St. Louis Real Estate - Mortgage News - Declining Market 2
Filed under: Appraisal News, For Buyers, Mortgage News
Declining Markets Part 2 by Chris Scheer, Branch Manager, Cornerstone Mortgage, O’Fallon, MO
So what defines a “Declining Market?” Some investors have taken their large paintbrush out and if an area; county, city or zip code has seen their average sales price drop in the last quarter; they are calling it a “Declining Market.” Others have chosen a smaller brush and have stretched the time out by reviewing the last six months. Then the rest of the investors have left the defining to the appraisers, which is whose shoulders it should fall on. They are the ones whose job is to provide support that the investor is making the right decision to purchase a loan on a certain piece of property.
So when I checked with a few appraisers to learn their definition of “Declining Market” I was not surprised to find that each appraiser had their own 
definition of “Declining Market.” The thing to remember about appraisers is that what they do is not a science; it is more of an art. So again we use the paintbrush analogy and there are some appraisers that are running scared and using their large paintbrush and putting the term “Declining Market” in all of their appraisals. Others are taking the time to do a statistical review of the cost of the homes in the various areas and are applying the term when there is a continued decrease of value that exceeds 5% over three six month periods and then there are others who are only applying the term if the valuations have changed by greater than 10%.
In addition, most investors are only concerned with reducing the loan to value on Conventional loans. On FHA and VA loans, the appraiser has factored the market into the value and it does not have an impact on the amount the borrower can borrow.
For questions or comments on this, please contact Chris Scheer at chrisscheer@stlouisrealestatevoice.com
Posted by doug | Read More | 2 Comments » | 05.13.2008
St. Louis Real Estate - Market Watch - May 12th, 2008
Filed under: St. Louis Market Reports
Hey, it’s MOTHERS DAY, Art’s out of town, and mom’s on a dial up.
Check back Tuesday for your copy of the market report.
Meanwhile, be nice to your mom.
Posted by doug | Read More | Your Comments Are Welcome! | 05.11.2008
St. Louis Real Estate - Mortgage News - Declining Markets
Filed under: Mortgage News
Declining Markets by Chris Scheer, Branch Manager, Cornerstone Mortgage, O’Fallon, MO
As the foreclosures and short sales begin to take effect on the housing market one of the single biggest changes that is occurring is the dreaded “Declining Market” label attached to a property in the appraisal. I have seen investors make the predetermination that certain zip codes, cities and counties are in declining markets and thus they are lowering their exposure by reducing the maximum loan on the properties in that area. Other investors have said that they will only apply declining market guides if the appraisal states that the property is in a declining market. Either way, when the declining market rules come into play, the only person that loses is the borrower.
Here are a few examples:
• The borrower is planning on putting only 5% down to purchase the property and the investor has deemed that entire zip code to be a declining market. They will only lend on the property if the buyer puts 10% down.
• An investor is planning to purchase a home with 10% down and the appraiser notes that the property is in a declining market. Now the investor has to put 15% down to get the loan.
In both cases if the borrower has the additional 5% it is an inconvenience, but the transaction will still go forward. But if the borrower does not have the additional 5%, then the deal is dead. In most cases the seller has lost valuable days marketing their property while the waiting for the buyer to get loan commitment.
Now that we know the challenges this brings I will discuss the inadequacy of how this is applied in my next post.
Chris can be reached at chrisscheer@stlouisrealestatevoice.com
Posted by doug | Read More | Your Comments Are Welcome! | 05.10.2008
St. Louis Real Estate - Building Inspection - New Construction
Filed under: Building Inspection News, First Time Home Buyer, For Buyers
NEW CONSTRUCTION INSPECTIONS by Harry Morrell ASHI Certified Inspector, Allied Building Inspection
For those buyers that are considering a new home purchase and believe the home inspection should be waived just because it is a new home, BEWARE. There are many circumstances to consider when buying a new home relating to the inspection process in general that buyers should know.
If you are buying a home close in to the metropolitan area from a well known and reputable general contractor chances are that the home will be well built and up to code. However, consider that this well known builder uses many sub contractors who can always have that one bad day or are in a rush to get to that next job. Short cuts occur all the time even in those multi-million dollar homes. In the world of construction speed is everything and sometimes digs right into the heart of the quality and craftsmanship that all home buyers want. Your home inspector will go back over all the important and significant structural and mechanical components to make sure you are getting the quality that you are paying for. Remember code inspectors do not do a top to bottom inspection. If you are buying a home out in rural areas from a weekend/amateur home builder, I have four words for you, GET A HOME INSPECTION!
New construction inspections can be grouped into three major categories: 
- Phase Inspections
- End of Construction Inspections
- Warranty Inspections
Phase inspections are recommended for the buyer that is purchasing a new home in a rural area with no or little code enforcement to ensure good building quality and safety and usually includes the initial foundation pour, framing, mechanicals, and roofing.
End of construction inspections are the most common and usually are more than adequate for any purchase close in the metro area.
Warranty inspections are a great idea for builders who offer a one year top to bottom warranty.
Home owners can get their inspector to perform a top to bottom inspection before that one year warranty expires. Most common defects discovered during these type inspections are foundation wall cracks, leakage or water/moisture intrusion, concrete pad settlement, and drainage and grading issues.
Most home inspectors have a solid general background in residential home building and have looked at thousands of homes during their career. Do not get side tracked by that new home being perfect. Spend a little now for an inspection to avoid paying more for a major repair or replacement later.
Harry O. Morrell can be reached at harrymorrell@stlouisrealestatevoice.com
Posted by doug | Read More | Your Comments Are Welcome! | 05.09.2008
St. Louis Real Estate - Mortgage News - Going Down
Filed under: For Buyers, Mortgage News
Lock and Load! by Chris Scheer, Branch Manager, Cornerstone Mortgage, O’Fallon MO
Well the Federal Reserve has lowered short term interest rates once again and if you believe the written statement coming out of the meeting, they are finished lowering interest rates. The “inflation” boogeyman is haunting them as well it should be. Mortgage rates have not gone as low as they should have, for a majority of reasons:
1. RISING OIL PRICES
2. Falling value of the dollar.
3. Mortgage Backed securities are not an attractive investment.
Rising oil prices are the single biggest concern with our economy. This nation is so dependent upon oil that most everything that we do involves some use of oil or oil byproducts. Why the U.S.’ Oil Dependence is Bad for the U.S. Economy. Prices for all consumer goods are being affected by the rising price of oil, making it less likely that the consumer will have extra money to spend on non essential items.
The falling value of the dollar does have a positive; it makes it more attractive to foreign nations to purchase American goods. Unfortunately, we have become less of a manufacturing nation than we were 40 years ago. The Dollar’s Decline and Its Implications.
Along with purchasing goods, we may see foreign investment in US Real Estate since we also have declining value in real estate.
The Sub-Prime Mortgage Crisis has put a stain on all mortgage backed securities. Most investors have been trying to rid themselves of mortgage backed securities. Even though short term rates have fallen, interest rates on mortgages have not followed. This trend is brought about by the simple law of supply and demand. As the demand for mortgage backed securities has lessened, their price has gone down. When the price on a bond goes down, the yield (interest rate) goes up. Until we see demand for the mortgage backed securities increase, which would drive the yield down, we will continue to have interest rates well above where they should be.
So why do I say lock and load? The Federal Reserve is almost out of bullets to stimulate the economy. Some are predicting that the economy will soon recover. Once the Fed sees signs of a recovering economy, they are going to want to start raising rates to slow the economy. And even more importantly, reload their own gun. We have now seen the Fed lower short term rates from 5% to 2%. They would like to have some room to work again with interest rates. If they need to get some room to work, raising rates is the easiest thing for them to do. For buyers looking to purchase a home or owners wanting to refinance, it means that rates are no longer going down and now will only go up. So find your house, lock your rate and start saving your pennies. We are going to be fighting inflation for a few years! Chris Scheer can be contacted at chrisscheer@stlouisrealestatevoice.com
Posted by doug | Read More | 1 Comment » | 05.05.2008
St. Louis Real Estate-Market Watch May 3rd, 2008
Filed under: St. Louis Market Reports
St. Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
May 3rd, 2008
The Anatomy of St. Louis Real Estate
The St. Louis Home for Sale Team provides a weekly St. Louis County and Bi-weekly St. Charles County Market and Jefferson County Market Watch Report to review and plug into your home buying or selling scenario. Your questions and comments are welcome!
The St. Louis Real Estate Market this week shows a small gain in active listings, with fewer homes accepting contracts, thus our pending ratio has declined back to almost 15 percent from last week’s 16.16 percent.
Not to worry-so far. This is the time of year that we should be seeing more than meager increases in active listings and buyer activity increasing a bit more. The next 4–6 weeks will tell us if we will be seeing our usual summer activity or whether the summer of 2008 will present it’s own challenges for our real estate market.
We still think that buyers and sellers alike are waiting to see what will happen in our local market. Our advice is as always-TIMING THE MARKET is virtually impossible. With buyers and sellers sitting on the sidelines, they themselves are helping to “create” the market we all have to work within.
April 30th the Fed announced another rate cut for the federal funds rate by .25 percent. OK, so banks can borrow money short-term from each other cheaper now. The rate cut won’t necessarily help borrowers in need of a mortgage, as long-term rates aren’t affected directly by the Fed’s rate decisions. Long-term rates are tied more to inflation expectations and the bond markets. The rate cut MAY have an impact on home-owners who have a home equity line of credit, as these are linked to the prime rate. Read Bankrate.com’s evaluation of the Fed’s rate cut here.
Bankrate.com also has a great article evaluating the WINNERS and LOSERS in the Fed’s moves these past several months with interest rates. In short, the winners are the Middle income homebuyers with good or better credit. With prices declining and inventory of homes increasing, middle income buyers who felt challenged in the previous “boom” market now are finding homes more affordable.
The LOSERS are the people with financial challenges, since getting a mortgage now could be a larger challenge with credit tightening and lender requirements more stringent. Check out the complete article here.
For some great information regarding the real estate market and a really cool home-value calculator, check out the report just released by the Office of Federal Housing Enterprise Oversight (OFHEO) at http://www.ofheo.gov/.
Thinking of buying or selling a home? Contact Us for additional information tailored to your specific needs.
St. Louis Real Estate St. Louis County Market Watch April 3rd, 2008
St. Louis Real Estate Jefferson County Market Watch April 3rd, 2008
St. Louis Real Estate St. Charles County Market Watch April 26th, 2008
St. Louis Real Estate Benchmark Report March 2008
The report begins by breaking the market into 17 distinct price ranges. Then we show current listings and current pending listings which creates a pending ratio, which is helpful on a week to week basis to see if activity is increasing or decreasing in a price category.
The report also shows the last 6 months of results and compares the data to the same 6 months of the previous year.
The Market Analysis includes data on:
Number of Active Listings (Current)
Pending Sales (Going to closing)
Pending Ratio (Active vs.Pending)
Sold (Last 6 months)
Expired (Last 6 months)1
Average List Price
Average Sale Price
Average List to Sales Price %
Days on Market (DOM)
Months worth of Inventory (Based on current pending rate)
Buyers Market: > 7 months of listing inventory
Transitional Market: 5 - 7 months of listing inventory (sometimes called a “balanced” market)
Seller Market: < 5 months of listing inventory
Average % Sale Price/List Price (0-30), (31-60), (61-90), (91-120), (120+)DOM
Notice that you’re paying a penalty for over pricing. . .hey. .it’s a fact!!
The Benchmark Report is produced monthly for:
- Single Family Residence
- Ranch Style
- 1300 - 2000 sq.ft.
- 3 Bedrooms
- 1.5 Bathrooms
Art Wagner can be reached at art@stlouisrealestatevoice.com
Posted by art | Read More | Your Comments Are Welcome! | 05.04.2008
St. Louis Real Estate - Home Staging - Paint
Filed under: For Sellers, Home Staging
Interior Walls…Color Them Cozy! by Sue Rector ASP Stager, HomeStaging Innovations, LLC
As an ASP (Accredited Staging Professional) Home Stager, I am asked frequently at Staging Consultations….Do you think we need to repaint?…and…What color should we use?
In terms of dollars, painting is a considerably “low” investment that a Home Seller can make and receive a “higher” rate of return at closing.
Home Staging is all about presenting the house for sale in the Best Possible Showing Appearance. When potential Home Buyers come through a house for sale, they are attracted to a property for many reasons. The Mood or Feeling that a house presents is very important! The interior wall color or colors of a house are extremely significant in helping to set the mood or feeling of a house. Wall color can be one of the most important factors in a Home Buyer’s perception that turns a “House for Sale” into the “Home They LOVE!”
Consider the following if you are thinking about repainting your house as you prepare it for sale…or if your house has not sold and you are considering some repainting updates:
1. A home is more appealing when it emits “Warm Fuzzies”…remember that phrase? It is still pertinent today. ASP Home Stagers, through wall color consultations, can assist you in making your house as “warm and inviting as possible” to potential Home Buyers. Hues of whites, although very neutral, tend to present a COLDER setting, Hues of blues, although recommended for relaxation by some, tend to present a COOLER setting in rooms. Other more dramatic colors of red, yellow, darker greens, and orange are more “personalized colors” (Remember from Staging 101: Home Staging is de-personalizing and Decorating is personalizing). When choosing wall color for your house for sale, it is typically recommended that you choose a color to present a feeling…one that will not be a distraction within a room. In fact, wall color should be a non-factor within a room, just helping to set the mood, set the feeling. Medium hues of browns, golds, taupes, and sometimes greens will warm up a rooms setting….making it feel inviting and cozy to Potential Buyers. Darker hues of any color within rooms can make the room appear to be more closed in and smaller. Lightening and brightening rooms are areas that ASP Home Stagers will recommend to improve in order to present your space in the Best Possible Showing Appearance. A new “splash” of paint can greatly help in these areas, if the color is chosen wisely.
2. If you decide to repaint, choosing a warm and inviting color, consider this in terms of what to repaint…when a house has several different colors within different rooms, the house can appear to be “choppy” in regards to the flow of the house. So whenever possible, use that “warm color” throughout the house. It will sustain the flow of the inviting mood to each room and area. If you can not or do not want to repaint your whole house, then consider repainting the main areas of the house such as the living room, dining room, kitchen, family room, master bedroom suite, and all hallways.
3. A new coat of paint makes a house feel clean and fresh! In today’s housing market, Home Sellers need every advantage in making their house stand out from their competition.
ASP Home Stagers can assist you in choosing paint color to emit those “Warm Fuzzies” to those Potential Home Buyers, if you need help in this area. We are not decorators… We are a part of the Real Estate Industry! ASP Home Stagers know what helps to sell houses, faster.
If you are a Realtor, Home Seller, or Potential Home Buyer…what color do you think is the most appealing in setting an inviting mood: Hues of browns, golds, taupes, or greens? Any specific color and brand you like best? Let us know.
If you would like more information on Home Staging Services, we invite you to visit www.stagedhomes.com and www.westagestlouis.com. For any specific questions regarding Home Staging Services, please feel free to contact us as well, at homestaging@stlouisrealestatevoice.com
Remember—Color It COZY!
Posted by doug | Read More | Your Comments Are Welcome! | 04.30.2008
St. Louis Real Estate-Market Watch April 26th, 2008
Filed under: St. Louis Market Reports
St. Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
April 26th, 2008
The Anatomy of St. Louis Real Estate
The St. Louis Home for Sale Team provides a weekly St. Louis County and Bi-weekly St. Charles County Market and Jefferson County Market Watch Report to review and plug into your home buying or selling scenario. Your questions and comments are welcome!
The St. Louis Real Estate Market this week continues to show good signs of activity in the lower price ranges; those between $125,000 to $300,000, as the pending ratios continue to perform above the average. Inventory in these price ranges continues to be in that “transitional” level with the $175,000–$199,999 price range showing signs of a sellers market, at least right now.
The $450,000–$499,999 price range is also showing great activity with a pending ratio at 22.6 percent and low inventory levels at 4.4 months. Sellers in this price range should be encouraged, at least at this poiint in time, as there is less competition and greater likelihood of selling close to listing price. Keep in mind, the home STILL must be priced within market value.
This bit of good news, however, does not mean we are headed back in time to “the boom years”. We think that we are still seeing results of slight increases in buyer activity coupled with our normal spring surge of activity on both the buyer and seller side of our real estate market. There are signs out there in the marketplace that some buyers and sellers are hesitant yet, waiting to see where this market will really end up.
A March 22nd article in the St. Louis Post Dispatch annouces that according to the National Association of Realtors, existing home sales dropped another 2 percent in March. St. Louis County experienced a 21 percent drop in sales and the median home price declined to $148,450. To read the complete article, go to STLToday.com; the article is entitled “Area Home Sales Continue Slump in March”.
In an April 23rd article on RISMedia.com, Bank of America announced that after their aquisition of Countrywide Financial Corp. closes in the third quarter of this year, they will implement new lending guidelines in it’s consumer mortage business to address the dramatically changed mortgage environment.
Bank of America said they will continue to offer an assortment of “first lien” products to retail consumers, including some forms of Adjustable Rate Mortgages, but will also implement enhanced borrower protections and re-define certain limits and penalties associated with these products. They are planning to discontinue non-traditional mortgages, such as option ARMs, and some low or no documentation loans.
Bank of America will also be providing customers with more tools to help borrowers understand completely the decisions they are making through education, disclosures, and fair sales practices.
Read the complete article at RISMedia.com, entitled “Bank of America Announces Home Lending Guidelines”.
For some great information regarding the real estate market and a really cool home-value calculator, check out the report just released by the Office of Federal Housing Enterprise Oversight (OFHEO) at http://www.ofheo.gov/.
Thinking of buying or selling a home? Contact Us for additional information tailored to your specific needs.
St. Louis Real Estate St. Louis County Market Watch April 26th, 2008
St. Louis Real Estate Jefferson County Market Watch April 20th, 2008
St. Louis Real Estate St. Charles County Market Watch April 26th, 2008
St. Louis Real Estate Benchmark Report March 2008
The report begins by breaking the market into 17 distinct price ranges. Then we show current listings and current pending listings which creates a pending ratio, which is helpful on a week to week basis to see if activity is increasing or decreasing in a price category.
The report also shows the last 6 months of results and compares the data to the same 6 months of the previous year.
The Market Analysis includes data on:
Number of Active Listings (Current)
Pending Sales (Going to closing)
Pending Ratio (Active vs.Pending)
Sold (Last 6 months)
Expired (Last 6 months)1
Average List Price
Average Sale Price
Average List to Sales Price %
Days on Market (DOM)
Months worth of Inventory (Based on current pending rate)
Buyers Market: > 7 months of listing inventory
Transitional Market: 5 - 7 months of listing inventory (sometimes called a “balanced” market)
Seller Market: < 5 months of listing inventory
Average % Sale Price/List Price (0-30), (31-60), (61-90), (91-120), (120+)DOM
Notice that you’re paying a penalty for over pricing. . .hey. .it’s a fact!!
The Benchmark Report is produced monthly for:
- Single Family Residence
- Ranch Style
- 1300 - 2000 sq.ft.
- 3 Bedrooms
- 1.5 Bathrooms
Art Wagner can be reached at art@stlouisrealestatevoice.com
Posted by art | Read More | Your Comments Are Welcome! | 04.27.2008
St. Louis Real Estate-Market Watch April 20th, 2008
Filed under: St. Louis Market Reports
St. Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
April 20th, 2008
The Anatomy of St. Louis Real Estate
The St. Louis Home for Sale Team provides a weekly St. Louis County and Bi-weekly St. Charles County Market and Jefferson County Market Watch Report to review and plug into your home buying or selling scenario. Your questions and comments are welcome!
The St. Louis Real Estate Market this week is again seeing a small increase in active listings and accepted contracts; common for this time of year but not quite as active as last year at this time. Our pending ratio has inched up a bit to 15.86 percent and our inventory in the price ranges that move the St. Louis Market are remaining in that “transitional” area of 5–7 months.
Another encouraging sign we see is in some of the higher price ranges, where pending ratios are up and the buying acitivity has increased slightly.
Jefferson County this week is showing great signs of activity in the $100,000 to $200,000 price ranges, as pending ratios are running from 13.5 percent up to 22.6 percent. These are the price ranges that tend to drive the Jefferson County market and make up just over half the total active listings in the County.
For some great information regarding the real estate market and a really cool home-value calculator, check out the report just released by the Office of Federal Housing Enterprise Oversight (OFHEO) at http://www.ofheo.gov/.
Thinking of buying or selling a home? Contact Us for additional information tailored to your specific needs.
St. Louis Real Estate St. Louis County Market Watch April 20th, 2008
St. Louis Real Estate Jefferson County Market Watch April 20th, 2008
St. Louis Real Estate St. Charles County Market Watch April 12th, 2008
St. Louis Real Estate Benchmark Report March 2008
The report begins by breaking the market into 17 distinct price ranges. Then we show current listings and current pending listings which creates a pending ratio, which is helpful on a week to week basis to see if activity is increasing or decreasing in a price category.
The report also shows the last 6 months of results and compares the data to the same 6 months of the previous year.
The Market Analysis includes data on:
Number of Active Listings (Current)
Pending Sales (Going to closing)
Pending Ratio (Active vs.Pending)
Sold (Last 6 months)
Expired (Last 6 months)1
Average List Price
Average Sale Price
Average List to Sales Price %
Days on Market (DOM)
Months worth of Inventory (Based on current pending rate)
Buyers Market: > 7 months of listing inventory
Transitional Market: 5 - 7 months of listing inventory (sometimes called a “balanced” market)
Seller Market: < 5 months of listing inventory
Average % Sale Price/List Price (0-30), (31-60), (61-90), (91-120), (120+)DOM
Notice that you’re paying a penalty for over pricing. . .hey. .it’s a fact!!
The Benchmark Report is produced monthly for:
- Single Family Residence
- Ranch Style
- 1300 - 2000 sq.ft.
- 3 Bedrooms
- 1.5 Bathrooms
Art Wagner can be reached at art@stlouisrealestatevoice.com
Posted by art | Read More | Your Comments Are Welcome! | 04.20.2008
St. Louis Real Estate-Market Watch April 12th, 2008
Filed under: St. Louis Market Reports
St. Louis Real Estate Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
April 12th, 2008
The Anatomy of St. Louis Real Estate
The St. Louis Home for Sale Team provides a weekly St. Louis County and Bi-weekly St. Charles County Market and Jefferson County Market Watch Report to review and plug into your home buying or selling scenario. Your questions and comments are welcome!
The St. Louis Real Estate Market this week is showing small increases in active listings and homes accepting contracts, thus pushing our average pending ratio over 15.5 percent. The major segment of our market which falls in the $100,000 to $300,000 price ranges are exhibiting better than average pending ratios. These price ranges make up 61.7 percent of the active listings this week which tells us that it IS a good time to be in the marketplace.
If you are a seller in these price ranges, check out the average list to sale price averages; we are still in a 1.5 percent to 4.5 percent market. Buyers take note of this also, as this information could serve as a guide to you when making your offer on your new home.
Go to Bankrate.com for an article by Steve McLinden entitled, “Is The Real Estate Market Timed for Buyers?” The article provides some good insight and information whether you are a buyer or a seller.
For any of you that have adjustable rate mortgages and are being challenged by the “re-setting” of your mortgage, the Bush Administration has announced additional help for sub-prime borrowers. HUD’s Federal Housing Administration is being given more flexibility in insuring more mortgages. They are now able to help those sub-prime borrowers who have been late on two OR three consecutive payments or late two or three times in the past twelve months.
Since September last year, FHA has helped nearly 150,000 borrowers and with this new expanded program, they estimate to help an additional 500,000 or so families.
HEY, WAIT A MINUTE– Isn’t this what they should have done from the beginning?? We think so.
Read the complete article at RisMedia.com, entitled “Bush Administration to Expand Mortgage Help for Struggling Families.”
For some great information regarding the real estate market and a really cool home-value calculator, check out the report just released by the Office of Federal Housing Enterprise Oversight (OFHEO) at http://www.ofheo.gov/.
Thinking of buying or selling a home? Contact Us for additional information tailored to your specific needs.
St. Louis Real Estate St. Louis County Market Watch April 12th, 2008
St. Louis Real Estate Jefferson County Market Watch April 5th, 2008
St. Louis Real Estate St. Charles County Market Watch April 12th, 2008
St. Louis Real Estate Benchmark Report March 2008
The report begins by breaking the market into 17 distinct price ranges. Then we show current listings and current pending listings which creates a pending ratio, which is helpful on a week to week basis to see if activity is increasing or decreasing in a price category.
The report also shows the last 6 months of results and compares the data to the same 6 months of the previous year.
The Market Analysis includes data on:
Number of Active Listings (Current)
Pending Sales (Going to closing)
Pending Ratio (Active vs.Pending)
Sold (Last 6 months)
Expired (Last 6 months)1
Average List Price
Average Sale Price
Average List to Sales Price %
Days on Market (DOM)
Months worth of Inventory (Based on current pending rate)
Buyers Market: > 7 months of listing inventory
Transitional Market: 5 - 7 months of listing inventory (sometimes called a “balanced” market)
Seller Market: < 5 months of listing inventory
Average % Sale Price/List Price (0-30), (31-60), (61-90), (91-120), (120+)DOM
Notice that you’re paying a penalty for over pricing. . .hey. .it’s a fact!!
The Benchmark Report is produced monthly for:
- Single Family Residence
- Ranch Style
- 1300 - 2000 sq.ft.
- 3 Bedrooms
- 1.5 Bathrooms
Art Wagner can be reached at art@stlouisrealestatevoice.com
Posted by art | Read More | 1 Comment » | 04.13.2008
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