Are you looking to buy or sell a home in the St. Louis metropolitan area? If so, it’s important to know which school districts are experiencing the fastest home sales. According to recent data, the top three fastest selling school districts in the area are Wolf Branch DIST 113, Lebanon CUSD 9, and HILLSBORO DIST 3.
With an average of only 4 days on the market, Wolf Branch DIST 113 in Illinois takes the top spot. This district boasts 7 active listings with an average list price of $284,357. Coming in at second place is Lebanon CUSD 9 with an average of 8 days on the market for its 4 listings. And in third place is HILLSBORO DIST 3 with an average of 12 days on the market for its 3 listings. These fast-selling school districts are a testament to the strong real estate market in the St. Louis area.
If you’re interested in learning more about the fastest selling school districts in the St. Louis metropolitan area, MORE, REALTORS® has the complete list available. Whether you’re a family looking for a top-rated school district or a seller looking to capitalize on the fast-paced market, these districts are definitely worth considering. Don’t miss out on the opportunity to buy or sell in these highly sought-after areas. Contact MORE, REALTORS® today for more information.
The metro east area of St. Louis, MO continues to see a strong real estate market, with the latest data from June 2024 showing a steady increase in home prices. According to the chart below, exclusively available from MORE, REALTORS®, the median sold price for homes in the metro east update was $210,000, a 2.44% increase from June 2023. This also represents a 10.24% increase from May 2024, when the median sold price was $190,500.
The median list price for homes in the metro east update was $200,000, a slight increase of 0.05% from June 2023. However, there was a decrease in home sales, with 601 homes sold in June 2024 compared to 780 in June 2023. This may be due to a decrease in inventory or other market factors.
Overall, the metro east update real estate market remains strong and continues to show growth. As always, for the most accurate and up-to-date information on the St. Louis, MO real estate market, contact MORE, REALTORS®. Our team of experienced and knowledgeable agents are here to help you with all of your real estate needs.
The real estate market in St Charles County has continued to show strong growth and stability as of July 2024. According to the latest data from MORE, REALTORS®, the median sold price for homes in the county during June 2024 was $391,500, representing an increase of 7.26% from the same time last year when the median sold price was $365,000. This also marks a 6.41% increase from May 2024, when the median sold price was $367,900.
The median list price for homes in St Charles County was $379,900 in June 2024, a significant increase of 8.54% from $350,000 in June 2023. However, there was a slight decrease in the number of home sales in the county, with 423 sales in June 2024 compared to 490 in June 2023, a decrease of 13.67%.
As seen in the chart below, provided exclusively by MORE, REALTORS®, the St Charles County real estate market has been steadily growing and remains a strong market for both buyers and sellers. With a median sold price of $391,500 and a median list price of $379,900, it is clear that homes in this area are in demand and selling for top dollar.
If you are looking to buy or sell a home in St Charles County, now is a great time to do so. With the help of a knowledgeable and experienced REALTOR from MORE, REALTORS®, you can navigate the market with confidence and achieve your real estate goals. Contact us today to learn more about the current market trends and how we can assist you in your real estate journey.
As of June 2024, the stl msa real estate market continues to show strong growth. According to data exclusively from MORE, REALTORS®, the median sold price for homes in the stl msa update was $299950, a 9.07% increase from June 2023. This also marks a 9.07% increase from May 2024, when the median sold price was $275000.
The median list price for homes in the stl msa update was $290000, a 9.43% increase from June 2023. Despite the increase in prices, there were 2800 home sales in June 2024, a decrease of 18.60% from June 2023.
The chart below illustrates the data and is available exclusively from MORE, REALTORS®. This update shows that the stl msa real estate market remains competitive and continues to be a strong investment for buyers and sellers alike. Stay tuned for more updates on the stl msa real estate market from MORE, REALTORS®.
According to the latest data from MORE, REALTORS®, the median sold price for homes in the franklin county update was $240000 in June 2024. This represents a 1.23% decrease from June 2023 when the median sold price was $243000. Additionally, last month’s median sold price of $240000 also saw a decrease of 5.51% compared to May 2024.
Despite the decrease in median sold price, the median list price for homes in the franklin county update saw a slight increase of 0.81% from $247000 in June 2023 to $249000 in June 2024. However, there were 14.95% fewer home sales in June 2024 with 91 homes sold, compared to 107 homes sold in June 2023.
The chart below, available exclusively from MORE, REALTORS®, illustrates the data for the franklin county update real estate market update. This update serves as a valuable tool for buyers and sellers in the St Louis area, providing them with the most up-to-date information on the market. Stay tuned for more updates as we continue to monitor the real estate market in the franklin county update.
For all your real estate needs in St Louis, trust the experienced and knowledgeable team at MORE, REALTORS®. Contact us today for personalized assistance with buying or selling a home in the franklin county update and surrounding areas.
Starting August 17, 2024, the National Association of REALTORS® (NAR) is implementing a new requirement on its members that will impact home buyers and REALTORS® alike. This new rule mandates that REALTORS® must have a written agreement with buyers before showing them any homes. This change is required as part of the settlement agreement of multiple massive class-action lawsuits where NAR was accused of anti-competitive practices. The settlement aimed to increase transparency and fairness in real estate transactions, ensuring that both buyers and agents have a clear understanding of their relationship and obligations. However, there’s a lot of confusion surrounding the new requirement, including some “PSA” messages posted by agents on social media that refer to the required agreement as a “Buyer’s Agency” agreement.
A Buyer’s Agency agreement is used when you wish to engage an agent to represent you as a buyer and establishes obligations upon the agent, including fiduciary duties to put your interests ahead of all others (including themselves). This is certainly the agreement I would recommend buyers use in most cases once ready to commit to an agent. However, while this certainly meets the requirement, it is not the only type of agreement that satisfies NAR’s new rule. In fact, representation is not required at all. Yes, a written agreement is necessary, but it doesn’t have to be a full-blown buyer representation agreement. Any written agreement to show a property will suffice. The intent here is not to complicate the home buying process but to protect buyers and clarify the REALTOR®’s role and responsibilities, including the cost, if any, to the buyer and where the compensation is coming from. It ensures that you understand the services you’re getting and how your REALTOR® will be compensated, making the whole process smoother and more transparent.
Is compensation required under the agreement?
That is, of course, dependent on the agreement itself, but there is no requirement by the NAR settlement that buyers be charged anything to enter into an agreement to be shown a home. Naturally, if the agreement is a Buyer’s Agency agreement where you will, in fact, receive representation, the agent, like every other professional involved in the home buying process, will need to be compensated, and how much and who pays will need to be laid out.
How long does the agreement obligate me?
Again, there is no requirement for the agreement to last any period of time. If it’s simply a showing agreement, it may last long enough for the agent to walk you through the home.
What if the listing agent shows you the home?
If the listing agent is giving you a tour of the home (as the seller’s agent) and not “working with” you, then the agreement may not be required. Personally, though, I think it is still a good idea to use it for transparency so that you, as the buyer, clearly understand whose interest that agent is required to put ahead of yours.
What is required in the “buyer agreement”?
According to the NAR settlement, the following are the only requirements for the agreement that must be signed before showing a home to a buyer they are working with:
Specify and conspicuously disclose the amount or rate of any compensation the MLS Participant will receive from any source.
The amount of compensation must be objectively ascertainable and may not be open-ended (e.g., “buyer broker compensation shall be whatever amount the seller is offering to the buyer”).
Include a statement that MLS Participants may not receive compensation from any source that exceeds the amount or rate agreed to with the buyer.
Disclose in conspicuous language that broker commissions are not set by law and are fully negotiable.
Include any provisions required by law.
At MORE, we are committed to providing exceptional service and ensuring complete transparency throughout your home buying journey. Our experienced agents are ready to guide you through this new process, making it as seamless as possible. Whether you’re a first-time homebuyer or looking for your next investment, MORE Realtors INLINE TEXT Link – goes to agent website MORE, REALTORS® is here to help you every step of the way.
As we celebrate Independence Day, we not only honor the birth of our nation but also reflect on the freedoms and opportunities that make America unique. For the real estate market, these principles of independence and liberty are deeply ingrained. Homeownership is often seen as a cornerstone of the American Dream, representing stability, investment in the future, and personal freedom. This day serves as a reminder of the importance of owning a piece of this great land and the value it brings to families and communities.
The significance of Independence Day extends to the real estate industry by highlighting the freedom of choice and the variety of options available to homebuyers. From historic homes that embody the nation’s rich heritage to modern developments offering the latest in comfort and technology, the market provides something for everyone. As we enjoy the festivities and fireworks, let’s also appreciate the opportunities we have to invest in our future through real estate, continuing to build and strengthen our communities in the spirit of independence. Happy Fourth of July from all of us at MORE Realtors INLINE TEXT Link – goes to agent website MORE, REALTORS®!
A recent flash poll by T3 Sixty at the NAR Midyear Conference highlights significant dissatisfaction among real estate professionals regarding the National Association of REALTORS® (NAR) and its handling of the ongoing commission lawsuit. View the entire report and survey results below.disa
Key Findings:
Approval of NAR’s Performance:
Only 30% of respondents approve of NAR’s overall performance.
A striking 63% disapprove, indicating widespread dissatisfaction.
Handling of Compensation Lawsuits:
Just 32% approve of NAR’s legal strategies.
A majority of 62% disapprove, showing deep concerns about the settlement’s impact.
At MORE Realtors, we understand the confusion and concerns surrounding these changes. Our experienced team is dedicated to helping homebuyers, sellers, and agents navigate this evolving landscape. We provide clear, comprehensive guidance to ensure you understand how the commission lawsuit outcomes will affect your real estate transactions. Contact us today to learn how we can assist you in making informed decisions in this shifting market.
Selling a home can be a complex process, especially when recent work has been done by contractors. One way Missouri home sellers can simplify their sale and protect themselves is by filing a Notice of Intent to Sell (NOIS). While not required by Missouri law, a NOIS can significantly benefit property owners. Filing this notice shortens the period contractors and material suppliers have to file a mechanics lien from six months to just 45 days after the notice is filed. This can reduce the risk of unexpected liens popping up after the sale.
M&I Title Company, a local St. Louis-based title company whose ownership team includes Investors Title and the principals and most of the agents of MORE, REALTORS®
, takes the hassle out of this process. When M&I Title Company is involved and files a NOIS on your behalf, you won’t need to gather and provide all the paid invoices and properly executed lien waivers from contractors and suppliers. Their streamlined approach ensures that you can focus on your sale without worrying about these details. Even if time is tight, Greg Miller, the manager, and his team at M&I Title can help you close your sale on schedule, providing peace of mind and professional support every step of the way. Of course, the professional agents at MORE will be there along the way to guide you as well.
For more information on how a NOIS can benefit you and to get expert assistance, contact Greg Miller at M&I Title Company. They are ready to help make your home selling experience as smooth as possible.
According to the latest data from the Fannie Mae Home Purchase Sentiment Index, shown below, a mere 14% of consumers currently believe it’s a good time to buy a home. This starkly contrasts with the increasing sentiment that it’s a bad time to buy, which has surged to nearly 80%. Over the past decade, the confidence in the housing market has drastically shifted, with a significant decline in the optimism seen in previous years. The reasons behind this sentiment could range from rising mortgage rates to economic uncertainties.
At MORE, REALTORS®St, we closely monitor market trends and data like the Fannie Mae Home Purchase Sentiment Index to provide our clients with the most up-to-date and relevant information. Our dedicated agents are well-versed in the local market dynamics and are committed to guiding and advising both seller and buyer clients. By analyzing this data, we help our clients make informed decisions, whether they are looking to buy their first home or sell their property for the best possible price. With our expertise, clients can feel confident they are making wise decisions in an ever-changing market.
The St. Louis metropolitan area, which covers counties in both Missouri and Illinois, has seen a steady increase in home sales so far this year. According to data from MORE, REALTORS®, there have been 12,130 homes sold in the St. Louis metro area through the end of May 2024. This represents a 5.63% increase from the same period last year, when 11,483 homes were sold.
Compared to four years ago, when there were 13,295 homes sold through May 2024, this year’s sales have seen a slight decrease of 8.76%. However, this decrease is still within a reasonable range and does not indicate a significant decline in the market. Potential home buyers and sellers in the St. Louis metro area can take comfort in the fact that the market has remained stable over the years. For a complete list of the fastest selling zip codes in the area, be sure to check out MORE, REALTORS®. With this promising data, now may be the perfect time to make a move in the St. Louis metro area.
Are you looking to buy or sell a home in the St. Louis metropolitan area? If so, you’ll want to pay attention to the latest real estate data. According to recent statistics, the top three fastest-selling ZIP codes in the region are 63134, 63114, and 63117, all in St. Louis County, MO. The top three ZIP codes span a diverse market and geographic area, with 63134 primarily made up of Berkeley in North St. Louis County, 63114 consisting of Overland and several smaller, mid-St. Louis County areas, and 63117 encompassing Richmond Heights in the 40 corridor area of St. Louis County.
For a full list of the fastest selling zip codes in the St. Louis metropolitan area, be sure to check out MORE, REALTORS®. With their expertise and knowledge of the local market, they can help you find the perfect home or sell your current one quickly. Don’t miss out on these hot real estate markets – contact MORE, REALTORS® today!
A recent article in the St. Louis Business Journal highlights the prominence of St. Louis in the newly released Business Journals Wealthy 1000 ranking. Among the nation’s wealthiest ZIP codes, nine from the St. Louis area have made the list, underscoring the region’s economic significance. Leading the charge is Ladue’s 63124 ZIP code, recognized not only as the wealthiest in St. Louis but also a major player on the national stage.
This new ranking takes into account various wealth metrics such as income, home equity, and estimated savings, painting a comprehensive picture of affluence in the area. While Ladue tops the local list with an impressive average home price of $2,239,362, other affluent St. Louis County ZIP codes, including Clayton’s 63105 with an average home price of $1,727,632 and Town and Country’s 63131 with an average home price of $1,600,141, also feature prominently. The diversity of these areas, from the suburban charm of Chesterfield to the upscale vibe of Clayton, showcases the broad spectrum of luxury living within St. Louis County.
In conjunction with this prestigious national recognition, we at MORE, REALTORS® have our exclusive list of the average home prices in the top St. Louis ZIP codes below. This list provides a snapshot of the real estate landscape, highlighting the premium property values that align with the wealth rankings. Whether you’re looking to buy or sell in these coveted areas, our data offers valuable insights into the current market dynamics.
The latest Federal Reserve Economic Projections, released on June 12, 2024, provide valuable insights into the future economic landscape that will impact homebuyers and sellers in St. Louis. The Federal Open Market Committee (FOMC) anticipates steady real GDP growth of around 2.0% from 2024 to 2026, which indicates a stable economic environment for making real estate investments. This projection is reassuring for those considering buying or selling homes, as economic stability often correlates with a steady housing market.
Interestingly, the unemployment rate is projected to hover around 4.1% during the same period, reflecting a healthy job market. For potential homebuyers, this suggests a favorable environment for securing employment and stable incomes, which are critical for obtaining mortgage approvals. On the other hand, sellers can expect a steady demand for housing driven by a robust job market.
Inflation rates are projected to ease, with core PCE inflation expected to decrease from 2.8% in 2024 to 2.0% by 2026. This trend is crucial for maintaining purchasing power and affordability in the housing market. Lower inflation rates can help keep mortgage rates in check, making homeownership more accessible for many families in St. Louis.
For a detailed breakdown of these projections and their implications for the St. Louis real estate market, please refer to the full report below.
Are you looking to buy or sell a home in the St. Louis metropolitan area? If so, you’ll want to pay attention to the fastest selling school districts in the region. According to recent data, the top three districts with the shortest time on the market are Wolf Branch DIST 113 in Unincorporated, IL, Winfield R-IV in Unincorporated, MO, and Windsor C-1 in Unincorporated, MO.
Wolf Branch DIST 113 takes the top spot with an average of only 11 days on the market for its two active listings. The district also boasts an average list price of $399,750, making it an attractive option for families looking to settle down. Coming in at a close second is Winfield R-IV, with an average of 14 days on the market for its three listings. And last but not least, Windsor C-1 rounds out the top three with an average of 19 days on the market for its eight listings. For a complete list of the fastest selling school districts in the St. Louis metropolitan area, be sure to check out MORE, REALTORS®. With this valuable information in hand, you can make an informed decision when it comes to buying or selling a home in this vibrant and bustling region.
Navigating the competitive St. Louis real estate market, where inventory remains relatively low, requires strategic thinking and a well-crafted offer. While it’s possible to make an offer below the asking price, success hinges on several factors where the expertise of a seasoned professional agent, like those at MORE, REALTORS®, can be invaluable.
First, the amount of time a listing has been on the market is crucial. Properties that have lingered longer are often ripe for negotiation. A well-priced home will see significant activity, so an experienced agent can help you gauge the market response and determine a reasonable offer. Additionally, a property that has recently had its price reduced or has come back on the market after a failed contract may present prime opportunities for negotiation. Sellers in these situations may be more inclined to consider lower offers, especially when presented by a serious and well-prepared buyer.
Moreover, structuring your offer meticulously can make a significant difference. A strong offer isn’t just about the price; it includes having a solid, fully underwritten loan pre-approval, proof of funds, and carefully considered terms. Eliminating contingencies where possible, such as opting for an information-only inspection or perhaps no inspection at all (but not doing so blindly—a great agent can show you how to have the benefit of an inspection without the contingency), can also strengthen your position. Non-refundable deposits and other buyer commitments demonstrate seriousness and can sway sellers.
Where can you easily find listings where offers may be considered?
Trudging through thousands of listings looking for the “needle in the haystack” is time-consuming and frustrating for most buyers. However, there is a site, WillingToNegotiate.com, that simplifies finding these opportunities by showing only listings from the MLS that have had recent price reductions or have had a sale fail and are back on the market. These can be easily searched by the municipality or ZIP code they are in and then filtered even further. Utilizing these tools and working with skilled agents at MORE, REALTORS® can significantly increase your chances of securing a great deal in the St. Louis metro area.
The Department of Veterans Affairs (VA) has introduced a temporary variance allowing veterans to pay certain buyer-broker charges when using their VA-guaranteed home loan benefits. This change comes in response to the recent National Association of Realtors (NAR) settlement, which now prohibits the publication of buyer-agent compensation in Multiple Listing Services (MLS). The concern is that many sellers may no longer offer a commission to buyer agents, potentially making it challenging for veterans to secure representation. By allowing veterans to pay these charges directly, the VA aims to ensure they remain competitive in the current real estate market.
At MORE, REALTORS®, we are committed to staying ahead of industry changes to provide our clients with the best possible guidance. This new variance is a significant development for veterans, and we are here to help you navigate these changes effectively. Whether you are a veteran or a civilian, our team at MORE is ready to assist you with all your real estate needs. Contact us today to learn how we can support you in achieving your real estate goals.
During the 12-month period ending April 30, 2024, a total of 4,071 building permits were issued for new single-family homes in the St. Louis area. This marks a 4.87% increase from the previous 12 months, which recorded 3,882 permits. According to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St. Louis HBA), four of the seven counties covered in the report experienced an increase in permits, three of which were in the double digits. Lincoln County saw the largest percentage increase at 37.66%. Conversely, the City of St. Louis experienced the largest decrease, with an 18.36% decline.
St Louis New Home Building Permits – April 2024
(click on table below for page with live charts showing additional permit data)
Selling a home is a significant financial decision, especially for older adults who often have a substantial portion of their assets tied up in their home’s equity. While the idea of a quick sale to an investor might seem appealing, it rarely maximizes the financial potential of your property. Here’s why exposing your home to the market is the best strategy for securing the highest possible price, even if selling “as-is.”
The Drawbacks of Selling to an Investor
Lower Offers
Real estate investors typically seek properties they can buy at a discount, make necessary improvements, and then sell for a profit. As a result, their offers are often below market value. This approach might provide a quick sale, but it sacrifices significant potential profit. Caution – some investors plan on doing nothing to the home, find another buy to “flip it” to for a profit. The investors “profit” is money that you left on the table – money that could have been used for your care or your legacy.
Missed Market Opportunities
By bypassing the open market, sellers miss out on the competitive bidding process that can drive up the price. Multiple buyers interested in your home can lead to bidding wars, ultimately raising the final sale price.
Advantages of Exposing Your Home to the Market
Competitive Pricing
Listing your home on the open market allows you to receive offers from multiple buyers. This competition helps ensure you get the highest possible price, reflecting the true market value of your home.
Broader Buyer Pool
Exposing your home to the market means it reaches a wider audience, including owner-occupant buyers who may be willing to pay more than investors. These buyers are often looking for a place to live and may have emotional attachments that drive them to make higher offers.
Selling “As-Is” to Owner-Occupants
One common misconception is that only investors will buy homes “as-is.” In reality, many owner-occupant buyers are willing to purchase homes without requiring the seller to make repairs. These buyers might be looking for a fixer-upper they can customize to their liking, or they might be priced out of move-in-ready homes in their desired neighborhoods.
Emotional Value
Owner-occupants are often more emotionally invested in the purchase. They might fall in love with the neighborhood, the home’s unique character, or its potential, leading them to offer more than an investor who is focused purely on profit margins.
Considerations for Older Adults
Equity Protection
For many older adults, their home represents a significant portion of their net worth. Protecting and maximizing this equity is crucial for financial stability, especially during retirement. Selling on the open market typically ensures they receive the full value of their property, which is vital for funding future living arrangements, such as moving to an independent living or assisted living community or a senior apartment.
Quick Sales Are Still Possible
Listing on the market doesn’t necessarily mean a lengthy sales process. Homes can still sell quickly, especially in a competitive market. Setting a fair price, making minor aesthetic improvements, and marketing effectively can attract serious buyers promptly.
Avoiding Elder Scams
Elderly homeowners can be targets for scams and unfair offers. By working with a reputable experienced real estate agent and exposing the home to the market, seniors can avoid lowball offers and ensure they are getting fair market value. Try finding a Certified Senior Housing Professional™, Certified Downsizing Coach™, or Certified Senior Advisor
Family Involvement
Selling through traditional means allows for more transparency and involvement from family members, ensuring that decisions are made in the best interest of the senior’s financial and emotional well-being.
Practical Steps for Selling on the Market
Hire a Knowledgeable Real Estate Agent
An experienced agent can provide invaluable guidance through the process, from setting a competitive price to marketing the home effectively. They understand the nuances of the local market and can navigate the complexities of selling “as-is.” They often go by Certified Senior Housing Professional™, Certified Downsizing Coach™.
Market the Home Effectively
Professional photos, virtual tours, and open houses can attract a wide range of potential buyers. Highlighting the home’s strengths and potential can make it appealing even without extensive repairs.
Set a Competitive Price
Pricing the home accurately is critical. A price that reflects the home’s condition while remaining competitive will attract serious buyers quickly, leading to faster offers and potentially higher final sales prices.
Consider Minor Upgrades
While major repairs may not be feasible, minor improvements like fresh paint, landscaping, and thorough cleaning can significantly enhance the home’s appeal without substantial investment.
Conclusion
Selling a home, especially for older adults, should focus on maximizing the financial return to protect and capitalize on the home’s equity. Exposing the home to the open market rather than selling to an investor ensures a broader audience, competitive pricing, and potentially higher offers. There are times (few and far between) when selling to an investor makes sense. In those rare moments, hire an experienced real estate agent who can determine the true market value of the home in its current condition and then shop the home with multiple investors. This investor feeding frenzy often drives up what these cash buyers are willing to pay. I’ve been able to negotiate up to $90,000 more than the investor originally offered, “simply” by knowing the home’s true value and negotiating in the best interest of my client. Yes, I earned a commission, but the Seller is now even more comfortable in their retirement. By working with a knowledgeable real estate agent, you too can look forward an even more secure financial future.
The latest data from MORE, REALTORS® shows that the metro east real estate market is still going strong as of May 2024. According to the chart below, the median sold price for homes in the metro east area was $191588, representing an 8.55% increase from May 2023 when the median sold price was $176500. This also marks a 4.69% increase from April 2024, when the median sold price was $183000.
The median list price for homes in the metro east update also saw a significant increase, rising 8.51% from $175000 in May 2023 to $189900 in May 2024. Additionally, there were 671 home sales in the metro east area during May 2024, a 6.00% increase from the 633 sales in May 2023.
These numbers demonstrate the continued strength and growth of the metro east real estate market. With increasing median sold and list prices, as well as a rise in home sales, it is clear that the demand for homes in this area remains high. Stay tuned for more updates on the metro east real estate market, exclusively from MORE, REALTORS®.
The real estate market in St Charles County continues to show strength and growth, with the median sold price for homes increasing by 5.71% in May 2024 compared to the same time last year. According to the chart below, available exclusively from MORE, REALTORS®, the median sold price for homes in the St Charles County update was $370,000, up from $350,000 in May 2023. This also marks a 2.78% increase from April 2024, when the median sold price was $360,000.
The median list price for homes in St Charles County also saw an increase of 5.82% from May 2023, reaching $364,989. Additionally, there were 433 home sales in May 2024, a significant 11.31% increase from 389 in May 2023.
These numbers indicate a strong seller’s market in St Charles County, with high demand and rising prices. As a leading real estate agency in the area, MORE, REALTORS® can provide expert guidance and assistance for those looking to buy or sell in St Charles County. Stay tuned for more updates and insights on the St Louis, MO real estate market.
The latest data from MORE, REALTORS® reveals that the St. Louis Metropolitan Statistical Area (stl msa) real estate market is showing no signs of slowing down. In May 2024, the median sold price for homes in the stl msa reached $275,000, a 7.84% increase from the same month in 2023 when the median sold price was $255,000.
Compared to the previous month, May 2024’s median sold price of $275,000 also saw a 5.81% increase from April 2024’s median sold price of $259,900. This steady growth in home prices is a positive sign for sellers in the stl msa.
Additionally, the median list price for homes in the stl msa was $269,900 in May 2024, an 8.18% increase from the median list price of $249,500 in May 2023. This indicates that sellers are able to list their homes for higher prices, and buyers are willing to pay.
The stl msa also saw an increase in home sales, with 3049 homes sold in May 2024, a 4.35% increase from May 2023’s 2922 home sales. This further demonstrates the strong demand for homes in the stl msa.
As the chart below, available exclusively from MORE, REALTORS®, shows, the stl msa real estate market continues to be a hot market for both buyers and sellers. With rising home prices and steady sales, now is a great time to buy or sell a home in the stl msa. Contact a MORE, REALTORS® agent today for expert guidance and assistance in navigating the stl msa real estate market.
Brentwood Forest Condominiums, one of St. Louis’ largest condo communities, is currently grappling with significant structural repair issues that have cast a shadow over the market’s viability. Following the revelation of maintenance problems, the Federal Housing Administration (FHA) temporarily withdrew its loan approval for the development. This decision has significantly impacted both the homeowners and prospective buyers. In a recent article in the St. Louis Business Journal, it was stated that in response to this, the Brentwood Forest Condominium Association (BFCA) was “working diligently to address reported mortgage lending issues.”
The structural issues and subsequent lending restrictions have had a notable impact on property values and sales within Brentwood Forest. According to the STL Market Charts below, available exclusively from MORE, REALTORS®, the median price of condominiums sold in Brentwood Forest increased from $160,000 in 2019 to $220,000 in 2023. However, in light of the recent developments, Brentwood Forest condo prices have declined nearly 13% to $192,000 thus far in 2024. The 12-month sales trend, as the chart below illustrates, shows that during the past 5 years, condo sales peaked at 123 units sold in the 12-month period ending January 31, 2022, and have since steadily declined 50% to just 62 units sold during the 12-month period ending May 31, 2024. This decline is largely attributed to the hesitancy of lenders to approve mortgages for properties within the community, making it difficult for sellers to find buyers who are not cash purchasers or those utilizing portfolio loans.
The situation at Brentwood Forest reflects a broader trend affecting condominium communities across the nation. The increased scrutiny on long-term maintenance and structural integrity of condo buildings, spurred by incidents such as the 2021 Surfside, Florida collapse, has led to stricter lending criteria. Condominiums deemed “non-warrantable” by entities like Fannie Mae and Freddie Mac face similar challenges, with sales slowing and prices becoming volatile as a result. The case of Brentwood Forest underscores the importance of proactive maintenance and transparent governance in condo associations to maintain market confidence and ensure the financial stability of their communities.
This is why it’s important, when considering purchasing a condominium, that you be represented by a buyer’s agent with extensive knowledge and experience in condominium sales and challenges, as well as a good understanding of the current situations at area complexes so you are aware of issues like those at Brentwood Forest. You can find agents like this at MORE, REALTORS®.
Brentwood Forest Condominiums Sold Prices and List Prices – Past 5 Years
(click on chart for live, interactive chart)
Brentwood Forest Condominiums 12-Month Sales Trend – Past 5 Years
Selling a home, especially for seniors, can be an emotional and complex process. Whether the decision stems from downsizing, moving to an assisted living community, or addressing economic security concerns, ensuring the home sells for its maximum value is crucial. Here’s how to achieve that, regardless of the home’s condition, without resorting to real estate investors who more often than not offer the best price.
Understanding the Motivation
Firstly, it’s essential to recognize why the sale is happening. Common reasons include:
Downsizing for seniors to a more manageable living space.
Transitioning to a senior apartment or assisted living community.
Financial necessities, where economic security for seniors becomes a priority.
Preparing for end of life scenarios and ensuring proper estate and financial planning.
Understanding the motivation helps tailor the selling strategy to meet specific needs and goals.
Essential Steps to Maximize Value
Home Repair and Maintenance
Minor Repairs: Focus on inexpensive but impactful fixes such as repairing leaky faucets, patching holes, and repainting walls. These improvements can significantly boost the home’s appeal.
Major Repairs: If the home has more significant issues like a damaged roof or outdated electrical systems, consider whether these repairs are financially feasible. Sometimes, the increased sale price can justify the investment.
Declutter and Depersonalize
Remove personal items and excess clutter to make the home appear more spacious and allow potential buyers to envision themselves living there. This is especially important in the context of downsizing for seniors, where a lifetime of accumulated belongings can overwhelm the space.
Professional Staging
Staging a home can increase its perceived value. Professional stagers know how to highlight a home’s strengths and downplay its weaknesses, making it more attractive to buyers.
Enhanced Curb Appeal
First impressions matter. Simple landscaping, fresh paint on the front door, and clean walkways can make a big difference.
Accurate Pricing
Setting the right price is crucial. Overpricing can lead to the home sitting unsold, while underpricing leaves money on the table. An experienced real estate agent specializing in senior moves can provide a Comparative Market Analysis (CMA) to determine a competitive price.
Senior-Specific Considerations
Elder Abuse and Scams
Unfortunately, seniors are often targets for scams. Be cautious of offers that seem too good to be true or pressure to sell quickly. Consulting a trusted senior advocate or involving family members in the process can provide an extra layer of protection.
Family Communication
Transparent and open communication with family members is vital. Involve them in the decision-making process to ensure that everyone’s concerns and wishes are addressed. This is especially important if the sale is part of end of life planning or to ensure economic security for seniors.
Aging in Place
For seniors who prefer to age in place rather than move to a senior living community or senior apartment community, the focus might be on making the home more livable rather than selling. However, if selling is the chosen route, emphasize the home’s potential for other seniors looking to age in place. We’re talking grab bars, walk in showers, better lighting, non slip flooring, and a main floor laundry.
Estate and Financial Planning
Ensure that all financial and legal aspects are in order. This includes updating wills, trusts, and other estate planning documents. Consulting with a financial planner or estate attorney can ensure that the proceeds from the home sale are managed effectively to support future needs.
Marketing Strategies
Professional Photography and Virtual Tours
High-quality photos and virtual tours can attract more buyers, especially those who may be relocating from other areas. Highlight the home’s best features and any recent upgrades or repairs.
Targeted Advertising
Focus on marketing strategies that reach the right audience. For example, advertising in publications and websites frequented by seniors or their families can attract buyers who appreciate the value of a well-maintained home suitable for aging in place.
Highlight Senior-Friendly Features
If the home has features that are particularly beneficial for seniors, such as a single-story layout, grab bars, or a walk-in shower, make sure these are highlighted in all marketing materials.
Open Houses
Hosting open houses can create a sense of urgency and competition among buyers. Ensure the home is in top condition and consider offering light refreshments to make visitors feel welcome.
Choosing the Right Real Estate Agent
Working with a real estate agent experienced in senior transitions can make a significant difference. They understand the unique needs and concerns of senior sellers and can provide valuable guidance throughout the process. Ensure the agent is knowledgeable about elder abuse prevention, can spot potential scams, and is sensitive to the emotional aspects of selling a longtime home. When interviewing agents, ask them for examples of the resources they have in place to provide a turnkey solution. Some of the best prepared real estate professionals have designations like Certified Seniors Real Estate Specialist™ (CHSP), Certified Downsizing Coach (CDC)™ and Certified Senior Advisor®(CSA). CSA’s are background checked every 3 years.
Conclusion
Selling a home, regardless of its condition, requires careful planning and strategic execution, especially for seniors. By addressing necessary repairs, staging effectively, pricing correctly, and marketing to the right audience, seniors can maximize their home’s sale value. Ensuring family communication, protecting against scams, and integrating estate and financial planning are essential to achieving a successful and beneficial sale. Remember, the goal is not just to sell the home but to do so in a way that best supports the senior’s next life stage.
When considering the purchase of a new construction home in the St. Louis Metro area, it’s crucial to have a professional real estate agent on your side from the very beginning. Here’s why you shouldn’t work directly with the builder and the benefits of engaging an agent with extensive knowledge and experience in new home construction.
Why Not Work Directly with the Builder?
Builders often have sales agents on-site who are well-versed in their product, but these representatives work for the builder. Their primary goal is to protect the best interests of the builder, not to advocate for the best interests of the buyer. This means that they are focused on achieving the highest possible profit margins for the builder, which might not align with what is best for you as the buyer.
Without your own agent, you lack proper representation in negotiations and throughout the home-buying process. An experienced real estate agent can help you navigate the complexities of builder contracts, which often include terms that heavily favor the builder. Moreover, a buyer’s agent can negotiate upgrades, prices, and other terms more effectively, ensuring that you get the best possible deal and that your interests are protected from start to finish.
Engage an Agent Early
It’s vital to engage a real estate agent before you even visit the first builder display. Many builders have policies that may exclude paying a buyer’s agent if they were not present on your first visit, which could cost you money. By involving your agent from the outset, you ensure that you are fully represented in all interactions with the builder and their representatives. This can also prevent any potential misunderstandings and maximize the value you get from your investment. Additionally, having your agent involved early means they can help you evaluate different builders and communities, identify potential red flags, and provide valuable insights on the best options available, ensuring you make an informed decision from the very beginning.
Expertise in New Home Construction
Choosing an agent with in-depth knowledge and experience in new home construction can make a significant difference. Such agents are familiar with the construction quality, builder reputations, and the intricacies of new home warranties. They can provide valuable insights into the various options and upgrades available, helping you make informed decisions that add long-term value to your home. Additionally, they can offer an “apples-to-apples” comparison between builders and ensure you are aware of any future developments that might affect your new neighborhood. This expertise allows the agent to foresee potential issues and advocate for your best interests effectively, making the entire process smoother and more secure for you as a buyer.
Why Choose MORE, REALTORS?
At MORE, REALTORS, we have a team of agents with extensive experience and knowledge in selling new homes and building custom homes. Our experts are equipped to guide you through every step of the process, ensuring a smooth and beneficial home-buying experience. With a deep understanding of the local market and strong relationships with builders, we are committed to helping you make informed decisions and secure the best possible outcome for your new home purchase.
A Springfield, Missouri business owner, Brian Scroggs, has been indicted by a federal grand jury for orchestrating a fraudulent timeshare exit scheme, according to an announcement from the FBI. Scroggs, who owned Vacation Consulting Services, LLC, and The Transfer Group, LLC, promised clients he could help them exit their timeshare contracts for a fee. Despite knowing that timeshare companies had stopped working with exit firms, Scroggs continued to solicit new clients under false pretenses.
The indictment reveals that Scroggs defrauded clients of over $32,000 by falsely claiming his companies could release them from their timeshare agreements. His scheme involved hosting seminars across the country where he assured timeshare owners they could either get out of their contracts or receive a refund. However, none of these promises were fulfilled, leaving clients trapped in their timeshare agreements without the refunds they were promised.
This case, prosecuted by Assistant U.S. Attorney Patrick Carney and investigated by the IRS-Criminal Investigation and the FBI, serves as a stark reminder for timeshare owners to exercise caution and thoroughly vet any exit companies they consider using. Always seek advice from trusted real estate professionals, such as those at MORE Realtors INLINE TEXT Link – goes to agent website MORE, REALTORS®, to avoid falling victim to similar scams.
The Consumer Financial Protection Bureau (CFPB) has issued a Request for Information (RFI) regarding fees imposed in residential mortgage transactions. This initiative aims to gather insights and comments from the public about the escalating costs associated with obtaining a mortgage. As homeowners and prospective buyers, this is an opportunity for you to voice your experiences and concerns regarding these fees.
From 2021 to 2023, the median total loan costs for home purchase loans surged by over 36%, with the median dollar amount paid by borrowers in 2022 nearing $6,000. These rising costs, coupled with increased home prices and interest rates, have significantly strained household budgets. The CFPB’s focus is on understanding the impact of these fees on home affordability and access to credit, particularly for first-time and lower-income buyers who are disproportionately affected.
The CFPB has launched a public inquiry into what they term “junk fees” in mortgage closing costs. According to CFPB Director Rohit Chopra, these excessive fees can drain down payments and push up monthly mortgage costs, making homeownership less accessible. The Bureau is seeking to uncover why these costs are rising, who benefits from them, and how they might be reduced to alleviate the financial burden on both borrowers and lenders.
Mortgage lenders are also affected by these rising costs. Increased expenses for services like credit reports and title insurance can limit lenders’ ability to offer competitive mortgages, as they either pass these costs onto borrowers or absorb them, affecting their bottom line. The CFPB is particularly interested in understanding the competitive pressures and market barriers affecting these fees, as well as gathering data on the broader impacts on housing affordability and home equity.
The CFPB is calling on homeowners, homebuyers, and industry participants to share their stories, data, and insights on mortgage closing costs. Comments can be submitted electronically via the Federal eRulemaking Portal or by email. Your feedback will help shape future regulations and policies aimed at ensuring fair and transparent mortgage practices. For more details, including submission instructions, refer to the full notice from the CFPB below.
House hacking is becoming an increasingly popular strategy among younger and first-time homebuyers in many parts of the country, including the St. Louis Metro Area. What is house hacking? Essentially, it involves purchasing a multi-unit property or a single-family home with rentable spaces, offering the new homeowner the opportunity to offset their mortgage payments with rental income. This approach not only reduces living expenses but also helps build equity faster and generate additional income streams.
House hacking offers numerous benefits, particularly in a market like St. Louis where property values are competitive and rental demand is strong. For first-time homebuyers, it provides an opportunity to enter the real estate market with lower financial risks. Investors can also leverage this strategy to diversify their portfolios and maximize returns. By renting out portions of their property, homeowners can enjoy the dual advantage of having a place to live while their tenants help pay down their mortgage.
If you’re considering house hacking or need expert advice on navigating the St. Louis real estate market, the experienced agents at MORE, REALTORS® are here to help. With a deep understanding of the local market trends and a commitment to client success, they can guide you through every step of the home buying process.
As we commemorate Memorial Day, it’s a time for reflection on our history and community. In St. Louis, Memorial Day holds particular significance, intertwining with our city’s rich historical tapestry.
The Historical Roots of Memorial Day in St. Louis
Memorial Day, originally known as Decoration Day, was established after the Civil War to honor fallen soldiers. St. Louis, with its strategic location and historical military significance, has always played a pivotal role in these commemorations. Jefferson Barracks National Cemetery, one of the oldest military cemeteries in the United States, serves as the final resting place for over 188,000 soldiers, spanning conflicts from the Revolutionary War to the present day. Each year, the cemetery becomes a focal point for Memorial Day activities, reminding us of the sacrifices made by countless individuals to protect our freedoms.
Community and Neighborhood Celebrations
Memorial Day serves as a reminder of the importance of community and remembrance. Neighborhoods throughout St. Louis host events and parades, fostering a sense of unity and pride. Here are some notable celebrations:
Jefferson Barracks National Cemetery: Annual Memorial Day Ceremony
Event: Memorial Day Wreath-Laying Ceremony
Time: 10:00 AM
Details: Military honors, commemorative speeches, playing of Taps, and a rifle volley.
Location: Jefferson Barracks National Cemetery, 2900 Sheridan Road, St. Louis, MO
Soldiers Memorial Military Museum: Memorial Day Ceremony
Event: Memorial Day Ceremony
Time: 10:00 AM – 12:00 PM
Details: Adding names of 254 St. Louisans who died in the Vietnam War to the Court of Honor, performances by the Red and Black Brass band, and a procession to the Court of Honor.
Location: 1315 Chestnut St., downtown St. Louis, MO
Lafayette Square: Memorial Day Picnic
Event: Memorial Day Picnic
Time: 11:00 AM – 2:00 PM
Details: The neighborhood association organizes a picnic in Lafayette Park, featuring historic home tours, live music, and activities for children, celebrating the community’s heritage and honoring those who served.
Location: Lafayette Park, Lafayette Square, St. Louis, MO
Belleville Memorial Day Parade
Event: Annual Memorial Day Parade
Time: Parade starts at 10:00 AM, Memorial Day Program starts at 11:00 AM
Details: Parade route ends at Walnut Hill Cemetery, followed by a Memorial Day Program.
Location: Downtown Belleville, IL
Central West End: Memorial Day Parade and Walking Tour
Event: Memorial Day Parade and Walking Tour
Time: Parade at 10:00 AM, Walking Tour at 12:00 PM
Details: The parade winds through the Central West End neighborhood, followed by a local history walking tour highlighting the area’s historical significance and military connections.
Location: Central West End, St. Louis, MO
Forest Park: Memorial Day 5K Run
Event: Memorial Day 5K Run
Time: 8:00 AM
Details: A 5K run through Forest Park, followed by a memorial service at the park’s Soldiers Memorial, honoring fallen soldiers with speeches and a moment of silence.
Location: Forest Park, St. Louis, MO
The Delmar Loop: Memorial Day Street Festival
Event: Memorial Day Street Festival
Time: 11:00 AM – 5:00 PM
Details: A street festival featuring live music, food vendors, and special performances, including a tribute to local veterans and active-duty military personnel.
Location: Delmar Loop, St. Louis, MO
University City Memorial Day Run
Event: 50th Annual University City Memorial Day Run
Time: 7:30 AM – 12:00 PM
Details: This event features a 10K run starting at 7:30 AM, a 5K run starting at 7:50 AM, and a Family Fun Run starting at 9:15 AM. The runs begin in front of the University City Public Library and pass by many of University City’s landmarks and beautiful gardens. Proceeds from the event benefit the University City Public Library, The Green Center, and U City in Bloom.
Location: University City Public Library, 6701 Delmar Blvd, University City, MO
Ballwin Memorial Day Ceremony
Event: Memorial Day Ceremony
Time: 11:15 AM
Details: Includes Color Guard VFW Post 6274 and a performance by the Donneresas.
Location: Peace Memorial at Vlasis Park, Ballwin, MO
Manchester Memorial Day Remembrance Ceremony
Event: Memorial Day Remembrance Ceremony
Time: 10:00 AM
Details: The ceremony will feature U.S. Navy Reserve Commander Sam Fletcher as the speaker, and will include a bald eagle from the World Bird Sanctuary, music by the Manchester Community Band, and the Flags of Valor presentation, recognizing service members killed in action since September 11.
Location: Veterans Memorial in Stoecker Park, 222 Henry Ave, Manchester, MO
Sappington-Concord Historical Society Memorial Day Ceremony
Event: Memorial Day Ceremony
Time: 10:00 AM
Details: The traditional ceremony will include community participation and honor local veterans. The Sappington-Concord Historical Society hosts this event, which is a long-standing tradition in the area.
Location: Sappington-Concord Historical Society, Sappington, MO
Alton Memorial Day Parade
Event: Alton Memorial Day Parade
Time: 10:00 AM
Details: The Alton Memorial Day Parade is touted as the oldest consecutive Memorial Day parade in America, having run every year since 1868. The celebration begins at Alton Middle School and concludes at the Alton City Cemetery. The parade features various floats, marching bands, and community groups, all coming together to honor those who have served and sacrificed.
Location: Starts at Alton Middle School, 2200 College Ave, and ends at Alton City Cemetery, 1205 East 5th St., Alton, IL
Collinsville Memorial Day Service
Event: Collinsville Memorial Day Service
Time: 10:30 AM
Details: The Collinsville Memorial Day Service will be held at the Collinsville VFW. The event will feature a guest speaker, John Shimkus, and a performance by the Collinsville High School band. A light lunch will be served following the ceremony, allowing the community to gather and reflect on the significance of the day.
Location: Veterans of Foreign Wars, 1234 Vandalia Street, Collinsville, IL
Wings Over St. Louis
Event: Wings Over St. Louis
Time: 9:00 AM – 5:00 PM
Details: This event at the Spirit of St. Louis Airport in Chesterfield features historic warbird flights, static displays of vintage aircraft, and educational activities. Visitors can ride in one of the warbirds, view historic military vehicles, and participate in interactive learning experiences. The event is family-friendly and offers a unique opportunity to experience aviation history up close.
Location: Spirit of St. Louis Airport, 18270 Edison Ave, Chesterfield, MO
These community events not only honor the memory of those who served but also enhance the appeal of St. Louis neighborhoods, making them attractive to potential homebuyers looking for areas with a strong sense of community and history.
The Freddie Mac U.S. Economic Housing and Mortgage Market Outlook for May 2024 reveals significant insights into how mortgage interest rates are impacting the housing market, particularly across different generations. With the 30-year fixed-rate mortgage recently surpassing 7%, many prospective homebuyers find themselves priced out of the market. At the same time, current homeowners are hesitant to sell, clinging to historically low rates secured in 2020 and 2021. According to Freddie Mac’s chart below, over 60% of mortgages have rates below 4%, creating a substantial financial disincentive for homeowners to move, effectively locking them into their current homes. Homeowners who secured these low rates have, on average, locked in $66,000 in savings, which they would forfeit if they sold their homes in the current high-rate environment.
Analyzing the borrower-level National Mortgage Database, it becomes clear that Millennials and Gen Xers have benefited most from the low-rate environment, with average rates around 4%. Millennials, who entered the market en masse during the low-rate period of 2020-2021, secured favorable rates primarily through purchases, while Gen Xers capitalized on refinancing opportunities. In contrast, Gen Z, stepping into the market more recently, faces the highest average rates at 4.9%, with many having purchased homes during the higher rate periods of 2022 and 2023. This generational disparity in mortgage rates suggests that while refinance opportunities remain slim, should rates decline, there could be significant refinancing activity, especially among Gen Xers and Millennials.
Percentage of Homeowners with Mortgages at Various Rate Levels
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