The biggest news for St. Louis and national real estate this week is coming from the mortgage industry. Mortgage interest rates have dropped below 4% for a conventional 30 year fixed-rate loan. While the vast majority of loan applications are for refinances, we are seeing a pick up in purchase activity as a result.

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.

Within the last 7 days, Active Listings have dropped from 3993 to 3931 as many listing agreements expired on the last day of August.  We also saw a large number of end of the month closings, resulting in a our Pending number dropping from 1011 to 937.  This week should show a healthy beginning of the fall market in St. Louis as continued low interest rates push those who have been sitting on the sidelines onto the playing field.

In this week’s St. Louis Real Estate update, there has been a slight decline in the number of active listings and month of inventory. This could be a direct result of people getting back into the swing of “school time” for their children putting the real estate market on the back burner. Although, with interest rates still at record lows there should be an increase in houses being sold for the next coming months. If you are a seller in this economy the good news is that the sellers that are motivated to sell there home have taken their property off the market. Therefore, giving those motivated sellers more of an advantage to selling their home.

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.

This week’s updated St. Louis Residential Real Estate Total Market Overview!! After a couple of weeks of increases in number of contracts written, this week we saw a significant reduction in the “Pending (Last 30 Days)” number.  I don’t think we can ignore the impact of multiple 100+ degree days last week.  The fact is, showings (and therefore offers/contracts) have decreased significantly these past couple weeks.  Inventory continues to come on the market.  Recent closings have driven our “Months of Inventory” number down significantly to 8.39 months.  We continue to be a buyer’s market.  Aggressively priced homes are receiving the most attention and are selling quickly.  For any information regarding your next home, please call Russell Nolting at 314-677-6560.

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.

In today’s real estate market there has been big news to hit the table. We are experiencing a double-dip in home pricing. According to an article put out by Carrie Bay, home price index confirmed a double-dip in home prices across much of the nation as Standard & Poor’s national reading fell another 4.2 percent during the first quarter to hit a new recession low. If you take out the artificial rebound in 2009 and early 2010 resulting from the federal government’s homebuyer tax credit incentive, “there has been no recovery or even stabilization in home prices during or after the recent recession,” according to the ratings agency. This has shown a similarity to the market during the depression period and looks like there is still the worst to come. But fear not!! In the St. Louis real estate market and everywhere else, this is a buyers market. Now is such a great time to buy in the St. Louis luxury and residential homes because you (the buyer) are tapping into a market where prices have fallen dramatically and houses have become affordable. There are four main reasons how this current real estate market is beneficial:1. Affordability is better now than ever.2. You have a large amount of inventory to choose from.3. Builders are offering huge discounts.4. The mortgage rates are historically low. These reasons are all great for the buyers, but for sellers the most important thing in today’s real estate market is finding an outstanding agent. Russell Nolting is a dedicated listing specialist who works in the St. louis residential and luxury real estate market. He can be the seller’s solution to getting through this troubling time in today’s economy. Please do not hesistate to find yourself one of the top agents in St. Louis and contact Russell at 314-677-6560.

The first impression really does count with potential home buyers. If your St Louis home is lacking basic curb appeal or is not sparkling inside, you could lose a potential buyer’s interest immediately – and never get it back! Here are some tips to avoid losing a potential buyer:

• Flowers, flowers, flowers. Nothing welcomes a potential buyer more to a home than colorful flowers.
• Keep walkways clear, trimmed and weeded.
• Patios must be power-washed.
• Windows should be sparkling.
• Dust everywhere. Even the baseboards.
• Since potential buyers look everywhere, make sure underneath your sinks and closets are clean, clutter-free and odor-free.
• Remove all personal items such as framed photos, awards and collectibles. Buyers need to be able to imagine the space as theirs.
• Paint any room that is a bright color, a neutral color.
• Remove any worn or outdated furniture.
• Repair any chipped or smudged paint, broken fixtures or squeaky doors.
• Toss worn carpets.
• Consider replacing dated hardware.

For more information about home staging go to Home Staging Information.

Putting your house on the market is always a challenge in that you must look for ways to make it the most appealing it can be to potential buyers. Beyond the tried and true rules of emptying closets and keeping all rooms tidy and clean, here are some things you may not have thought of that can have major impact during a showing or open house.  By the way, hiring a professional home stager almost always is a great investment. 

• If you have a small room in your home that you would like to appear more spacious, paint it the same color as the room it is attached to. This will convey a more seamless, spacious feel. Another trick to convey spaciousness is to keep all window treatments in small rooms the same shade as the walls.
• Paint your sun room an attractive shade of green. It really does help to bring the outside in!
• If you have a narrow room, add wall shelving. This gives the space depth, without crowding out occupants.
• If you are upgrading to sell, choose Eco-friendly materials. Buyers are showing more interest in homes with these materials. For example, consider cost-efficient and “green” cork flooring instead of hardwoods.
• Consider breaking up a finished basement into “zones”. For example, furnish one area for reading, another area for a bar, one for games, one for a workspace with a desk and another for lounging in front of the television.
• If your kitchen is outdated and you do not want to renovate, replacing old appliances is highly suggested. Studies show that sellers recoup every penny spent on new appliances!