Real Estate Market - St Louis Real Estate News

Where are the buyers markets in St Louis?

By Dennis Norman, on August 26th, 2013

With all the talk lately about many St Louis neighborhoods going from the doldrums to a sellers market many would-be home buyers (and investors) are asking where are the buyers markets are in St Louis? The are looking for the areas where the opportunity still exists to negotiate a better deal and not have to worry about getting caught in a multiple offer situation like we are seeing in some of the hotter markets today. While the upside to a buyer’s market is less competition and perhaps a better price, the downside is there is a reason Continue Reading →

Missouri Ranked 41st In U.S. In Terms Of Credit Quality of Homebuyers

By Dennis Norman, on August 24th, 2013

Lending Tree just released a list ranking the credit quality of perspective homebuyers by State based upon home loan applications during the 2nd quarter of 2013 and the report gives Missouri a score of 75.69 out of a possible 100, bringing our state in at 41st in the nation. In determining the credit quality of the borrower or “borrower health” in Lending Tree terms, they take into consideration three things on perspective homebuyer loan applications: weighted average of credit score, loan-to-value ratio [LTV] and overall lendability of mortgage-seekers to arrive at a score.

At the top of the list, Continue Reading →

Lenders Guarantee Title Company Manager Pleads Guilty to Wire Fraud

By Dennis Norman, on August 22nd, 2013

Lenders Guarantee Title Company Manager, Elizabeth Glosemeyer, plead guilty yesterday to two counts of wire fraud stemming from her activities as manager of the title company. In an indictment issued in June, it as alleged that “profitability suffered” at Lenders Guarantee Title as a result of the financial crisis of 2008 leaving the company without sufficient cash flow to pay its bills and obligations causing Glosemeyer, as manager, to “take money from the Lenders escrow account to fund operations.” This ultimately left the escrow account for the title company short and as a result, according to the indictment, Lenders Continue Reading →

Best Areas For Health And Wealth

By Dennis Norman, on August 22nd, 2013

Today, RealtyTrac released its’ list of the “Top Housing Markets for Health and Wealth” with metro areas in the U.S. that scored the best in the health and wealth areas addressed by the report. The report examined lifestyle (including fast food restaurants per capita, adult activity rate and smoking rate), disease (including diabetes and obesity rate), environment (clean air days), economy (unemployment) and real estate (3 year appreciation rate). At the top of the list is Austin Texas with an 81 percent activity rate, 10 percent smoking rate, 5,8 percent unemployment and 27 percent real estate appreiciation in the Continue Reading →

Andy Van Slyke Sells Ladue Home for $3.2 Million

By Dennis Norman, on August 18th, 2013

This past week, Andy Van Slyke sold his Ladue Manse at 710 S. Price for $3,200,000 after being listed for sale for just 48 days, albeit at a sales price of just 80% of the asking price of $3,975,000. Andy and wife, Lauri built this french-inspired mansion in 2001 with with over 6,000 square feet of living area (with an additional 3,000 square feet in the lower level) situated on 1.8 acres of well-manicured grounds and including all the features you would expect in this price range such as exquisite architectural design, high-end finishes, a pool but also has features Continue Reading →

St Louis Real Estate Bidding Wars Chill

By Dennis Norman, on August 16th, 2013

Bidding wars for homes in St Louis cooled in July as the number of home sales where the final sales price exceeded the list price at the time of sale was 14.7 percent of all home sales in the St Louis 5-county core area (City of St Louis and Counties of St Louis, St Charles, Jefferson and Franklin), according to the latest data from MORE, REALTORS. This is down 8.7 percent from June, when 16.1 percent of the homes sold in St Louis were sold at a price in excess of the list price. Nationally, in July almost half Continue Reading →

St Louis Trend Report Shows Year-Over-Year Inventory Decline Nearly Double National Level

By Dennis Norman, on August 13th, 2013

St Louis’ year-over-year inventory of homes for sale has declined from 18,740 active listings for sale in the core St Louis market (City of St Louis and Counties of St Louis, St Charles, Jefferson and Franklin) from 18,740 homes for sale in July 2012 to 16,888 homes for sale last month, a decline of 9.9 percent in the year-over-year inventory, according to MORE, REALTORS. This is nearly double the national rate of decline in the inventory of homes for sale which was 5.24 percent for the same period, according to the National Association of REALTORS.

During the Continue Reading →

St Louis’ Slowest Selling Neighborhoods

By Dennis Norman, on August 12th, 2013

St Louis’ Slowest Selling Neighborhoods can be found throughout the St Louis area. To find the “slow selling neighborhoods” I look at the median days on market of the current homes listed for sale with the logic that, if the median time on the market is very high for listings, then the majority of the homes are taking quite a while to sell.

(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 ]

Continue Reading →

The Man Cave Shed

By Dennis Norman, on August 11th, 2013

Ok, so you’re a guy, you went to church this morning with the family, came home and did a couple of “honey do” projects, played with the kids and walked the dog. Now it’s time for a little “ME TIME”, right? But…how do you get your peace and quiet to kick back and watch the game and yet still be at home with your family? The answer is simple…you need a MAN CAVE! What? No room in the house for one as the family has taken over? No problem! Here’s the answer, a Man Cave Shed! Best I can Continue Reading →

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

By Dennis Norman, on August 9th, 2013

It’s a seller’s market in 60 St Louis Neighborhoods!

That’s right, according to the latest market data from MORE, REALTORS. 60 St Louis neighborhoods are experiencing a seller’s market while only 8 have a buyer’s market. Which ones you ask? Invest 5 minutes of your time watching my market up date video below and you will find out!

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 →

Missouri has almost the lowest closing costs in the nation!

By Dennis Norman, on August 8th, 2013

That’s right, along with very affordable home prices, Missouri also has almost the lowest closing costs in the nation at an average of $2,188 for lenders’ origination fees and third party fees, second only to the state of Wisconsin with average closing costs of $2,119, according to the 2013 closing cost survey by Bankrate.

See table below for survey results for all states:

Continue Reading →

Three out of four people say now is a good time to buy a home

By Dennis Norman, on August 7th, 2013

Nearly three out of four people (74%) say now is a good time to buy a home, according to the July 2013 National Housing Survey by Fannie Mae. In addition, forty-percent of the people surveyed feel now is a good time to sell a home, this is up for 36 percent that felt that way the month before and matches the survey high since it’s inception.

SURVEY HIGHLIGHTS:

Continue Reading →

What type of home buyers visit an open house?

By Dennis Norman, on August 4th, 2013

It’s Sunday and that means that many potential home buyers will spend time this afternoon visiting an open house, as will nosey neighbors, people looking for decorating ideas and people with time on their hands looking for something to do. So, what type of home buyers visit an open house? Below are the results of a survey conducted by the National Association of REALTORS addressing this question: Looking for Open Houses? There are over 700 homes open today…Visit StLouisOpenHouses.com for a complete list or click here The “typical” home buyer that visits an open house is: Continue Reading →

St Louis Mortgage Interest Rates On The Rise But Still Historically Low

By Dennis Norman, on August 3rd, 2013

St Louis mortgage interest rates are on the rise and hitting levels we have not seen in the past year and a half and the 3.x percent rates we have become somewhat accustomed to are gone. However, before you panic or think the housing market is headed toward another crash as a result, you should keep in mind that todays rates (see below for current rates) of about 4.5 percent for a 30 year fixed rate mortgage is still lower than the average monthly mortgage interest was for more than 40 years proceeding 2012. Granted, looking back, 2012 was Continue Reading →

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 →