St Louis Real Estate Exchange

Why rent when you can OWN this 2 bedroom 1 bath renovated home? This home is move in ready! Nice size living room, high ceilings, updated kitchen with plenty of cabinet space, newer gas range and an updated expanded bath with linen closet on the main level. The 2nd story has 2 nice size bedrooms and newer carpet and unexpected closet/storage. The home has a newer electrical panel, new hot water heater, and all updated plumbing, and replaced sewer lateral from home to cleanout. The level fenced back yard, deck, and patio are great for entertaining! Did I mention the 1 car garage? Walking distance to Sublette Park, and to great restaurants on the HILL! Don't wait, at this price it won't last!

Contact Michael Nettemeyer for more information!

Contact Michael Nettemeyer for more information!

Every seller wants to get the best price for their house. We learned in high school that the best price for any item will be determined by the demand for that item relative to the supply of that item.

We have reported that the inventory of houses for sale is well below normal numbers.

There is historical evidence that the demand for housing is about to increase dramatically. Each year, more homes sell in May, June, July and August than any other four months of the year. Here is a graph of home sales last year by month:

Bottom Line

You want to make sure your house is available for sale during peak selling season. If you are thinking of selling this year, contact The Nett Group today!

Don't miss this golden opportunity! Contact The Nett Group today!

There has been a lot of discussion about how difficult it is to get a home mortgage in the St Louis market. There is no doubt that the process is not as easy as it was eight to ten years ago and that’s probably good news. However, it does appear that availability to mortgage money is increasing with each passing day.

The Mortgage Bankers’ Association publishes the Mortgage Credit Availability Index (MCAI). According to their site the index is “a summary measure which indicates the availability of mortgage credit at a point in time”. As we can see from the graph below, mortgage availability has been increasing dramatically over the last six months.

Accompanying the latest index was this comment from Mike Fratantoni, MBA's Chief Economist:

"A number of factors contributed to a loosening of credit in March: Freddie Mac's introduction of their 97 LTV program (Fannie Mae's was implemented in December) [and the] additional loosening of parameters on jumbo loan programs… Although credit remains tight by historical standards, this increase in availability, coupled with low rates and job market strength, should lead to stronger home purchase activity this spring."

Bottom Line

If you have remained on the sidelines regarding homeownership because you were concerned about your ability to qualify for a mortgage, it may be time to get into the game.

Want to know if you are eligible for a mortgage? Contact The Nett Group today!

Interested to see this updated home? Contact The Nett Group for a private tour!

Interested to see this updated home? Contact The Nett Group for a private tour!

According to Nationwide’s recently unveiled, Health of Housing Market (HoHM) Report, the US housing market is at it’s healthiest levels since the index’s creation in 2001.

The index analyzes the health of the housing market across the country and in 373 metro areas every quarter. Using the data that they have collected over the past 15 years, Nationwide will look to give a “data-driven view of the near-term performance of housing markets based upon current health indicators.”

The fourth quarter of 2014 ended with the highest indicator score in over 15 years of data analyzed by the study at 109.8. The report explains:

“An index value over 100 suggests that the national housing market is healthy, with lower chances of a housing downturn over the next year as the index moves increasingly above the 100 breakeven value.”

Employment, demographics, the mortgage market, and housing prices are all used to evaluate the health of each market. The top 10 healthiest housing markets according to the index are:

1. Pittsburgh, PA
2. Cleveland-Elyria, OH
3. Philadelphia, PA
4. Rockford, Ill.
5. Burlington, NC
6. Scranton-Wilkes-Barre, PA
7. Fayetteville-Springdale, AK-MO
8. Idaho Falls, ID
9. Tulsa, OK
10. Kennewick-Richland, WA

The two ‘least healthy’ markets were Bismark, ND and Atlantic City, NJ who received “just slightly negative performance rankings”.

David Berson, Nationwide’s Chief Economist and Senior Vice President, says “the quarterly report should serve as a resource to gauge how healthy housing markets are today but, perhaps more important, what to expect in the future and why.”

Bottom Line

The housing market continues to recover and surpass recent history. Meet with an agent in your local market to determine if you are able to take advantage of the opportunities available in real estate today.

The Nett Group | St Louis Real Estate Exchange

For all your Real Estate needs, contact The Nett Group today!

Have a home to sell? Contact The Nett Group today to get started!

Whether you are a first time or a move-up buyer in St Louis, there are two factors that will impact the amount of house you can afford in your price range: home prices & mortgage rates.

Let’s look at what the experts are predicting over the next twelve months for these two areas:

PRICES

Over 100 economists, real estate experts and investment & market strategists were recently polled as a part of the Home Price Expectation Survey. They were asked to project where home prices are headed. The average value appreciation projected over the next twelve-month period is approximately 4.4%.

MORTGAGE INTEREST RATES

In the latest Economic & Housing Market Outlook from Freddie Mac, they predict that the 30-year fixed mortgage rate will be 4.7% by this time next year. As of last week, the Freddie Mac rate was 3.69%.

What does this mean to you?

If you are a first-time buyer in St Louis currently looking at a home priced at $250,000, this is what it could cost you on a monthly basis if you wait until next year to buy:

If you are a move-up buyer currently looking at a home priced at $500,000, this is what it could cost you on a monthly basis if you wait a year to buy:

Bottom Line

With both home prices & interest rates projected to increase, waiting to buy could put a serious dent in your family’s wealth.

Have any questions? Contact The Nett Group today!