O'Fallon, IL Real Estate News

By David Holden, Broker/Owner RE/MAX Preferred
(RE/MAX Preferred ABR, CDPE,GREEN,GRI,SFR)
Happy Thanksgiving!  Wishing you a warm and peaceful holiday season.  Please take a moment to think of those that cannot be with us.   And how about some good news?   Month to date (11/01/2009-11/25-2009)  the Real Estate numbers look very good! So far in November 2009, 25 homes have closed in O'Fallon. Basically a home a day, not bad at all. 21 of the homes were pre-owned and had an average market time of 108 days and an average sales price of $144,168. The other 4 were new construction.  These had an average market time of 133 days and an average sales price of $239,750.   This is a dramatic rise over the last few years for the same time period.  For example in 2008 only 11 homes had closed at this point in November... this represents a 128% increase!   Much of this is of course due t...
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By David Holden, Broker/Owner RE/MAX Preferred
(RE/MAX Preferred ABR, CDPE,GREEN,GRI,SFR)
Tax credit has been extended and expanded, no longer do you need to be a "first time homebuyer" to receive the credit. Been in your home for 5 years? Then you very well may qualify!
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By David Holden, Broker/Owner RE/MAX Preferred
(RE/MAX Preferred ABR, CDPE,GREEN,GRI,SFR)
October was wet, really wet.  Muddy yards, wet basements, cloudy skies and one of the hottest months for Real Estate this year! October saw 43 homes close in O'Fallon... this number is closer to June, July, August activity.  Actually you have to go back to 2005 to find an October with those kinds of numbers.  Much of this can be attributed to the first time home buyer tax credit.  Set to expire in late November this is most likely a surge of folks rushing to take advantage before the expiration.  Good news is that there is a VERY good chance it will be extended and expanded.        As has been the case most of the year the $300,000 mark remains the high end of where things are selling.  For example of the 43 homes that closed in O'Fallon IL 40 were below $300,000. As mentioned above thi...
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By Yolanda Hoversten, Referrals for O’Fallon, IL & the Metro East
(Self Employed)
First Time Home Buyer Tax Credit Extended Great news!  Both Houses of Congress passed the $8,000 Tax Credit extension for First Time Home Buyers from December 1, 2009 when it would have expired to April 30, 2010.  Further, some provisions have been added for eligibility, including increased income limits for individuals or couples, detailed by NAR. Call Yolanda for more information on the extended tax credit for first time home buyers, 618-407-9195.
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By Paul Walker, Scott AFB IL Area Realtor
(Equity Fifty Five Realty, LLC)
$112,900 - Single Family Home, 4 Beds, 1 Bath, 1920 Sqft., 108 W 6th Street, Ofallon, IL 62269MLS No. 2913294 << Prev Next >> 10 Photos Save Listing Request More Info Schedule a Showing Map to Property Printable Version Virtual Tour Tools & Resources Mortgage Calculators Get Pre-Approved for a Loan Tell a Friend Listing Description WELL CARED FOR HOME WITH LOTS OF SPACE!WOOD BURNING STOVE IN LIVING ROOM.KITCHEN HAS NEWER COUNTER TOPS.DISHWASHER"AS IS" HAS NEVER BEEN HOOKED UP.NEWER WINDOWS.LARGE LOFT ROOM WITH WOOD FLOOR UPSTAIRS.MAIN LEVEL BATH IS ALSO THE UTILITY ROOM.ZONED HEATING AND COOLING.FENCED BACK YARD WITH LARGE STORAGE SHED.HMS HOME WARRANTY. Property Features Amenities: Shed Appliances: Gas Range, Refrigerator Basement: Cellar Baths (full): 1 Bedroom 1: Main, Wood Bedroom 1...
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By David Holden, Broker/Owner RE/MAX Preferred
(RE/MAX Preferred ABR, CDPE,GREEN,GRI,SFR)
Greetings! Halloween is rapidly approaching so once again it is time for the  OFallonRealEstate.com Jack-O-Lantern photo contest.  Rules are pretty easy. Email us a photo(s) of your Jack-O-Lantern and you will be entered into a drawing for an IPOD Shuffle!  The photo must be one that you have taken and own...simple right? Photos must be received by 5:00pm November 2nd and winners will announced  November 3rd.    Good luck! A few entries from years past:   HAPPY HALLOWEEN!  
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By David Holden, Broker/Owner RE/MAX Preferred
(RE/MAX Preferred ABR, CDPE,GREEN,GRI,SFR)
The good(sort of), the bad and the ugly. The drop from the 3rd quarter 2007-2008 was at -9%.  From 2008-2009 it is - 10%.  So consistency seems to be the key here (good...sort of).  What this also shows is that the continued slow down. in the O'Fallon Real Estate market is not quite over(bad).  In the last quarter of 2008, 76 homes closed. If one were to use the data above we could expect somewhere in the range of 62 homes closing in the 4th quarter of 2009(ugly).  Right now in O'Fallon there are 60 homes under contract.  If this number is expanded to include those with a contingency contract the number climbs to 68. Currenlty there are 246 homes for sale.           The wild card is how many folks will purchase and close before the tax credit runs out at the end of November.  The Nation...
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By David Holden, Broker/Owner RE/MAX Preferred
(RE/MAX Preferred ABR, CDPE,GREEN,GRI,SFR)
Things seem to have held steady over the last 30 days or so.  In August, 39 homes closed in O'Fallon and September saw a very slight drop down to 37.  All things considered this is a positive.  The first time home buyer tax credit has helped to keep things rolling.  Currently it is set to expire on December 1st 2009 but there is much talk about extending it into next year.   Of the 37 homes that closed: 34 were re-sale or pre-owned.  They had an average sales price of $172,388 and averaged 117 days on the market. 3 were new construction.  They had an average sales price of $272,383 and ran about 208 days on market.   Once again the bulk of the activity occurred under $300,000, with 33 out of 37 homes closing below that mark.     Historically speaking things may have leveled off a bit as...
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By David Holden, Broker/Owner RE/MAX Preferred
(RE/MAX Preferred ABR, CDPE,GREEN,GRI,SFR)
August 2009 Real Estate Market Update for O'Fallon IL.   In August 39 homes closed in O'Fallon IL.  This is down from June (48) and July with 45. Of those 39: 4 were new construction and had an average sales price of $239,769 and 92 days on the market. 35 were re-sale homes with an average sales price of $179,956 and 134 days on the market. Monthly totals for 2009     August Totals 2005-2009     Year to date totals 2005-2009   The magic number still seems to be below the $300,000 mark.  Of the 38 homes that closed in August 37 of them closed BELOW $300,000.       Currently there are 253 homes for sale in a wide variety of price ranges.  With the tax credit potentially coming to a close this is an opportune time to purchase.  For more info on the credit see below!      
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By David Holden, Broker/Owner RE/MAX Preferred
(RE/MAX Preferred ABR, CDPE,GREEN,GRI,SFR)
It's running out! Do you know how the first time home buyer tax credit works?
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By David Holden, Broker/Owner RE/MAX Preferred
(RE/MAX Preferred ABR, CDPE,GREEN,GRI,SFR)
    So what what would you do with/for $8,000???   Most of you are familiar with this program by now but if you need more information please visit us at OFallonRealEstate.com Have a great weekend!       Don't let the water run while brushing your teeth!  
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By David Holden, Broker/Owner RE/MAX Preferred
(RE/MAX Preferred ABR, CDPE,GREEN,GRI,SFR)
July Market Update for O'Fallon IL Things are down slightly(10%) from last month, but there are still many under contract so no cause for alarm just yet. $300,000 still seems to be a ceiling for home sales.  Of the 43 homes that closed in July, 91% of them were below $300K.  The bulk of the closed homes (34) fell between $100,000-$299,999.   Your re-cap of the last 30 days for O'Fallon IL Real Estate July 2009 Closed 43 Homes                                            New Construction:    1 @ $268,348 with a market time of 91 days.   Re-sale: 42 with an average sales price of $209,354 and an average market time of 133 days. Currently there are 251 homes for sale in O'Fallon IL.   Your long awaited statistical graphs!               On a non-real estate related issue, yours truly took par...
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By David Holden, Broker/Owner RE/MAX Preferred
(RE/MAX Preferred ABR, CDPE,GREEN,GRI,SFR)
And more importantly...where should I price my home to SELL? For those sitting on the fence about market value and what homes are actually selling for... read on! O'Fallon IL so far in 2009: 90% of the homes closed for less than $300,000.  These homes averaged about 141 days on the market or about 4.5 months.  The days on market for those homes over $300,000 soars to 208 days or about 7 months.   The Real Estate Market for June 2009 showed much the same as above. 85% of homes closed in O'Fallon IL in June 2009 closed under $300,000 with a market time of just under 4 months.  Jump over $300,000 and market time increases to over 6 months. So... pricing as always is very critical.  In some cases a homeowner may be better off pricing more competitively for a faster sale (fewer house payment...
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By David Holden, Broker/Owner RE/MAX Preferred
(RE/MAX Preferred ABR, CDPE,GREEN,GRI,SFR)
  Well...the first half of 2009 has been interesting to say the least for Real Estate in O'Fallon IL.  The silver lining here is that closed homes are right where they were at this time last year.  No better, but it appears the trend downwards may have slowed down for now. In June, 44 homes closed with an average sales price of $221,298 and an average market time of 129 days.  Of the 44 closings: 40 were Re-Sale homes with an average sales price of $206,794 and 127 days on market. 4 were New Construction with an average sales price of $366,342 and 142 days on market.   More good news: There are currently 58 homes under contract!   Now for the historical data:           New Construction in the O'Fallon IL Real Estate Market: New Construction seems to be holding steady in O'Fallon IL.  Wh...
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By David Holden, Broker/Owner RE/MAX Preferred
(RE/MAX Preferred ABR, CDPE,GREEN,GRI,SFR)
  Much has been said and changed as of late regarding the $8,000 tax credit and the ability to use it for down payment purposes.  For some clarification and insight, Ryan Luechtefeld has written a very informative article outlining some options.  To read click here Enjoy! And in other news, if you have noticed an absence of wood sculpture in downtown O'Fallon it is due to the fact the local artist Dave Perez has departed.  I hope you had the opportunity to stop by and visit or pick up a piece of truly unique art.         
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By David Holden, Broker/Owner RE/MAX Preferred
(RE/MAX Preferred ABR, CDPE,GREEN,GRI,SFR)
O'Fallon IL May 2009 Real Estate Market Update May 2009 had 33 homes close as opposed to only 13 back in January so moving in the right direction.  Currently there are 305 homes available in all price ranges.  More good news: 52 homes are currently under contract. Of the 30 homes that closed in May 2009: 29 were pre-owned and had an average sales price of $196,320 with an average market time of 189 days. 1 was New Construction and had a sales price of $254,000.        
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By David Holden, Broker/Owner RE/MAX Preferred
(RE/MAX Preferred ABR, CDPE,GREEN,GRI,SFR)
The rest of the story:   Buyers who qualify for the $8,000 tax credit previously had to wait until after filing a tax return to see any of the money.  With the new rules in place FHA approved lenders could/might/maybe have the ability to make the funds available at the closing table thru short term bridge loans.  EDIT 5/14/2009: The Tax Credit CANNOT BE USED AS DOWN PAYMENT. It is a LOAN against the tax credt.  Final details of the program should be available shortly.     And... GOOD LUCK to the O'Fallon High School girls track team this Friday at sectionals!  
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By David Holden, Broker/Owner RE/MAX Preferred
(RE/MAX Preferred ABR, CDPE,GREEN,GRI,SFR)
The $8,000 first time home buyer tax credit has/might/maybe just been approved to be used towards a down payment.  Exact details on how this will be implemented are still a bit vague so stay tuned!  
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By David Holden, Broker/Owner RE/MAX Preferred
(RE/MAX Preferred ABR, CDPE,GREEN,GRI,SFR)
O'Fallon IL currently has 271 homes for sale in a wide variety of price ranges and locations.  Inventory is high, prices are reasonable and interest rates are still holding around 5% so now is a fantastic time to buy.  Throw in the $8,000 first time home buyer tax credit and things look good.  April turned out to be a very strong month (all things considered) with a total of 26 homes closing, this compares to 23 homes last month. Of the 26, 22 were Re-Sale homes with an average sales price of $156,573 and average days on the market of 110. 4 of the 26 were new construction. Those had an average sales price of $334,486 with an average market time of 162 days. More good news: there are 59 homes under contract as of today so the coming months should be stronger yet! Below are some graphs t...
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