With inventory holding steady and pending sales increasing slightly, the data found on the Nolting Report points to good news this week. In fact, our months of inventory average number has now dipped into the 6 – 7 range for the first time in a long while. While this number still indicates a buyer’s market, it is awfully close to a balanced market. I’m continuing to expect a healthy fall sales season as buyers who waited out the summer’s political and economic troubles (debt ceiling debate, downgrade of the economy by Standard and Poor’s) finally decide to get back in the market.

This week’s slide in the number of Pending Contracts in St. Louis is accompanied by a reduction in the number of ACTIVE listings.  In fact, from a statistical standpoint, your home continues to have the same statistical likelihood of being selected by the buyer pool — fewer buyers have fewer homes to choose from.  Typical expectations for the 2nd half of August — showings tend to be on the slow side as families focus on getting their kids back to school.  After Labor Day, we start to see a pick up as families begin to focus on moving prior to the holidays.  Of course, the highest quality buyer — the one who NEEDS to find something — is always out there regardless of the time of year.

The St. Louis real estate market took an expected hit last week.  Concerns about the financial stability of our country, back-to-school seasonal issues, and continued heat-dome weather contributed to reduced showings, offers, and contracts.  The good news is all over the media:  Interest rates continue to be at record-breaking lows!  Buyers will choose homes that are aggressively priced and move-in ready. For any information about your next home, please call Russell Nolting at 314-677-6560

Here is the weekly update of the St. Louis Residential Real Estate Total Market Overview and the St. Louis Residential Luxury Real Estate Market overview. More good news this week! The number of homes that entered “Pending” status in the last 30 days has increased again — from 681 to 708 units. More buyers are stepping up to the plate. We saw another jump as well — the number of homes that took a price reduction in the last 7 days increased from 8.2% to 9.4% of all active listings. The luxury segment continues to track pretty well with the total market. Interest rates remain steady at 4.75% for 30 year FRM (Conventional) and 4.375% for 30 year FRM (FHA). Jumbos are still in the low 5s! For any information on your next home please call Russell Nolting at 314-677-6560.

In this week’s St. Louis Residential Real Estate and Luxury reports brought to you by the Russell Nolting Group, today’s very good news is that we hit a bottom last week in our “Pending (Last 30 Days)” and our “Number of Pending Listings” numbers. This week’s numbers look better. We will have to wait and see what next week shows us to determine if a trend is evolving. In other related news, we had a fairly large increase in the number of homes taking a price reduction over the past 7 days. Remember, if you haven’t had an offer in the past 30 days, the National Association of Realtors’ extensive research shows that you are probably 5 – 10% overpriced. Call Russell Nolting for more details at 314.677.6560. Or visit my home buyer’s search site to find your next home.

In this week’s update of the St. Louis residential real estate total market overview we show you that today’s real estate market is actually increasing in the number of houses being listed. This is a great time for buyers of the St. Louis area to find a great deal in this current market. This St. Louis residential real estate statistical analysis gives all the information for current home owners and future home owners to make a decision on whether or not to buy or sell. Russell Nolting is working diligently to find his clients’ the best deals in the St. Louis residential real estate market. Russell’s goal is to make his clients feel comfortable throughout the transaction and negotiate the best deal possible to leave both parties feeling satisfied. For any information on a home, please do not hesistate to call Russell at 314-677-6560.

Weekly update of the St. Louis residential real estate total market overview. This is a statistical analysis of all the residential homes in the St. Louis area that are currently in the price range of $100,000 and higher. To find your next home, visit our St. Louis real estate search site. For any questions regarding your current or future home please contact Russell Nolting at 314-677-6560.

The President has approved an extended and expanded tax credit for home buyers

The 2009 housing tax credit applied to first time home buyers only.  The new tax credit has expanded to include repeat home buyers — you may be eligible.  St. Louis real estate is turning around as a result of this tax credit.

**To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
**The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
**The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
**The tax credit applies only to homes priced at $800,000 or less.
**The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
**Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

Government spending is up.  Inflation will follow.  Where should you invest your money today?

CNBC.com reports that real estate is an excellent investment in this economic climate.  Values are down, inventory is high, deals are out there.

Inflation will make your investment appreciate faster!  That coupled with historically low interest rates points to a pretty safe investment.  Real Property, Real Returns – Winterizing Your Portfolio 2009 – Special Report – CNBC.com.

If you are considering an investment property in St. Louis, check out my St. Louis Home Buyer’s Search site.  There you will find everything on the market in the area.

If you’re interested in buying a St. Louis foreclosure property, give me a call and I’ll email you an updated list of available properties.