Real Estate Market - St Louis Real Estate News

Move-up Buyers Optimistic About The Housing Market & Almost Half Planning to Buy a New Home

By Dennis Norman, on August 2nd, 2013

Homeowners are feeling pretty optimistic about the housing market and in fact, in a survey conducted by Pulte Homes, almost half (43%) of the move-up buyers indicated they are planning on buying a new home within the next five years. Over three in four (76%) of move-up buyers feel they can sell their current home within years at a price that would permit them to buy a new home.

According to the survey, the need to downsize is a common reason why homeowners decide to purchase a new home. Other reasons given for deciding to buy a new home Continue Reading →

City of St Peters Settles with DOJ On Disability Discrimination Allegations

By Dennis Norman, on August 1st, 2013

City of St Peters MO agrees to pay fine and change discriminatory ordinance

The Justice Department announced today that the city of St. Peters, Mo. will pay $80,000 and make changes to its zoning laws to settle a lawsuit alleging that the city violated the federal Fair Housing Act (FHA) and Title II of the Americans with Disabilities Act (ADA) when it denied a zoning request to operate a group home for four women with intellectual disabilities. The lawsuit is part of the Justice Department’s continuing effort to enforce civil rights laws that require states and municipalities to end Continue Reading →

Common Mistakes Made By St Louis For Sale By Owners (FSBO’s)

By Dennis Norman, on July 31st, 2013

Over the years I have seen many “St Louis For Sale By Owners” (FSBO’s), you know those people that decide they can sell their house themselves without the help of a professional, make a variety of mistakes in the way they handle the sale of their property. The mistakes range from minor ones that will probably just cost them some heartburn to major mistakes that could lead to serious legal troubles.

What are the most common mistakes made by FSBO’s?

Continue Reading →

St Louis Home Ownership Rate At Highest Level in 7 Years

By Dennis Norman, on July 30th, 2013

While Home Ownership Rate In U.S. Is At Lowest Level In 18 Years St Louis Bucks Trend

St Louis Home Ownership Rate is bucking the national trend by rising and came in at 74.1 percent for the 2nd quarter of 2013 and a 74.2 for the 1st quarter. This year has started out with the highest rate of home ownership since 2006!

Continue Reading →

What St Louis Neighborhoods Are Seeing The Most Price Reductions By Sellers?

By Dennis Norman, on July 29th, 2013

I wrote about St Louis’ hottest real estate markets the other day however, just because we are seeing so many neighborhoods become seller’s markets, it does not necessarily mean that home prices are on the rise. In fact, in many neighborhoods large numbers of sellers are reducing their asking prices.

The table below shows the current list of St Louis neighborhoods with the highest percentage of listings that have had price reductions in the past 90 days. This table is “real-time” so will change as the data changes, but as of the writing of this article, there are 5 Continue Reading →

St Louis’ Hottest Real Estate Markets

By Dennis Norman, on July 27th, 2013

It’s becoming pretty well known that the housing market is improving and, given the fact that real estate is VERY local, some markets are naturally performing better. So, with this in mind, where are St Louis’ hottest real estate markets? Well, as of today, according to the Market Action IndexTM by MORE, REALTORS, the hottest St Louis market today is the 63131 zip code area of Des Peres which has a Market Action Index (MAI) of 53 today (the table below is real-time so, depending on the date you are reading this, it could be different.

An index of “30” Continue Reading →

The Mortgage Interest Deduction…Truth vs Fiction

By Dennis Norman, on July 26th, 2013

The truth on the Mortgage Interest Deduction

Currently, lawmakers in Washington D.C., while looking for ways to “close loopholes” and cut spending, are looking hard at something once considered “untouchable”, the mortgage interest deduction (MID). While there is probably little chance of totally eliminating the ability for homeowners to deduct the mortgage interest they paid on their homes, there is a possibility the deduction could be altered significantly or capped, and, perhaps, even phased out over time.

Like most current events, there are stories out there with varying degrees of accuracy about the benefit of the mortgage interest deduction Continue Reading →

St Louis Distressed Home Sales Decline Dramatically In Past Year

By Dennis Norman, on July 25th, 2013

St Louis distressed home sales have fallen substantially in the past year with distressed home sales in June making up less than 1 in 5 home sales (18.3 percent) for the 5 county core area of the St Louis MO market (St Louis City and County, St Charles, Jefferson and Franklin Counties), according to the latest data from MORE, REALTORS. REO sales (bank and government-owned properties) accounted for just 15.8 percent of St Louis home sales in June (5 county core), down from 22.6 percent in June 2012. Short sales (where sellers sell for less than they owe) accounted Continue Reading →

Overview of changes to flood insurance program (Video)

By Dennis Norman, on July 24th, 2013

The great flood of ’93 revealed the importance of flood insurance to many St Louis area property owners that found their homes either underwater or threatened by flood though they never before thought it possible. As a result of that flood as well as subsequent floods brought on by hurricanes in coastal areas and other major storms inland, the National Flood Insurance Program (NFIP) found itself in a position where major changes were needed in order to continuing providing flood coverage and at fair rates. Therefore the Biggert-Waters Flood Insurance Reform Act of 2012 was passed which makes sweeping changes to Continue Reading →

The Typical St Louis House

By Dennis Norman, on July 23rd, 2013

The typical St Louis house is owner occupied (64.4 %), has 2+ bathrooms (62%) a garage or car port (84%) and a porch, deck, balcony or patio (96%), according to data just released by the U.S. Census bureau. According to the 2011 American Housing Survey, 68.5 percent of St Louis homeowners have a mortgage equal to 72 percent of the value of their house on average and with a median payment of $900 per month.

Click here for complete American Housing Survey Results.

Continue Reading →

Missouri Supreme Court Upholds Missouri Condo Lien Over Refinanced Mortgage

By Dennis Norman, on July 16th, 2013

The Missouri Supreme Court just handed down it’s decision today which upheld the priority of Missouri Condo Lien over a refinanced first mortgage. This case, which involves a condominium in Parkway Towers in the Country Club Plaza area of Kansas City, Missouri, was a huge win for condominium associations in Missouri.

Here is a recap of the facts of the case, from the Supreme Court opinion:

Trish Carcopa purchased the condo in 2004 and then in 2006 did a quit claim from herself to herself and and Nicole Carcopa. In June 2006, the Carcopa’s refinanced their existing loan with a Continue Reading →

The Urban Chicken Capital Of The U.S.

By Dennis Norman, on July 12th, 2013

The Urban Chicken Capital Of The U.S. is Portland Oregon at least in terms of the number of homes that have come on the market in the past 3 months with a “chicken enclosure” listed as a feature, according to the “Best Cities To Be A Chicken” report from Redfin.

Urban chickens have become popular over the past few years with health conscious folks that want fresh eggs although this new trend has met some opposition by city councils as well as some neighbors. From the best I can tell, the city of St Louis does permit chickens, although you Continue Reading →

St Louis Real Estate Home Prices and Sales Market Update VIDEO-July 2013

By Dennis Norman, on July 12th, 2013

St Louis Real Estate Home Prices On The Rise!

It’s still a seller’s market in St Louis, according to the latest market data from MORE, REALTORS. The inventory of homes for sale remains low while home sale and prices are increasing.

Thinking of selling and want to know if your neighborhood is a seller’s market? Contact us and we’ll answer that question for you.

Continue Reading →

Over half of recent home sales were to Generation X’ers or Y’ers

By Dennis Norman, on July 9th, 2013

Over half (59 percent) of recent sales were to two generations, the X’ers (born between 1965 and 1979) with a median age of 39 and the Y’ers (born between 1980 and 2000) with a median age of 28, according to the National Association of REALTORS Home Buyer and Seller Generation Trends Report. Continue Reading →

Number of homeowners with negative equity falls by almost 50 percent

By Dennis Norman, on July 8th, 2013

The number homeowners in a negative equity position (owing more on their mortgage than the current value of their home) during the first quarter of this year fell to just 7.3 million homeowners in the U.S. or less than 15 percent of all homeowners with a mortgage, according to the most recent data from Lenders Processing Services (LPS). This represents a decline of almost 50 percent in the number of negative equity homeowners from a year ago. Continue Reading →

Get The “Fax” Before You Buy A Home

By Dennis Norman, on July 3rd, 2013

Yes, I know how to spell “facts” and am aware that “fax” machines have went the way of the dinosaurs and therefore would never advise someone to get one, so what exactly am I talking about in my post title? Actually, my recent discovery of a company that was launched in 2012 called Housefax prompted me to do this post, hence “fax”, however, I also mean to suggest that you should get all the “facts” you can (about the house and market) before you buy a home.

First, about Housefax. The company was launched last year and it’s top Continue Reading →

St Peters Is Top Booming Suburb In Missouri

By Dennis Norman, on June 26th, 2013

St. Peters is the top booming suburb in Missouri, according to a newly released ranking by Coldwell Banker of “Top Booming Suburbs In America”. In compiling this ranking, Coldwell Banker ranked 1,500 suburbs around the U.S. based upon job growth, unemployment rates, neighborhood amenities, community safety and more. St. Peters, with a score of 859.35 out of a possible 1,000 scored the best of the Missouri suburbs. The top suburb in the U.S.? Cottage Lake, Washington with a perfect score of 1,000.

St Peters Homes For Sale (click here)

By state, here is the list of Continue Reading →

St Louis Housing Markets On The Rebound

By Dennis Norman, on June 24th, 2013

There are St Louis Housing markets on the rebound with prices and demand on the rise and inventories down. For the 9 areas of St Louis where the real estate market is on the rebound listed below, I have charts showing what home prices have done over the past 3 years (the red line) as well as what our Market Action Index is for the area (an index that rates an area based upon supply and demand – the Olive colored line). As the data shows, these markets are seeing home prices on the rise and the market heating up!

Continue Reading →

Tina Niemann – A tribute to an amazing person

By John Williams, on June 21st, 2013

I once heard it said that people remember you, not by what you said, not by what you did, but by the way you made them feel. I cannot think of another person that this statement applies to more than Tina Niemann.

If you haven’t already heard, Tina passed away on June 14, 2013 after suffering a heart attack. The last time that I saw Tina, was at a luncheon at Bellerive Country Club. Tina saw me and came over and said “I just had to come over and speak to my favorite REALTOR “. Was I really her favorite Continue Reading →

Now is the time to buy a home survey shows

By Dennis Norman, on June 21st, 2013

A survey by LendingTree reveals that now is the time to buy a home if you want to beat the coming higher home prices and interest rates. According to the survey of individuals that say they are considering buying a home in the coming year, 68% say they feel home prices will rise and 64% think interest rates will rise in the next 12 months.

Of the would-be home buyers surveyed, 57 percent are first-time home buyers and 45 percent said they are “actively” shopping for a home while the remaining 55 percent said they are “casual” shoppers.

Click here Continue Reading →

Noise Tops List of Reasons For Disputes With Neighbors

By Dennis Norman, on June 18th, 2013

In the Bible we are told to “love our neighbor as yourself” but it seems over 4 in ten people out there may have a problem with this and noise is the culprit almost half the time. According to a new survey by FindLaw.com, forty two percent (42) of Americans say they have had a dispute with a neighbor and almost half of that group (48 percent) cites noise as the reason for the dispute.

Continue Reading →

St Louis Mortgage Companies Seeing Fixed Rate Jumbo Mortgages Make Comeback

By Tyler Frank NMLS # 942420, on June 14th, 2013

Tyler Frank,Paramount MortgageNMLS ID 942420

St Louis Mortgage companies were not making many 30-year, fixed-rate jumbo mortgages a year ago, but now many St Louis Mortgage companies are offering fixed jumbos – with very competitive rates, including my firm, Paramount Mortgage.

As interest rates start to rise, homeowners are thinking they may not see rates this low in the future and if their ARM is maturing a couple of years from now, they could be in a tough spot.

Continue Reading →

St Louis Homeowners With Negative Equity Falls 10 Percent

By Dennis Norman, on June 12th, 2013

There were 88,367 St Louis homeowners with negative equity during the first quarter of this year, according to a report just released by CoreLogic. This represents 15.7 percent of the St. Louis homeowners with a mortgage and is a decline of 10 percent from the prior quarter when there were 98,365 St Louis homeowners with negative equity, or 17.5 percent of all St Louis homeowners with a mortgage.

For the State of Missouri as a whole, there were 120,056 homeowners, or 15.3 percent of all homeowners with a mortgage, with negative equity during the first quarter of this year. On Continue Reading →

Three out of Four People Say Now Is The Time To Buy A Home

By Dennis Norman, on June 11th, 2013

Over three of every four people (76 percent) say now is a good time to buy a home according to the National Housing Survey for May just released by Fannie Mae. Would be sellers are also feeling better about the housing market with 40 percent saying now is a good time to sell a home.

When it comes to financing that home purchase, American’s are getting more optimistic as well, with 46 percent saying it would be easy to get a home loan today, however 50 percent believe it would be difficult to obtain a mortgage.

Thinking of Continue Reading →

St Louis Real Estate Home Prices and Sales Market Update VIDEO

By Dennis Norman, on June 10th, 2013

St Louis Real Estate Market Shows Strengthening in May!

The St Louis Real Estate Market remains in seller’s market territory this month, according to the latest market data from MORE, REALTORS. The inventory of homes for sale remains low while home sale and prices are increasing.

Thinking of selling and want to know if your neighborhood is a seller’s market? Contact us and we’ll answer that question for you.

This is not the market to be an uniformed participant in though or not have qualified, professional representation. This can lead to frustration as a buyer as you continue to “miss” Continue Reading →

Missouri Attorney General Offers Tips To Avoid Timeshare Scams

By Dennis Norman, on June 7th, 2013

Missouri Attorney General, Chris Koster, has joined in with Attorney Generals from around the U.S. to combat time share buying scams. According to Koster, deceptive timeshare resellers will often falsely claim to have buyers or renters in place who are ready to pay top dollar for consumers’ timeshare properties. The scamming companies ask timeshare owners to pay hefty up-front fees and do nothing in turn.

The Missouri Attorney General’s office offers the following tips to avoid becoming the victim of a timeshare scam:

Continue Reading →

St Louis Ranked As 4th Best City To Buy Fixer-Upper Bargain Homes

By Dennis Norman, on June 6th, 2013

Dennis Norman,Broker-Officer,MORE, REALTORS

St. Louis 4th Best City in the U.S. To Buy Bargain Real Estate

According to a report released today by RealtyTrac, St Louis is 4th on the list of the best cities in the U.S. to still be able to buy fixer-upper bargain homes. In compiling the list, RealtyTrac considered the number of homes each city had that were bank owned homes (REO’s), built before 1960 (indicating the opportunity to increase value by updating and/or improving) and had an estimated value below $100,000. The complete list of the top 15 cities is below as well Continue Reading →

Missouri Has 5th Lowest Average Down Payment In Nation

By Dennis Norman, on June 5th, 2013

The average home buyer in Missouri makes a down payment of 13.2 percent and borrows an average amount of $172,998.59, according to the latest data from LendingTree.com. The state with the lowest average down payment is Mississippi at 11.9 percent and the highest, New Jersey at 20.5 percent.

Report Says St Louis Home Price Appreciation 2nd Worst of Major Metros; Lets take a closer look though

By Dennis Norman, on June 4th, 2013

St Louis was ranked number 2 on the list of “Lowest Performing Major Metro Markets” just released by Clear Capital. The Clear Capital report listed the top 15 performing housing markets in the U.S. as well as the 15 worst performing housing markets in the U.S. during the month of May 2013, based upon home price appreciation on a quarter over quarter basis. At the top of the list of top performing markets is Las Vegas with a 4.5 percent increase in home prices from the prior quarter and a staggering 27 percent increase over the past year. In Continue Reading →

Ten Fastest Selling Areas In St Louis

By Dennis Norman, on May 24th, 2013

The fastest selling areas in St. Louis in April included 7 areas in St Louis County, 2 areas in St Charles County and 1 in the City of St. Louis, according to the latest data from MORE, REALTORS. At the top of the list of the ten fastest selling areas in St Louis is the 63121 zip code, comprised primarily of the city of Normandy in St Louis County where the median time on the market of homes sold in April was under three weeks.

[wpsharely id=”5779″]Would you like to SELL your home FAST Too? Click HERE for my free Continue Reading →