Real Estate Market - St Louis Real Estate News

St. Louis Homebuyers and Sellers: Inflation Concerns Outweigh Housing Costs

By Dennis Norman, on September 4th, 2024

As housing costs rise in St. Louis, many are worried about the price of owning or renting a home. However, a recent Gallup poll reveals that 41% of Americans now rank inflation and the high cost of living as their top financial concern, far outpacing housing costs, which are the main issue for 14%. A Gallup spokesperson noted, “For the third year in a row, the percentage of Americans naming inflation or the high cost of living as the most important financial problem facing their family has reached a new high.”

Despite these concerns, the St. Louis metro area remains Continue Reading →

Condo Pitfalls: Why You Need a Skilled Buyer’s Agent in St. Louis

By Dennis Norman, on September 3rd, 2024

Buying a condominium in the St. Louis metro area offers a unique lifestyle, but it’s important to understand that the process, and ownership structure, is different from purchasing a single-family home. Condominiums come with their own set of challenges and risks, especially in today’s market. If you’re considering buying a condo, here’s what you need to know to protect yourself and make a sound investment.

Understanding the Challenges

Buying a home comes with its own set of challenges and risks, which is why most people choose to work with a buyer’s agent. It’s crucial to use an agent with the Continue Reading →

Before Touring an Open House, Do St. Louis Buyers Need an Agreement?

By Dennis Norman, on August 30th, 2024

Recent changes in the real estate industry have left many home buyers wondering if they need to sign an agreement before visiting an open house. The confusion stems from new practices that have emerged as a result of recent legal settlements affecting how agents work with buyers. The good news? If you’re just visiting an open house on your own, you don’t need to sign any kind of written agreement. The agent hosting the open house is there to represent the seller, not to bind you into a contract.

However, if you decide to work with an agent—meaning they start Continue Reading →

Missouri Rent Payments Fall Below National Average in August 2024

By Dennis Norman, on August 23rd, 2024

The latest Chandan Economics report reveals a worrying trend for landlords in Missouri, where only 83.1% of tenants made their rental payments on time in August 2024. This figure is slightly below the national average of 84.9%, indicating that Missouri is feeling the strain more acutely. The state’s on-time payment rate reflects a broader decline seen across the country, with national rates dropping 50 basis points from July and 332 basis points from their post-pandemic peak.

For a more granular look at these trends, explore the live, interactive chart that tracks on-time payment rates by property type. This tool is Continue Reading →

St. Louis Homebuyers: Don’t Get Caught Off Guard by Buyer Agent Commission Changes

By Dennis Norman, on August 20th, 2024

The real estate industry is undergoing significant changes, especially concerning how commissions are handled between sellers and buyers’ agents. Recent legal settlements have led to new transparency rules, which clarify that sellers are not required to pay the commission for the buyer’s agent. This has raised concerns among potential homebuyers about the financial burden of paying their agent directly. However, these changes don’t necessarily mean you’ll be paying more out of pocket.

Understanding the Changes:

No Increase in Home Prices: The overall cost of homes hasn’t increased simply because of these rule changes. Home values remain the same. In fact, Continue Reading →

Discover the Hottest Zip Codes for Home Buyers and Sellers in St. Louis Metro Area

By Dennis Norman, on August 15th, 2024

Are you looking to buy or sell a home in the St. Louis metropolitan area? If so, you’ll want to pay attention to the latest data on the fastest selling zip codes in the region. According to recent statistics, the top three zip codes with the shortest time on the market are 62215 in Clinton-IL, IL, 62047 in Calhoun-IL, IL, and 63055 in Franklin, MO. These zip codes have an average of only 18 days on the market, making them highly desirable for both buyers and sellers.

In 62215, homes are selling at lightning speed with an average of just Continue Reading →

The Top 3 Fastest Selling School Districts in St. Louis Metropolitan Area

By Dennis Norman, on August 12th, 2024

Are you looking to buy or sell a home in the St. Louis metropolitan area? If so, you’ll want to pay attention to the fastest selling school districts in the region. According to recent data, Signal Hill DIST 181 in Illinois takes the top spot with an average of just 19 days on the market for its 5 active listings. With an average list price of $2,611,780, this district is clearly in high demand.

Coming in at a close second is East Alton-Wood River DIST 14, also in Illinois, with an average of 21 days on the market for its Continue Reading →

St. Louis Sellers: Should You Offer Buyer Agent Compensation?

By Dennis Norman, on August 8th, 2024

Should sellers offer buyer agent commission?

forAs a homeowner in the St. Louis metro area considering selling your property, one of the most pressing questions in the current real estate landscape is whether you should offer compensation to a buyer’s agent upfront. This question has gained significant importance due to the recent shifts in industry norms, especially following the National Association of Realtors (NAR) settlement of the Sitzer lawsuit and subsequent MLS rule changes. The outcome of these changes has dramatically altered how real estate transactions are approached, and it’s crucial to understand their implications on your selling strategy.

The Sitzer lawsuit settlement has made it Continue Reading →

Year-to-Date Home Sales in St. Louis: Up from Last Year, Down from Historical Average

By Dennis Norman, on August 5th, 2024

?agent_id=02107As of the end of July 2024, the St. Louis metro area has recorded 17,801 homes sold. This marks a slight increase from the same period last year, which saw 17,683 homes sold. Despite this year-over-year growth, the current sales figure represents a 7.6% decline from the median year-to-date home sales of 19,267 homes recorded between 1999 and 2020. Furthermore, when compared to the average year-to-date home sales of 18,855 homes from 1999 through 2024, this year’s performance is still trailing by approximately 5.6%. These statistics underscore a complex landscape for the St. Louis real estate market, balancing modest recent Continue Reading →

Midwest Leads Homeownership Rates Despite Slight Decline

By Dennis Norman, on July 30th, 2024

The latest homeownership rates released by the U.S. Census Bureau illustrate a stable housing market across various regions, with the Midwest continuing to lead in homeownership. The Midwest, where St. Louis is a prominent hub, saw a slight decrease from 70.2% in the second quarter of 2023 to 69.9% in the second quarter of 2024. This marginal decline still places the Midwest at the highest homeownership rate among all regions, underscoring the area’s enduring appeal and stability. As St. Louis continues to develop and attract new residents, the robust homeownership rate in the Midwest highlights the region’s Continue Reading →

Midwest Rental Market Tightens, Boosting St. Louis Appeal

By Dennis Norman, on July 30th, 2024

The latest rental vacancy rates released by the U.S. Census Bureau highlight a significant shift in the housing market dynamics across various regions. Here in the Midwest, we experienced a noteworthy decline in vacancy rates, dropping from 6.9% in the second quarter of 2023 to 5.5% in the second quarter of 2024. This decrease suggests a tightening rental market in the Midwest, contrasting with the national trend where the overall vacancy rate slightly increased. As the Midwest continues to attract more residents and stabilize its housing market, St. Louis stands to benefit from this positive momentum.

The rental vacancy rates Continue Reading →

St. Louis Real Estate Secrets: The Surprising Rise of Office Exclusive Listings

By Dennis Norman, on July 29th, 2024

In a recent deep dive into the world of “office exclusive” listings, we uncovered some surprising trends within the St. Louis metropolitan area. Our previous analysis revealed that 22.6% of listings in St. Charles County and 28.8% in St. Louis County were classified as “office exclusive”, sparking a conversation about who truly benefits from these types of listings.

Unveiling St. Louis MSA Stats

MARIS, the regional MLS, holds the key to the actual number of office exclusive listings, a piece of data that remains hidden from public view and member brokers alike. However, through meticulous data compilation over the Continue Reading →

Do Office Exclusive Listings Serve Sellers or Listing Agents Better?

By Dennis Norman, on July 25th, 2024

In today’s competitive real estate market, “office exclusive” listings have become a notable, and at times, rather heated, topic of discussion among agents. Recently, we took a closer look at the prevalence of these listings in St Charles County and St Louis County, Missouri. Our findings, illustrated in the chart below, reveal that 22.6% of listings in St Charles County and 28.8% in St Louis County are “office exclusive” listings.

Understanding Office Exclusive Listings

According to MLS rules, office exclusive listings cannot be advertised or listed on the MLS. This means they are not visible on the thousands of real Continue Reading →

The Ultimate Guide to Wildwood Real Estate: Listings, Open Houses, and More

By Dennis Norman, on July 21st, 2024

Nestled in the western suburbs of St. Louis, Wildwood, MO, is a thriving community known for its picturesque landscapes, top-rated schools, and a blend of suburban and rural charm. Established in 1995, Wildwood offers residents a high quality of life with its extensive parks, trails, and outdoor activities, making it a sought-after location for families and outdoor enthusiasts alike.

Popular Communities in Wildwood High School Areas Lafayette High School Area Real Estate Search Eureka High School Area Real Estate Search Marquette High School Area Real Estate Search Rockwood Summit High School Area Real Estate Search Middle School Areas Wildwood Middle Continue Reading →

Biden’s Rent Cap Plan Faces Criticism from Home Builders Association

By Dennis Norman, on July 16th, 2024

President Biden has announced a plan to cap rent increases at 5% per year for corporate landlords with more than 50 units. This initiative is part of a broader strategy to lower housing costs and address the housing shortage. The plan also includes repurposing public land for affordable housing and rehabilitating distressed properties. The Biden administration emphasizes that these actions will help protect tenants from excessive rent hikes and promote the development of new affordable housing units.

However, the National Association of Home Builders (NAHB) has expressed significant concerns about this proposal. Carl Harris, chairman of the NAHB, argues that Continue Reading →

Discover the Hottest Real Estate Markets in St. Louis: Fastest Selling Zip Codes Revealed!

By Dennis Norman, on July 15th, 2024

Are you looking to buy or sell a home in the St. Louis metropolitan area? If so, you’ll want to pay attention to the latest data on the fastest selling zip codes. According to recent statistics, the top three zip codes with the shortest average days on the market are 62084 in Madison-IL, IL, 63146 in St. Louis, MO, and 63034 in St. Louis, MO. This means that homes in these areas are in high demand and selling quickly, making them ideal locations for both buyers and sellers.

In 62084, the average listing stays on the market for just 11 Continue Reading →

Discover the Top 3 Fastest Selling School Districts in the St Louis Metropolitan Area

By Dennis Norman, on July 12th, 2024

Are you looking to buy or sell a home in the St. Louis metropolitan area? If so, it’s important to know which school districts are experiencing the fastest home sales. According to recent data, the top three fastest selling school districts in the area are Wolf Branch DIST 113, Lebanon CUSD 9, and HILLSBORO DIST 3.

With an average of only 4 days on the market, Wolf Branch DIST 113 in Illinois takes the top spot. This district boasts 7 active listings with an average list price of $284,357. Coming in at second place is Lebanon CUSD 9 with an Continue Reading →

New NAR Rule: What Buyers Need to Know About Written Agreements Before Home Tours

By Dennis Norman, on July 5th, 2024

Starting August 17, 2024, the National Association of REALTORS® (NAR) is implementing a new requirement on its members that will impact home buyers and REALTORS® alike. This new rule mandates that REALTORS® must have a written agreement with buyers before showing them any homes. This change is required as part of the settlement agreement of multiple massive class-action lawsuits where NAR was accused of anti-competitive practices. The settlement aimed to increase transparency and fairness in real estate transactions, ensuring that both buyers and agents have a clear understanding of their relationship and obligations. However, there’s a lot of confusion Continue Reading →

Freedom and Real Estate: Reflecting on Independence Day

By Dennis Norman, on July 4th, 2024

As we celebrate Independence Day, we not only honor the birth of our nation but also reflect on the freedoms and opportunities that make America unique. For the real estate market, these principles of independence and liberty are deeply ingrained. Homeownership is often seen as a cornerstone of the American Dream, representing stability, investment in the future, and personal freedom. This day serves as a reminder of the importance of owning a piece of this great land and the value it brings to families and communities.

The significance of Independence Day extends to the real estate industry by highlighting the Continue Reading →

Widespread Disapproval of National Association of REALTORS®’ Handling of Commission Lawsuit

By Dennis Norman, on June 27th, 2024

A recent flash poll by T3 Sixty at the NAR Midyear Conference highlights significant dissatisfaction among real estate professionals regarding the National Association of REALTORS® (NAR) and its handling of the ongoing commission lawsuit. View the entire report and survey results below.disa

Key Findings: Approval of NAR’s Performance: Only 30% of respondents approve of NAR’s overall performance. A striking 63% disapprove, indicating widespread dissatisfaction. Handling of Compensation Lawsuits: Just 32% approve of NAR’s legal strategies. A majority of 62% disapprove, showing deep concerns about the settlement’s impact.

At MORE Realtors, we understand the confusion and concerns surrounding these changes. Our Continue Reading →

Housing Market Sentiment Hits New Low: Only 14% Think It’s a Good Time to Buy

By Dennis Norman, on June 18th, 2024

According to the latest data from the Fannie Mae Home Purchase Sentiment Index, shown below, a mere 14% of consumers currently believe it’s a good time to buy a home. This starkly contrasts with the increasing sentiment that it’s a bad time to buy, which has surged to nearly 80%. Over the past decade, the confidence in the housing market has drastically shifted, with a significant decline in the optimism seen in previous years. The reasons behind this sentiment could range from rising mortgage rates to economic uncertainties.

At MORE, REALTORS®St, we closely monitor market trends and data like the Continue Reading →

Discover the Hottest Real Estate Markets in St. Louis: The Fastest Selling Zip Codes Revealed!

By Dennis Norman, on June 16th, 2024

Are you looking to buy or sell a home in the St. Louis metropolitan area? If so, you’ll want to pay attention to the latest real estate data. According to recent statistics, the top three fastest-selling ZIP codes in the region are 63134, 63114, and 63117, all in St. Louis County, MO. The top three ZIP codes span a diverse market and geographic area, with 63134 primarily made up of Berkeley in North St. Louis County, 63114 consisting of Overland and several smaller, mid-St. Louis County areas, and 63117 encompassing Richmond Heights in the 40 corridor area of St. Louis Continue Reading →

Federal Reserve Projections: What St. Louis Homebuyers and Sellers Need to Know

By Dennis Norman, on June 12th, 2024

The latest Federal Reserve Economic Projections, released on June 12, 2024, provide valuable insights into the future economic landscape that will impact homebuyers and sellers in St. Louis. The Federal Open Market Committee (FOMC) anticipates steady real GDP growth of around 2.0% from 2024 to 2026, which indicates a stable economic environment for making real estate investments. This projection is reassuring for those considering buying or selling homes, as economic stability often correlates with a steady housing market.

Interestingly, the unemployment rate is projected to hover around 4.1% during the same period, reflecting a healthy job market. For potential homebuyers, Continue Reading →

Discover the Fastest Selling School Districts in St. Louis Metropolitan Area

By Dennis Norman, on June 12th, 2024

Are you looking to buy or sell a home in the St. Louis metropolitan area? If so, you’ll want to pay attention to the fastest selling school districts in the region. According to recent data, the top three districts with the shortest time on the market are Wolf Branch DIST 113 in Unincorporated, IL, Winfield R-IV in Unincorporated, MO, and Windsor C-1 in Unincorporated, MO.

Wolf Branch DIST 113 takes the top spot with an average of only 11 days on the market for its two active listings. The district also boasts an average list price of $399,750, making it Continue Reading →

How to Successfully Negotiate Below Asking Price in St. Louis’ Competitive Market

By Dennis Norman, on June 12th, 2024

Navigating the competitive St. Louis real estate market, where inventory remains relatively low, requires strategic thinking and a well-crafted offer. While it’s possible to make an offer below the asking price, success hinges on several factors where the expertise of a seasoned professional agent, like those at MORE, REALTORS®, can be invaluable.

First, the amount of time a listing has been on the market is crucial. Properties that have lingered longer are often ripe for negotiation. A well-priced home will see significant activity, so an experienced agent can help you gauge the market response and determine a reasonable offer. Additionally, Continue Reading →

Why Exposing Your Home to the Market Yields the Best Financial Outcome

By Ted Gottlieb, on June 10th, 2024

Selling a home is a significant financial decision, especially for older adults who often have a substantial portion of their assets tied up in their home’s equity. While the idea of a quick sale to an investor might seem appealing, it rarely maximizes the financial potential of your property. Here’s why exposing your home to the market is the best strategy for securing the highest possible price, even if selling “as-is.”

The Drawbacks of Selling to an Investor

Lower Offers Real estate investors typically seek properties they can buy at a discount, make necessary improvements, and then sell for a Continue Reading →

The Challenges and Market Impact on Brentwood Forest Condos

By Dennis Norman, on June 7th, 2024

Brentwood Forest Condominiums, one of St. Louis’ largest condo communities, is currently grappling with significant structural repair issues that have cast a shadow over the market’s viability. Following the revelation of maintenance problems, the Federal Housing Administration (FHA) temporarily withdrew its loan approval for the development. This decision has significantly impacted both the homeowners and prospective buyers. In a recent article in the St. Louis Business Journal, it was stated that in response to this, the Brentwood Forest Condominium Association (BFCA) was “working diligently to address reported mortgage lending issues.”

The structural issues and subsequent lending restrictions have had a Continue Reading →

Maximizing Home Sale Value for Seniors: A Comprehensive Guide

By Ted Gottlieb, on June 6th, 2024

Selling a home, especially for seniors, can be an emotional and complex process. Whether the decision stems from downsizing, moving to an assisted living community, or addressing economic security concerns, ensuring the home sells for its maximum value is crucial. Here’s how to achieve that, regardless of the home’s condition, without resorting to real estate investors who more often than not offer the best price.

Understanding the Motivation

Firstly, it’s essential to recognize why the sale is happening. Common reasons include:

Downsizing for seniors to a more manageable living space. Transitioning to a senior apartment or assisted living community. Financial Continue Reading →

Affordable Homeownership: How House Hacking Helps First-Time Buyers in St. Louis

By Dennis Norman, on May 28th, 2024

House hacking is becoming an increasingly popular strategy among younger and first-time homebuyers in many parts of the country, including the St. Louis Metro Area. What is house hacking? Essentially, it involves purchasing a multi-unit property or a single-family home with rentable spaces, offering the new homeowner the opportunity to offset their mortgage payments with rental income. This approach not only reduces living expenses but also helps build equity faster and generate additional income streams.

House hacking offers numerous benefits, particularly in a market like St. Louis where property values are competitive and rental demand is strong. For first-time homebuyers, Continue Reading →

May 2024 Housing Market: Homeowners Locked in by Low Mortgage Rates

By Dennis Norman, on May 22nd, 2024

The Freddie Mac U.S. Economic Housing and Mortgage Market Outlook for May 2024 reveals significant insights into how mortgage interest rates are impacting the housing market, particularly across different generations. With the 30-year fixed-rate mortgage recently surpassing 7%, many prospective homebuyers find themselves priced out of the market. At the same time, current homeowners are hesitant to sell, clinging to historically low rates secured in 2020 and 2021. According to Freddie Mac’s chart below, over 60% of mortgages have rates below 4%, creating a substantial financial disincentive for homeowners to move, effectively locking them into their current homes. Homeowners who Continue Reading →