Distressed home sales in St Louis accounted for 7.97 percent of all home sales during the 3rd quarter, down from 9.84 percent the quarter before and down a whopping 40 percent from a year ago when distressed sales accounted for 13.6 percent of all homes sold in the St Louis MSA, according to the latest data from RealtyTrac. State-wide for Missouri, distressed home sales made up 7.12 percent of home sales during 3rd quarter, lower than the rate for St Louis however, at the other side of our state, in Kansas City, distressed home sales share of home sales was Continue Reading →
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St Louis pending home sales increased in September to 2,285 for the 5-county core St Louis housing market (St Louis city and the counties of St Louis, St Charles, Jefferson and Franklin) from 2,203 in September 2013, an increase of 3.7%, according to the latest MLS data. Year to date, the number of pending home sales for 2014 is running about 3.3% behind last year however. (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 ] Visit StLouisMLS.com Find ALL Homes Open This Weekend Continue Reading → St. Louis new home sales in September 2014 increased 3.26% from September 2013 while the average St Louis new home sales price increased 10.97% during the same period, according to the latest data from Maris. On a national level, new home sales in September 2014 were up 17% from September 2013 and in the Midwest region sales were up 6.7% during the same period. The average new home sales price in the U.S. in September 2014 was $259,000, a 4% decline from a year ago when the average price was $269,800, according to the U.S. Census Bureaiu. See St Louis Continue Reading → Around this time of year every year, people start asking me “Where is the real estate Market headed next year?” The real estate market is affected by so many factors that predictions on what the market will do are hard, however there are some basic fundamentals that can be looked at to make a good educated guess. One of the industry experts out there that I think does a good job at this and, offers a somewhat less biased look at the market than some, is Frank Nothaft, Chief Economist at Freddie Mac. Below are highlights of his most recent report on the outlook of the housing market along with my comments relating his projection to our St Louis market: Continue Reading → St Louis Home Sales increased 2.66 percent in September 2014 from a year ago and St Louis home prices increased 3.19 percent during the same period, according the latest data available from MORE, REALTORS. As the table below shows, three of the five counties that make up the St Louis core market, saw an increase in home sales in September 2014 from a year ago and four of the five saw an increase in home prices during the same period. Search all St Louis Homes For Sale HERE (We work hard on this and Continue Reading → St Louis home sales are failing to maintain the pace of last years home sales but still remain fairly strong, especially when you take into account the small inventory of homes for sale compared with last year. St Louis home prices have increased in the past year which, along with other market signs, support that our housing market recovery in St Louis continues, albeit at a rather slow pace. There are neighborhoods throughout St Louis that are low on inventory and high on demand creating a seller’s market! If you have considered selling your home, or perhaps tried and failed Continue Reading → Today, the U.S. Department of Housing and Urban Development (HUD) released it’s Fair Market Rent amounts for 2015 which are used for several purposes including computation of section 8 rents in a given area. The table below shows the fair market rents for 2015 for all Missouri Counties as well as Missouri Metropolitan Areas. (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 St Louis Foreclosures Search St Louis Short Sales The U.S. Department of Housing and Urban Development (HUD) just announced that Wells Fargo Home Mortgage has agreed to a $5 Million settlement to resolve allegations that Wells Fargo discriminated against women who were pregnant, or had recently given birth, and were on maternity leave. (Click HERE for settlement agreement) There have been a total of 190 maternity leave discrimination complaints filed with HUD against lenders in the past 4 years and those complaints have resulted in 40 settlements for a total of $1.5 million, prior to today’s settlement with Wells Fargo. (We work hard on this and sure Continue Reading → If you are one of the many parents of college-bound kids that is considering investing in a property to provide housing for your college student rather than waste money or dorms or rent, then this newly released info will help. Below is a list of the best college towns for renting property as well as the best college towns for flipping property, as compiled by RealtyTrac. St Louis didn’t make either list, actually nothing in Missouri did, however, many of the colleges and universities listed have plenty of kids attending from this area. (We work hard on this and sure Continue Reading → St Louis short sales are definitely fewer and farther between than they were a couple of years back however, they are still out there and still often offer a great opportunity to a buyer. A short sale is where a home is being sold by it’s owner at a price less than the current mortgage on it in the hope that the lender will agree to accept the proceeds from the sale and release the loan since the equity is simply not there to sell the home and pay off the loan. Of course, there has to be some hardship Continue Reading → There were 2,017 Pending Home Sales in St Louis in August, down from 2,293 pending home sales in July and down 6.6% from August 2013 when there were 2,159 pending home sales,, according to MORE, REALTORS. There have been a total of 15,998 pending home sales in St Louis year to date through the end of August 2014 which is a decline a 4.9% from the same time last year when there were 16,829 pending home sales. Continue Reading → St Louis Home Sales were down 5.21 percent in August 2014 from a year ago however St Louis home prices increased 6.44 percent during the same period, according the latest data available from MORE, REALTORS. As the table below shows, Franklin County and Jefferson County saw an increase in home sales during the past year however the other counties that make up the core St Louis market did not. All of the five counties that make up the bulk of the St Louis real estate market saw an increase in home prices from last year with Continue Reading → The new home market is improving and home builders indicate they have more confidence in the new home market now than they have had since November 2005, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today. According to the HMI, home builders confidence is presently at 59, the highest level the index has been at since November 2005. The HMI is comprised of several components including builder’s opinions of current sale conditions, buyer traffic and future sales. The response from builders indicate they feel optimistic about current sale conditions and very optimistic about future sales, Continue Reading → One month ago yesterday, officer Darren Wilson shot Michael Brown and suddenly Ferguson, the little city where I grew up and began my career in real estate in 1979, became the focus of national news and headlines for days and weeks ahead. Unfortunately, the coverage of the shooting has cast Ferguson in a very negative light and no doubt will hurt the progress the city has made over the past several years to revitalize its city and make it an attractive place to live, work and start a business. This website is about real estate, so while I think this Continue Reading → The number of St Louis Foreclosures (bank and government owned) continues to decline resulting in just 335 St Louis Foreclosures being sold during the month of August 2014 in the St Louis Core market, a decline of 44% from August 2013 when there were 598 St Louis Foreclosures sold. What hasn’t changed though is the fact that nearly two-thirds (62%) of the foreclosures sold were cash sales for both periods. For the St Louis real estate market as a whole, cash sales made up for fewer of the home sales in August 2014 with just 22% of all homes being Continue Reading → St Louis home prices have increased 7 percent in the past year for the St Louis core market as a whole, but St Louis home sales have not followed suit and are on track for fewer home sales this year than last. You can find out more about this as well as get other useful information on the St Louis real estate market, including where the SELLERS MARKETS are in St Louis and the GOOD BUYERS MARKETS in our 5-Minute Market Update Video For September 2014 below. Many areas of St Louis have become sellers markets due to increasing demand Continue Reading → St Louis Pending Home Sales slipped in July falling to a total of 2,654 pending home sales for the 5-county core area of the St Louis market, down 7.8 percent from the month before when there were 2,877 pending home sales, according to MORE, REALTORS. Year to date through the end of July, there have been 16,789 St Louis Pending Home Sales, down 4.6 percent from the same time last year when there were 17,603 St Louis Pending Home Sales. On a positive note, pending home sales for the month of July 2014 were slightly higher than they were for Continue Reading → New home sales in the midwest region of the U.S. slipped in July with new home sales coming in at the seasonally-adjusted annual rate of 52,000 homes, down 8.8% from a rate of 57,000 homes the month before and down 1.9% from July 2013, according to data released today by the U.S. Census Bureau. Year to date, through July, there have been 36,000 new homes sold (not seasonally adjusted) down 2.7% from the same time last year when there were 37,000 year to date new home sales. On a national level, in July new home sales were at a seasonally-adjusted Continue Reading → St Louis Home Sales were down slightly in July 2014 (2.25%) from a year ago however St Louis home prices increased 3.3% during the same period, according the latest data available from MORE, REALTORS. As the table below shows, St Charles County and Franklin County both saw an increase in home sales in July 2014 from July 2014 while the other 3 counties in the core market saw a decrease in home sales during the same period. Home prices increased in the counties of St Louis, St Charles and Jefferson and declined slightly in the City Continue Reading → Property flipping, which is basically buying a property and then reselling it immediately, or shortly thereafter, is occurring less frequently now in St Louis than it was, according to a report released today by RealtyTrac. According to the report, there were 289 houses flipped in the St Louis metro area during the 2nd quarter, down 44% from the first quarter and down 17% from the 2nd quarter of 2013. During the 2nd quarter of this year, 3.3% of all St Louis home sales were “flip” deals which, for the purpose of this report, were homes that were bought, then resold Continue Reading → Cash sales accounted for more than 1 in 5 (21.7%) St Louis home sales in July 2014, a slight decrease from a year ago when cash sales accounted for 22.1% of home sales. The median price of these cash home sales in July 2014 was $162,000, 3.3% higher than a year ago when the median price was $156,810. St Louis foreclosures sold during the month of July 2014 were cash sales more than half the time (56.5%), an increase of 7.3% from a year ago when cash sales accounted for 52.7% of St Louis foreclosure sales. The median price of Continue Reading → St Louis home prices have increased in the past year and you can find out by how much, as well as a ton of other useful information on the St Louis real estate market, such as where the HOT SELLERS MARKETS are in St Louis, the GOOD BUYERS MARKETS (down to just 11 neighborhoods this month) and a whole lot more in our 5-Minute Market Update Video For August 2014 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 Continue Reading → St Louis Condo sales have steadily grown over the past 3 years from 2,216 sales for the 12 month period ended June 30, 2011 to 3,141 sales for the 12 month period ended June 30, 2014, an increase of 41.8% in that 3 year period. I think this is the result of actually two things; one, the recovery of the St Louis housing market which we are in the midst of, as well as greater acceptance of condominiums for a residence by St Louisan’s. During the same period, St Louis home sales, as the chart below illustrates, have increased as Continue Reading → St Louis pending home sales slipped slightly in June with 2,301 pending home sales for the 5-county core St Louis market (St Louis City and the County’s of St Louis, St Charles, Jefferson and Franklin), a decline of 2 percent from the Month before when there were 2,350 pending home sales. Pending home sales in St Louis in June were up 5.18% from June of last year, however, year-to-date pending home sales through June 30th of this year is at 11,606, down 7 percent from this time last year when there were 12,476 homes sold during the same period. Below Continue Reading → St Louis County will hold it’s annual sale of tax delinquent property next month on August 25, 2014, beginning at 10:00 am in the County Council Chambers in the County Administration Building in Clayton. To be eligible to bid you must register prior to bidding. Registration will begin at 8:30 am on the tax sale day in the office of the Collector of Revenue in the County Administration Building. A complete list of all properties available for bid, as well as complete instructions on how to participate in the tax sale, can be found online here. For more Continue Reading → During the 30+ years I have been in the real estate business I have debated this topic with my peers more times than I can possibly count and, it’s safe to say, rarely did we reach a consensus. The topic of commissions is a very sensitive one in this industry and there are strong opinions on both sides of the fence as to whether offering a higher commission rate to the selling agent will in fact get a home sold faster. Before I go further I should pause and give some quick background info on real estate commissions and how Continue Reading → St Louis Home Sales as well as St Louis home prices have increased in the past year 3,179 homes sold in June 2014 in the St Louis core market (St Louis city and the counties of St Louis, St Charles, Jefferson and Franklin) an increase of 3 percent from June 2013 when there were 3,086 homes sold. During this same period, St Louis home prices increased 5.81 percent from a median price of $155,000 in June 2013 to a median price of $164,000 in June 2014, according to the latest data available from MORE, REALTORS. More than 15 neighborhoods in the St Louis area are HOT SELLERS MARKETS while more than 15 are HOT MARKETS FOR BUYERS. If you are a home buyer, seller or investor, wouldn’t it be good to know where these areas are? Or, if you are a homeowner that has considered selling your home, wouldn’t it be good to know if your neighborhood is currently a sellers market? Well, you can find out all of this and much more with just a 5 minute investment of your time by checking out our July 2014 5-Minute Market Update Video below. Many areas Continue Reading → Pending homes sales increased in May, up 6.1 percent from April, however was still 5.2 percent below the period a year ago, according to the report just released today from the National Association of REALTORS (NAR). Lawrence Yun, the chief economist for NAR, said he expects home sales to continue improving throughout the balance of the year however still expects 2014 to see fewer home sales than 2013 due to the “ sluggish first quarter”.
(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 ] New home sales in the midwest region during May 2014 increased 5.7 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 74,000 homes during May. New home sales for the month before, April 2014, were adjusted downward to an annual rate of 73,000 homes after first being reported at a rate of 84,000 homes. The midwest region had the smallest month over month, as well as year-over-year, increase in new home sales of the four U.S. regions Continue Reading → |
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