Real Estate News

So, What is a short sale?

-- A short sale is when the bank agrees to take less than the mortgage amount on a sale.

As a seller what do I have to do to participate?

-- Contact your lender to see if they will allow a short sale and see what criteria they use to determine if someone is elgible.

Do all lenders participate in this program?

-- Many but not all.

As a seller will this hurt my credit?.

-- Yes but not as much as a foreclosure.

If I as a seller want to sell my house and particpate in this program what do I do?

-- Find an agent who has gone through this process to help you get started.

What is the benefit to the buyer?

-- You can usually find a home which can bee a good deal.

What is the downside to the buyer?

-- Time . . .if the seller agress to less than the mortgage amount  . . . the bank has to approve the contract . . . this could take as much as 2 months for bank approval but the time could be worth the benefits.

For more specific details call our office managers . . .

Linda Giacopelli at 314-963-9494 in South County and City & Jefferson County

Ginny Hughes at 314-647-0001 in Mid City & County

Mark Thayer at 636-239-0667 for Franklin, St Charles and Gasconade Counties

 

$8,000 Home Buyer Tax Credit at a Glance

The information on this page pertains to the American Recovery and Reinvestment Act of 2009.

The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

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Sun May 24th, 2009

Although the market is not back to where it was there are signals that indicate the housing market is starting to recover.

There have been over 1000 closings month to date. Many of these have come as a result of the stimulus package and the $8000

tax credit for 1st time buyers. There are only seven months remaining for to take advantage of this tax credit so we are beginning to see more activity.

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Mon May 25th

Daily Real Estate News | May 19, 2009 | Share
Home Affordability Hits 18-Year High
Housing affordability is reaching record levels with nearly 73 percent of all homes sold in the first three months of 2009 considered affordable.

That’s the highest percentage ever reported by the 18-year-old, quarterly Housing Opportunity Index, compiled by the National Association of Home Builders and Wells Fargo Bank.

To be considered affordable, a family making the national median household income of $64,000 must be able to devote no more than 28 percent of their income toward housing costs.

The most affordable major metropolitan areas and their median home prices are:

Indianapolis: $98,000
Youngstown, Ohio: $67,000
Akron, Ohio: $78,000
Grand Rapids, Mich.: $97,000
Syracuse, N.Y.: $85,000
Warren, Mich.: $119,000
Cleveland: $86,000
Buffalo, N.Y.: $90,000
Toledo, Ohio: $78,000
Dayton, Ohio: $85,000

The 10 least affordable metropolitan areas are:

New York City: $418,000
San Francisco: $525,000
Los Angeles: $288,000
Nassau-Suffolk, N.Y.: $375,000
Honolulu: $360,000
Santa Ana: Calif., $360,000
Newark, N.J.: $315,000
Miami: $185,000
McAllen, Tex.: $106,000
El Paso, Tex.: $127,000

Source: CNNMoney, Les Christie (05/19/2009)

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Fri June 4th, 2009

May Real Estate Statistics for the Greater St Louis area:

-------------------------------------2008--------------------2009

Number of Solds               2829                    2375

Ave days on Market               99                       99

Ave Sales Price                $187,232               $167,924

Although the market is not doing as well as last year the losses in May are not as bad as previous months in 2009.

We are expecting a slow recovery the rest of the year. The market still remains strong for buyers due to:

- Low interest rates

- A Great supply of homes on the market

- New loans available to buyers

- The $1000 tax credit for 1st time buyers

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The Two Latest Signs Housing Is Recovering
Here’s more evidence that the housing market is recovering.

Two major home builders, Toll Brothers Inc. and Hovnanian Enterprises Inc., say their losses were shrinking compared to last year because buyers are coming back to the market.

Other encouraging news came from HIS Global Insight, a research firm, which said home prices fell on average at an annual rate of 2.2 percent in the first quarter in 199 of 330 metropolitan areas. That compares with a 12.5 percent decline in the fourth quarter of 2008 in 312 metropolitan areas.

"While it's too early to see a bottom of this housing downturn," the report said, the latest data "may signal that the market is beginning to stabilize."

Source: The Wall Street Journal, James R. Hagerty and John Spence (06/04/2009

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Mon June 29th

The latest numbers indicate the trends for sales in the St Louis area continue to be down from 2008.

As of June 29th -  month to date  . . . There were 1427 closings as compared to 2008 there were 2078 closings which is a 31% reduction in the number of  sales. When the month end numbers are available we will keep you posted.

By dialing the following number you can hear a pre-recorded message about each home currently on the market.

The sytem also has the capability of giving you the aproximate payments on the home based on your down payment.

All you will need in calling this number is the address or MLS identification #.

 Just call:

St Louis City & County: (314) 732-0656

Franklin County: (636) 234-9957

1. They don’t ask enough questions of their lender and end up missing out on the best deal.
2. They don’t act quickly enough to make a decision and someone else buys the house.
3. They don’t find the right agent who’s willing to help them through the homebuying process.
4. They don’t do enough to make their offer look appealing to a seller.
5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.

Source: Real Estate Checklists and Systems, www.realestatechecklists.com.