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Saint Louis Real Estate News

Volume 2 Number 17          FindingStLouisHomes.com

Purchasing Power!  Excellent inventory choices, short term rate cuts, historically low mortgage rates and proposed revisions in mortgage programs set the stage for first-time homebuyers and move-up homebuyers.

Considering the many factors that influence the real estate market you may want to consider your current purchasing power.  The real estate market has either stabilized or remains stable in most parts of the country.  Long term fixed rates are in the 6% range and housing appreciation is stable so it’s a good time to analyze your position.  First time buyers especially have an excellent opportunity in today’s market.  Low interest rates provide leverage, and current inventory levels push sellers to provide buyer incentives such as paying closing costs, providing warranties and reducing prices.

Many would be first time buyers are unaware of the home they can buy with a mortgage payment rivaling what they currently pay in rent.  If you want to know where you stand a mortgage calculator can show you your purchasing power in just a few minutes.  It’s always a good idea to understand your financial position.

Selling Your Home in Today's Market

Competing with the neighbor and the neighbor’s neighbor while selling your home isn’t difficult you are prepared.  Selling your home in a highly completive market takes preparation and research.  Know the competition, research the recently sold homes as well as the homes for sale in your price range.  The important factor when marketing your home is the value of your home versus your competition.  You have to take a different view.  Your new paradigm is that this is no longer your home.  It’s simply a piece of real estate that you want to sell.  That may sound harsh after years of charting your children’s height on the door frame, but it is reality and if you can minimize your emotional attachment to what you have already decided is no longer going to be your home, you’ll be able to view it as real estate.  Here are some simple tips to help you start preparing.