The Springfield Mo real estate market is over for 2008. Across the country, prices have dropped, foreclosures have increased and short sales have become one of the best ways to market your home.

I received an email recently from a Springfield resident requesting I continue with updates on the Springfield Residential market. (Careful of what you write about......you never know who's watching! LOL!

Rumor has it that the market is very slow, Springfield homes are not selling and the market reports are depressing. But that's for those consumers that are not willing to readjust their prices to refect today's market.

So far this year, 4,795 homes were on the market in January, 2009. 1,175 new listings were introduced to the market and 279 sold. Remember, this is only 5% (FIVE PERCENT) of what is available for sale. This is one of the lowest months I've seen in years. But, this is also January. The market will pick up soon.

Figures courtesy of Springfield MLS

Springfield Missouri Real Estate - December 2008

Springfield Missouri Real Estate - November 2008

Springfield Missouri Real Estate - October 2008

Springfield Missouri Real Estate - September 2008

Springfield Missouri Real Estate - July 2008

Springfield Mo Real Estate - June 2008

Springfield Missouri Real Estate - May 2008

Springfield Missouri Real Estate - April 2008

Springfield Missouri Real Estate - March 2008

Springfield Missouri Real Estate - January 2008

Springfield Missouri real estate has ended and we're now in the ending quarter of 2009. Looking back for the past 4 years, here's a recap of the real estate market.

2008 ended with 16,331 residental homes listed on the market, with 6,082 homes selling. Think of it this way: that's only 37% of the homes that actually sold. The other homeowners (63%) were not fortunate enough to be able to relocate.

In 2007 40% of the homes listed, sold. In 2006, almost 50% home homes listed, sold, and in 2005 59% sold.

Average sold prices now average the same as homes sold in 2005.

What does all this mean to the average Springfield residential seller? If you want to sell your home in 2009, you must be the best home on the market, it the best condition, at the best price.

Figures courtesy of Springfield MLS

Springfield Missouri Real Estate - December 2008

Springfield Missouri Real Estate - November 2008

Springfield Missouri Real Estate - October 2008

Springfield Missouri Real Estate - September 2008

Springfield Missouri Real Estate - July 2008

Springfield Mo Real Estate - June 2008

Springfield Missouri Real Estate - May 2008

Springfield Missouri Real Estate - April 2008

Springfield Missouri Real Estate - March 2008

Springfield Missouri Real Estate - January 2008

History has a way of evolving in our Springfield real estate area. Yesterday I read in the Springfield Business Journal that our wonderful business of of 141 years, Springfield Mill and Lumber is closing. This family owned property is secumbing to the economic times that is forcing so many businesses to close.

Personally, I never have been to Springfield Mill and Lumber. However, many builders that I have worked with have helped to keep these doors open. No doubt, these builders are struggling with their own futures and wonder how they are going to survive these economic hard times.

No doubt they will be sorely missed in the community. For some employees, retirement may be ahead. For others, we wish much success in finding new jobs.

We will overcome these hard times! We Will Survive!

Missouri First Time Home Buyers! Are you ready to earn $8000?

The state of Missouri is the only state that is allowing first time home buyers to use the tax credit from the American Recovery and Reinvestment Act when purchasing their home instead of waiting for their tax return.

Effective for purchases on or after January 1, 2009 and before December 1, 2009, the state of Missouri is offering first time home buyers assistance to purchase their first home.

Here are some of the requirements:

· Amount of Credit - The lesser of 10 percent of cost of home or $8000.

· Elgible Properties - Any single family residence (including condos, co-ops, townhouses)that will be used as a principal residence.

· Refundable - The tax credit will reduce (or can eliminate) incloe tax liability for the year of purchase. Any unused amout of tax credit will be refunded to purchaser.

· Income Limits - For individuals with adjusted gross income of no more than $75,000. For joint returns, gross income can not exceed $150,000.

· Who Qualifies - Purchaser (and/or purchaser's spouse) can not have owned a principal residence for 3 years prior to purchase.

So, you ask, what's the catch?

· If the buyer opts to apply the tax credit to their purchase, the interest rate may increase.

· If the home is sold within three years of purchase, the entire amount of credit is recaptured on sale. This applies to homes purchased in 2009.

And what's the benefits?

· Low interest rates, with the chance to buy down the rate (less than 5%).

· Homes are priced lower than years past.

· Many foreclosures, short sales, and owner occupied homes available to choose from.

• Loans also apply to Rural Development funds.

Springfield real estate home buyers can't afford not to buy!

I'm Guilty! I plead GUILTY! I wrote a post yesterday: I refused to show unqualified buyers Springfield Mo real estate. Here's the rest of the story.

Last weekend was a wonderful weekend, with the phone ringing all day long. My hubby (who is not a realtor, but assists me on weekends because this seems to be the only time we get to spend together) and I took off early to take photos and check on some of the vacant homes we currently have on the market.

I had lined up 10 homes when I got the call to show a bank owned property. The home was just around the corner from where we were, so we agreed to meet the buyers. The buyers loved the home, explaining they would get back in touch with us to show additional homes. They are planning to pay cash and would gladly get a letter from the bank.

• Call #2 - A buyer called to see a home....wonderful Victorian. Our conversation led into getting pre-qualified. He was ahead of me. Already qualifed and ready to buy! Yeah!!! I sent my assistant up to show the home and to set up a time to meet at the office and go over additional homes. Good call. Great buyer! We are off to a great start.
• Call #3 - The office calls and says the buyer wants to see two HUD homes today....his only day off....on the opposite side of town. We now are only on our third home and it's 2:00 P.M. We run back to the office, get the HUD key and meet the buyers. They are not pre-qualified, have a home to sell and didn't like either home.

It's now 4:00 P.M. We drive about 30 miles to go on and follow up on our vacant homes and head home.

• Call #4 - Buyer calls after we get home. Says they are not working with a realtor. They do not want to work with a realtor. They are calling every agent that has a home listed in a subdivision that has approximately 13 foreclosures. If they make an offer, they want the ability to negotiate the commission into their offer. They have gone online to qualify with XOXOXO Home Loans. They have an opening at 4:30 P.M on Monday. I am only the 5th realtor that will be showing up in the subdivision within a 2 hour period.

Later that evening, I get an email from buyer #4 to have a lender call the following day to get them prequalified. (In my conversation with them, I explained I would like them to get qualified prior to showing). Early Monday morning I call the lender and he tries all day to contact the buyer, with no response. At 4:00 P.M, I call and cancel our appointment, leaving a message on their phone.

At 4:45 P.M, the buyer calls and leaves a message on my phone. They are running about 10 minutes late. They have found a home they really like, but still want to see my listing.

They have not listened to their voicemail. They do not know the lender has tried to call all day to qualify them. If they have, they've chosed to ignore. I'm curious. Was I wrong in cancelling the appointment?

I think I saved my gas!!!!

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