st louis real estate statistics
Tim Bryant, over at the St. Louis Post-Dispatch recently blogged about the hottest growth areas in St. Louis for residential real estate. According to Joe Zanola (Zanola heads Zanola Co., a housing market research firm), St. Louis has a rising number of younger residents and more “socially vibant retirees who are looking to move into the inner suburbs and even downtown. Many of these St. Louis homebuyers are looking at the St. Louis downtown condo market.
The only catch in owning your next condo in the hottest Saint Louis area is that in order to finance a condo in the St. Louis downtown area you must be able to put 20% down. For sellers, they must find someone who can put 20% down. There may be an easier way to bypass this difficulty of owning/selling a condo in the Saint Louis market. FHA is the solution. FHA continues to loan 96.5% of the purchase price to qualified buyers — even on condos. Here’s the catch: Not every condo complex is FHA approved. FHA loans are only available on select developments. For the other 3.5% there is an answer to your crisis in a portfolio loan. This is a loan from a smaller bank that will keep the loan in house and not sell to Fannie Mae or Freddie Mac. Since they aren’t selling off the loan, it makes the decision theirs on whether or not to loan. With this type of loan typically follows a higher rate and the terms will be less beneficial to the buyer. Do not let this discourage anyone from having your next dream condo in the Saint Louis downtown area.
To search for your next home, please use our St. Louis home buyer search site. Or call Russell Nolting at 314-677-6560.
Category : Blog &Moving to/from St. Louis &Real Estate Sales in St. Louis &Relocation to St. Louis &St. Louis Condos
Each week, our team compiles The Nolting Report — St. Louis’ most comprehensive overview of the real estate market. This week’s report shows that the number of real estate buyers in St. Louis has increased over the past week — The spring real estate market has arrived late, but it is here! Perhaps it’s time for you to begin to search for St. Louis Real Estate.St. Louis Real Estate’s Total Market Overview for April 26, 2011
Category : Blog &St. Louis Real Estate Sales Statistics &The Nolting Report &Uncategorized
If you’ve been watching the news or reading the papers lately, you probably saw the most recent report released by Standard & Poor’s for its S&P/Case-Shiller Home Price Index. The national index is down 4.1% versus fourth quarter 2009.
Category : Blog &Moving to/from St. Louis &Real Estate Sales in St. Louis &St. Louis Real Estate Sales Statistics
St. Louis Luxury Market Overview — January 4, 2011
The link will take you to my most recent analysis of the Luxury Home market in St. Louis. You will see that the $800,000+ segment of the real estate market in St. Louis seems to be recovering. My feeling is that consumer confidence is just beginning to increase. I believe the public has begun to accept the current economy as the “new normal.” We have finally stopped waiting for things to return to ’05 levels.
Category : Blog &luxury &Luxury Home Statistics St Louis &market update &Real Estate Sales in St. Louis &St. Louis Foreclosures &St. Louis Real Estate Buyers &St. Louis Real Estate Sales Statistics
Click on the link below for the Total Market Overview for St. Louis for October 18, 2010.
To summarize, we currently have 4679 homes on the market in St. Louis County. During the past 30 days, 292 homes have gone under firm contract. Our absorption rate is sitting at 10.1 months. And about 10% of the homes on the market took price reductions last week.
For more information, please contact Russell Nolting at 314 677 6560.
Category : Blog &St. Louis Real Estate Sales Statistics
In St. Louis county, during the past 6 months, 3072 homes were sold. During that same period of time, 3694 homes expired out of the Multiple Listing Service (MLS) without a successful sale. Most St. Louis real estate listings do not sell.
Marketing exposure contributes to this lack of success. But I believe the most significant reason that homes do not sell is pricing. You see, by virtue of the fact that they are included in the MLS, they are getting a great deal of exposure. All real estate agents have access to the listing. And remember that most buyers find a house through a Realtor.
But Buyers and their Realtors typically do not look at overpriced listings. And if they do, they usually do not make realistic offers if they have to suffer the stress of “low-balling” the seller. I talk to sellers everyday who say, “Let’s start the listing high and see what happens.” What happens 99 out of 100 times is that the house gets no showings. By the time we get realistic with the price, the “Days on Market” make the house look like it must have some defect.
St. Louis, and the rest of the country, has been experiencing a real estate recession. The best way to combat this crisis is to work with a Realtor who know how to price homes. You must have a Realtor who researches prices every day and knows how to apply them to your situation. For more information, please visit http://www.RussellNolting.com.
Category : Blog &Real Estate Sales in St. Louis &St. Louis Real Estate Sales Statistics
We.ve seen a solid increase in St. Louis real estate sales this year. Lawrence Yun, chief economist of the National Association of Realtors is predicting a 20% increase in home sales for the first half of 2010. We can count on 2.6 million home purhcasers taking advantage of the credit. Yun admits that his prediction is assuming that we will continue to see historically low interest rates of around 5.0 to 5.5% — for today’s rates contact my mortgage partner Matt Eversgerd of Stifel Bank at 314-620-7227.
Currently, the Fed plans to end its purchase of Mortgage Backed Securities. We will see rates rise on this action. But we shouldn’t see rates go through the roof — they will likely land in the high 5s. The rate change from today’s 4.875 for 30 year fixed rate money to the likely 5.875% we will see in 2010, means that every $100,000 that you borrow will cost you an additional $60 per month.
For example, a $250,000 loan today has a principal and interest payment of $1324. If rates increase a full percentage point, as expected by mid-2010, that same loan amount will cost you $1480.
I’m optimistic about 2010. Throughout this past year the St. Louis real estate market has had it’s ups and downs, but my sense is that our outlook is better than it was a year ago.
One of the reasons for my optimism…. During 2008 and 2009, while the overall St. Louis transaction volume sank by 30%, mine went up. I’ve sold 80 homes during the 08/09 decline. So, Nolting Real Estate is doing something right for St. Louis real estate buyers and sellers. Check us out.
Category : finance &first time home buyer tax credit &First Time Homebuyers in St. Louis &Lenders in St. Louis &Moving to/from St. Louis &Real Estate Sales in St. Louis &St. Louis Real Estate Sales Statistics
Building Blocks, a blog on the Saint Louis Post-Dispatch’s website, recently posted an interesting article entitled “Is the worst of the St. Louis housing slump behind us?”
The market is strange. I sold more St. Louis, MO, homes in 2008 than ever before in my 10 year career as a Realtor. But I noticed sales starting to slump in late October 2008. The winter has been tough.
Fast forward to the present…my 20 St. Louis Metro area house listings are starting to get activity. People in all price ranges are starting to look again. Buyers are choosier than they used to be. They spend a great deal of time looking at every option. I showed one couple 35 properties. Everyone seems to think that the amazing deal is out there.
In my central and west county market, the Selling Price to List Price ratio is just over 95% since Jan 1. This should show you that the buyers who are successfully closing are paying pretty close to asking price.
It’s hard to tell if the slump is over, or if we are just seeing the Spring up-tick. But one thing I know is certain:
Russell Nolting
http://www.NoltingRealEstate.com
Category : First Time Homebuyers in St. Louis &Home Buyer and Seller Tips &Moving to/from St. Louis &Real Estate Sales in St. Louis &St. Louis Real Estate Buyers &St. Louis Real Estate Sales Statistics
I’m not a huge fan of Zillow.com. I feel that the Zestimate’s from Zillow are so often out of line. I do, however, use Zillow.com to analyze trends. I find that Zillow’s analysis of increase/decrease in value is usually well done. The limitation of Zillow, of course, is that it doesn’t have the ability to see the condition of the property. It can give a range of values — targeting the center of the range as the Zestimate. But it is unable to determine whether the property has updates and/or luxury appointments.
Recently, RisMedia wrote an article about how Zillow has noted record-breaking traffic and loan request activity on its site.
Consumers are interested in refinancing their St. Louis homes. And consumers are buying homes. We’ve got tons of traffic on our listings. For a great lender, please contact Matt Eversgerd at First Integrity Mortgage Services at 314-620-7227.
For more information about lending, please give me a call or visit my St. Louis Home Guide website.
Russell
314-267-2636
RISMEDIA, March 4, 2009-Amidst the announcement of President Barack Obama’s housing plan, and with mortgage rates reaching historic lows, real estate website Zillow.com reports record-breaking traffic and loan request activity within its free marketplace for custom mortgage quotes, Zillow(R) Mortgage Marketplace.
Over the past three months, as mortgage rates dropped to their lowest levels in years, consumer interest in refinancing soared. More than 70,000 loan requests were submitted from borrowers on Zillow Mortgage Marketplace in the December through February time period, with the average number of daily loan requests up 142% in this same period versus November 2008. Refinancing requests accounted for more than 60% of all consumer loan requests over this three-month period.
Meanwhile, increased consumer interest in refinancing and dropping home prices resulted in a series of record traffic months for Zillow.com. February traffic reached 7.9 million unique users, which is up 60% year-over-year.
“It’s been fascinating to watch homeowners and potential buyers respond so quickly to these record low mortgage rates and to the economic news of the day. We saw borrowers react quickly when rates dove below 5% in early February; loan requests rose 16% compared to the previous week,” said Lloyd Frink, Zillow president. “Likewise, when President Obama announced his refinancing plan in late February, loan requests rose 56% over the average daily rate and remained at higher levels for several days, even though there was no movement in rates. Clearly, homeowners, and those seeking mortgages, were interested in what this plan could mean for them.”
Zillow Mortgage Marketplace is the new business arm of Zillow that aims to transform the process of obtaining a mortgage and finding the best rates by adding transparency and competition to an area that hasn’t before existed. Borrowers can shop for loans anonymously and get an unlimited number of real customized rates directly from lenders within this open and free marketplace. On average, each consumer loan request receives 14 customized loan quotes from lenders, with the first quote coming within seconds.
Interactive mortgage rate charts show the most current mortgage rates being offered on Zillow Mortgage Marketplace, making it easy for borrowers to see when rates drop and get a sense of a rate they may be able to lock in.
Category : finance &Home Buyer and Seller Tips &Lenders in St. Louis &Mortgages St. Louis &Real Estate Sales in St. Louis &St. Louis Real Estate Sales Statistics
