing costs on a $200,000 home loan are $2,387.00, almost 6% less than the national average of $2,539.00. Holden Lewis, senior mortgage analyst at Bankrate, said mortgage closing costs have risen 6 percent in the past year and says “new mortgage regulations are the biggest reasons why closing costs went up“.

Texas, at $3,046, had the highest closing costs in the nation, followed by Alaska at $2,897 and Continue Reading →

Home Ownership Rate In U.S. Falls To Lowest Rate in 19 Years

By Dennis Norman, on July 29th, 2014

The home ownership rate in the use for the 2nd quarter of 2014 was 64.7 percent, a small decline from 64.8 percent in the previous quarter and the lowest rate of home ownership in the U.S. we have seen since the 2nd quarter of 1995 when the rate was the same, 64.7%, according to data just released by the U.S. Census Bureau.

Here in the Midwest region of the country, the home ownership rate in the 2nd quarter of 2014 was 69.6%, an increase from 69.3% the quarter before. Unlike the U.S. home ownership rate which is the same now Continue Reading →

St Louis County Property With Delinquent Taxes To Be Sold At Tax Sale

By Dennis Norman, on July 24th, 2014

St Louis County will hold it’s annual sale of tax delinquent property next month on August 25, 2014, beginning at 10:00 am in the County Council Chambers in the County Administration Building in Clayton. To be eligible to bid you must register prior to bidding. Registration will begin at 8:30 am on the tax sale day in the office of the Collector of Revenue in the County Administration Building.

A complete list of all properties available for bid, as well as complete instructions on how to participate in the tax sale, can be found online here.

For more Continue Reading →

Will Paying A Higher Commission Rate Get Your Home Sold Faster?

By Dennis Norman, on July 23rd, 2014

During the 30+ years I have been in the real estate business I have debated this topic with my peers more times than I can possibly count and, it’s safe to say, rarely did we reach a consensus. The topic of commissions is a very sensitive one in this industry and there are strong opinions on both sides of the fence as to whether offering a higher commission rate to the selling agent will in fact get a home sold faster.

Before I go further I should pause and give some quick background info on real estate commissions and how Continue Reading →

St Louis Home Sales and Prices Increase From Year Ago

By Dennis Norman, on July 22nd, 2014

St Louis Home Sales as well as St Louis home prices have increased in the past year 3,179 homes sold in June 2014 in the St Louis core market (St Louis city and the counties of St Louis, St Charles, Jefferson and Franklin) an increase of 3 percent from June 2013 when there were 3,086 homes sold. During this same period, St Louis home prices increased 5.81 percent from a median price of $155,000 in June 2013 to a median price of $164,000 in June 2014, according to the latest data available from MORE, REALTORS.

As Continue Reading →

The Importance Of Pricing Your Home Right From The Start

By Dennis Norman, on July 21st, 2014

While the St Louis real estate market is recovering from the aftermath of the housing bubble hurst, the market is still very price sensitive and therefore I cannot over emphasize the importance of pricing your home right from the outset at the beginning of the listing.

However, many sellers fear this strategy as they think no matter what price they list at the buyer will still offer less than the asking price. I will address this issue by saying that is simply not true. Buyers today, in my humble opinion, are more educated and savvy than homes buyers were during Continue Reading →

Mortgage Interest Rates Lower Today Than A Year Ago To The Surprise of Many

By Dennis Norman, on July 18th, 2014

Mortgage interest rates, in spite of predications to the contrary by many, are actually lower today than a year ago, according to the latest date available from Fredde Mac. According to Freddie Mac, the U.S. average interest rate for a 30 year mortgage was 4.15 percent on July 10, 2014, down significantly from July 11, 2013 when the average 30 year mortgage rate was 4.51 percent.

As the interactive chart below from the St Louis Fed Reserve shows, mortgage interest rates have definitely risen from the historic lows we say in 2012 and part of 2013 however are still lower Continue Reading →