St Louis Real Estate Exchange

Upon entering this immaculate home, in a quiet neighborhood, you will immediately take notice to the gleaming hardwood floors throughout the main level. The vintage stained glass windows add the finishing touch to the spacious living room, which opens to the formal dining room. The unique kitchen offers a beautiful marble backsplash, which perfectly complements the granite countertops. A breakfast bar and stainless steel appliances are also in the kitchen. The main level is also home to the spacious master bedroom with 2 large windows allowing tons of natural sunlight through. The second bedroom and bathroom, with granite counters, is also located on the main level. The lower level offers an oversized family room and the large 3rd bedroom with a built in desk. The fenced in level backyard is perfect for those summer BBQ's! Being within walking distance to Tilles Park and easy access to Interstates, this home wont last long! Make your appointment today!

6227 Wyoming, Saint Louis, MO 63139

Click here for more photos and information! 6227 Wyoming, Saint Louis, MO 63139

www.StLouisRealEstateExchange.com

Affordable just got more exciting! We're happy to announce the new and reduced listing price of our listing: 4331 South 37th Street, Saint Louis, MO 63116.

Call us today for a private tour! For more information visit http://bit.ly/1rvspYI

There are many people out there who debated purchasing a home over the course of the last year, but ultimately did not. Whatever their reasons were for delaying, let’s look at whether the decision to wait to buy made sense.

What happened in 2014?

The 30 year fixed rate on January 2, 2014 was 4.53% as reported by Freddie Mac. Looking at the chart below, your monthly mortgage payment with principal and interest for a $250,000 home would have been $1,271.17.

Even though interest rates have dropped below 4% and ended 2014 at 3.87%, home prices appreciated by 4.8 percent over the same time according to the Home Price Expectation Survey.

So that same home appreciated by $12,000 and now costs $262,000. The most recent report by Freddie Mac reports the average 30-year fixed rate is currently 3.73%.

Many may say, “See waiting a year made total sense, I’m saving $60 a month.” And they’d be right, over the course of the year they saved $729.36.

But what they haven’t realized, is that as the price of the home they purchased went up by $12,000, even if they just put a down payment of 5%, they had to come up with an additional $600 at the start of the process. So really they’ve only saved $129.36 in a year.

Is a savings of $11 a month really worth holding off on pursuing a home to call your own after you weigh all the benefits that come along with that?

• Building equity you can borrow against in the future
• Having a safe, comfortable environment that fits your family’s needs
• Having control over your space
• Tax benefits
• And so many more…

Bottom Line

The experts are predicting that homes will appreciate by another 4% and interest rates will increase by a full percentage point by the end of 2015. If you are in a position to be able to buy a home now before these predictions become reality, contact a local real estate professional and start the process. We're happy to help!

The holiday season is behind us, time to focus on what exciting new experiences 2015 can bring! If you are planning on becoming a homeowner, or moving up to the home of your dreams in 2015, here are four great reasons to consider buying a home now, instead of waiting until spring.

1. Prices Will Continue to Rise

The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects appreciation in home values over the next five years to be between 15.1% (most pessimistic) and 32.8% (most optimistic).

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense. 

2. Mortgage Interest Rates Are Projected to Increase

Although Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have softened recently, most experts predict that they will begin to rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison projecting that rates will be up almost a full percentage point by the end of 2015.

An increase in rates will impact YOUR monthly mortgage payment. Your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

3. Either Way You are Paying a Mortgage

As a paper from the Joint Center for Housing Studies at Harvard University explains:

“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”

4. It’s Time to Move On with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But, what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe it is time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

We're here to help!

If you are one of the many homeowners out there who are debating putting their home on the market in 2015, don’t miss out on the opportunity that currently exists. There will be significantly less competition in the winter months than in the spring.

According to the National Housing Survey released by Fannie Mae, 45% of homeowners “say mortgage rates will go up in the next 12 months.”

What Does This Mean?

Homeowners are unaware that interest rates are projected to go up by all four major reporting institutions – This is big news for move-up buyers reflecting the overall amount of housing inventory that will be on the market.

If existing homeowners believe that mortgage interest rates are not going to increase, then they won’t be inclined to make a move by putting their home up for sale, meaning less competition for sellers who list now.

Don’t Wait!

The study also revealed that:

“Those who say it is a good time to buy a house rose to 68%” & “the share of respondents who think it would be difficult to get a home mortgage today decreased by 3 percentage points.”

As Doug Duncan, senior vice president and chief economist at Fannie Mae explains:

“We expect consumer attitudes toward housing to improve as the pickup in the overall economy lifts employment and income prospects.“

Bottom Line

There are buyers out there who are ready to make a move. If your goal this year is to move up to your dream home, what are you waiting for? Call us today!

Start the year with a brand new home that's totally worth every penny! This luxurious home in St. Louis is now at a MORE AFFORDABLE price!

Contact us today for more information! http://bit.ly/1nH6amE

Make an Offer! Home is being sold for the property. This a great lot to build a custom home on.

No Access to the inside of the home. For more information or to set up your private tour, please call us at (636) 675-8255.

According to Freddie Mac’s latest U.S. Economic & Housing Market Outlook, U.S. home sales in 2015 will show increase to the numbers associated with a normal real estate market. Here is their projection:

“We are projecting a 4 percent rise in sales to 5.6 million, which would mark the highest level of annual sales since 2007.”

And their optimism was seconded by both the National Association of Realtors (NAR) and the Mortgage Bankers Association (MBA).

It seems that an improving economy and jobs market will mean a very healthy housing market.

Owning a home has long been associated with success, stability, and work ethic. An investment in your future, purchasing a home is one of your more significant financial decisions. It’s a decision nearly two out of every three Americans have made in recent years.

Interest rates, housing markets, community and school ratings, and crime statistics are only a few of the factors that may weigh into the decision to buy a home. This week, the 30-year fixed mortgage rate is 4.1 percent, and next week this rate will likely change.

While finding the right home that will earn you a decent return on your investment is essential, perhaps even more critical is the need to find a home you can afford. HSH recently published a report on the annual salary required to purchase a home in 27 different metropolitan areas. Based on this report and other supplemental data, let’s see where you can afford to buy at the median home price.

Annual income: $30,000-$40,000

If your annual earnings are at the lower end of this scale, you can afford a house at the median price in several major markets. This includes Cleveland, where the median home price is $102,100 and the monthly payment is around $695. You could also afford to buy in Pittsburg, St. Louis, or Cincinnati, as the price of a mid-level house in these areas ranges from $120,000 to $121,700. You’d be looking at a monthly payment of between $700 and $750. A three-bedroom, two-bathroom 2,065-square-foot Zillow listing from earlier this summer represents a typical Cincinnati home that is right around the median price at $117,500.

If your earnings are at the higher end of this scale, you can afford to live at the median in Atlanta or in Tampa, where mid-level housing prices are around $140,000 to $145,000.

$40,000-$50,000

At this income range, you can afford middle-range housing in Phoenix, Orlando, San Antonio, Minneapolis, Dallas, or Houston. Home prices in these areas range from $169,300 in San Antonio to $194,300 in Phoenix. As for monthly payment, a house in Phoenix may produce a mortgage payment of around $963 per month, while a Houston home, although lower priced, will produce a higher mortgage payment of around $1,144.

According to a Zillow listing, the median price in Houston may just get you a three-bedroom, two-bathroom home that has 2,004 square feet and an attached garage.

$50,000-$60,000

If you earn at this level, you earn right around the national median, and you can afford that same mid-level in Philadelphia, where homes at the midrange cost $201,800 (monthly payment of $1,179). If you earn at the higher end of this range, you could buy in Denver, where homes are priced at $288,400 (monthly payment $1,397). Other affordable  markets within this income range include Chicago, Baltimore, Sacramento, and Miami.

According to Zillow listings in Denver from this summer, the median price may very well buy you a two-bedroom, two-bathroom 991-square-foot apartment in a high-rise city complex, or it could buy you a quaint two-bedroom, one-bath home. This, of course, depends on your neighborhood preferences.

$60,000-$80,000

At the lower end of this range, you can afford the mid-level housing in Portland. With home prices of $271,900 and monthly payments estimated at $1,407, you need to earn roughly $60,308 to afford a middle-of-the-road Portland home.

If you’re closer to the $80,000 range, you can afford a home in Washington, D.C., or Boston, where mid-level homes are priced at $358,900 and $363,200, respectively. Based on Zillow listings in Washington, D.C., this could buy you a one-bedroom, one-bath condo, or a larger townhome. This, of course, depends on where exactly you want to be — closer to the burbs or where the action is.