We.ve seen a solid increase in St. Louis real estate sales this year.   Lawrence Yun, chief economist of the National Association of Realtors is predicting a 20% increase in home sales for the first half of 2010.  We can count on 2.6 million home purhcasers taking advantage of the credit.  Yun admits that his prediction is assuming that we will continue to see historically low interest rates of around 5.0 to 5.5% — for today’s rates contact my mortgage partner Matt Eversgerd of Stifel Bank at 314-620-7227.

Currently, the Fed plans to end its purchase of Mortgage Backed Securities.  We will see rates rise on this action.  But we shouldn’t see rates go through the roof — they will likely land in the high 5s.  The rate change from today’s 4.875 for 30 year fixed rate money to the likely 5.875% we will see in 2010, means that every $100,000 that you borrow will cost you an additional $60 per month.

For example, a $250,000 loan today has a principal and interest payment of $1324. If rates increase a full percentage point, as expected by mid-2010, that same loan amount will cost you $1480.

I’m optimistic about 2010.  Throughout this past year the St. Louis real estate market has had it’s ups and downs, but my sense is that our outlook is better than it was a year ago.

One of the reasons for my optimism…. During 2008 and 2009, while the overall St. Louis transaction volume sank by 30%, mine went up.  I’ve sold 80 homes during the 08/09 decline.  So, Nolting Real Estate is doing something right for St. Louis real estate buyers and sellers.  Check us out.

The President has approved an extended and expanded tax credit for home buyers

The 2009 housing tax credit applied to first time home buyers only.  The new tax credit has expanded to include repeat home buyers — you may be eligible.  St. Louis real estate is turning around as a result of this tax credit.

**To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
**The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
**The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
**The tax credit applies only to homes priced at $800,000 or less.
**The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
**Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

A short sale can be time consuming and complex

A short sale is the selling of property to avoid foreclosure, the catch being that the property is being sold for less than the amount owed on it.  Short sales are becoming more and more popular in the St. Louis, MO, real estate market. What makes a short sale tricky is that the sale price is not up to the seller, the lender has to agree to the purchase price.  The home owner isn’t walking away with any money at closing in the case of a short sale so he doesn’t care if the home sells for a dollar, the bank’s involvement is to reduce their loss as much as possible and the buyer just wants a bargain.

The basic process of a short sale is:

• Borrower must be in arrears on loan payments
• Borrower or broker contacts lender to discuss the possibility of a short sale
• Potential buyer makes offer, knowing what is owed by borrower/owner of property
• Lender reviews loan and offer
• Borrower has to show/prove financial hardship
• Lender and broker discuss value and condition of property and examine any offers
• Lender makes final call

The short sale process looks easy on paper, follow the steps and the deal is done, short sale completed.  However, in reality the communication between the borrower, lender, Realtor and potential buyer is complex and time consuming.  Simply wanting a short sale won’t make it happen.  Using a CDPE (Certified Distressed Property Expert) eases the pain and insures you better success when trying to complete a short sale.  There are few CDPEs in St. Louis county.  Nolting Real Estate has 2 on staff.  Being in financial stress is not easy on anyone and using an expert will help you get the job accomplished in a more timely manner and help create a successful real estate transaction.

If you’d like more assistance, please call me at 314-267-2636.  And if you’re searching for a home, please check my St. Louis Real Estate Listings resource.

Note Well:This St. Louis home is a short sale — We are Certified Distressed Property Experts.  We help people with distressed properties.

Super opportunity for the handyman! Located at the back of a peaceful cul-de-sac, this spacious all brick 4 bed/3 bath ranch residence has everything you’ve been searching for. The living room & dining room share a tall cathedral ceiling lending a huge space to welcome & entertain your guests. The family room has a full masonry fireplace & sliding glass doors to the private aggregate patio. You’ll be very impressed with the extra-large kitchen & breakfast room. The master suite includes a second set of sliding glass doors to the back patio, a full bath with whirlpool tub & His&Hers closets. The functional space is tremendously expanded with the huge lower level. There is a large recreation room with brick fireplace & built-in brick bar, plus 2 additional rooms & the third bathroom. The privacy… fenced backyard features a large aggregate patio surrounding an in-ground pool. Don’t miss out on this one. $203,000.

This is not listed by Nolting Real Estate.  We include it here because it is a good buy in a subdivision that we love — Westbury Manor.  We’ve sold a number of homes in Westbury Manor in the last year.  Properly remodeled, this home should command about $300,000.  It’s a good investment.  Call us to schedule a tour of 162 Saddleford — 314.267.2636.

Search for other short sales at our St. Louis MLS search website.

http://www.TopStLouisHomes.com

http://www.TopStLouisHomes.com is the perfect place to search for your next  St. Louis home.  This website has a direct link to the St. Louis MLS, which means searches performed on TopStLouisHomes.com are identical to those that Realtors use when they are looking for you.

You can visit our MLS search tool any time and will not be required to sign in or provide any personal information.  However, should you need additional help, call Russell Nolting at 314-267-2636, anytime.

Happy house hunting!!

Tower Grove South 4 bedroom/ 1.5 bath

4 Bedroom/1.5 bathroom, all brick, updated bungalow in Tower Grove South located at 4108 Wyoming, near Morganford shopping and restaurants. Many updates including new furnace and A/C, new siding (accent). Kitchen has refinished cabinets, new counters, new appliances (gas range). Baths have new vanities, new ceramic. Wood floors refinished in 2007. Living Room, Dining Room and Kitchen are open to one another and feature hardwood floors, arched openings and lots of windows/natural light. Freshly painted walls and moldings just completed. 2 nice bedrooms on main level with full bath. Upstairs are 2 enormous bedrooms. This home has tons of closet space including cedar closet! Lower level is dry and partially finished — great family room space. Large, fenced, level yard backs to beautiful church — very private. 10×14x10 new, metal storage shed stays with the house. Home Warranty incl. Typical Bills… Gas Summer — $60, Gas Winter — $125, Electric (Budget) — $63, Sewer — $35, Water $70/3 months.

Just listed for $149,900.  To schedule a showing, please contact me at 314 267 2636.

Contary to popular belief the first step in buying a home in St. Louis is not calling your favorite Realtor and asking to see a bunch of properties.  The first step is to get approved for a loan.  

Here’s Why…

Getting approved for a loan takes more time today than ever before.  A good offer in this economy has a quick closing date.  In many cases, I can save you $1000s of dollars if you are willing and able to close soon.  Lots of the properties I show are vacant.  The sellers are anxious to get a contract and close.  But if you haven’t applied for your loan with your lender, you cannot close quickly. 

The St. Louis Mortgage lender you choose can give us a good feel for your “credit-worthiness” with just a short phone call and a credit check.  But he cannot give us a final decision unless you have submitted support documents that back up your financial story.  

I’ve been working with a young couple for a few weeks that has a number of student loans.  In order to qualify, these student loans need to be placed in deferment.  Rather than potentially wasting my buyer’s time (and mine) looking for houses, we need to get the loan approved.  Supporting documents for the deferment must be put in place.  

The security of having a full credit approval allows the buyer to shop with confidence.  Further, it strengthens any offer put on a property.

Sat., May 23 and Sun., May 24: 10 a.m. to 7 p.m.
Mon., May 25: 10 a.m. to 6 p.m.
Tues., May 26 through Thur., May 28: 4 to 8 p.m.

Fri., May 29 through Mon., August 17
Weekdays Noon to 7:30 p.m.
Weekends 10 a.m. to 7 p.m.
Holidays 10 a.m. to 6 p.m.

Tues., August 18 through Mon., September 7
Weekdays 4 to 7:30 p.m.
(Competitive Pool & Family Pool only)
Weekends 10 a.m. to 7 p.m.
Holidays 10 a.m. to 6 p.m.

The Lodge in Des Peres

Located along Des Peres Road in the heart of Des Peres, The Lodge in Des Peres is the community hub for the city of Des Peres.  In addition to both indoor and outdoor aquatic centers, The Lodge in Des Peres has a state of the art fitness center, running track (1/10 mile), basketball courts, meeting rooms, childcare, and various casual seating spaces.  

The outdoor aquatic center at The Lodge in Des Peres has the following hours for the summer of 2009:

The Outdoor Aquatic Center is open 
Saturday, May 23 – Sunday, August 23.
Monday – Friday        12 p.m. – 8 p.m.
Saturday                   11 a.m. – 8 p.m.
Sunday                     11 a.m. – 6 p.m.

**The Outdoor Pool will operate on a school schedule beginning August 24.  
Monday – Friday                    Closed
Saturday                11 a.m. – 8 p.m.
Sunday                  11 a.m. – 6 p.m.

Holiday Hours
Memorial Day, May 25  11 a.m. – 8 p.m.
Independence Day, July 4  11 a.m. – 6 p.m.
Labor Day, September 7  11 a.m. - 8 p.m.    

Looking forward to seeing you there!