Pete Spencer

This report pertains to residential homes on less than 10 acres sold from Aug 7th to Oct 8th as reported by the Lebanon Board of Realtors MLS.

In the last 2 months there were 51 homes sold for a total of almost 6 million. The average price of these homes was almost 117 thousand and the median price was 94, these homes had an average time on the market of 182 days. There are currently 15 homes listed as under contract in the Lebanon MLS and those homes have an average price of 136 thousand.

Year to date there have been 176 homes sold, down from last years 212 during the same time frame the average price is just under 110 thousand dollars same as last years 115K, the YTD volume of almost 19.2 million is down from last years 24.5 million. Our average time on the market this year has been 188 days, that's drastically up from last years 139 day average.

As of this morning there were 326 homes in Laclede County with less than 10 acres, listed with the Lebanon MLS. The average asking price is around $139,000 with median asking price of just about $117,000; these homes have an average time on the market of 157 days.

Well the big story in local real estate is this: There are clear signs that our market has taken a turn. In the last few months there have been over 60 sales in our MLS and that is the first significant increase, month to month we have seen since 2006. In fact it's a 20% increase over last year. Year to date we are still way behind 2008, but the last half of the year may be significantly better. It is possible that this sharp increase is being caused by an increase in first time home buyers trying to take advantage of the tax credit, or it could be the historically low interest rates, either way it goes a long way towards reducing inventory and stabilizing prices. The 8000 tax credit for first time buyers ends on November 30, and you must close on your real estate sale on or before that date to qualify so buyers who have not yet picked out a home and secured it, are not likely to have enough time to buy before the deadline. With the holidays right around the corner I do suspect that for those who don't sell this fall it will likely slow back down till spring like it does most years for our area.

This report pertains to residential homes on less than 10 acres sold from Oct 9th to Nov 5th as reported by the Lebanon Board of Realtors MLS.

In the last month there were 18 homes sold for a total of almost 2.5 million. The average price of these homes was almost 137 thousand and the median price was 118, these homes had an average time on the market of 134 days. There are currently 13 homes listed as under contract in the Lebanon MLS and those homes have an average price of 143 thousand.

Year to date there have been 195 homes sold, down from last years 227 during the same time frame the average price is around 111.5 thousand dollars just under last years 113.7K, the YTD volume of almost 21.7 million is down from last years 25.8 million. Our average time on the market this year has been 182 days, that's drastically up from last years 137 day average.

As of today there are 320 homes in Laclede County with less than 10 acres, listed with the Lebanon MLS. The average asking price is around $137,900 with median asking price of just about $113,000; these homes have an average time on the market of 171 days.

Well it has been speculated that the first time home buyers tax credit would be extended and it appears now that it will. Both the senate and congress have passed a bill extending that credit and it will likely be signed by the president and become law. This bill does more than extend the existing credit, it also adds a $6500 credit for existing home owners who purchase a new primary residence. The addition to the credit allows existing home owners who have lived 5 consecutive years out of the last 8, to qualify for the credit. That means if you have owned and lived in your existing home and you choose to purchase a home before the deadline you will qualify for the credit. Even if you sold a home 2 years ago and have been renting and you choose to buy now you can take advantage of this credit. The credit has been extended to may 1^st of 2010 but allows buyers an additional 2 months to close on a transaction. Another addition to this extension is geared towards our men and women who are military and have served oversees for 90 days or more between Dec 31 2008 and May 1^st 2010. These military members will have an additional year to qualify for these tax credits. Just to be clear, a tax credit is different than a tax deduction and applies to a qualifying family as a reduction of their overall tax liability and often result in a full payment of the credit from the government, but as in all financial matters it is best to consult your accountant to evaluate your individual circumstance.

This report pertains to residential homes on less than 10 acres sold from June 26th to Aug 6th as reported by the Lebanon Board of Realtors MLS. In the last 6 weeks there were 27 homes sold for a total of almost 2.9 million. The average price of these homes was almost 106 thousand and the median price was 110, these homes had an average time on the market of 259 days. There are currently 13 homes listed as under contract in the Lebanon MLS and those homes have an average price of 174 thousand. Year to date there have been 120 homes sold, down from last years 165 during the same time frame the average price is just under 105 thousand dollars same as last years 108K, the YTD volume of almost 12.5 million is down from last years 17.8 million. Our average time on the market this year has been 193 days, that’s drastically up from last years 142 day average. As of this morning there were 339 homes in Laclede County with less than 10 acres, listed with the Lebanon MLS. The average asking price is around $141,000 with median asking price of just about $118,000; these homes have an average time on the market of 159 days. More than half way through the year and there seem to be a lot of people who believe the $8000 1st time home buyer tax credit was a great idea to stimulate the housing market. I tend to believe that in our area very few people have taken advantage of it and time is running out. The fact is, if you are a first time home buyer or know one who plans on taking advantage of this program you better hurry up and do because time is running out fast. The tax credit is for any one who has not owned a principal residence for the three years preceding the purchase of home. The credit is good for 10% of the purchase price not to exceed $8000. This is a credit not a deduction, meaning it may have a direct impact on your tax liability and you may get the whole amount back in cash from the IRS. You should always consult your accountant regarding tax matters and you should always consult your realtor about real estate matters. That means if you plan to use this tax credit you better start looking now because if you are not closed on the transaction by the end of November you will not receive the credit. It may take a few months to find the right home and you should expect delays in the closing process, so you are better off if you have a home under contract by the beginning of October. If you have questions ask your local real estate expert.

This report pertains to residential homes on less than 10 acres sold from June 4th to June 25th as reported by the Lebanon Board of Realtors MLS.

In the last 3 weeks there were 15 homes sold for a total of almost 1.4 million. The average price of these homes was just over 91 thousand and the median price was 85, these homes had an average time on the market of 179 days. There are currently 12 homes listed as under contract in the Lebanon MLS and those homes have an average price of 136 thousand.

Year to date there have been 92 homes sold, down from last years 125 during the same time frame the average price is just over 105 thousand dollars same as last years 105K, the YTD volume of almost 9.6 million is down from last years 13.1 million. Our average time on the market this year has been 174 days, that's drastically up from last years 138 day average.

As of this morning there were 344 homes in Laclede County with less than 10 acres, listed with the Lebanon MLS. The average asking price is around $142,000 with median asking price of just about $120,000; these homes have an average time on the market of 181 days.

This report pertains to residential homes on less than 10 acres sold from May 22nd to June 4th as reported by the Lebanon Board of Realtors MLS.

In the last 2 weeks there were 7 homes sold for a total of almost 805 thousand. The average price of these homes was almost 115 thousand and the median price the same, these homes had an average time on the market of 228 days. There are currently 14 homes listed as under contract in the Lebanon MLS and those homes have an average price of 124 thousand.

Year to date there have been 73 homes sold, down from last years 113 during the same time frame the average price is just over 107 thousand dollars compared to last years 105K, the YTD volume of almost 7.8 million is down from last years 11.8 million. Our average time on the market this year has been 173 days, that's drastically up from last years 137 day average.

As of this morning there were 345 homes in Laclede County with less than 10 acres, listed with the Lebanon MLS. The average asking price is around $143,000 with median asking price of just about $120,000; these homes have an average time on the market of 174 days.

Well our current market conditions continue to look somewhat poor and because of that a new problem has emerged. Last week I went to a class about accomplishing short sales that certified me as a default resolution specialist. Out nation is being plagued by a problem both predictable and resolvable. The problem is that many Americans can't pay their mortgage due to job loss, reduced income, a reset arm, or some other hardship. To make matters worse they owe more on the home than it is worth in today's market. Many of these people are good people and in some cases are being preyed upon by swindles who say they can help for a small fee. One of the best options out there is what's called a short sale. Short sales have been around for years it is just now that it has become more important than ever that realtors know how to accomplish them. Banks are being inundated with short sale requests, short sales will soon out number foreclosure sales. The problem is that 95% of short sale packages submitted get thrown away because they are incomplete. I am so excited to be in a position not only to help a struggling home owners know what to do, but to know that I can get it in front of the right people and make the sale happen. If you can't pay your mortgage or you know someone struggling, we offer a free service and a confidential phone consultation. We hope our new knowledge will help struggling home owners all over Laclede County.