Beyond Realty - St. Louis Real Estate Blog

St. Louis golf course map, 2011

2011-05-04T13:52:00.002-05:00

Get information including green fees, yardages and directions to all area public golf courses courtesy of stltoday.com.

St. Louis golf course map, 2011

Posted by Mike Cromie on Beyond Realty - St. Louis Real Estate Blog.

New Listing - 4906 Hummelsheim

2011-05-02T11:14:00.002-05:00

Just Listed

4906 Hummelsheim Avenue, Affton, MO 63123

3 Bed, 2.5 Bath
2 car garage
Updated kitchen and baths
Finished basement

Click for Property Details

Posted by Mike Cromie on Beyond Realty - St. Louis Real Estate Blog.

QR Codes in Real Estate Marketing

2011-03-24T16:22:00.006-05:00

Quick poll:

1) Have you ever heard of/seen something called a QR code?

2) Do you currently use a QR code reader on your smart phone?

3) Would you utilize QR codes when looking for your next house?

A QR code, short for Quick Response, is a type of two-dimensional barcode. First developed in Japan to track inventories, the technology is quickly gaining ground here in the states through a wide variety of applications. Not the least of which is mobile marketing, essentially a quick and convenient way to transfer information from a print advertisement to your mobile phone using the device's camera. Whether you know of them or not, you're likely to see more in the near future as marketers here in the US begin to find more uses for the technology.

As this recent trend makes its way into the world of real estate, agents like this one (doing the double thumb point to myself) are looking for ways to implement the technology that will add value to the home buying/selling experience. Some of the ways I've seen them used in real estate marketing are on flyers leading the customer to a listing's information page, or even business cards leading to an agent's personal website. Another use, that I find particularly useful, is on a yard sign in front of a listing that will direct the buyer to a webpage with additional information, pictures or a virtual tour. I do think you will begin to see more and more of these to advertise listings, but I also realize that not every buyer has the capability to read the codes on their phone. Therefore, I think it will be a while (if ever) that they make some of the traditional forms of marketing, such as, the "24 hour voice recording" obsolete.

Would you find these uses for QR codes helpful? Or do you have other ideas? I would love to hear from you, so please leave a comment.

Posted by Mike Cromie on Beyond Realty - St. Louis Real Estate Blog.

Tips For Home Buyers #3

2011-03-07T15:36:00.003-06:00

Check your cellular phone coverage.

Imagine you just closed on a new home and have been handed the keys. Maybe the moving van is out front and you're starting to unpack some boxes. You couldn't be more excited. Perhaps you want to share your excitement, so you call a friend or loved one.

But wait a minute. What? This can't be. Nooooooooo!

Not a pleasant time discover that you receive little or no signal on your cell phone at the new house. I recommend checking to make sure you get decent reception at any house you're considering before signing a contract. To some, this may only be a minor factor in choosing the right house. But, if you're like me and don't use a landline, it could be something you need to seriously consider.

It only takes a second, so next time you're at a showing or open house, make sure to check how many bars your getting while walking through the house.

Posted by Mike Cromie on Beyond Realty - St. Louis Real Estate Blog.

Did That Tweet Just Cost You Money?

2011-02-28T15:46:00.003-06:00

We all have those social networking friends that feel the need to tell you every last detail of their personal life via Facebook, Blogs, Twitter, Foursquare etc. Someone you may hardly know in "real" life is willing to tell you everything from intimate personal relationship details to which type of mustard they just bought. For them, their life is an open book and I commend them for it. I really do. I can't open myself up like that. (Although, I must admit that I'm thankful for the ability to discreetly hide the news feeds of some individuals' posts.) But sometimes that openness can come at a cost. Literally, a monetary cost.

A letter in the March 2011 issue of REALTOR magazine reminded me of a story a fellow agent recently told me. In both cases, a home buyer posted details of a real estate transaction that they were actively negotiating. In the magazine story, the buyer indicated how strongly they wanted the house and even what they were willing to pay for it. The seller was somehow made aware of this, which obviously compromised the buyer's negotiating position costing them money on the deal as a result.

As Realtors, one of our most sacred responsibilities to clients is to protect their interests in contract negotiations. This includes their motivation for selling/buying, how badly they want to deal to get done and how much they are willing to accept/pay. Although the importance of keeping those cards close to your chest may be obvious to agents and most clients, perhaps we can do a better job at educating clients to the potential dangers of making such knowledge public, even when they think it's just their "friends" that they're telling.

Posted by Mike Cromie on Beyond Realty - St. Louis Real Estate Blog.

6417 January Virtual Tour

2010-06-22T22:54:00.002-05:00

For more information on this listing, or any other in the St. Louis area, visit www.MikeCromie.com.

Posted by Mike Cromie on Beyond Realty - St. Louis Real Estate Blog.

Tips For Home Buyers #2

2010-06-13T20:39:00.004-05:00

Follow the home inspector around your house.

This tip can be especially helpful to first-time home buyers. Or for that matter, anyone that's unfamiliar with the various systems used to run a home. It's a great way to get acquainted with your new purchase.

Although not necessary, I often recommend to my clients that they be present during the home inspection and to feel free to ask questions. A good inspector will educate you about the home you're under contract to buy and should encourage any questions you have. After all, this is what you hired them to do. Their job is to inspect the home's structure, test all of it's systems, point out potentially hazardous situations and discover latent defects. But in the process, by following them through the house, you can discover the location and function of many of the home's mechanical, electrical and structural elements.

A complete home inspection will take anywhere from 3-6 hours, depending on the size of the home (Although, some of the time will be spent in areas that you most likely won't want to go, or shouldn't for safety reasons, such as the roof, attic or crawl space). This might seem like a long time to follow someone around your house, but may come in handy down the road. I'm sure even the most novice of home buyers know how to flip a breaker switch or even change their furnace filter. But, can you locate your main water supply shut off in the event of a leak? Or do you know how to determine when your brick needs tuckpointing? Or how to adjust the temperature on your water heater? These are just some of the nice tidbits you can gain from being present and curious at the time of inspection.

Posted by Mike Cromie on Beyond Realty - St. Louis Real Estate Blog.

Summer, summer, summertime. Time to sit back and unwind.

2010-06-03T14:26:00.009-05:00

Yeah that's right, I'm breaking out DJ Jazzy Jeff and The Fresh Prince lyrics. (Normally, I would assume if you don't recognize these lyrics you're from an older generation than mine. However, if you don't know them and you're reading a blog, I'm more likely to assume I'm the one from the older generation - and that scares me.)

What better way to sit back and unwind on a hot summer day in St. Louis than to hang out at the pool. My wife and I are city residents and thought our pool-going options were pretty slim. If you're like us and don't live in a community that runs their own public pool (unless, for us, you count the YMCA run Carondelet Rec Plex), you may also feel left out. But I've done a little research recently and was pleasantly surprised to find that a majority of the pools run by various St. Louis area municipalities are available to non-residents.

Although you'll almost always pay more than your tax-paying resident counterparts, in several cases you don't even need to be an accompanying "guest" of someone else. Some aquatic centers are only available with a season pass, whereas others offer daily passes.

Next time you want a break from the heat, check out these St. Louis area pools (click the link to find detailed information on fees, locations and schedules):

Daily and Season passes available without accompanying "resident/member":
Crestwood Aquatic Center
Sunset Hills Aquatic Center (New in 2010)
North Pointe Family Aquatic Center (Ballwin)
The HEIGHTS (Richmond Heights; Indoor pool and water park)
St. Louis County Parks Aquatic Facilities (Kennedy Pool, North County Pool, St. Vincent Water Park)
Aquaport (Maryland Heights)

Season pass available without accompanying "resident/member":
Carondelet Rec Complex (New in 2010)
Shaw Park Aquatic Center (Clayton)

Daily admission as a "guest":
Carondelet Rec Complex (New in 2010)
Shaw Park Aquatic Center (Clayton)
Recreation Station Aquatic Center (Kirkwood)
Webster Groves Aquatic Center

Posted by Mike Cromie on Beyond Realty - St. Louis Real Estate Blog.

Record Low Mortgage Rates

2010-05-24T13:39:00.005-05:00

My mom always told me not to take advantage of other's misfortune. OK, maybe she didn't, but that seems like something moms say. Either way, I'm here to tell you - you can. And you should. And you shouldn't feel bad about it, at least in this case.

Because of the European debt crisis, mortgage rates here in the US are seeing record lows. The national average rate on a 30 year fixed loan, quoted on Bankrate.com, is 4.87%. Many investors are moving their money into US Treasurys, which lowers their yield and in turn, affects mortgage rates. This creates a great opportunity for those currently seeking a new home.

In an article on CNBC.com, Moody's chief economist, Mark Zandi, had this to say about the potential of buying a home in today's market: "It's the best time in our generation to buy. It may be the best time in any generation. Mortgage rates are so low and with homes prices down and lots of inventory, you couldn't pick a better time to buy or re-finance."

If you've been considering making a purchase of a new home for a while, or just missed the tax credit deadline this could be the opportunity you've been waiting for.

To search all listings in the St. Louis area, please visit my Google Map Search. Or sign up for Property Watch to be emailed listings that fit your criteria as they come on the market.

Posted by Mike Cromie on Beyond Realty - St. Louis Real Estate Blog.

Tips For Home Sellers #1

2010-04-15T20:11:00.003-05:00

Go see your competition.

A good way to know how you stack up against your competition is to see them in person. The typical practice when pricing a listing will be for your real estate agent to show you, either online or on paper, comparable properties (comps) in the neighborhood. The agent may have seen some of the properties him/herself, especially if they specialize in the area, but you as the seller need to as well.

Not only will this help to accurately price your home, but you may come away with some fresh ideas on ways to present your home at showings. Pay attention to things you like and dislike about the way other homes show. Then go home and try to view your own home in the same critical mind set. You might find that the stuffed moose head smoking a cigarette in the den is tacky after all. Who knew?

Posted by Mike Cromie on Beyond Realty - St. Louis Real Estate Blog.

Real Estate Today on the Radio

2010-03-28T09:39:00.002-05:00

Looking for some background noise while you're sitting at your desk all day? Why not learn about the current real estate market, or pick up some home buying/selling tips while you're at it. Just click play on the RET Radio player to the right of this post to listen to the current program, or visit Real Estate Today's website for show archives.

Posted by Mike Cromie on St. Louis Real Estate Blog - Beyond Realty.

HGTV's House Hunters in St. Louis - Starring Yours Truly

2010-03-10T10:44:00.003-06:00

As promised in my earlier post, I'm back to give you the update on our episode of House Hunters. The show is set to air April 25, 2010 at 7pm. So, set your DVRs because you won't want to miss one heart pounding second of the this thrill ride. You'll be on the edge of your seat as Josh and Amy decide. Will it be House #1, #2 or wait, maybe it's #3? Tune in to find out.

And if you were wondering, I have not seen an advance copy of the show, so I'll be just as curious as you to see if I'm TV's next great reality star. Who knows, maybe they'll cast me in the next season of Jersey Shore. If so, I'll need to come up with a good nickname. Any suggestions?

Our episode - Making It Right In St. Louis

Posted by Mike Cromie, specializing in St. Louis Real Estate.

Another Incentive For 2010 Missouri Home Buyers

2010-03-02T11:08:00.006-06:00

Whether or not you bought into President Obama's message of hope and "Change We Can Belive In", you'll probably be interested to hear about Missouri's new incentive called HOPE that introduces a change you can cash in on.

Many home buyers understand the great opportunity they've been given to purchase a new home in today's "buyers' market". There are several factors that contribute to making home buying so affordable right now including lower home prices, historically low interest rates and federal tax credits. Now the Missouri Housing Development Commission (MHDC) is offering an up to $1750 property tax incentive for the purchase of a home in 2010. This incentive is available for first-time buyers, as well as, repeat buyers. The MHDC is allocating $15 million towards the program which is available on a first-come, first-served basis until it runs out.

For more information on the program including eligibility and income limitations, please visit their website. You can also find there a pretty helpful list of FAQs.

Posted by Mike Cromie, specializing in St. Louis Real Estate.

Now Open - Carondelet Park Rec Plex

2009-12-10T15:14:00.006-06:00

The doors to the new Rec Plex on the far east side of Carondelet Park opened to the public Thursday, Nov. 19th. The YMCA of Greater St. Louis will operate the 76,000 square foot facility under a 15-year agreement with the City of St. Louis. Amenities of the facility that are now open include a fitness center, aerobics studio, two-court gymnasium and indoor pool with lazy river and whirlpool. However, access to the most anticipated part of the facility (at least for my wife), the outdoor pool, will have to wait until Summer of 2010.

Anyone that's interested can take a tour and/or use the facility on a trial basis by filling out the guest pass above and bringing it with you during business hours.

Building Hours 
Monday - Friday: 5:00 am - 10:00 pm 
Saturday: 7:00 am – 5:00 pm 
Sunday: 8:00 am – 6:00 pm 
Program areas close 15 minutes before building closes.

Child Watch Hours 
Monday – Saturday: 8:00 am – 12:00 pm 
Monday – Thursday: 4:00 pm - 8:30 pm 
Friday: 6:00 pm - 8:00 pm 
Sunday: 11:00 am - 3:00 pm

Teen Hub Hours for ages 9-16
 Monday – Thursday: 4:00 pm - 8:00 pm 
Saturday: 11:00 am – 3:00 pm

Visit the facilities website for rates, class schedules and a more detailed list of amenities.

Tax Credit Extended And Expanded

2009-11-05T09:51:00.002-06:00

Congress giving homebuyers a $6,500 tax break

By STEPHEN OHLEMACHER, Associated Press Writer Stephen Ohlemacher, Associated Press Writer – 2 hrs 52 mins ago

WASHINGTON – Buying a home is about to get cheaper for a whole new crop of homebuyers — $6,500 cheaper.

First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include many buyers who already own homes. The House could vote on the bill as early as Thursday.

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.

"This is probably the last extension," said Sen. Johnny Isakson, R-Ga., a former real estate executive who championed the credits.

The homebuyers tax credit is one of two tax breaks totaling more than $21 billion that the Senate included in a bill extending unemployment benefits for those without a job for more than a year. The other would let companies now losing money recoup taxes they paid on profits earned in the previous five years.

"We are still in a world of economic hurt, and Congress must continue to act boldly and creatively," said Sen. Max Baucus, D-Mont., chairman of the Senate Finance Committee. "With the right mix of tax breaks and investments we will get through this recession and get folks working again."

The real estate industry has been pushing to extend and expand the housing tax credit. About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit.

Extending and expanding the tax credit for homebuyers is projected to cost the government about $10.8 billion in lost taxes. While the measure passed the Senate by a 98-0 vote, Sen. Kit Bond, R-Mo., questioned its efficiency in stimulating home sales.

"For the vast majority of cases, the homebuyer tax credit amounted to a free gift since it did not affect their decision to purchase a home," Bond said. "And for the small minority of buyers whose decision was directly caused by the credit, this raises the question of whether we are subsidizing buyers who may not have been able to afford buying a home in the first place."

The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.

The credit would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days.

Expanding the tax credit for money-losing companies is projected to cost $10.4 billion.

The business tax break would allow money-losing companies to use current losses to offset taxable profits earned in the previous five years, giving them refunds of taxes paid in those years. Under current law, businesses with annual gross receipts of more than $15 million can claim losses back only two years.

The tax break would help industries suffering losses in 2008 or 2009, including retailers, homebuilders and newspapers. Congress included a scaled-back version of the tax break — for companies with revenues of $15 million or less — in the economic recovery package enacted in February. The new tax break would be available to companies of any size, providing a quick source of cash.

The U.S Chamber of Commerce has been a big backer of the tax break for money-losing companies.

"It frees up capital that they can use to maintain jobs and potentially even hire new people as the economy returns," said Caroline Harris, senior tax counsel for the U.S. Chamber of Commerce.

The tax breaks would be paid for largely by delaying a tax break for multinational companies that pay foreign taxes. It was passed in 2004 and originally was to have taken effect this year, but would now be delayed until 2018.

___

The bill is H.R. 3548.

Webster Groves Century Homes

2009-10-09T15:03:00.003-05:00

Chances are, if you've spent any time looking at real estate in Webster Groves (or any time in Webster Groves, period), you've seen houses with a "Century Home" plaque displayed near the front door. These 12" X 16" metal plaques display not only the year the house was built, but also the name of the family it was built for.

I do not live in Webster Groves, but being a realtor and having seen many houses there, I have to say that I love the character and charm of its older homes. I tend to geek out for anything historical. For example, ask my wife and I what our favorite parts were of the cities we visited in Europe and you're bound to get very different answers. She kept busy capturing the beauty of the elegant architecture and cobblestoned streets with her camera, whereas, you could more often find me standing beneath some obscure statue with our guide book in hand, reading about it's significance. So naturally, I've been curious about these plaques and how they are awarded.

As the name indicates, all the homes with the plaque are at least 100 years old (thanks, Captain Obvious), yet not all 100+ year old homes in Webster have one. Are some more special than others? Did the powers that be in Webster want to highlight a few of their favorites? Did they throw darts at a map to choose? Turns out all you have to do is apply for one through the Webster Groves Historical Society. Well that, plus $100 and a little research. The fee pays for the plaque and a year's membership to the society. You will need 2 forms of evidence, written at the time the house was built, documenting the age. But don't worry, even though the good people at the Historical Society won't conduct the research for you, they are willing to point you in the right direction.

So, if you're currently living in (or looking to buy) a century home in Webster Groves and don't have the plaque to prove it, here's how you can. And while you're at it, you might just learn a little more about your home's history to satisfy your inner historian nerd.

Tips For Home Buyers #1

2009-10-01T17:53:00.002-05:00

We've all seen articles and compiled lists of suggestions for buyers and sellers of real estate. Unfortunately, they all tend to say the same thing, and while this information may be useful, it's typically a bit too predictable. On this blog, I plan to periodically post tips for both the home buying and selling processes, in the hopes that many of these will be novel ideas for you to consider.

Please note that the tips are in no particular order, aside from being in the order they come to mind.

OK, on to tip #1 for Buyers:

Once you find your home - act as quickly as possible.

I like to tell my buyers that we'll see as many houses as it takes to find the right one for them, however, once we find it, they need to be prepared to move as quickly as possible on getting it under contract. The reason I say this is to avoid a multiple bid situation. This could only mean bad news for the buyer and good news for the seller. It usually means, in the best case scenario, a higher sales price than if you were the only bidder. And in the worst case scenario, losing the house of your dreams to a higher bidder.

Many times this can be avoided by proper planning and expeditiously making initial and counter offers. Some buyers (especially first-timers) like to get a second opinion from a relative or close friend, which is fine and often recommended, but try to do so in less than 24 hours when at all possible. Also, be sure to have a pre-approval letter from a lender in hand. In fact, this should be one of the first steps of the home buying process. But don't worry, it's quick and painless. It just takes one phone call and in many cases you will have the letter the next (if not same) day. Feel free to call or email me and I be happy to provide you with a list of great lenders in the St. Louis area.

St. Louis Hills - Art In The Park - Sunday, Sept. 27th

2009-09-24T14:09:00.004-05:00

This Sunday, September 27, 2009, marks the 5th installment of the annual St. Louis Hills Art in the Park. The fair is free to attend and runs from 10am-6pm. Many local and regional artists showcase their work, including paintings, photography, glass and textiles in booths surrounding the lily pond in the center of Francis Park. There will be food from area restaurants and live music to enjoy while perusing the art booths.

If you're interested in real estate in the St. Louis Hills area, feel free to visit my website and drop me a line.

You may also visit www.MikeCromie.com to search for any home in the St. Louis area without the need of signing in. Or sign up for Property Watch to be emailed listings that fit your criteria as soon as they come on the market.

Get Out And Do Something This Weekend

2009-09-03T13:42:00.003-05:00

You know what's fun? Three-day weekends.

You know what's also fun? Eating...and good weather...and good people...and experiencing something new.

Lucky for us, we can have all those things right here in St. Louis this Labor Day weekend. If you're looking for something to keep your mind off what waits for you back at work on Tuesday or just trying to avoid all that yard work you planned on tackling, no sweat, there's plenty to choose from. Here's a list of events going on this weekend and a few suggestions of places to grab a bite/beverage before or after the events.

Take in some live music Saturday and Sunday at the Big Muddy Blues Festival on Laclede's Landing. Bands on four different outdoor stages play from 1-11 PM both days. Enjoy all of this for the low, low price of FREE. There are plenty of places to fill up your tank, such as Morgan Street Brewery and Joey B's, while roaming from stage to stage. Or slip on in to nearby Lumiere Place casino and gamble all that money you saved on the free festival.

Get an up close glimpse at the culture and traditions of Japan at the annual Japanese Festival held at the Missouri Botanical Garden. There are martial arts, taiko drumming, calligraphy, cooking and sumo demonstrations, as well as, a traditional tea ceremony and candlelight walks in the Japanese Garden. Afterward, rest your feet and enjoy a glass of wine and some food at Sasha's On Shaw.

Cheer on your favorite team (Mizzou) in the Missouri v. Illinois Arch Rivalry game at the Edward Jones Dome, Saturday Sept. 5. It should be a close game (doubt it), with both teams evenly matched (not really). But unfortunately, someone will have to lose (Illinois). There are several places downtown perfect for pre-game tailgating including Tin Can and Wave Taco.

A great way to see different parts of the city is to follow the Gateway Cup series this weekend. This four day bicycle race features events for men, women and children of all abilities including professional. The races usually draw good crowds and there's more to do than just spectating. See this race as it visits these neighborhoods:

Friday, September 4th - Lafayette Square
Saturday, September 5th - St. Louis Hills
Sunday, September 6th - The Hill
Monday, September 7th - Downtown

Visit the St. Nicholas Greek Festival at the corner of Kingshighway and Forest Park in the Central West End Saturday through Monday for authentic Greek cuisine, folk dance and live music.

Over 140 national artists will be exhibiting and selling their art at the 32nd Art Fair at Queeny Park. The fair is open Friday through Sunday and is $5 to get in. Click here for times and a $1 off coupon.

Ready For My National TV Debut

2009-08-28T11:34:00.002-05:00

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

2009-08-26T16:13:00.002-05:00

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

2009-08-21T10:16:00.001-05:00

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.

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

2009-08-20T20:19:00.000-05:00

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.