Yesterday, St. Louis County Circuit Court Judge Gloria Reno granted a temporary restraining order against St Louis County to stop implementation of their recently adopted rental licensing ordinance. This is a huge victory for landlords, and property owners in general, as the new ordinance, as I wrote about previously, trampled property rights in many ways. Continue Reading →
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Along with the end of 2015 came one of the busiest time periods for listings of homes for sale to expire. To put it in perspective, during the last two weeks of December, there were almost 1,300 listings that expired within the St Louis five-county core market, more than double the number of listings that expired during the last two weeks of November. Continue Reading → As 2015 comes to an end and we welcome everything 2016 has in store for us, we say goodbye to one of the better real estate markets St Louis has seen in a while but eagerly await what, by most indications, appears to be an even better year for St Louis real estate, 2016! Continue Reading → As 2015 quickly comes to an end, we close out what has been one of the better years for the St Louis real estate market in many years! Homes in St Louis sold at a brisk pace and St Louis home prices showed solid appreciation! We saw a spring market that brought home buyers racing to new listings often competing with other buyers to see who could make the best offer the quickest, often-times with the final sale price equaling or exceeding the asking price followed by a steady market throughout the summer and into the winter months. Continue Reading → I have the honor of serving as chairman of the St Louis Industry Forum which consists of leaders of professional and trade associations that are engaged in some aspect of the real estate industry in St Louis (such as REALTORS, Builders, Mortgage Lenders, Bankers, etc) and at our bi-monthly meetings millennial’s are often the topic of conversation with regard to this generations thoughts on home ownership vs. renting, where they want to live and other related matters. Continue Reading → Wishing you and your family a very Merry and Blessed Christmas! Photo by: John Pavelka New home sales in the U.S. in November rose 9.1 percent from a year ago, and increased 4.3 percent from the month before, according to a report just released by the U.S. Commerce Department. In the midwest region however, new home sales slid in November, falling 8.6% to a seasonally-adjusted annual rate of 53,000 homes from 58,000 the month before and decreasing 10.2 percent from November 2014 when new home sales in the midwest were at an annual rate of 59,000 homes. Continue Reading → When trying to decide whether to buy a home or condo instead of continuing to rent, many would-be first-time home buyers compare the cost of buying a home or condo versus renting something similar. Granted, there are other benefits that come with ownership (along with some additional responsibilities and risks, of course) including potential return on the investment, stability, etc but, if the first thing often considered is the cost of a house payment versus rent…if difference is too large and, therefore, the sacrifice to buy is too great, the consideration of buying often ends at that point. Continue Reading → It’s no secret that home sales slow down this time of year but there are still plenty of neighborhoods where homes are selling quickly. So where are homes selling the fastest in St Louis? As the table below shows, the 63126 zip code area of St Louis county, which consists mainly of the Crestwood area, is where homes are currently selling the fastest at as of today, with active listings of homes for sale having been on the market an average of just 49 days. Continue Reading → As of the end of the 3rd quarter this year, seven percent of all St Louis homeowners with a mortgage were in a negative equity position meaning their current mortgage balance exceeds the current value of their home, according to a report just released by Corelogic. Continue Reading → As 2015 quickly nears the end, the St Louis real estate market continues to perform well (no doubt fueled, in part, by the unusually warm weather we are having) with year-to-date home sales through the end of November up nearly 9 percent from the same time last year and St Louis home prices up almost 4 percent from the same time last year. Continue Reading → St Louis Foreclosure activity increased in November to 1 foreclosure activity on 1 of every 1,086 housing units in the St Louis MSA, a decrease of 8.06 percent from the month before but an increase of 62.59 percent from November 2014, according to a report just released by RealtyTrac. Continue Reading → St Louis Home Sales cooled a little in November with 1,519 homes sold during the month (in the 5-county core market) down slightly from a year ago in November when there were 1,531 homes sold. The median home price of homes sold last month in the 5 county market was $165,898, a decline from $170,000 the month before however an increase of 3.7 percent from a year ago when the median home price was $160,000. Continue Reading → Distressed home sales in St Louis during the month of October 2015 accounted for about 11.6 percent of all home sales during the month, a decline of about 50 percent from a year ago when St Louis distressed home sales accounted for 23 percent of the all home sales, according to the latest data just released by RealtyTrac. Continue Reading → Homeownership in the U.S. is down 7.58% in the past 10 years, according to the latest information available from the U.S. Census Bureau. The St Louis homeownership rate for the 3rd quarter of 2015 was the lowest rate for the 3rd quarter of any year in over 10 years. In addition, as our table below showings, the 12 month rolling average St Louis homeownership rate at the end of the 3rd quarter was at 69.9%, the lowest rate in well over a decade. Continue Reading → Whereas it is the duty of all nations to acknowledge the providence of Almighty God, to obey His will, to be grateful for His benefits, and humbly to implore His protection and favor; and—Whereas both Houses of Congress have, by their joint committee, requested me “to recommend to the people of the United States a day of public thanksgiving and prayer, to be observed by acknowledging with grateful hearts the many and signal favors of Almighty God, especially by affording them an opportunity peaceably to establish a form of government for their safety and happiness:” Continue Reading → The St Louis Real estate market remains fairly strong however, winter is coming! St Louis home sales in 2015 continue to outpace the year before however, as draw nearer and nearer to winter and the inevitable slowdown in the real estate market that comes along with the cold weather, we are seeing St Louis home prices trending downward and the supply of homes for sale trending upward. Currently, 4 of the 5 counties in the St Louis core market still have a median supply of homes for sale of less than 6 months, which is good, but it’s on the rise. Continue Reading → St Louis County has 6 Elementary Schools that have tested at least 50% higher on standardized tests than the average for the state of Missouri and are located in neighborhoods where home prices are affordable, according to a report just released by RealtyTrac. According to the report, these 6 good elementary schools are surrounded by homes that with house payments that will take less than 30% of the families monthly wages to buy, making them very affordable. In fact, for McKelvey Elementary, in Maryland Heights, the average family will need to spend less than 18% on a house payment to live near by. Continue Reading → Dodge Data & Analytics just released a report on “Green and Healthier Homes” in which it was revealed that many builders are seeing building green as a way to increase business and new home sales. In fact, according to the report, 83 percent of homebuilders and remodelers believe consumers are willing to pay more for a healthier home. Continue Reading → According to a report just released by TransUnion, the mortgage delinquency rate for borrowers that are 60 days or more delinquent, declined almost 30 percent during the 3rd quarter of 2015 from a year ago. During the third quarter of this year, the mortgage delinquency rate was 2.40%, down from 3.36% during the third quarter of 2014. Continue Reading → Foreclosure activity, after an extended downward trend, has trended upward lately in the St Louis metro area and October was no exception seeing an increase of over 13 percent (13.17%) in activity from the month before and, on a 12-month rolling average, an increase of almost 30 percent (29.85%) from a year ago, according to the latest data from RealtyTrac. Continue Reading → Today most, if not all, landlords are aware of the Federal Fair Housing Act with regard to making various types of discrimination illegal when it comes to housing and, even if they don’t have a thorough understanding of all of the nuances of the act, at least have a basic understanding of it. However, today, a lack of a thorough understanding of the law, as well as the risks associated with violating it, or even being accused of violating it, can be quite costly to a landlord. Therefore, if you are considering becoming a landlord, or perhaps are already in the midst of building your real estate empire, spending time studying and understanding the Federal Fair Housing Act and how it applies to you would be time well spent and it would also be a great move to align yourself with a real estate professional with a good understanding of it that can help you navigate the regulatory waters a landlord must navigate today. Continue Reading → The number of homes sold “For Sale By Owner” (FSBO) dropped to a record low of just eight percent of all homes sold, according to the National Association of REALTORS (NAR) 2015 Profile of Home Buyers and Home Sellers report. A commentary posted on the Economist’s Outlook Blog by Amanda Riggs, Research Survey Analyst for NAR. on the NAR website indicated that homeowners that sell as a FSBO often find it doesn’t turn out as they expected either in the amount of time it will take on their part nor in the price they ultimately receive. Highlights from Rigg’s commentary include: Continue Reading → Nearly one in every 4 home sales in St Louis (23.9%) during the 3rd quarter of 2015 were financing with an FHA loan, according to data just released by RealtyTrac. This is a slight decrease from the quarter before when 24.3% of the homes sold were financed with an FHA loan, but is an increase of 30% from a year ago when FHA financing was used on just 17.45 of the homes purchased in St Louis. Continue Reading → Distressed Home Sales accounted for just 13 percent of St Louis home sales thus far in 2015, a decline of 37.6 percent from two years ago when over 1 in every 5 (20.83%) St Louis home sales was a short sale or foreclosure. Continue Reading → Four of the five counties that make up St Louis’ core real estate market appear to continue to be in a Seller’s market although the markets are cooling somewhat as prices on active listings are trending downward a little and inventories are increasing somewhat, according to the latest data from MORE, REALTORS. The remaining county, Franklin, is indicating a buyers market with a supply of homes for sale in excess of 7 months and home prices trending lower. Continue Reading → In St Louis Nearly One In Every Home Sales Is A Condo – As the table below shows, during 2015 nearly one of every 8 (12.22%) home sales in St Louis has been a condominium, exactly the same as last year, and higher than the 11.61% rate on the national level shown in the second table below. Continue Reading → Pending home sales in the U.S. fell again in September, to the second lowest level this year, according to a newly released report from the National Association of REALTORS (NAR). According to the report, pending home sales in the U.S. dropped 2.3 percent in September from the month before. St Louis Pending Home Sales Increase In September.. In contrast to the national picture, as the charts below show, St Louis Pending Home Sales rose in September, increasing 8.6 percent from September 2014 and on a year to date basis, through the end of September, pending home sales for 2015 are Continue Reading → New home sales in the U.S. in September lost some steam declining 11.5 percent from August, however, let’s not forget, August was a record month for U.S. New Home Sales which sold at the highest annual rate since February of 2008, according to a report just released by the U.S. Commerce Department. New homes sold in September at a seasonally-adjusted, annual-rate, of 468,000 homes, a decrease of 11.5 percent from the month before an an increase of 2.0 percent from September 2014 when new homes sold at an annual rate of 459,000 homes. Continue Reading → St Louis Home Sales rose to 2,209 homes sold during September (in the 5-county core market) from 1,992 homes sold in September 2014, an increase of 10.9 percent! September home sales declined 7.3% from the month before which is to be expected due to the seasonality of the market. Continue Reading → |
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