St. Louis Real Estate-Peeking Into The Future for our local market will probably look a lot like 2008, but with home prices and values still declining a bit into the second quarter of this year. I know that's not the best news you've heard, but that seems to be the consensus when we look at our current market statistics and read forecasts from Home Builder's Associations, Mortgage Bankers and read reports with a "grain of salt" from economic advisors in Washington.
Even thought our local market has been fairly
St. Louis Real Estate- Short Sale Misconceptions Abound.
Lately, we have been involved in a number of "short sale" transactions and feel a need to say something here.
A brief defintion of a Short Sale is when a homeowner must sell their home for less than they owe on the current mortgage, or mortgages. This is part of the "pre-Foreclosure" period, and the lender is already involved, as they must approve the "short sale" offer from a buyer. A number of things may cause this situation; job loss, divorce, job relocation, medical emergencies, or any major life changing event.
Many people we talk to think that this is an opportunity to get a "great deal" or "steal a home" for far less than it is really worth. In some parts of the country, where short sales
The St. Louis Real Estate Market this week has slowed just a bit compared to last week's activity. In spite of buyers, and sellers, still waiting we at least are seeing a few more listings coming onto the market.
These sellers are undoubltedly making the right move now, as our volume of listings increases greatly as we get closer to spring. Motivated buyers in the marketplace now don't have as many homes to look at as they will closer to spring
The St. Louis Real Estate Market this week continues to show stable activity. With the Holidays all around us this past week and a half, our active listing numbers and homes accepting contracts have dropped a bit, but that's to be expected. Our pending ratio, however, has risen slightly, proving that there is still buyer activity in the market.
As we start this new year, we expect to see buyer and seller activity increase in the next couple months, driven hopefully by the continued low interest rates and the great values to be had in the market at this time.
The St. Louis Real Estate Market this week continues to show good activity, especially in the price ranges of $100,000 up to $300,000. It's not that surprising, as these are the price ranges that keep our market moving. These price ranges are also, co-incidentally, within the FHA financing limits.
With FHA financing being many buyers
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