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 →
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 →
By Dennis Norman, on March 19th, 2013
St. Louis New Home Construction Heating Up!
St. Louis new home construction activity continues to increase and is off to a good start for the year. There were 240 new home building permits issued in February in the St. Louis area*, just slightly ahead of January’s 239 permits. Year to date permits issued for 2013 is up 53 percent from the same time last year, according to the latest permit data available from the Home Builders Association of St. Louis and Eastern Missouri. For complete permit data click the link below:
St. Louis New Home Construction Permit Data February Continue Reading →
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 →
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 →
By Dennis Norman, on March 14th, 2013 What to do if you are facing foreclosure and losing your home. Continue Reading →
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 →
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 →
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 →
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 →
By Dennis Norman, on March 7th, 2013 St. Louis had 8 different companies that purchased 10 or more foreclosures in the St Louis area during 2012, according to the “Bulk Foreclosure Buyer” report that was just released by RealtyTrac. At the top of the list was Hfr Capital Assets LLC, with 24 purchases. Greg Daney appears to be a principal in this company and is also the CEO of loanSum.com, a local hard money lender, so my guess is most of these “purchases” were actually the result of his company foreclosing on loans his company made that the borrowers defaulted on. Continue Reading →
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 →
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 →
By Dennis Norman, on March 5th, 2013 homeowners should be aware that no one other than your present lender can guarantee any form of mortgage relief. Below are six (6) warning signs to look for that may indicate you are dealing with a loan modification scammer: Continue Reading →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
By Dennis Norman, on February 14th, 2013 Foreclosure filings (default notices, scheduled auctions and bank repossessions) were reported on 1,430 properties in St. Louis in January, an increase of 6.64 percent from the month before and a decrease of 7.62 percent from a year ago, according to the latest data from RealtyTrac. Continue Reading →
By Dennis Norman, on February 14th, 2013 Apartments and their residents in Missouri contribute $11.6 billion to the Missouri economy and support 276,000 jobs, according to a report by The National Multi Housing Council (NMHC) and the National Apartment Association (NAA). The report says there are 409,198 residents living in 271,500 apartment homes in Missouri with spending power of $4.6 billion. Continue Reading →
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 →
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 →
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