Flood zones are land areas identified by the Federal Emergency Management Agency (FEMA). Each area of land is mapped and labeled into a flood zone. FEMA flood maps include zones that are broken into several areas. Here are the most common flood zone areas that you will see in Missouri: Continue Reading →
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The city of St Louis made the list of the top 50 markets to rent to Millenials, published by RealtyTrac. In determining the best markets in the U.S. for renting to millennial (most of whom are in their 20’s or early 30’s), RealtyTrac looked at rental markets where the gross annual yield on rentals was at least 9 percent, where Millenials make up more than 22 percent of the market (the national average) and where the Millenial population had increased at least 5% from 2007 through 2013. Continue Reading → According to the National Association of REALTORS® (NAR) 2015 Profile of Home Staging (the first ever by them), over 50 percent (52%) of real estate agents representing buyers said that a staged home will increase how much their buyer client is willing to pay for a home. For those not familiar with the term a staged home is one that has been prepared, usually by a professional, to help make the home show as well as possible and appeal to as many buyers as possible leading to ultimate goal of selling the home quickly for the highest price. Continue Reading → So you may be asking, why am I writing about crime here, after all isn’t this site about real estate? Correct but there are few things that can affect property values more than crime rates and school districts. Not to mention, from an economic development standpoint, crime also plays a role in the success we have as a region attracting businesses to St Louis to create jobs which also has a major impact on home prices. Continue Reading → Last summer I wrote an article addressing the issue as to whether paying a higher rate of commission will help a seller sell his or her home faster. My research for that article, in which I looked at a years worth of home sales in the St Louis area, showed that a higher than normal commission rate in fact did not lead to faster home sales. Now that we are seeing the market heat up I decided to take another look at this topic and this time focus on whether paying a higher real estate commission results in getting a higher price for the seller. Continue Reading → St Louis home sales for 2014 fell 2.4 percent from 2013 with a total of 30.557 homes sold in St Louis (in the 5-county core market) during 2014, shy of the 31,329 homes sold the year before. St Louis home prices, on the other hand, increased 5.6 percent during the same period, increasing from a median price of $142,000 for homes sold during 2013 to $150,000 for homes sold during 2014. Continue Reading → There were 119,936 St Louis homeowners with negative equity, or in a seriously underwater condition on their mortgage meaning they owe more than the current value of their home, in the St Louis MSA during the 4th quarter of 2014 which is a 21% improvement from the prior quarter when there were 152,025 St Louis homeowners seriously underwater, according to a report just released today by RealtyTrac. As the table below shows, for the immediate St Louis, MO area, the city and county of St Louis had the highest percentage of underwater homeowners at 22% and St Charles county had Continue Reading → After struggling for years, new home construction in the Midwest finished out 2014 with a little more home building activity than the prior year and on a pace that makes me feel pretty optimistic about 2015 for the home building industry. Continue Reading → Today, as we celebrate the life of Dr. Martin Luther King, Jr., it is hard for me to believe that, during my lifetime, there was a time when it was legal to refuse to rent or sell a house to someone because of their race or skin color, but it was. However, the Civil Rights Act of 1968, also referred to as the “Fair Housing Act of 1968”, which was signed into law by President Lyndon Johnson, just one week after Dr. King’s assassination, corrected this atrocity and made it illegal to refuse to rent or lease a home to someone based upon their race. Continue Reading → The 63376 zip code area of St Charles County, which includes the City of St. Peters and a portion of Cottleville, had the most homes sold in 2014 of any other zip code area in St Louis with 1,145 homes sold. For the zip area with the second most homes sold in 2014 we jump to the east side of the Missouri river with the 63021 area of St Louis County, comprised of Ballwin, Manchester and Ellisville, with 856 homes sold. The chart below shows the top 20 zip areas in the St Louis area and then the charts that Continue Reading → Missouri foreclosure filings during 2014 occurred on a total of 9.762 properties in Missouri which is down over 70% from 2010 when foreclosure activity in Missouri hit an all-time record high with foreclosure filings occurring that year on 33,120 properties, according to data just released by RealtyTrac. Continue Reading → St Louis home sales in 2014 failed to keep pace with the year before however St Louis home prices rose during the same period. How much they rose as well as how much St Louis home prices are expected to increase (or decrease) in 2015 are just two of the important pieces of information you will find about the current St Louis real state market in our newly published, 5-minute, market video update for January 2015, below. There are neighborhoods throughout St Louis that are low on inventory and high on demand creating a seller’s market! If you have considered Continue Reading → The bursting of the real estate market bubble back in 2008 led to opportunities for investors to buy up homes at attractive prices throughout the country and even attracted some large firms backed by Wall Street such as Blackstone, American Homes 4 Rent, Colony American Homes and Fundamental REO. While institutional ownership of commercial real estate, apartments and land has been very common, and in fact, predominant, since entering the business in 1979, firms like this investing in single family homes has not. Continue Reading → Yesterday, President Obama announced that he will, by executive order, direct FHA to lower the mortgage insurance premium charged on FHA loans to home buyer from 1.35 percent to .85 percent, lowering home buyer’s house payments by about $900 per year on average. Continue Reading → 
The number of St Louis Homeowners with negative equity (or underwater) during the third quarter of 2014 hit the lowest level since Corelogic began tracking this data in the 3rd quarter of 2009. During the quarter, 8.43% of St Louis homeowners with a mortgage were underwater or in a negative equity position meaning their mortgage balance exceed the current value of their home, according to the latest data from Corelogic. Continue Reading → In the past year, homes for sale located within the 63105 zip code (Clayton) have sold, on average, for 98.2% of the original list price, a higher percentage than any other St Louis area during the same period, according to the latest date available from MORE, REALTORS. Continue Reading → As a result of the real estate market crash in 2008 and the subsequent downturn in the economy, many homeowners with prior stellar payment records on their mortgages ended up losing their homes in foreclosure or being forced to do a short sale to get out from under it. Most of these former homeowners then became renters but have the desire to buy a home again once back on their feet. Depending upon just how severely their credit was impacted as well as whether they had a foreclosure, short sale or bankruptcy, they may have to wait as long as 7 years to obtain a home loan again. However, thanks to an FHA program called “Back to Work”, which, surprisingly, has received little attention, there is hope for these homeowners including the opportunity to obtain a home loan again without the normal waiting period if their problems were related to a job loss and they meet certain criteria. Continue Reading → Clear Capital just released it’s list of the Top 50 Performing Real Estate Markets Forecast for 2015 for major metro areas and St Louis made the list at number 12! At the top of the list was Milwaukee-Waukeshawest Allis, Wi, followed by Columbus OH and Denver CO. Continue Reading → Almost 3 out of every 4 homes currently listed for sale in St Ann have had a price reduction in the past 90 days, according to the latest data from MORE, REALTORS. As the table below shows, all the St Louis neighborhoods that made the top ten list for home price reductions have had price reductions on more than half of the current listings of homes for sale in that neighborhood. (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 ] Search ALL St Louis Homes For Sale See ALL Homes That Will Be Continue Reading → Pending home sales, those listings that have contracts pending but have not yet closed, declined in St Louis in December 3.2 percent to 1,621 pending home sales from 1,674 sales in December 2013. For the midwest region of the U.S. as a whole, pending home sales slipped a little in November (the latest month national data is available for) falling one-half of one percent from November 2013, according to the Pending Home Sales Index Report just released by the National Association of REALTORS®. (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 ] Search ALL Continue Reading → St Louis Distressed Home Sales ticked up slightly in November 2014 rom October but declined over thirty percent (30.8%) from November 2013, according to data just released by RealtyTrac. As the table below shows, all the counties in the St Louis core market except one saw an increase in distressed home sales in November from the month before and all saw a decline in November from a year ago. On a national level, distressed home sales in November 2014 accounted for 12.6% of all home sales, down from 13.7% in October and from 14.8% in November 2013. (We work hard Continue Reading → St Louis home sales fell to 2,065 homes in November 2014 for the St Louis 5-County Core Market (city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin), a decline of 3.3% from from 2,136 homes sold in November 2013 Continue Reading → Wishing you and your family a very Merry and Blessed Christmas! Photo by: John Pavelka St Louis New Home Sales in November 2014 increased 12.5% from November 2013 and, as would be expected given the time of year, decreased about 8% from the month before. New home sales in St Louis out performed new home sales in the Midwest Region as a whole as the region saw 4,000 new home sales in November 2014, the same as a year ago, and a decrease of 20% from the month before, according to the latest data available from the U.S. Census Bureau and HUD. The median price of new homes sold in November 2014 was $235,900, an Continue Reading → The improving real estate market, as well as low inventory, has led to the majority of St Louis neighborhoods becoming sellers market’s, according to our Market Action Index. As of today, St Louis’ best seller’s Market can be found in the 63021 zip code area of Ballwin, followed by Des Peres and Valley Park. The complete list of the top 15 seller’s markets in St Louis can be found below. Continue Reading → The number of neighborhoods in St Louis that are currently seller’s markets has dropped in the past month but the majority (63%) of the St Louis neighborhoods we track still favor the seller over the buyer according to our Market Action Index. Continue Reading → Most of the neighborhoods in St Louis have seen home prices increase over the past year, at least to some extent however, some are seeing home prices increase at more significant rates than others. So where are the St Louis neighborhoods that have seen the largest increase in home prices in the past year? Let’s being with how the data is computed. The table below is based upon current median list prices of homes for sale within a zip code. Zip codes that don’t have a sufficient amount of annual home sales to make their statistics accurate and significant have been omitted. Continue Reading → Yesterday, the U.S. Senate passed H.R. 5771, the “Tax Increase Prevention Act of 2014”, which had been passed by U.S. House of Representatives on December 3, 2014 and is now headed to President Obama’s desk for his approval. Assuming President Obama signs the act into law, it will be good news for homeowners that sold their homes in a short sale in 2014 or in some other way was forgiven on mortgage debt during this year. The Tax Increase Prevention Act of 2014 extends the Mortgage Forgiveness Debt Relief Act of 2007 through December 31, 2014 and makes it retroactive to January 1, 2014 so there is no gap in coverage from when the last extension expired. Continue Reading → New home construction starts in the Midwest during November occurred at a seasonally adjusted, annual rate, of 107,000 homes, an increase of 5.9 percent from the month before and a decline of 10.1 percent from November 2013, according to the latest data released by the U.S. Census Bureau. Year to date through the end of November, there have been 97,800 single family homes started, an increase of 2 percent from this time last year when construction had started on a total of 95,700 new single family homes. Only half the new homes built are for sale- One of the things Continue Reading → St Louis home sales are lagging behind last years however St Louis home prices are up from last year. How much are home prices up? What are the HOT St Louis real estate markets (and the COLD ones as well)? Find the answers to these, and many other questions you may have about the current St Louis real state market in our newly published, 5-minute, market video update for December 2014, below. Continue Reading → |
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