Buyer Beware - Purchase of Homes by Non-Traditional Families Joint ownership of residential real estate by unmarried individuals is increasingly common.  Recent census figures indicate that there are over 6.5 million unmarried cohabitating couples in the United States.  Gay couples, elderly couples, heterosexual couples deferring marriage (divorced or otherwise), and couples purchasing homes prior to marriage have all contributed to this growing trend.  This shift in the dynamics of the family has inserted a new issue in real estate sales that was generally not addressed or widely discussed prior to the 1990s.  If you are purchasing a new home and you are not married, then you need to be aware of the unique problems associated with such a purchase.  The problems are not insurmountable. ... 10/20/2008

MARKET SUMMARY:  Lafayette Square is a fashionable neighborhood in high demand in the City of St. Louis.  SUPPLY:  It is an established neighborhood with restricted supply.  It has fixed boundaries and has little vacant land for new construction projects.  Growth in supply is limited to in-fill and conversion projects. DEMAND:  Contrary to national trends, the Lafayette Square submarket has outperformed the broader St. Louis and national markets in both sales volume and price appreciation.  Sales growth has increased an average 18% per year and the median price has increased an average 19% per year over the last 3 years. TREND:  Prices have stabilized with little or no change in CDOM from prior years.  Use of sales incentives should phase out as supply tightens.  For 2008, the median p... 10/15/2008

The internet is an amazing tool.  It certainly can be used to bridge the "information gap" for first-time homebuyers.  However, the sheer number of websites can cause "information overload."  Because of the number of websites, I am hesitant to recommend just one.  However, for first-time homebuyers, I would start with mohomeprograms.com, a website sponsored by the Missouri Association of Realtors. First, the website has a very good Q&A covering 100 common questions asked by first-time homebuyers.  The questions are grouped into 10 sections which are easy to navigate.  The questions are grouped as follows: •  Part I Getting Started •  Part II Finding Your Home •  Part III You've Found It •  Part IV General Financing -- Questions:The Basics  •  Part V First Steps  •  Part VI Finding The R... 10/10/2008

Water absorbs dissolved minerals, organic compounds and organisms as it moves through the air and soil into surface and ground water supplies. Unacceptable materials may find their way into the water due to some of our activities. Public water systems are required to regular test and treat water for certain contaminants according to the rules and regulations set by the Environmental Protection Agency (EPA) under the Safe Drinking Water Act. Testing your water from a public system could indicate problems in your home's plumbing, connections or treatment system. Most private systems are in rural or suburban areas. Private well owners are responsible for monitoring the quality of their water. Testing for possible contaminants on a regular schedule is the only way to be certain your water s... 10/09/2008

INVITATION TO MONTHLY REALTOR LUNCHEON Gilded Age Sales would like to invite local Realtors, members of the Active Rain community, and the general public to attend our Monthly Realtor Luncheon on November 11, 2008, from 11:00 a.m. to 1:00 p.m.  This month's featured property is The Georgian (former City Hospital No. 1) located at 1515 Lafayette Avenue at the intersection of the Truman Parkway and Lafayette Avenue.   *  Sales Update on the Georgian - 85% Sold & Closed *  Development Update - Phase 2 of the City Hospital      Project including the Butler's Pantry *  Market Trend Review - Lafayette Square      *  Announcement - Sales Incentives - November, 2008 *  Annoucement - Commission Programs for 2009 *  Tour of Featured Properties in Lafayette Square Light lunch will be served.  If ... 10/08/2008

I am always amazed when I ask purchasers how they located their lender and they tell me that "they just started calling lenders" for interest rate quotations.  It is a bad approach.  Think about it.  Here are some of the reasons why this is the wrong approach: •  Typically, when you call a lender, your call is connected to the next available loan officer.  Often, loan officers are assigned duty or desk time.  New loan officers, inexperienced loan officers, and loan officers who don't have a book of business often volunteer for these assignments.  Do you really want to entrust your financial affairs with a loan officer simply because he or she answered your call?  The wrong product or an ill-timed lock-in of the interest rate can cost you thousands of dollars in interest over the life of... 10/07/2008

"LET BLOCKHEADS READ WHAT BLOCKHEADS WROTE."  (Warren Buffett) Warren Buffett has it right.  You can just follow the herd.  You must investigate the facts, read between the lines, and make decisions based on your personal circumstances, not on market rumors and pundit opinions.  Local and national media outlets are playing on the fears of the American public.  Recently, I read stories in the daily paper decrying the lack of credit.  From these stories, you would conclude that qualified buyers with good credit, documentable income, and a down payment were being rejected for home loans at an alarming rate.  However, this has not been my personal experience or the experience reported by others in my market.  If you didn't read the last line of one of the stories, you would have missed the ... 10/07/2008

Commentary - Another Tool for First Time Home Buyers The first-time home buyer tax credit provides another reason for a first-time home buyer to purchase their home today.  The greatest misperceptions regarding the program are that the tax credit is a "giveaway" and that the purchasers receive a "check at closing."  Both of these statements are incorrect.  The program provides a dollar for dollar reduction in your federal income tax liability.  It is not a deduction, it is a tax credit.  Over the 15 year repayment period, you can save approximately $5,000 in interest.  Although there is no cash advance feature (ie. check at closing), you can use the tax credit to accumulate funds for a downpayment or for closing costs by adjusting your tax withholding.  However, it requires planning to ... 10/01/2008

ARMs - Throwing the Baby Out with the Bath Water Current Crisis  Recent new stories attribute much of the blame on the credit and housing crisis on the wide spread use of adjustable rate mortgages ("ARMs").  This type of loan product has an interest rate that adjusts periodically.  Because of these adjustments, the use of ARMs carry greater risks than fixed rate mortages.  In the hands of uneducated or irresponsible borrowers, an ARM can be a recipe for financial disaster.  Currently, nearly 30% of option adjustable rate mortgages ("ARMs") originated in 2006 were at least 30 days past or in foreclosure less than 2-1/2 years after origination.  Foreclosures on these loans jumped to 7.8% of outstanding loans.  The highest delinquency rates are now in Florida, Nevada, California, and Arizo... 10/01/2008

Mortgage Matters - When Smart People Panic We are inundated with daily stories about tightening credit markets.  The national press has started beating the drums with the stories of denied loans.  However, these stories are sometimes misleading.  The borrowers who are on the front of the mortgage crisis are generally the Alt-A and subprime borrowers who are defaulting on loans that they couldn't afford in the first place and are more likely than not located in California, Arizona, Nevada or Florida where the speculation frenzy artificially inflated prices.  In the past week, there were three news stories that caught my eye. First, the House of Representatives rejected the $800 billion bailout. Second, even with the wild week in Washington, interest rates remain low.  Bankrate.com's nati... 10/01/2008

A Self-Fulfilling Prophecy  Over the past 18 months, prospective purchasers have been bombarded with negative news stories regarding the "housing bubble."  The term has been used to describe a wide range of national market conditions ranging from a decrease in housing starts to increases in inventory to declines in median sales prices.  Unfortunately, it has become fashionable to report doom and gloom.  These stories have created a self-fulfilling prophecy to a large extent.  That is, it is a simple fact that prospective purchasers are now shopping for new homes longer and more intensively than ever.  The average cumulative days on market - even in strong local markets - now has increased to 90 days.  Prospective purchasers appear to be reluctant to make a decision quickly for fear tha... 10/01/2008

  The Great Forest Park Balloon Race in St. Louis, Missouri is tomorrow, September 20, 2008 in Forest Park (of course)!  There is a Balloon Glow tonight, September 19, 2008.  It will be held in Central Field.  The Balloon Glow ends with a fireworks display at 9 p.m.      If you would like a detailed event schedule, you can go to www.greatforestparkballoonrace.com.  The event is free and the parking is free...      How sweet is that?!  :)  For all you real estate needs contact: Debi Ernst     314-640-7061     www.SelectMyHome.net      Ryco Realty Group    636-978-3912  Debi@RycoRealtyGroup.com 09/19/2008

Following is my market report for single family residential homes in the city of St Louis (Areas 1,2,3).  These statistics were gathered from the local Multiple Listing Service and are provided as a service to the public: There are 1753 total Active listings on the market. 211 listings Sold in the last 30 days. Average sales price was $126,436. 102 was the average days on market (DOM). There were 82 new Active listings this past week, with List prices ranging from $9,200 to $650,000. 31 listings went Under Contract (Contingent/Option), with list prices ranging from $45,900 to $898,000. 55 listings moved closer to closing (Pending), with List prices ranging from $11,500 to $689,000. 51 listings Sold, with Sold prices ranging from $15,000 to $625,000.  53 listings Expired from the market,... 09/19/2008

Following is my market report for single family residential homes in the city of St Louis (Areas 1,2,3).  These statistics were gathered from the local Multiple Listing Service and are provided as a service to the public: There are 1783 total Active listings on the market. 218 listings Sold in the last 30 days. Average sales price was $131,622. 93 was the average days on market (DOM). There were 95 new Active listings this past week, with List prices ranging from $19,000 to 1,595,000. 18 listings went Under Contract (Contingent/Option), with list prices ranging from $249,900 to $389,000. 79 listings moved closer to closing (Pending), with List prices ranging from $13,900 to $529,000. 36 listings Sold, with Sold prices ranging from $6,500 to $248,500.  46 listings Expired from the market... 09/12/2008

http://www.cpsc.gov As the home heating season approaches, the U.S. Consumer Product Safety Commission (CPSC) urges consumers to have a professional inspection of all fuel- burning appliances -- including furnaces, stoves, fireplaces, clothes dryers and space heaters -- to detect deadly carbon monoxide (CO) leaks. These appliances burn fuels -- typically gas, both natural and liquefied petroleum; kerosene; oil; coal; and wood. Under certain conditions, these appliances can produce deadly CO, but with proper installation and maintenance, are safe to use. CO is a colorless, odorless gas produced by burning any fuel. The initial symptoms of CO poisoning are similar to flu, and include headache, fatigue, shortness of breath, nausea and dizziness. Exposure to high levels of CO can cause deat... 09/05/2008

Following is my market report for single family residential homes in the city of St Louis (Areas 1,2,3).  These statistics were gathered from the local Multiple Listing Service and are provided as a service to the public: There are 1786 total Active listings on the market. 220 listings Sold in the last 30 days. Average sales price was $132,182. 93 was the average days on market (DOM). There were 87 new Active listings this past week, with List prices ranging from $13,000 to 1,100,000. 24 listings went Under Contract (Contingent/Option), with list prices ranging from $83,000 to $689,000. 55 listings moved closer to closing (Pending), with List prices ranging from $5,000 to $659,000. 54 listings Sold, with Sold prices ranging from $5,000 to $988,490.  140 listings Expired from the market,... 09/05/2008

Well, it's official!  The football season has begun.  Well, the pre-season anyway.  I don't know about your family, but our family is really into football - Professional and collegiate. If you were really on your toes, you were able to get tickets to the Edward Jones Dome in St. Louis.  However, most of us couldn't get them. So, this Saturday, August 30, 2008 is a big party to watch the Mizzou tigers fight it out with the Illini.  Kickoff is at 7:30 p.m.            Gooooooooo, Tigers!  Sorry, Steve...  but I couldn't help myself...  :)   08/27/2008

Extreme Makeover: Home Edition has chosen to help a family in St. Louis!  I don't know all of the details, but the family chosen is supposed to be notified on September 3, 2008.  Callier Thompson Shea Construction, Design and Consolidated Construction Group Inc., Belcher Homes and Whittaker Homes have volunteered to help with this project. The builders are to build the new home on the site of the old home and give the keys to the family on September 10, 2008! That's pretty exciting, isn't it?    :) 08/27/2008

Following is my market report for single family residential homes in the city of St Louis (Areas 1,2,3).  These statistics were gathered from the local Multiple Listing Service and are provided as a service to the public: There are 1792 total Active listings on the market. 240 listings Sold in the last 30 days. Average sales price was $152,370. 85 was the average days on market (DOM). There were 117 new Active listings this past week, with List prices ranging from $8,000 to 1,439,000. 24 listings went Under Contract (Contingent/Option), with list prices ranging from $49,900 to $419,900. 62 listings moved closer to closing (Pending), with List prices ranging from $12,500 to $674,900. 73 listings Sold, with Sold prices ranging from $9,000 to $1,337,000.  67 listings Expired from the marke... 08/22/2008

As part of the Housing Bill - H.R. 3221 - President Bush signed into law on July 30, 2008, a tax credit has been created for first-time home buyers who purchase a home between April 9, 2008 and July 1, 2009. Purchasers must not have owned a home int he last three years.  The tax credit is 10% of the purchase price or $7,500, whichever is less.  The maximum credit for single filers is $3,750.  It is received only after the buyer has filed their taxes, and if they owe taxes, then the amount owed will be deducted from the credit.  Income limitations apply. Here's the kicker - while the buyer receives the credit  for the new home purchase, they must pay it back.  Repayments begin the second year after the home is purchased and are spread out over 15 years.  (Basically, it's an interest free... 08/20/2008