Ready For My National TV Debut

It was bound to happen sooner or later - I've been discovered. Not sure what took them so long, but they found me. I (along with my clients) have been selected for a taping of HGTV's popular show, House Hunters. It's sure to be the finest episode they've ever aired.

OK, here's the deal - it had nothing to do with me. The show's producers loved the couple (my clients) and their story. Honestly, I'm just riding their coattails. They are a great young couple, with a 2 year old boy, that moved to St. Louis from Chicago a little over a year ago. They've been renting in St. Louis for the meantime, while we find the house of their dreams. Which do they choose? Find out...well, whenever they air the show I guess. Stay tuned for more info.

Time Running Out On $8000 Tax Credit

There may be less time than you think to take advantage of the first-time home buyer tax credit. I've heard many misleading or uninformed statements made recently about this tax credit, with one of the many confusions being when the program ends. I'm sure if this program got anywhere near as much publicity as Cash For Clunkers that wouldn't be the case. Unfortunately, a not so uncommon response I hear from buyers is that they have until the end of the year to buy a house. Well, that's not exactly true. Let's take a closer look at that statement and do a little math. First thing first, here's what the IRS says about the tax credit:


The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.

Let's be clear, "purchasing a principal residence" means closing on your home - not making an offer or even getting your offer accepted. It means going under contract, doing inspections, getting financing, removing all contingencies and closing. All of this before December 1 (a.k.a. Nov. 30th or earlier). Now, if we look at a calendar, November 30th is the Monday following Thanksgiving weekend. I would advise all clients to avoid closing on this date for a couple reasons 1) It's sure to be a mad house at the title companies with everyone trying to make it in before the deadline and 2) if there are any hold-ups with the financing and your lender needs to set the closing back a couple days, you're out of luck. So, to be on the safe side, let's say you close a week earlier on November 23, and with a typical closing date 30 days out from time of accepted contract, that puts you at October 23 (or roughly 2 months from now).

But don't fear, for a focused and motivated buyer that is plenty of time to find the right home. There is a good amount of inventory out there to choose from and with low rates coupled with reasonable prices, there is no better time than now for the first-time buyer.

To search for any home in the St. Louis area without the need of signing in, please visit my website. Or sign up for Property Watch to be emailed listings that fit your criteria as soon as they come on the market.

Existing Home Sales Up For July - 4th Consecutive Month

Pace of U.S. existing home sales fastest in 2 years

• On Friday August 21, 2009, 10:59 am EDT

WASHINGTON (Reuters) - Sales of previously owned U.S. homes notched their fastest pace in nearly two years in July, an industry survey showed on Friday, the strongest sign yet that housing was pulling out of a three-year slump.

Reuters - Sales of previously owned U.S. homes in July notched their fastest pace in nearly two years, an industry ...

The National Association of Realtors said that sales jumped 7.2 percent to an annual rate of 5.24 million units, the highest since August 2007, beating market expectations for a 5 million unit pace. Sales were at a 4.89 million pace in June.

July's percentage increase was the largest monthly gain since the series started in 1999 and marked the fourth straight monthly advance. The last time sales rose for four consecutive months was in June 2004, the NAR said.

U.S. stock indexes rallied on the data, while Treasury debt prices extended losses as investors viewed the report as another indication that the recession that started in 2007 was close to or ending.

"Existing home sales data show that we are moving in the right direction," said Kevin Flanagan, fixed income strategist for Global Wealth Management at Morgan Stanley in Purchase, New York.

Compared to July last year, sales rose 5.0 percent. The improvement in sales in July was broad based with single-family home sales rising 6.5 percent to annual rate of 4.61 million units and multifamily dwellings surging 12.5 percent to a 630,000 unit rate.

"The housing market has decisively turned for the better. We are bouncing back," NAR chief economist Lawrence Yun told reporters.

Housing data continue to indicate the sector is starting to turn after a three-year slump, but high unemployment threatens the budding recovery as many homeowners continue to lose their properties.

A report from the Mortgage Bankers Association on Thursday showed late homeloan payments jumped to a record high in the second quarter, with almost one in eight homeowners delinquent or in the process of foreclosure.

The inventory of existing homes for sale in July rose 7.3 percent to 4.09 million units from the previous month, and represented a 9.4 months' supply at the current sales pace, unchanged from June, the NAR said.

The national median home price was $178,400 in July, down 15.1 percent from the same period last year, weighed down by distressed sales as they typically sell for 15 to 20 percent less than traditional homes.

(Reporting by Lucia Mutikani)

http://finance.yahoo.com/news/US-July-existing-home-sale-rb-1135231752.html?x=0&sec=topStories&pos=main&asset=&ccode=

Welcome to Beyond Realty

Welcome to my new blog where I will write about the local (St. Louis), state (MO) and national real estate markets, as well as, community events, issues, a little local flavor and beyond. Get it? That's horrible, I know. I'll try not to be that corny, but I'm not promising anything.

A little background - I'm a real estate professional specializing in residential real estate in south St. Louis city and Mid County (Webster Groves, Kirkwood, etc.). I choose to focus on these markets because I love walkable neighborhoods, restaurants with outdoor seating and I am a sucker for open air markets.

To search for any home in the St. Louis area without the need of signing in, please visit my website. Or sign up for Property Watch to be emailed listings that fit your criteria as soon as they come on the market.