We’ve all heard how crazy the real estate market is these days, and who even wants to try to deal with that chaos? Should you just wait until things slow down later this year?
We’ve all heard how crazy the real estate market is these days, and who even wants to try to deal with that chaos? Should you just wait until things slow down later this year?
This week, mortgage rates sank to their lowest level of the year, but still much higher than where they were six months ago. As of Thursday, the 30-year fixed-rate average dropped to 3.95 percent.
If you are in the market to buy a home, you may want to look sooner rather than later. As the Feds just raised the interest rate, the cost of a home loan will become increasing more expensive. Last week the average interest rate on a 30-year mortgage was 4.21%. Economists are forecasting within the next month, this rate could rise to as high as 4.5%. This trend is expected to continue through 2018 with interest rates potentially reaching 5.5% by next summer.
According to Zillow, home prices on average will appreciate 4.6% in 2017. If you wait even a few months, you face the risk of higher home prices and higher borrowing rates. To avoid spending more on your monthly payment, let’s start putting together a game plan and get you pre-approved before it’s too late!
Please don’t hesitate to reach me if you have any questions. Happy Hunting!
West County - What’s the market like right now?
You’re probably hearing all over social media and the news that it’s no doubt a seller’s market - multiple offers, over asking sale prices, it’s do or die out there. But, then you’re also hearing that interest rates are going up, and if you’re going to buy a new home, you need to lock that in like yesterday. How do you even begin to make sense all of this, and decide what is best for you?
Well, let me be completely honest with you. It’s not THAT bad. I promise! I’ve been running numbers on the first quarter, and they speak for themselves. In the West County area, the average sale price is actually down in Q1 of 2017 vs Q1 in 2016. In fact, the average sale price is down a whopping 6%!
Inventory is lower, though, and houses are selling much faster than last year. Inventory is down 2% in 2017’s first quarter compared to first quarter in 2016, and houses are selling about 21% faster than last year at this time.
This is why it’s so important, now more than ever, to have an experienced Realtor representing you. Call me - let’s get started!
In Real Estate transactions there are different types of agents who represent different parties in a transaction. As a buyer, especially if this is your first purchase, it is important you find a knowledgeable and persistent expert who will advocate for your best interests. This person is called a Buyer’s Agent. Below are 10 reasons why you need to hire one!
#1. Having a buyer's agent is FREE to the buyer.
A buyer’s agent is paid through the listing agent’s commission. A buyer’s agent’s job is to advocate for the buyer in real estate transactions. Using a buyer’s agent allows prospective buyers to view homes, get critical advice and ask questions without feeling pressured by the listing agent.
#2. Having a buyer's agent gives you more negotiating power.
Let your buyer’s agent advocate for your best interests! Remember the listing agent works for the seller, so they want the house to sell as fast as possible at the highest price possible.
#3. It gives you full access to the MLS.
As a member of the multiple listing service (MLS), your agent has full access to the searchable database of MLS listings. A buyer’s agent spends time tailoring searches to your specific needs and desires. As your personal advocate and friend in the real estate business, your buyer’s agent will take time to get to know you, not just how many bedroom and bathrooms you want. This personal relationship allows your buyer’s agent to find you the perfect house, and helps ease any nervousness you might face when making such a large purchase.
#4. A buyer's agent will save you valuable time.
Why do something yourself when you can have a professional buyer's agent do it for you for free!?! Your agent will also perform a lot of the services that you otherwise might have to do yourself such as writing up offers, delivering earnest money, contracts, etc. to the title companies and lenders. As a knowledgeable professional in the real estate industry, your buyer’s agent can recommend companies they have a good working relationship with. These connections in the lending, inspection, and even repair/construction fields can make the home buying process less intimidating and help you avoid bad experiences.
#5. It makes life easier and reduces stress.
When you have a buyer's agent, you don't have to worry about driving neighborhoods for hours or worrying that you're missing the house that would be perfect for you. You can spend your time doing the things you enjoy while the search is being handled by someone else who is a professional.
#6. Your agent takes care of all the paperwork.
From writing up the offer, to reviewing seller disclosures, to filling out escrow instructions, to reviewing the title-work and closing documents. Avenue Real Estate Group has a full-time office staff to ensure your paperwork and transaction documents are processed correctly and quickly. Your agent will work directly with the office staff to guarantee a stress-free and smooth experience.
#7. A buyer's agent is a great resource of knowledge and information.
Your agent not only has a vast knowledge of the real estate market, but also has a great working knowledge of the history and trends in the area you are interested in. They can provide insight about market conditions, and answer any questions you have about the home buying process, including explaining fair housing laws and agency relationships. Our goal is give you the best and most accurate information to help you make the best possible informed decisions.
#8. You benefit from a network of professionals.
Your buyer’s agent has developed good working relationships with several home inspectors, mortgage lenders, title companies, and other professional tax and legal advisors. They know from experience which ones have resulted in happy clients and which ones have not quite delivered. Your buyer’s agent can give you access to their network to help ensure a successful buying process without any regrets.
#9. A buyer's agent looks out for your best interest at all times.
Your buyer's agent has a legal and ethical responsibility to represent your best interest at all times. Some of the duties that your agent has to you include: loyalty to you, promoting your best interests, disclosing known material facts, maintaining confidential information, and accounting for any money they handle in the transaction. Your agent is on your side, remember the listing agent ALWAYS has the best interest of the seller as their top priority.
#10. It's nice to have a friend in the business.
The thing Avenue Realtors enjoy most are the lifelong connections and friendships we develop when working with buyers. We want to get to know you and your family! Our mission is “Moving Lives Forward” which we strive to do with every interaction. We understand purchasing a home is not just another transaction, it is the most important transaction you will participate in. We are here to walk you through it and ensure that you enjoy every moment in your new home.
Give me a call and let’s talk more about what I can offer as your buyer’s agent!
St. Louis Real Estate, real numbers
All over the St. Louis metro we’ve experienced warm winter temps and little-to-zero snow or ice, all of which has been great for the local housing market! Looking back to this time last year, the number of closings are up over 5% and homes are selling quickly, almost 10% faster.
Despite the market being what most would consider a “seller’s market”, prices remain mostly stable, only up 2.5% over recent years. So, is now the right time to buy?
Definitely! In fact, St. Louis housing affordability remains excellent, way better than the national average. In a recent report, it was stated that a person only needed an annual salary of $38,000 to afford a median priced home in the St. Louis region.
If you are considering purchasing a home, it is more important than ever to select a qualified realtor to help you navigate this market and negotiate competitively. Please call me at the number below with questions about the market or to start your home search!
Many people find shopping for a new home stressful, frustrating and time-consuming. My goal is to make this a fun and exciting process, while making it as smooth as possible. By only showing you homes that meet your criteria, negotiating the best buy possible, walking you through the process step-by-step, and handling the details of the transaction, I hope to take the stress out of the closing process.
Since a new home is often the most important and substantial purchase people make, I'd be happy to help you find a great home that meets your needs. I preview many new homes every day. If you would like me to email you information about homes new to the market, please email the following information to me:
As soon as I receive this information, I can select homes that fit your criteria and send them for your review. Please call or email me if I can provide you with additional information or answer any questions you may have as you begin contemplating a move. I look forward to the opportunity to assist you.
Happy House Hunting!
If you’ve recently started your new home search, you may have been asked several times already if you’ve been pre-approved. It’s something that I usually ask all my clients, typically before we even start looking at homes. I’m not asking because I’m rude or nosy, I’m asking because it’s important for my clients that they are pre-approved for a mortgage before they start viewing homes. Let me tell you why.
When you fall in love with a house and want to submit an offer, you’re going to want a pre-approval included with that. In the market we are in now, it’s not unusual for a seller to receive several offers at one time. That seller is going to want to see your pre-approval letter to make sure you’re serious and can afford their home.
You’re also going to want to be realistic about what you can afford, and this can go both ways. If you don’t know what you can afford, you may be searching too high out of your price range, or looking below what you would have qualified for. Your lender will also help you understand what your price range is in terms of a mortgage amount, so that you have an idea what type of monthly mortgage you’ll be paying.
Generally speaking, it’s just much less stressful overall to have your pre-approval in place before beginning the home buying process. Better to have it in hand so that once you do find your perfect home, you’re not scrambling to find a lender for a pre-approval. Not to mention spending time looking at homes that aren’t going to be a financial fit for you. Plus, there’s really no reason not to do it.
I’m more than happy to send you a couple of lenders to speak with if you haven’t already started the process. Let me know how I can help!
2016 St. Charles and St. Peters Real Estate Market Update
St. Peters and St. Charles Home Sale Record:
337 homes sold in July, 2017
The St. Charles and St. Peters city real estate market has performed extremely well in 2016 with the peak month for sales being July with a total sales number of 337. This was the highest month of sales ever recorded in the past 10 years.
St. Charles and St. Peters Average Sale Price
2016 Average Sale Price is $214,466
Over the last 10 years the Median and Average sales price has also continued to rebound and 2016 finally brought the year where sales prices rose above the previous 2007 peak. The average sale price this year was 213k just creeping above the 2007 average of 2010.
St. Charles and St. Peters 2016 List to sell ratio is 99.6%
The List to sell price in is percentage of list price the seller actually receives after negotiations. Again we saw a 10 year record with 99.6% of list price. This means that if a seller lists the home at a $200,000 asking price, the buyer can expect to pay $199,200. That is only a $800 negation. Incredible!
St. Charles and St. Peters homes sell after only 11 Days on market
Days on market also fell to the lowest on 10 year record with the median being 11 days and the average being 36 days.
Best time to sell a St. Charles or St. Peters home in the past 10 years
This is the best time to sell a home in past 10 years. Prices are at an all time high, days on market are at an all time low, supply of homes is low and buyer demand is up. Financing is still cheap and now is the time to make a move.
20 homes sold over $600k in St. Charles and St. Peters
In 2016 there were 20 homes that sold over the $600,000 price point. There was a tie for the highest price home sold at 1.2 million. To see the inside the two homes and the all homes over 600k use the link below to download a pdf of all photos.
To see the top priced homes in 2016 you can use this link to download:
If you would like to know what your home is worth you can got to:
Newest homes for sale in St. Charles and St. Peters:
Weekly Real Estate Market Update
PDF of high priced homes sold in 2016: http://bit.ly/2faDMJ6
Instant Home Value Report for your home: bit.ly/2fa4rW5
This year we saw inventories of homes at the lowest level in years, falling into the the low 200s. In October we fell to 224 homes available for sale, compared to 722 the same month in 2006. This is a steady fall in the number of homes for sale while the number of homes sold is at a 10 year high. June of 2016 broke a ten year record with 172 sales making it one of the hottest real estate months in recent history.
If you look at the graph you will see that over the past 10 years the trend has been fewer homes combined with higher demand
The list price ratio is the percentage of list price the home eventually sells for. In 2016 O’Fallon sellers benefited form the low inventory and high demand with List to sell ratios right under 100%.
Homes are selling fast. The homes that sold within in the fist week saw sold prices over list price. The average days on market is 37 days, but the median days of market is around 13 days. With a typical 30 day close O’Fallon sellers were closed and moved in about two months.
The Median sales price in O’Fallon is $210,000 with the average being only slightly higher at $222,000. Only 15 homes have sold over $500k and the winner winner chicken dinner is 921 Stonecastle Dr which sold for $1.5 million. To see photos of the inside of this one and the other high priced homes in O’Fallon click the link.
O’Fallon is going to see rising prices again in 2017 due to low inventory and growing demand. If you are considering selling or would just like to know the new value of your home might be, click the other link below to access our instant and free home value report. Enter your property address and within minutes you have a PDF with all recent sales and market data.
If you have any questions about the O’Fallon real estate market feel free to contact me or anyone on my team. We want to be your real estate resource. Thank you and I look forward to speaking with you.
Existing Single Family Homes sold in 2016
Excludes condo / town homes
Excludes new construction
Here's what's going on in the Lou this weekend!
St. Louis Blues:
Central West End Halloween:
Kimmswick Apple Butter:
Number of homes for sale vs homes sold in Chesterfield, MO
The number of homes sold so far in 2016 is the highest we have seen in the past 10 years. While inventory of homes for sale is hovering just over the 300 homes, it is still one of the lowest inventories we have had in nearly 10 years. The blue line on the graph shows the number of homes for sale in Chesterfield, while the Green line shows the number of homes sold.
Chesterfield Homes sold by year YTD (1/1 to 10/23)
2016 = 823
List to Price Ratio and Average Days On Market for Chesterfield, MO
List to price ratio is the percentage of list price buyers end up paying for homes after negotiations. The list to price ratio for YTD in 2016 is around 98% with the median being 97.7% and the Average being 97.3%. The number of days it takes a home to sell is called the Days on Market. The Median days on market is 26 while the average Chesterfield home sells in 65.3 days.
Luxury homes in Chesterfield.
So far in 2016 only 15 homes sold over $1,000,000 in Chesterfield so far in 2016. This same period in 2015 saw 23 homes and 19 in the same period 2014. The high price winner goes to a beauty in Pacland Estates for 2.3 million and change. To see what you could have bought for $1m in Chesterfield check out http://bit.ly/2e4lhV9
Homes are still selling in chesterfield and despite the time of year now is a good time to list a home because of continuing demand and lower inventories. Some higher price points may see demand soften and prices may ease in 2017.
If you would like to know what your Chesterfield home is worth visit the link below for a free and instant home value report: bit.ly/chesterfield1016
It has been a great year for real estate across the country and the St. Louis metro has followed the same trend, but how is the Ballwin / Ellisville housing market doing this year?
The short answer is that this is the best real estate market Ballwin has ever seen. Looking back ten years you can see that the available inventory of homes for sale has continued to fall year after year while the number of sales continues to rise. The collision of the falling blue inventory line into the rising red sale line is going to make for an interesting 2017 where we should see prices rise once again.
Looking at over 1,100 single family Ballwin / Ellisville home sales this year, an interesting stat is the sale price to list price ratio is around 99% (Median 98.8 and Average 98.6). This means that homes priced correctly are selling quickly at around 99% of list price.
Within 63021 and 63011 only six homes have sold this year with a sale price over $600k. The highest Ballwin home sale so far in 2016 was $850k which was for an atrium ranch at 701 St. Paul Rd.
If you are considering selling your home, now is one of the best times to do so. While we can’t predict the future, it does appear that 2017 will also bring rising home prices in Ballwin.
High end homes in Ballwin and Ellisville (63011 and 63021) Interior / Exterior Photos: http://bit.ly/2erjcDR
To find out what your Ballwin / Ellisville home is worth go to: