Real Estate Market - St Louis Real Estate News

Free Credit Scores As A Result of New Act

By Tyler Frank NMLS # 942420, on March 29th, 2013

Tyler Frank,Paramount MortgageNMLS ID 942420

Free Credit Scores are Not Part of the Free Annual Credit Report Consumers Currently Receive

Consumers currently have the right to request their free credit report once a year, but a credit report does not include free credit scores. These two items are often confused to be the same, which they are not.

You generally must pay to see your credit score. It’s a three-digit grade that predicts how risky you are to a lender.

Earlier this month, bills were introduced in the House and Senate to allow all consumers Continue Reading →

Inventory of Homes For Sale In St Louis Down Over 8 Percent

By Dennis Norman, on March 27th, 2013

Barely over 3 month supply of homes for sale in St Louis

Home sales in the U.S. fell slightly in February from the month before, according to the National Association of REALTORS’ pending home sales index. The index slid to 104.8* in February from 105.2 in January however was still 8.4 percent higher than a year ago and at the second highest level in nearly three-year. Lawrence Yun, chief economist for NAR, said “limited inventory is holding back the market in many areas” and that “only new home construction can genuinely help relieve the inventory shortage…”

As the Continue Reading →

New Home Sales In Midwest Increase In February

By Dennis Norman, on March 26th, 2013

New Home Sales In Midwest Outperform The National Market!

New home sales in the Midwest were at an adjusted annual rate of 58,000 homes in February, an increase of 13.7 percent from January’s rate of 51,000 homes, according to data released this morning by the Census Bureau. The Midwest was the only region in February with an increase in new home sales from January and the Midwest and West region were the only two regions with an increase in new home sales from a year ago.

New home sale prices rose in February to $246,800 from $239,600 the month before, Continue Reading →

Real Estate Terms Defined

By Diana Davis, on March 21st, 2013

Making Sense of Confusing Real Estate Terms

If you are buying, selling or refinancing a home you will come across real estate terms and industry lingo that may sound foreign to you. To help address this issue, below you will find definitions for the most common real estate terms that you are likely to come across when buying, selling or refinancing a home. If you have other questions about title insurance, or the role of the title company in these transactions, please contact me and I’ll be happy to help.

Continue Reading →

What are important features to home buyers

By Dennis Norman, on March 20th, 2013

Does your house have the features that are important to home buyers?

Every year the National Association of REALTORS conducts an extensive survey of recent home buyers to gain an understanding into what are important features to home buyers. The results of the 2013 survey have now been released revealing what home buyers are looking for today. So what did the typical buyer buy? According to the survey, the typical buyer bought an 1,860 square foot, 3 bedroom home with two baths that was built-in 1996. So there you have it, if that describes your home, take comfort in knowing Continue Reading →

St. Louis County Home Values Declined 7 Percent According to Assessor Jake Zimmerman

By Dennis Norman, on March 20th, 2013

St. Louis County Home Values Dropped In 22 of 23 School Districts

St. Louis County Home Values declined seven (7) percent from 2011 to 2013 according to the preliminary report issued by St. Louis County Assessor, Jake Zimmerman who said “while some individual properties and neighborhoods have seen value increases, most of St. Louis County real estate has continued to experience declines.” The school district with the largest decline in property values was the Riverview Gardens school district where home values fell 23.90 percent from 2011-2013, followed by the Normandy-Wellston school district with a 15.4 Continue Reading →

St. Louis Real Estate Market Update Video-March 2013

By Dennis Norman, on March 15th, 2013

St. Louis Real Estate Market Gaining Steam!

The St. Louis Real Estate Market is getting close to becoming a seller’s market in many neighborhoods. The inventory of St Louis homes for sale is down from a year ago while sales are increasing paving the way for what could be a somewhat robust selling market this spring.

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.

To get the latest St Louis Real Estate Stats and the latest, best and most comprehensive St Louis Real Estate Continue Reading →

First time home buyers bought almost half the homes sold last year

By Dennis Norman, on March 15th, 2013

Of the 6.8 million homes sold during the past two years, almost half of them (46 percent) were sold to first-time home buyers according the National Association of Home Builders (NAHB). This is up significantly from 2005 and 2007 when only 35 percent of the homes sold were bought by first-time buyers and is even higher than in 2009, the middle of the home buyer tax credit period, when first time buyers made up 41 percent of the market. Continue Reading →

Free Foreclosure Avoidance Help Is Available In St Louis

By Dennis Norman, on March 14th, 2013

What to do if you are facing foreclosure and losing your home. Continue Reading →

Kiplinger Predicts Home Sales To Hit 5 Million Mark in 2013

By Dennis Norman, on March 13th, 2013

Existing home sales are expected to hit the 5 million mark in 2013, according to Kiplinger’s Economic Outlook published yesterday. Kiplinger is predicting a 7.5 percent increase in existing home sales in 2013 over last years 4.65 million home sales. Continue Reading →

McMansions Not Appealing To Babyboomers Kids

By Dennis Norman, on March 12th, 2013

“McMansions”, which Wikipedia defines as “a large, new house in a sub-division of similarly large houses, which all seem mass produced and lacking distinguishing characteristics” and became popular in the 80’s and 90’s, are not appealing to today’s younger home buyer, according to a survey conducted by Better Homes and Gardens® Real Estate. According to the survey, “Millennial’s” which, for the sake of this survey was considered to be people between the ages 18 and 35, are looking for a home that is distinctly different than that of their parents generation which, for many of them, are the baby boomers. This group of young home buyers are not looking for stereotypical and prototypical luxury homes (ie: McMansion) but instead want homes that are different and suit their personal lifestyle. Continue Reading →

Attorney General Koster sues businesses that had promised foreclosure modifications and debt relief

By News Desk, on March 12th, 2013

Attorney General Chris Koster today filed a lawsuit against two related businesses that purported to provide loan modification and mortgage relief to desperate homeowners. Koster’s suit is against Legal Helpers Debt Resolution, LLC and Mortgage Law Group, LLC, as well as the companies’ managing partner, Jason Edward Searns; senior partner, Thomas Macey; and senior partner, Jeffery Aleman. Continue Reading →

Eighty Four Percent of Real Estate Professionals Feel 2013 Will Bring More Sales and Higher Prices

By Dennis Norman, on March 11th, 2013

Real estate professionals are definitely showing more confidence in the housing market today, with over eighty percent (84 percent) of them thinking that 2013 will bring more home sales and higher prices than 2012, according to the results of a survey by Market Leader (FWIW I agree). This represents a 28 percent increase in confidence in the market from a year ago when a similar survey was conducted. Continue Reading →

St. Louis Borrowers in a Rush for Low Mortgage Interest Rates and Fees

By Dennis Norman, on March 7th, 2013

Nationwide 30-year fixed mortgage rates have climbed to their highest level of the last five weeks according to last week’s rate survey conducted by Bankrate.com. Continue Reading →

Where Are The Best Short Sale Deals?

By Dennis Norman, on March 6th, 2013

If you are a homeowner then it is probably good that St. Louis did not make the list of best markets for buying short sales, but if you are a buyer hoping to get a good deal on a home then it may be a disappointment not to see St. Louis on the list. While we do have plenty of short sale opportunities here in St. Louis, our city did not make RealtyTrac’s list of the top 15 markets in the U.S. for buying short sales, but the top 15 are listed in the chart below:

Continue Reading →

Survey reveals home prices drive first-time home buyers choice of home

By Dennis Norman, on March 4th, 2013

St. Louis car dealer Bommarito Auto Group’s tag line is “where price sells cars”….well, according to the results of a newly released survey, I think the same is true about the current real estate market…it’s “where price sells homes”. The number one reason given for choosing the home purchased by first-time home buyers was price, according to the recently released 2011 American Housing Survey (AHS) by the National Association of Home Builders (NAHB). Thirty-eight (38) percent of first-time home buyers said price was their key concern, followed by thirty (30) percent who gave proximity to work as their chief concern. Continue Reading →

One in five St Louis home sales in 2012 was a distressed sale

By Dennis Norman, on February 28th, 2013

Almost one of every five (19.9 percent) St. Louis home sales in 2012 was a distressed sale, about 5 percent more than 2011 and 2.65 percent fewer than in 2010, according to a report released this morning by RealtyTrac. During 2012 there we 8,932 foreclosure sales in St. Louis at an average price of $93,699 or a discount of almost 40 percent (39.66 percent) compared to non-distressed home sales. Continue Reading →

St Louis Foreclosure and Mortgage Delinquency Rates Down from a year ago

By Dennis Norman, on February 27th, 2013

The St. Louis foreclosure rate declined in December 2012 to 1.29 percent of outstanding home loans, a 25 percent drop from a year ago when the foreclosure rate was 1.72 percent, according to a newly released report from Corelogic. In addition, the St. Louis mortgage delinquency rate for December was 4.39 percent, down 12.5 percent from the year before when 5.02 percent of the outstanding St. Louis home loans were 90 days or more delinquent. Continue Reading →

How to make getting a home loan easier; St Louis Mortgage Interest Rate Update

By Robert Fishel, on February 27th, 2013

It is more important now than ever, as a result of increasing regulation and scrutiny of the mortgage industry, to plan ahead when you are planning on obtaining a mortgage loan to buy a house or refinance an existing loan to ensure that the process will go smoothly and as expected. Your loan approval is subject to the financial information you provide at the time of your loan approval. Any subsequent changes in your financial situation before the actual date of closing could jeopardize your loan approval and delay your closing. Continue Reading →

New Home Sales Start Off 2013 Up Almost 30 Percent From a Year Ago

By Dennis Norman, on February 26th, 2013

New home sales in January were at a seasonally adjusted rate of 437,000 homes, an increase of 15.6 percent from the month before and an increase of 28.9 percent from a year ago, according to the new home sales report for January 2013 just released by the Commerce Department. The median price of new homes sold in January 2013 was $226,400 and the inventory of new homes for sale at the end of the month worked out to a 4.1 month supply. Continue Reading →

More than half of current renters plan to be homeowners within 5 years

By Dennis Norman, on February 25th, 2013

More than half (52 percent) of current renters said they anticipate buying a home in the next five years, according to a survey conducted by ORC International. Tenants with children under 13 are most likely to buy a home with 69 percent of them responding that they anticipate becoming a homeowner in the next five years followed by single family tenants in general, with 60 percent of those tenants anticipating buying a home and just 44 percent of apartment renters planning on buying a home within five years. Continue Reading →

23,000 Fewer St Louis Homeowners Underwater at end of 2012

By Dennis Norman, on February 23rd, 2013

There were 23,348 fewer St. Louis homeowners underwater on their mortgage (owe more than the current value of their home) or, in other words are in a “negative equity” position, at the end of 2012 than there were at the beginning of the year, according to the Zillow® Negative Equity Report for 4th quarter 2012. Continue Reading →

Eighty Four Percent Of St Louis Homes Sold At End of 2012 Were Affordable To Families With Median Income

By Dennis Norman, on February 22nd, 2013

Over 84 percent (84.1) of the homes sold in St Louis during the 4th quarter of 2012 were affordable to a family earning the St. Louis median income of $70,400, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) that was just released. This is actually the lowest the affordability index for St. Louis has been since the 3rd quarter of 2011 when it was 81.5 but is significantly better than it was a little over 5 years ago, in the 3rd quarter of 2007 when only 70.4 percent of the homes sold in St Louis were affordable to a family with a median income. Continue Reading →

Coming soon to a town near you…..a housing shortage?

By Dennis Norman, on February 21st, 2013

First off, no I have not lost my mind, I can actually support the idea that there may be somewhat of a housing shortage soon but, as the headline implies, I don’t necessarily think it’s going to happen in St. Louis, unfortunately. However, its’ a distinct possibility in many markets throughout the U.S. particularly those with population growth and an increasing supply of jobs. Continue Reading →

Mortgage Loan Programs; St. Louis Mortgage Interest Rate Update

By Dennis Norman, on February 20th, 2013

Conventional loans are traditional home mortgages used for primary residence, second homes or investment purposes. There are standard underwriting guidelines for conventional conforming loans up to $417,000. These loans are available as a fixed or variable (ARM) rate with a variety of repayment terms. Borrowers typically have the means for a down payment and good credit histories (680 or higher). Private Mortgage Insurance is required for loan to values greater than 80%. Used for primary residence, second homes or investment purposes Continue Reading →

St Louis Real Estate Market Update Video for February 2013

By Dennis Norman, on February 16th, 2013

The St. Louis Real Estate Market is heating up in many areas and, in fact, some neighborhoods are beginning to take on the appearance of a seller’s market. A decline in the inventory of homes for sale along with some increased demand is helping spark life into many markets…I show the impact on two of these markets in this months video but we can easily show you how your neighborhood is doing as well. Or, if you are trying to decide if not is the time to buy, contact us and we’ll help you answer that question and see specifically what areas are the best for buyers at this time. Continue Reading →

Real Estate Becoming a Seller’s Market In Many Areas

By Dennis Norman, on February 15th, 2013

The real estate market is definitely heating up in many cities throughout the U.S. as well in many areas of St. Louis. A decreasing inventory of homes for sale, and even a shortage of homes for sale in many areas, along with increased confidence from consumers in the real estate market, has driven many cities from a “buyers market” to a “sellers market”. Continue Reading →

Nobody ‘wants’ to pay PMI; St. Louis Mortgage Interest Rate Update

By Robert Fishel, on February 13th, 2013

“Nobody ‘wants’ to pay PMI, it’s just that we have no choice, especially if you want to buy a house and don’t have say an extra $50k to $80k lying around for a down payment, which most first-time buyers don’t.” Chris Durst, a first-time homebuyer and commenter on Investopedia.com. Continue Reading →

New home permits up 47 percent in St Charles County and 25 percent in St Louis County in 2012; It’s all relative though…

By Dennis Norman, on February 12th, 2013

It’s funny what you can do with stats….without any dishonesty (well, maybe a little deception) you can use statistics to paint just about any picture (or create any headline) you want. For example, we all know the new home market in St Louis, like the rest of the country, has suffered tremendously since 2006 (perhaps I know this better than many) and it is improving but sometimes the media I think paints a picture that does not always convey the big picture. For example, lets look at the following statements about building permit data for new homes in St Louis, all of which are based upon the same data from the HBA and all of which are true statements: Continue Reading →

Forty-one percent of survey respondents think home prices will increase; up from thirty percent a year ago

By Dennis Norman, on February 7th, 2013

Forty-one percent of the respondents to the Fannie Mae National Housing Survey for January 2013 said they expect home prices to rise in the next 12 months which is down slightly from 43 percent last month but up significantly from a year ago when only 30 percent felt home prices would rise. Continue Reading →