More and more today I'm seeing reports in the media about the housing market cooling down and sales slowing which, quite frankly, I have expected and keep watching for signs of it in the St Louis real estate market. However, in spite of a few blips on the radar, all the data I'm reviewing still shows pretty steady and consistent home sales in St Louis.
Don't get me wrong, I fully expect us to see a cooling of the St Louis market if for no other reason, winter will be here soon and then we'll be headed toward year-end when the market always cools down. There are many factors that could come into play to further impact the market such as higher interest rates, a weaker economy as well as an influx of foreclosed homes hitting the market in the month ahead.
For all of this, we will have to wait and see, but for now, things are pretty steady. Below are some charts and data that I feel support my thoughts on the market. As the chart above illustrates, the time it takes for a home to sell (days on market, represented by the brown line at the bottom) has been consistent the last four months, ranging from a low of 6 days to a high of 8 days.
Don't get me wrong, I fully expect us to see a cooling of the St Louis market if for no other reason, winter will be here soon and then we'll be headed toward year-end when the market always cools down. There are many factors that could come into play to further impact the market such as higher interest rates, a weaker economy as well as an influx of foreclosed homes hitting the market in the month ahead.
For all of this, we will have to wait and see, but for now, things are pretty steady. Below are some charts and data that I feel support my thoughts on the market. As the chart above illustrates, the time it takes for a home to sell (days on market, represented by the brown line at the bottom) has been consistent the last four months, ranging from a low of 6 days to a high of 8 days.
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More and more today I'm seeing reports in the media about the housing market cooling down and sales slowing which, quite frankly, I have expected and keep watching for signs of it in the St Louis real estate market.
There continue to be conversations by St Louis REALTORS as well as other industry professionals as to whether or not the market is cooling off somewhat or slowing down.
There has been talk of "the market slowing down" and while there hasn't been a lot of data to support that, we did see the sales trend slow slightly in July.
There continue to be conversations by St Louis REALTORS as well as other industry professionals as to whether or not the market is cooling off somewhat or slowing down.
There has been talk of "the market slowing down" and while there hasn't been a lot of data to support that, we did see the sales trend slow slightly in July.
Mortgage interest rates dropped peaked in the spring of this year with the rate on a 30-year fixed rate conventional loan hitting 3.353% in mid-March then staying near that range until mid-April when rates started to ease.
In mid-June the rate had crept back up to 3.229% but last week dipped below 3% to 2.982%.
As of yesterday, the rate has increased slightly but is still just a tad over 3% (3.019%).
Every month Fannie Mae surveys consumers about owning and renting a home as well as about other issues related to the housing market and economy and from the results publish their Home Purchase Sentiment Index (HPSI).
In mid-June the rate had crept back up to 3.229% but last week dipped below 3% to 2.982%.
As of yesterday, the rate has increased slightly but is still just a tad over 3% (3.019%).
Every month Fannie Mae surveys consumers about owning and renting a home as well as about other issues related to the housing market and economy and from the results publish their Home Purchase Sentiment Index (HPSI).
I have a lot of people ask me about what to invest in and how.
Not every time, but often, the self-directed IRA investments can be great options for people that are in the real estate industry.
For this post, I wanted to go over the basic concept and give some actual real-life examples.
We are here to serve and help!
During the 2020 year, you can contribute $6k a year and add $1k if you are over 50.
There are income limits for contributions for the Roth IRA and the tax-deductible traditional.
However, you can always contribute to the traditional but the income limit determines if the IRA is tax-deductible or not.
Not every time, but often, the self-directed IRA investments can be great options for people that are in the real estate industry.
For this post, I wanted to go over the basic concept and give some actual real-life examples.
We are here to serve and help!
During the 2020 year, you can contribute $6k a year and add $1k if you are over 50.
There are income limits for contributions for the Roth IRA and the tax-deductible traditional.
However, you can always contribute to the traditional but the income limit determines if the IRA is tax-deductible or not.
The CDC has indicated that "this is intended to be the final extension of the moratorium."
The Consumer Financial Protection Bureau (CFPB) is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives.
For more information, visit www.consumerfinance.gov.
In December I wrote about multiple class-action lawsuits filed against the National Association of REALTORS (NAR), as well as some of the largest real estate brokerages, like ReMax and Keller Williams as well as a Department of Justice (DOJ) complaint filed again NAR over issues related to the lack of transparency in the home buying process.
The Consumer Financial Protection Bureau (CFPB) is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives.
For more information, visit www.consumerfinance.gov.
In December I wrote about multiple class-action lawsuits filed against the National Association of REALTORS (NAR), as well as some of the largest real estate brokerages, like ReMax and Keller Williams as well as a Department of Justice (DOJ) complaint filed again NAR over issues related to the lack of transparency in the home buying process.
For the past couple of years now you've heard how low the inventory of homes for sale is, and, if you are a buyer, you have no doubt experienced some grief or hardship in buying a home as a result.
However, this may be changing.
As the table below shows, there are currently 3,565 active listings in the St Louis 5-county core market (city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) which based upon the rate of home sales, works out to a supply of 1.41 months.
This is a 50% increase from the supply (inventory) from June of 0.94 months.
However, this may be changing.
As the table below shows, there are currently 3,565 active listings in the St Louis 5-county core market (city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) which based upon the rate of home sales, works out to a supply of 1.41 months.
This is a 50% increase from the supply (inventory) from June of 0.94 months.
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