Every time a St. Louis home is sold it has a tremendous financial impact on the local St. Louis economies. As the St. Louis real estate market continues its recovery, it will act as a strong tailwind to the overall national economy. Robert Dietz, Chief Economist for the National Association of Home Builders, in an economic update last week explained:
“As the economy begins a recovery later in 2020, we expect housing to play a leading role. Housing enters this recession underbuilt, not overbuilt…Based on demographics and current vacancy rates, the U.S. may have a housing deficit of up to one million units.”
According to the Zillow’s home value index, the median home value of a home in St. Louis County is $196k. With a typical $200k home and 20% down payment, the first 5 years of mortgage payments reduce the balance by almost $16,000. With a modest appreciation of 3% you could easily see an additional $32,000 in value increase. An increase of home value of $48k with only the initial down payment fo $40,000. Thats an 80% return in only 5 years. Many homeowners fine their home equity quickly covers their down payment within the first few years.
If you’re thinking about putting your house on the market, let’s connect today. There’s a good chance an eager buyer is looking for a home just like yours.
If you have a home in the suburbs or a rural area, you may see an increasing number of buyers looking for a property like yours. If you’re thinking of buying and don’t mind a commute to work for the well-being of your family, you may want to consider looking at homes for sale outside the city. Let’s connect today to discuss the options available in our area.
We should look at the current situation for what it is – a predetermined pause placed on the economy. The country will recover once the pandemic ends. Comparisons to any other downturn make little sense. Bernanke put it best:
“I don’t find comparing the current downturn with the Great Depression to be very helpful. The expected duration is much less, and the causes are very different.”
Looking at these maps and listening to the experts, it seems that prices will remain stable throughout 2020. If you’re thinking about listing your home, let’s connect to discuss how you can capitalize on the somewhat surprising demand in the market now.
Tomorrow, the unemployment rate for April 2020 will be released by the U.S. Bureau of Labor Statistics. It will hit a peak this country has never seen before, with data representing real families and lives affected by this economic slowdown. The numbers will alarm us. There will be headlines and doomsday scenarios in the media. There is hope, though, that as businesses reopen, most people will become employed again soon. Last month’s report indicated we initially lost over 700,000 jobs in this country, and the unemployment rate quickly rose to 4.4%.
he REALTOR magnet has been mailed out by real estate agents since the invention of the ice box. This timeless marketing piece typically includes some useful information like kitchen measurement conversions or better yet a sports schedule for your favorite team. Keeping track of games was difficult pre-internet, but despite technology agents continue to send out the baseball schedule in a fridge magnet format.
It’s the age old chicken or the egg question - do you find your new house to buy first, then hurry and throw your old house on the market and cross your fingers it sells quickly? Or, do you put your house on the market now, wait until you get a contract, and then hurry up and buy your new house?
So you've decided to put your home on the market...
Congratulations! Hopefully, you've brought a rockin' realtor on board to help you list your spot, and together you've done your due diligence on what to ask for. As you start checking things off your to-do list, it's also important to pay mind of what not to do. Below are a handful of things to get you started.
In our most recent video Avenue agent Michael Golde explains our leasing and property management process and takes us on a tour a beautiful rental in Chesterfield.
With recent changes to the tax code, it seems like homeownership in some parts of the country has become less affordable overnight. Here are a few changes you should be aware of.
‘Tis the season to celebrate with all things shiny and sparkly! This year it’s projected homeowners will spend a whopping $6 billion on holiday decorations, including LED lights, inflatables, etc. This marks the highest amount ever recorded by Consumer Reporting!
When you're searching for a new home would you spend much time looking at a listing with poor quality photos? No? We wouldn't either because these days everyone has higher expectations when it comes to images in marketing. Its vitally important to make sure you use the best pictures available when marketing your home, but if using quality photos is the new standard what can you do to really set your listing apart? Video!
So, when is the best time of the year to buy a house? Spring and summer, when inventory is at its peak? Fall, when the market starts slowing down and sellers are getting desperate? Or winter, when inventory is at its lowest?
When is the best time to sell a house? Most real estate agents will say the best time to sell a home is in the spring and summer. Many real estate agents will go on vacation over the November and December months because the inventory of available homes drops to a seasonal low in December and January. This leads many people to not buy or sell homes in the winter months.
Is a mortgage pre-approval letter necessary to make an offer on a house? The short answer is no. However, if you want your offer to be taken seriously and to stand out from any competing bids, this little piece of paperwork can really give you the edge.
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.
