By Dennis Norman, on June 12th, 2014 St Louis home prices have, in some areas, recovered to around 95% of home prices during the peak of the housing bubble. Get the specifics on this as well as much more in our June 2014 5-Minute Market Update Video below.
Many areas of St Louis have become sellers markets due to increasing demand and lack of inventory. If you have considered selling, or perhaps tried and failed in the past year or so, now is the time to consider it again. Give us a call and we’ll be happy to let you know the value of your home in Continue Reading →
By Dennis Norman, on June 11th, 2014 Charles Hoffman, dean of the College of Business Administration at the University of Missouri in St Louis has listed his 11,000+ square foot home that sits on 1.5 acres in Sunrise Beach at Lake of the Ozarks for sale for $5,895,000. According to the listing agents description, this is the “Deal of the Century”. Mr. Hoffman, prior to becoming Dean at UMSL, was, according to Wikipedia, President and CEO of Covad Communication Group and is known as a turnaround artist for struggling companies.
Lake of the Ozarks (Camden County) Luxury Homes For Sale – $5,000,000+
Piqued your Continue Reading →
By Dennis Norman, on June 10th, 2014 New home construction is not keeping up with demand in most of the U.S. and could even lead to “persistent housing shortages and affordability issues unless housing starts increase to match up with local job creation”, according to a newly released analysis by the National Association of REALTORS® (NAR).
Lawrence Yun, NAR’s chief economist, discussed in the report the relationship between new jobs and increased demand for housing saying “Historically, there’s one new home construction for every one-and-a-half new jobs,”. Yun goes on to say “Our analysis found that a majority of states are constructing too few homes in relation Continue Reading →
By Dennis Norman, on June 9th, 2014 Forty-eight percent of Americans surveyed feel home prices will increase in the next twelve months and only 7 percent think home prices will decline, accordion to Fannie Mae’s May 2014 National Housing Survey which was just released. As for the economy, consumers weren’t so optimistic as, according to the report, 57% of those surveyed feel the economy is headed the wrong direction.
Other highlights from the Fannie Mae National Housing Survey for May 2014:
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Tyler Frank,Paramount MortgageNMLS ID 942420
We hear lots of advice these days about how to improve a credit score. However, not all advice is good advice. Here are nine credit score myths that could actually do more harm than good:
Myth #1 – Closing out old, inactive accounts will help your score. Thirty percent of your credit score is based on your utilization rate – your total balances versus the total amount of credit available to you. Canceling old accounts reduces the total amount of your available credit, changing that ratio. Any balance will Continue Reading →
By Dennis Norman, on June 5th, 2014 St Louis Home Prices are close to regaining what was lost after home prices peaked during the boom and then crashed and burned, according to the latest data from MORE, REALTORS. As the table below shows, home prices in the three major St Louis counties (St Louis, St Charles and the city of St Louis) have recovered to about 95% of what they peaked at during the boom. The outlying counties of Jefferson and Franklin have been slower to recover.
Find your home’s market value online in LESS THAN A MINUTE!
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By Dennis Norman, on June 4th, 2014 St Louis Hills is arguably one of the most popular neighborhoods in South St Louis and is rich in history. According to the St Louis Hills Neighborhood association website, St Louis hills encompasses an area of 700 acres and was originally developed by Cyrus Crane Willmore. The street names in St Louis Hills, as well as much of the architecture of the older homes, reflects Willmore’s English heritage.
St. Louis Hills Homes For Sale – $300,000+
See ALL Homes for sale in St Louis Hills
Piqued your interest? If you would like more information on Continue Reading →
By Dennis Norman, on June 4th, 2014 There were 569,000 new homes (single-family) completed in the U.S. last year. So what are popular features and finishes in new homes today? What does the “typical” new home have? Below is a summary of some of the characteristics of the new homes built in 2013 as detailed in a report by the U.S. Census Bureau: Continue Reading →
By Dennis Norman, on June 3rd, 2014 The best places to flip property in the U.S. are, with the exception of Wright County Minnesota, all east of the Mississippi extending from as far north on the east coast as New York to as far south as Florida, according to a report just released by RealtyTrac. For this report, RealtyTrac looked at property that was “flipped” (bought and then resold within the same period…often times done by an investor for profit) during the one-year period from April 2013 through March 2014, and ranked the counties based upon the gross return on investment made in those flips. One thing to keep in mind, this is just a “gross margin” or simply the difference between what the house was bought for and then resold for during the period without taking into account the expenses involved in the acquisition and sale, cost of rehab and improvements that were done or carrying cost. Continue Reading →
By Dennis Norman, on June 2nd, 2014 St. Louis home prices have risen in the past year for the metropolitan area as a whole somewhere around 8 percent, according to Clear Capital’s home price index. As the chart below shows though, St Louis home prices over the past year have performed quite differently in different zip codes. As the chart shows, the highest performing zip codes in the St Louis area saw home prices increase about 20% in the past year while the lowest performing zip codes saw prices fall by a couple of percent in the last year.
(We work hard on this and sure would Continue Reading →
By Dennis Norman, on May 30th, 2014 Retired Rams quarter back Marc Bulger has listed his 11,587 square foot house that sits on over 6.5 acres at 2701 South Lindbergh in Huntleigh for sale for a cool $7,499,000. Mr. Bulger acquired the home for $3,550,000 in 2007 from it’s former owner, Marilyn Schnuck.
Known as the “Percy Orthwein House”, Mr Bulger’s house was designed by famed architects Maritz and Young. You can see this home, as well as other St Louis area homes on the market for $7,000,000+ in the slide show below.
St. Louis Luxury Homes For Sale – $7,000,000+
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By Dennis Norman, on May 29th, 2014 Distressed home sales in St Louis accounted for just under eleven percent (10.7%) of all home sales in the St Louis MSA in April 2014, according to data released just this morning from RealtyTrac. This is a decline of 29.1% from April 2013 when distressed home sales in St Louis were responsible for 15.1% of all home sales. Distressed home sales include short-sales (when sellers sell for less than they owe with the agreement of their lender), REO’s (bank-owned real estate acquired through foreclosure and now being resold) and foreclosure auction sales (when homes are actually sold at foreclosure).
Since Continue Reading →
By Dennis Norman, on May 28th, 2014 According to the US Census Bureau data today, May 28th, kicks off the busiest moving season of the year. According to Census Bureau data, one of every eight people will change their address this year with almost two-thirds of the people moving staying within the same country. Fewer than 5% of movers move to another state.
Young people (in their 20’s) are most apt to move, usually driven by wanting a better place to live, marriage, the birth of a child or a job change. Not surprising is that renters are more likely to move than homeowners.
As for state Continue Reading →
By Dennis Norman, on May 27th, 2014 St. Louis area home prices (the five county “core” market consisting of St Louis city and the counties of St Louis, St Charles, Franklin and Jefferson) increased 2.2% from April 2013 to April 2014. The median home sales price in April 2013 for the 5 county core St Louis housing market was $139,900 and in April 2014 the median sales price was $143,000.
When we drill down to the county level, as the table below shows, the city of St Louis fared the best in the past year with the median sales price of homes increasing 32.62% and Franklin County Continue Reading →
By Dennis Norman, on May 26th, 2014 New home sales in the midwest in April increased 35.5 percent from a year ago, according to the latest information from the U.S. Census Bureau. New homes sales in the midwest region of the U.S. were at a seasonally-adjusted annual rate of 84,000 homes, an increase of 47.4% from March’s rate of 57,000 homes.
The midwest region had the largest increase in new home sales in April from the month before and was the only region in the U.S. that had an increase in home sales in April 2014 from April 2013.
See St Louis New Continue Reading →
By Dennis Norman, on May 22nd, 2014 St Louis Home Sales this year continue to be at a slower pace than last year with a total of 7,946 homes sold through the end of April, a decline of 11.5% from the same period last year when there were 8,978 homes sold in the St Louis core market (city of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin). During April 2014, there were 22,457 homes sold in the St Louis core market, a decline of 9% from a year ago when there were 2,710 homes sold.
St Louis Home Continue Reading →
By Dennis Norman, on May 21st, 2014 The St Louis real estate market continues to show signs of improvement with lack of inventory begin the biggest problem in many markets. If you have considered selling, or perhaps tried and failed in the past year or so, now is the time to consider it again. Give us a call and we’ll be happy to let you know the value of your home in today’s market or, try our new online home valuation site and find your homes value in under a minute – go to StLouisHousePrices.com and find your home’s value now! Get complete information on the market Continue Reading →
By Dennis Norman, on May 20th, 2014 While the St Louis housing market is improving, unfortunately the homeowners that can afford it the least are the ones that are still the hardest hit with 41.5% of all homeowners with a mortgage on a home in the bottom price tier (the 25% lowest valued homes in St Louis) being underwater on their mortgage, meaning they owe more than their homes are worth. This is according to the newly released Zillow Negative Equity report which shows that, at the opposite end of the spectrum, in the top tier, only 11% of St Louis homeowners are underwater, or in a Continue Reading →
By Dennis Norman, on May 20th, 2014 Indicating continued stabilization of the housing market, the first mortgage default rate dropped in April to 1.01%, the seventh-consecutive monthly decline and the lowest level seen since July 2006, according to the just-released S&P/Experian Consumer Credit Default Indice report. In April, 2013, the first mortgage default rate was 1.31%.
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By Dennis Norman, on May 19th, 2014 St Louis’ Hottest Housing Markets are pretty well concentrated into an area within 3 zip codes and 3 municipalities, with the exception of Valley Park which is actually number on the list in terms of our Market Action Index. As the Hot Markets table below shows, after Valley Park, the next 4 markets are both zips in Ballwin, and then the 63122 zip area of Glendale and Kirkwood. The months inventory table gives a clue as to at least part of the reason these markets are hot as the inventory of homes is very low with all the aforementioned areas Continue Reading →
By Dennis Norman, on May 16th, 2014 St. Louis Metro Foreclosure Activity declined in April with 1 of every 1,013 housing units in the St Louis metro area having a foreclosure action on it during the month, a decline of 16.56 percent from the month before and a decline of 20.36% from April 2014, according to the latest data released today by RealtyTrac.
As the table below shows, all the counties that make up the core of the St Louis real estate market (on the Missouri side of the river) had decreased foreclosure activity in April from the month before. Three of the five counties saw double Continue Reading →
By Dennis Norman, on May 6th, 2014 UPDATE 10/10/14 -You missed out, it’s sold! The sale of Chris Carpenter’s house closed today for the price of $3,000,000.
UPDATE 7/02/14 -If price was holding you back from buying Chris Carpenter’s house, maybe this will help…today he lowered the asking price to $3,500,000!
Click on the photo to view all photos and details. Cardinal pitching legend Chris Carpenter has listed his 8,000+ square foot home on a acre lot in Ladue for sale at $3,650,000. The home, at 809 South Warson, sits at the end of a secluded private drive of only 3 homes and boasts some outstanding features Continue Reading →
By Dennis Norman, on May 5th, 2014 New home building permits issued in the St Louis metro area during the 1st quarter of this year were down slightly (4%) from the first quarter of 2013, according to the latest data released by the U.S. Census Bureau. According to the Census Bureau, there were 979 permits issued for new single family homes in the St Louis MSA during the first quarter of 2014, down 4 percent from the same period for 2013 when there were 1,024 permits issued. Continue Reading →
By Dennis Norman, on May 2nd, 2014 Do you think the assessor’s property value on your house, or other real property, too high thereby making your property taxes higher than they should be? If so, then now is your chance to do something about it by filing an appeal the valuation. Many homeowners I talk with think that because property value reassessment is only done by the assessors office every two years on the “odd” numbered years, that you are stuck with your value until the next reassessment but that is not the case.
Missouri state law requires all assessors in the state to “determine the fair Continue Reading →
By Dennis Norman, on May 1st, 2014 Last month I wrote an article about a residential rental property licensing ordinance that was proposed in St Louis County by Councilman Michael O’Mara which I felt was a bad piece of legislation and an egregious violation of the private property rights of property owners. I heard from many readers that felt the same way I did and in fact, many of you turned out at the County Council meeting earlier this week to voice your opposition to the bill. I’m happy to say that the ordinance, which was on the agenda to be perfected, was in fact not voted Continue Reading →
By Dennis Norman, on April 29th, 2014 The homeownership rate in the U.S. was 64.8 percent during the 1st quarter of this year, the lowest level since the 1st quarter of 1995 when the the rate was 64.2%, according to data released by the Census Bureau today. The Midwest region, with a 69.3% homeownership rate, was the region with the highest rate in the U.S. and the West region, with a 59.4% rate, was the region with the lowest homeownership rate in the U.S..
Homeownership increases with age:
The age group with the highest level of homeownership were seniors….age 65 and over with a 79.9% rate followed Continue Reading →
By Dennis Norman, on April 25th, 2014 St Louis Home Sales are off to a slower start in 2014 than they were last year with a total of 5,467 homes sold during the first quarter of 2014 in the St Louis core market (city of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin), a decline of 12.8% from last year when there were 6,268 homes sold during the same period. For March 2014, there were 2,194 homes sold in the St Louis core market, a decline of 19% from last March when there were 2,709 homes sold.
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By Dennis Norman, on April 24th, 2014 St Louis distressed home sales declined during the first quarter of this year with distressed home sales (foreclosures, REO’s and short sales) in the 5-county core St Louis market (city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) accounting for 15.0% of all home sales, This is down 18.5% from the first quarter of 2013 when St Louis distressed home sales accounted for 18.4% of all home sales, according to newly released data from RealtyTrac. As the table below shows, all the counties that make up the core of the St Louis real estate market Continue Reading →
By Dennis Norman, on April 23rd, 2014 New home sales here in the midwest slid over percent (21.5) in March from the month before making the midwest the region of the US with the biggest decline in new home sales from February with the west being next with a decline of 16.7 percent. This is on the heels of a 36.7% increase in home sales in February from the month before. Nationally, new home sales in March 2014 were down 14.5 percent from the month before, according to a report just released today by the U.S. Census Bureau. On a year-over-year basis, new home sales in the Continue Reading →
By Dennis Norman, on April 22nd, 2014 Mortgage delinquency and foreclosure rates both declined in March to the lowest levels since October 2007 and 2008, respectively, according to data just released by Black Knight Financial Services (formerly LPS). The U.S. mortgage delinquency rate (30+ days delinquent) in March 2014 was 5.52%, a 7.57% decline from the month before and a 16.29% decline from a year ago. The U.S. foreclosure pre-sale inventory rate in March 2014 was 2.13%, a decline of 4.23% from the month before and a drop of 36.69% from March 2013.
There are still several states with double-digit mortgage delinquencies, Mississippi being the one with Continue Reading →
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