Ralph E. Fisher III

Many who have put their St. Louis home up for sale in the past year are still waiting to put that "Sold" sign in the yard. If this is you, don't panic! There's still hope for closing the sale this year.

According to the National Association of REALTORS®, home sales have risen five months in a row. Great news for everyone currently in the real estate market. Why are they rising? A few reasons:

• Mortgage interest rates are at an all time low.
• Home prices are dropping to become more affordable.
• Buyers have a large selection to choose from, which encourages buyers that might otherwise have held out.
• First time buyers are rushing to buy before the $8,000 tax credit ends, which means closing the deal before November of this year.

Here are a few tips to help you get your St. Louis home sold before the year is up:

• Pricing - The key for most homebuyers seems to be the price. In fact, lower priced homes are selling the fastest. Go over your pricing with your real estate agent. Discuss whether you can afford to drop your home price, and if so, by how much.

Valuation - A major reason for some of the sales falling through is because appraisals were performed by home appraisers outside of the area. Unfortunately, many of them appraised homes lower than the price the buyers and sellers had negotiated. Because of this, Freddie Mac and Fannie Mae push for appraisals to be done by home appraisers in the local area and appraisers who are more experienced with the local area's housing trends and market. So, when it's time to have your house evaluated, choose someone in your area, and ask that the buyer does the same.

Competition - Because there is so much competition, it's always a good idea to take one last look at your St. Louis home. Take your real estate agent with you and go over the home with a fine-toothed comb. What can you do to up the value? What can you do to make it more appealing?

Lastly, don't give up hope! You have a great house to sell and buyers are looking. Do your best, listen to your agent and stay relaxed.

If you're ready to sell your home, I can help. Call me at 314-630-4227 or email me at rfisher@sellshomesfast.com for more information.

Links:

Home sales have risen 5 months in a row: http://www.businessweek.com/bwdaily/dnflash/content/aug2009/db2009084_489446.htm

$8,000 tax credithttp://money.cnn.com/2009/02/13/real_estate/homebuyer_tax_credit_finalized/index.htm

Freddie Mac and Fannie Mae push for appraisalshttp://www.cbsnews.com/stories/2009/07/14/business/main5160228.shtml

Not everybody is dealing with the worry of buying or selling St. Louis real estate. Some are quite happy where they are, have no intention of moving, and selling is the last thing on their minds.

However, there are a lot of incentives out there to do something in St. Louis real estate, and many are itching to dip into those incentives. So, if you're not selling or buying, what can you do? Here are a few ideas:

Upgrades

Upgrades are something you can do to your home at any time. However, with the many government incentives out there, you can upgrade your home to be more energy efficient for less. For example, thanks to federal tax credits, you can install solar panels or a geothermal heat pump and get 30% back once you file your federal taxes.

Instead of just jumping in on upgrades, it's best to start with an energy audit. An energy audit will tell you where your problem areas are in order of priority, as well as what incentives and credits are available to help you compensate for the cost.

In addition to getting you incentives and credits, these upgrades will raise the resale value of your home. They'll also lower your utility bills - sometimes by as much as 70%, depending on the size of the problems and the upgrades you make.

Remodeling

If you've always wanted to remodel, now is a great time to do it. Contractors and remodelers aren't as busy as they have been. For you, this means the chance to save money. Bargains are available on materials, labor costs and overall remodeling costs. Be aware that there are some shady companies, so make sure you investigate before signing a contract with anyone.

Refinancing

Although refinancing isn't the best thing to do for everyone, it's something to look into if you're struggling with mortgage payments. Talk to your lender and see what your choices are. If you can get better financing than you currently have, this may be a great option for you!

Just because you aren't selling your St. Louis real estate doesn't mean you can't take advantage of the down market. Look around, investigate, and see what options you have open as a homeowner to increase the property value or get the best out of the home you do have.

If you're looking for the best upgrades and remodels to increase your home's resale value, I can help. Call me at 314-630-4227 or email me at rfisher@sellshomesfast.com for more information.

Links:

Energy audit: http://www.energysavers.gov/your_home/energy_audits/index.cfm/mytopic=11160

Remodelers: http://www.nari.org/

Refinancing: link to any pages on your own website about refinancing or mortgage providers your recommend or link to http://www.refinancingright.com/

Are you looking at homes for sale in St. Louis and feeling overwhelmed by the choices? Back in the Dark Ages before the Internet (1986 or so), if you wanted to look at a house, you had to call a real estate agent, find out the address and then physically drive to the house. Thanks to the Internet, however, you can start narrowing down your choices before you ever talk to your agent.

What do you need to know?

Looking online can give you the information you want to know about the homes for sale in St. Louis. However, if you just go surfing on the Web, that information can be as overwhelming as the number of choices. Before you start shopping online, make a list of the things that are important to you about the city or neighborhood in which you want to live, such as:

What are the average property taxes in the neighborhood?

• What is the average utility cost for the home?
• What is the neighborhood like?
• How high is the crime rate in the neighborhood?
• What is the average climate of the city?
• What is the unemployment rate of the city?
• How good are the schools?

Once you have your list of questions, go online with an eye to answering them. Here is a list of links that might help you on your quest for information:

My Government Website - Sunshine Review: Here you can find a list of cities with official websites. Choose the city you're looking for and be magically transported by way of the Internet to that city's official website. You'll find all the great stuff that calls people to move to a particular city, including attractions, businesses, restaurants and beautiful housing developments.City Data: City Data is just that - a website with nothing but data on U.S. cities. You'll find the nice and not so nice information about any city. Crime rates, shortest commute, weather patterns and more, all at your fingertips. The only drawback is that the information is two years old.

Interest: Interest.com will show you the current mortgage interest rates for the area you're interested in.

By gathering all this information, you have a much better chance of choosing one of the homes for sale in St.Louis that fits your needs. Once you have it all, you can search online or take the information to your real estate agent and get help with your house hunting.

Are you looking for the perfect house? Let me help. Call me today at 314-630-4227 or email me at rfisher@sellshomesfast.com for more information.

Links:

My Government Website - Sunshine Review http://sunshinereview.org/index.php/My_Government_Website:_Number_of_cities

City Data http://www.city-data.com/

Interest http://www.interest.com/

By now, everyone has heard, and understands, the term "down market." It sounds like a really bad thing, doesn't it? However, with the help of your St. Louis real estate agent, you can take advantage of the many wonderful bargains to be had. Here are a few tips on how to do just that:

#1. Do Your Research

Right now, you have a great advantage as a buyer. Housing prices are generally lower and sellers or normally more willing to negotiate. In addition, there are tons of listings available, so you aren't stuck with only two or three choices. This is where St. Louis real estate agent comes in.

Once you know the area you're interested in, you'll need to know the price range in the area. Knowing what the expensive, median and low prices are can give you room to bargain. Look online, but also check with your agent. If they don't know the area themselves, a good agent will have contacts that do.

#2. Get Organized

Organization is essential in a down market. You aren't the only one looking for a bargain on a home, and if you find one you like but delay the buying process, you could lose a great deal. To cover for this possibility, make sure you're prepared to buy at a moment's notice.

Get pre-approved for a mortgage (not pre-qualified) and have someone on hand for the closing paperwork. Have a home inspector and insurance agent close by, as well as your real estate agent. The more necessary people you have lined up, the better the chance of getting the deal you're hoping for.

#3. Use Your Agent

If someone wants to sell his or her home in a hurry, you have better bargaining power. This is the best place to take advantage of your real estate agent. You want those motivated sellers, and a good agent knows how to spot them. As well, they can find out if there's been a price drop and if the house has been on the market for a long time.

A St. Louis real estate agent is a great asset in a down market. If you're going to hire one, make sure you take advantage of their knowledge and expertise, no matter whether you're selling or buying.

If you're looking for a bargain on a great home, I can help. Call me at 314-630-4227 or email me at rfisher@sellshomesfast.com for more information.

Links:

Great advantage as a buyer

http://nycu-laura.blogspot.com/2009/03/first-time-homebuyer-advantage.html

Get pre-approved for a mortgage

http://www.homebuyinginstitute.com/mortgageprocess_article3.php

Motivated sellers

http://homebuying.about.com/od/buyingahome/f/022908_MotivSlr.htm

If you're thinking of buying a St. Louis condo, then you're probably looking forward to the convenience of condo life. Freedom from landscaping chores and home maintenance tasks is just ahead. But, first you must determine how much condo you can afford to buy.

Before you do anything else, make a detailed list of your finances. You'll need to factor in all your income, and list all your normal monthly debts. Make a separate section for things you don't want to do without, but can if it's required. These are the first things that are eliminated when looking to save money in your budget.

Next make a budget for your household. Remember to include extras like going out to eat. A good budget will have all of these elements:

•· Fixed expenses. These include food, clothing, housing costs, car payment, even taxes that are regularly billed are included in this category.

•· Retirement. At least 10% of your income should go into a retirement account.

•· Savings. This is any money that has been put aside for big purchases, to pay off debts, or for home repairs. Your savings budget should be 20% of your income.

•· Miscellaneous. You should put 10% away to cover entertainment expenses. Going out to dinner and a movie would come out of this section.

Most finance experts will recommend that you don't spend more than twenty-eight percent of your income on housing costs. Still, some lenders may offer loan packages that are more than what you have budgeted to spend. No matter how great that St. Louis condo deal sounds, you need to stick to your budget.

Once you know how much you can afford to pay for your St. Louis condo, you can shop around for the best mortgage rates and loan terms for your personal situation. With careful planning, you can avoid making a mortgage mistake, and getting more house than you can afford.

FIRST TIME BUYERS : Don't forget to take advantage of the $8000 First Time Buyer Credit. After November the program will no longer be in place. Also, make sure to request the Seller to credit you with monies which you can use to apply towards your down payment, closing costs, pre-pays or points.

Need more help determining how much mortgage you can afford? Give me a call today at 314-630-4227 or email me at rfisher@sellshomesfast.com , and I'll give you my professional advice.

LINKS:

Finances: http://www.mint.com/?utm_campaign=TLP&utm_medium=organic&utm_source=YSSP&utm_term=Simple+Budget+Planner+and+Planning++Mintcom

Budget: http://www.ehow.com/video_4468230_budget-bills.html

Best mortgage rates: http://www.bankrate.com/brm/compare_rates_home.asp