Arnold, MO October 2012 Stats

Curious about the Arnold MO real estate market for October 2012?  

Here are the results:

Market Profile & Trends Overview		Month
Median List Price of all Current Listings		$164,839
Average List Price of all Current Listings		$184,573
October Median Sales Price		$132,000
October Average Sales Price		$139,178
Total Properties Currently for Sale (Inventory)		240
October Number of Properties Sold		27
October Average Days on Market (Solds)		88
Asking Price per Square Foot (based on New Listings)		$104
October Sold Price per Square Foot		$87
October Month's Supply of Inventory		8.9
October Sale Price vs List Price Ratio		98.3%

Property Sales

October property sales were 27, up 22.7% from 22 in October of 2011 and 42.1% higher than the 19 sales in September 2012. October 2012 sales were at their highest level compared to October of 2011 and 2010.  October YTD sales of 302 are running 13.5% ahead of last year's year-to-date sales of 266.

Prices

The Median Sales Price in October was $132,000, down 14.4% from $154,250 in October of 2011 and down 9.0% from $145,000 last month.  The Average Sales Price (ASP) in October was $139,178, down 10.6% from $155,674 in October of 2011 and down 3.4% from $144,048 September 2012.  October 2012 ASP was at a mid range compared to October of 2011 and 2010. 

Inventory &  Months of Salable Inventory (MSI)

The Total Inventory of Properties available for sale as of  October was 240, down 4.4% from 251 last month and down 19.2% from 297 in October of last year.  October 2012 Inventory was at its lowest level compared with October of 2011 and 2010. 

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers.  The October 2012 MSI of 8.9 months was at its lowest level compared with October of 2011 and 2010. 

Market Time

The average Days on Market (DOM) shows how many days the average property is on the market before it sells.  An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market.  The DOM for October was 88, up 20.5% from 73 days last month and down 8.3% from 96 days in October 2011.  The October 2012 DOM was at a mid level compared with October of 2011 and 2010. 

Selling Price per Square Foot

The Selling Price per Square Foot is a great indicator for the direction of property values.  Since Median Sales Price and Average Sales price can be impacted by the 'mix' of high or low end properties in the market, the selling price per square foot is a more normalized indicator on the direction of property values.  The October 2012 Selling Price per Square Foot of $87 was down 11.2% from $98 September 2012 and up 1.3% from 86 in October of last year. 

Selling Price vs Original Listing Price

The Selling Price vs Original Listing Price reveals the average amount that sellers are agreeing to come down from their original list price.  The lower the ratio is below 100% the more of a Buyer's market exists, a ratio at or above 100% indicates more of a Seller's market.  The October 2012 Selling Price vs Original List Price of 98.3% was up from 97.3% in September 2012 and up from 97.4% in October of last year. 

Inventory / New Listings / Sales

This view of the market combines monthly inventory of properties for sale along with New Listings and Sales.  The number of New Listings in October 2012 was 57, up 11.8% from 51 September 2012 and up 32.6% from 43 in October of last year. 

Source
NRT Market Quest
Market Share and Market Analysis System

Presented By
Bob Weibrecht
Realtor
Coldwell Banker Gundaker
314-852-9566 / 636-461-2000
www.HeyBobStL.com

FYI - The goal of this blog is to provide general information related to the buying and selling of residential real estate. The reader is highly encouraged to consult the services of a professional real estate agent during the transaction. This blog is not a substitute for any type of professional assistance which may be required.

Market Snap Shot

Market Snap Shot for the Melville, Oakville, Arnold and Imperial areas of the St. Louis Real Estate Market for August 2010

Often I’m asked, ”How’s the real estate market doing?” That’s a fair question and my answer is “It Depends.” It depends if you’re a buyer for which interest rates are very attractive, if you’re a seller, property sells are increasing, or if you an investor, prices are fluctuating.

I’ve provide this report so you can view  market report from August 2012 as seen in Market Quest.

Property Sales

August Property sales were 183, up 18.1% from 155 in August of 2011 and 1.6% lower than the 186 sales last month.  August 2012 sales were at their highest level compared to August of 2011 and 2010.  August YTD sales of 1,242 are running 24.2% ahead of last year's year-to-date sales of 1,000.

Prices

The Median Sales Price in August was $145,000, down 0.7% from $146,000 in August of 2011  and down 3.5% from $150,250 last month.  The Average Sales Price in August was $156,178, down 6.8% from $167,486 in August of 2011 and down 4.9% from $164,212 last month.  August 2012 ASP was at the lowest level compared to August of 2011 and 2010. 

Inventory & MSI

The Total Inventory of Properties available for sale as of August was 1,069, down 0.9% from 1,079 last month and down 23.8% from 1,403 in August of last year.  August 2012 Inventory was at its lowest level compared with August of 2011 and 2010. 

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers.  The August 2012 MSI of 5.8 months was at its lowest level compared with August of 2011 and 2010. 

Market Time

The average Days On Market (DOM) shows how many days the average Property is on the market before it sells.  An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market.  The DOM for August was 82, down 11.8% from 93 days last month and down 25.5% from 110 days in August of last year.  The August 2012 DOM was at its lowest level compared with August of 2011 and 2010. 

Selling Price vs Original Listing Price

The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price.  The lower the ratio is below 100% the more of a Buyer's market exists, a ratio at or above 100% indicates more of a Seller's market.  The August 2012 Selling Price vs Original List Price of 96.6% was down from 96.9% last month and up from 95.8% in August of last year. 

Inventory / New Listings / Sales

This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales.  The graph shows the basic annual seasonality of the market as well as the relationship between these items.  The number of New Listings in August 2012 was 259, down 7.8% from 281 last month and down 3.0% from 267 in August of last year. 

By Bob Weibrecht, Realtor Coldwell Banker Gundaker 314-852-9566 / 636-461-2000 www.BobWeibrecht.com FYI - The goal of this blog is to provide general information related to the buying and selling of residential real estate. The reader is highly encouraged to consult the services of a professional real estate agent during the transaction. This blog is not a substitute for any type of professional assistance which may be required.

For The Buyer - Step-By-Step Guide In Obtaining A Home Loan

 When you decide to buy your first or next home, it’s important to know what to expect during the loan process.  This article will provide you with an over view of the process.

Check Your Credit

Before applying for a mortgage, it's important to know where you stand from the lender's point of view. Checking your credit report is a good idea for many reasons, but it's an essential step in your journey toward buying a home.

 Every 12 months, you can request a free copy of your credit file from each of the three major credit reporting agencies - Equifax, TransUnion and Experian. Look for inaccuracies, outdated information or anything that requires your attention. If you spot anything, file a dispute right away to get the information corrected. A free credit report does not include your FICO score, which is available from the credit bureaus for a small fee. Most lenders use this number in determining your interest rates and creditworthiness, so it may be a good idea to check it out for yourself first.

Obtain a Pre-Approval:

Depending on the lender you choose, they may offer you a pre-approval letter or require that you have chosen a home before they will discuss loan options. Discuss your options with you lender of choice.  Once you know your options it is easier to find the right home that meets your budget.  Be aware there are many different loan programs, you lender will help you find the right one for you.

With a pre-approval in hand that is right for you, you now have a better understanding of how much home you can afford. With interest rates at historic lows, the price range of homes you can explore is wider than if interest rates were higher.  With the pre-approval letter, your real estate agent will be informed as to what areas and price range to help you explore.

Choose A Home:

With your real estate agent’s help, find a home that meets your needs today and your future plans for the next 10 years or so. 

Be advised that several expenses may need to be paid during the buying process, they are an earnest money deposit, which secures the home while you obtain financing and have the necessary inspections completed in order to finalize the purchase. Inspection fees – inspectors for building, pest, radon gas are among the most common. Other fees may need to be paid at the time of closing.  The closing company will prepare a HUD statement with these fees.

Gather Documentation

After your new home has been found, you’ll need to apply for a loan. During this process you will be asked to provide certain documentation and/or information relating to your current financial status, employment, assets (including both real and personal property) and liabilities. Documentation will include, but not be limited to current paystubs, bank statements, tax returns for two years preceding your application and information relating to any debts that you currently owe. If you are self-employed, you will also be asked to provide a year-to-date profit/loss statement, which is also known as an income statement.

Meet With Your Lender:

It’s during this time you will complete a mortgage application and submit it for approval. Depending on the lender, it may take a few hours to several days before learning whether or not you are approved. In most cases, however, a lender can provide you with an answer within 24 hours. Be sure to keep your real estate agent advised during this process.

The Details:

During the loan processing period the lender will order an appraisal for the property to protect both you and the lender.  They want to make sure the market value is there for the property you are purchasing. Depending on the lender, they may order an updated credit check; ask for additional documentation or other information related to processing the loan.

This entire process may take up to 30 days or longer depending on your loan. Be sure to keep you real estate agent advised of any changes in your loan status.  If all goes well, you will close on the loan and get ready to move into your new home.

By Bob Weibrecht,
Realtor
Coldwell Banker Gundaker
314-852-9566 / 636-461-2000
www.HeyBobStL.com


 FYI - The goal of this blog is to provide general information related to the buying and selling of residential real estate. The reader is highly encouraged to consult the services of a professional real estate agent during the transaction. This blog is not a substitute for any type of professional assistance which may be required.

Office Tour August 21, 2012

Office Tour 

August 21, 2012

We had a great tour of two listings today, either of these homes would be an exceptional value for the discriminating buyer.  Here are the comments on both homes.

 5284 Summer Circle , Imperial 63052

Listed at $224,900

A Gorgeous Ranch style home w/3 Bedrooms, 3 Full Baths, 3 Car Oversized Garage, Great Curb Appeal! Cathedral Ceiling in Great Room, Kitchen & Breakfast Room! New in 2010 Custom Kitchen with Granite, Center Island, Desk, lots of Cabinet space and detail! Master Bedroom w/Large Bath & Walk-in Closet! 6 panel doors, white trim, & Main Floor Laundry! Attractive Landscaping, completey fenced backyard w/Vinyl Fencing, in a Nice Subdivision with Sidewalks on a Culdesac! Also walk Trails in Mastadon Park! What More could you Ask for right off of Seckman Rd & minutes from Hwy 55! AHS Home Protection Policy transfers to the new owner at closing.

5505 White Oak Lane, Imperial 63052

 

Listed at $128,520

Great ranch style home with the Must Haves you are looking for! Open floor plan - Attractive brick front - 3 bedrooms w/4th in lower level - 2 baths - 6 panel doors - vaulted ceilings - Nice/cozy Family/living room - Large kitchen is light & bright w/plenty of cabinet space, breakfast room walks out to deck! From here enjoy your morning coffee, summer, and fall BBQ's! This home is situated on a Cul-de-sac lot with a 2 car garage w/wrap around drive accomodating 6-8 parking spaces easily - full walkout basement w/extra storage, laundry area, & finished room w/closet - backs to trees offering nice views and privacy! Minutes from Hwy 55, shopping, rec centers, and schools! Make an appt to see today before it is Too Late!

Both listings are subject to prior sale and or changes in listing description.   Contact me with any concerns, needs or questions you may have regarding these listings or real estate in general.

Bob Weibrecht, Realtor

Coldwell Banker Gundaker

314-852-9566 / 636-461-2000

1925 Richardson Rd, Arnold, MO 63010

HeyBob@BobWeibrecht.com

www.HeyBobStL.com


FYI - The goal of this blog is to provide general information related to the buying and selling of residential real estate. The reader is highly encouraged to consult the services of a professional real estate agent during the transaction. This blog is not a substitute for any type of professional assistance which may be required.

First Time Home Buyer Checklist

Once the decision has been made to buy your first home (or your next home) it’s time to take steps to make that dream a reality and a check list is a great place to start. A check list will guide you through the process of searching for a home that meets your needs, wants and desires. So here is a brief checklist on some things you should do to make that dream happen.

Get A Free Credit Report

Once every 12 months you can request a free copy of your credit report from the Big Three credit reporting agencies, Experian, Equifax and Transunion. It is a good idea to make this request before you begin searching for homes, this way you will allow sufficient time to check your reports and dispute any inaccuracies in your files.

Get Pre-approved

When contacting a lender for a pre-approval letter, it’s a good feeling to know your credit files are correct and up-to-date.  Any top-performing Realtor® will request a copy of your pre-approval letter prior to showing homes. Having this in hand, your Realtor® will be able to search only the homes that you are in your price range. This will save you time, money and disappointment by not searching homes outside of your budget.

Learn The Lingo

Being in the ‘Know” is a great place to be. If you’re unfamiliar with real estate turns a great place to start would be at www.CBGundaker.com and click on the Buyer and Seller’s tabs for a glossary of terms.

Find A REALTOR®

A Realtor® is an important part in your house hunting process because they know the real estate business, How to search for homes, how to complete documents, establishing time lines, interpreting real estate data and so much more. It’s recommended to find one that can offer you a buyer’s consultation which will inform you of the home buying process. You will know about deadlines, counteroffers, loan commitment dates, earnest money deposits, inspections and so much more.

Make An Offer

Once you find the “right” home that you are ready willing and able to make an offer on your Realtor® will counsel you on how best to write the offer, They will review details with you such as, comparable home pricing, seller response time, attached riders, anticipated closing date, financing details, special agreements and more

It’s strongly recommended not to try to low ball the seller and try to get a “Steal Deal” There are too many want to be home buyers that have lost their dream home because someone else made a better offer. Be it ever so slight. It is best to put your best foot forward first!

When submitting your offer, have your loan pre-approval letter written slightly above you “best foot forward price” by your lender. Submitting a pre-approval letter gives the seller confidence in your offer and the letter tells them what you’re able to get a loan for.

 

Obtain A Loan

The first step after the sales price is agreed upon is to make an earnest money deposit. This money is deposited into a special account and applied to your purchase price when closing. In most cases this money will be returned to you in the event you are unable to close. Please see your Realtor® for details

To approve the loan the loan you lender may require a home inspection (which is a GREAT idea, even if your lender doesn’t require it) an appraisal to be sure the house is worth what you are offering and other documents as required and this may take a few weeks. Be sure to stay in touch with both your lender and Realtor® during this time.

Get Moving

Now that the papers are signed and you have the keys to your new home, it's time to get moving - literally. Remember to decorate your new home and add all of those special touches that reflect your personality. After all, a house is only a house until you make it a home.

In the few weeks between the acceptance date and closing, there are a few things to do and deadlines to be met. Your Realtor® will help you stay informed of these to dos and the deadlines required as you approach the closing.  A few important points for you to remember are to arrange for utilities to be transferred into your name on the closing date, schedule a locksmith to change the locks and to arrange for a moving company. You can also start to make plans on how you want to redecorate the master bedroom. Congratulations on your home purchase!

As a Realtor®, I can assist you with any or all of the items above. If you happen to be outside of the St. Louis market, I can help you find a quality agent in your area of choice. Please contact me for assistance.

By Bob Weibrecht,
Realtor
Coldwell Banker Gundaker
314-852-9566 / 636-461-2000

 www.BobWeibrecht.com

FYI - The goal of this blog is to provide general information related to the buying and selling of residential real estate. The reader is highly encouraged to consult the services of a professional real estate agent during the transaction. This blog is not a substitute for any type of professional assistance which may be required.