Real Estate Market Reports for St. Louis – Do You Know What’s Happening in YOUR Neighborhood?

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Many consumers have been relying on the Internet for their real estate news and market statuses but can you get a good depiction of what’s going on locally in your area from those sources?  Chances are, not really. Though it’s a great idea to keep up-to-date on a national level, it is essential to stay current with the ins and out of the industry closer to home.  Even if you are not in the market right now to buy or sell a home, just owning a property or the possibility of owning in the future is enough reason to stay informed.

Subscribe to the Weekly Market Overview Report Today!

The single best source for current data is through your Realtor.  Your real estate agent deals with the numbers of the vicinity on a daily basis, we usually have a running data sheet of all the information relevant to those interested in real estate.  In fact, no one better than your agent can decipher that data into usable, workable advice as to how to handle your own real estate decisions.

What we do to make sure our clients (future clients too) stay current is provide a weekly market report that carries all the important data for the St. Louis area.  Our Total Market Overview [insert link to report subscribing here John] report is generated each Monday and we send it out electronically every Tuesday.  Not only do our clients and potentially interested parties receive our report but we also post it publicly on Facebook plus other social media sources, making it easily accessible through a number of forums.

Answers to Many of Your Real Estate Status Questions

Our report answers many questions frequently asked about how the market is performing in terms of sales, number of homes under contract, the average number of days on market before properties sell and more.  If you want to see how real estate is performing in our marketplace this year as compared to last, the report is the perfect format because it shares data from a bird’s eye view allowing you to make informed decisions based on real facts.

We have separated the data by various price bands so that you can view homes in price points that interest you.  You can see the number of active listings, whether or not there are any reductions in price plus the list price to sale price ratio – all itemized and summarized weekly on the report.

In addition, we cater to the luxury home market as well, providing the same statistics for homes that are priced $800,000 and above.
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To keep current with all the latest trends and be on top of the property pulse in our area, subscribe to our weekly market overview report by clicking here. You can also “like” us on Facebook and access the report there.  If you’d rather hear from me directly, please email me at rtnolting@kw.com and I’ll see to it that we get you set up right away!

Four Essential Things You Can Do To Make Buyers Choose Your Home

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Pick a market – any market and chances are you will find there is far more inventory on hand than there are buyers.  The hardest hit in our current real estate industry are homeowners trying to sell their homes in the midst of all the competition.  But there are a few things you can do to stand out in the crowd, making buyers instantly want your house over other homes.  By following our four tips below, you will find that your home will generate more interest, you’ll likely receive more offers than others and when it comes time to sell, you will get a better price.

Repair, Renovate and Remodel

Spend some time, energy and money fixing up the areas in your home that you have tended to in years.  So often homeowners neglect to repair small nuances or take on the expense to manage larger issues but if you do not take care of these things prior to listing your home the consequences can be severe.  If buyers come across faulty structure, inadequate insulation, malfunctioning systems or even smaller issues – it will result in an instant turnoff and cost you the potential sale.

Take time to survey all that may need to be done in the home. We recommend hiring a general contractor or an inspector to learn of potential issues that would also come up during the buyers’ inspection later on.  Based on the outcome, decide what you can afford to have repaired or redone.  You may want to consult with your Realtor for some advice on what areas would be more valuable to buyers.

De-clutter, Remove Personalization, Clean Up

Given that there are so many choices out there for buyers, unless the space is clean and clear of extra clutter and until they can see the home for its offerings, there is a good chance buyers would pass up the home and move on to the next.  Keep in mind that buyers are imagining living in the space and would like to be able to visualize their own belongings in the home.  Rather than allow your personal items to distract them, take measures to provide clean lines, open spaces and simple décor.

Maintain a Neutral Color Palette

Most prospective buyers (and sellers) know from watching reruns of House Hunters on HGTV, that redoing most cosmetic changes in a home is the least expensive of renovations needed in setting up a new home.  However, it remains to be one of the most distracting aspects while searching for the perfect home.  Though wallpaper can be changed buyers do not want to have to contend with it.  Similarly, the last thing they want to have to do is repaint bold colors with a color more suited to their own tastes.  The easiest way to deal with this and something that can be done in one weekend is to paint your walls in neutral tones like a light beige.  This will allow buyers to visualize their own customization while appealing to almost anyone.

Present Your Home With Modern, Updated Décor

Almost all buyers these days expect to be “wowed” and that usually comes from walking through homes with wide-open spaces, clean floors or carpet, modern neutral color palettes and fresh, inviting décor.  Whether you revamp the décor with a trip to the local import store or hire a professional home stager to help get you set up to sell, it is essential that your home be appealing and attractive by today’s standards.  Mismatched appliances or countertops that went out of style two decades ago are details that can jeopardize your sale and even end up in getting no offers at all.  Browse the Internet to get ideas and incorporate small but impactful changes that will make buyers wish they were already living in the space.

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As professionals in the real estate industry, we come across homes on a daily basis and equally interact with buyers very frequently.  One of the best things you can do is to consult with your agent, maybe ask him or her to walk through your home and offer a critique on some of the areas that could use some updating.  It doesn’t take much but by following these tips you will be able to take down that  “For Sale” sign and have the pleasure of putting up a “SOLD” sign!

FSBO - Your Advantages and Disadvantages - Why Shouldn't I Try to Sell My Home by Myself?

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Many home owners think about selling their own home but relatively few attempt it. Why? Because it's an extremely time-consuming and often exhausting process, especially if you're working a full-time job! It's the Realtor who takes this burden off your back.

Nonetheless, I don't discourage you from putting your home on the market and attempting to sell it yourself.
But before you do it, I do encourage you to become extremely knowledgeable about the process and aware of the both advantages and disadvantages of it.

Below, I've provided information on the benefits and drawbacks of doing a "For Sale By Owner" (FSBO) sale. 

Read it carefully and then make your decision!

Advantages of Selling Your Own Home

Of course, the biggest advantage a FSBO is that there's no commission to be paid to a Realtor. You get all the proceeds from the sale, minus any marketing costs you incur.

A second advantage is that you have complete control of the transaction. You don't have to rely on anyone else. You're totally independent.

A third advantage concerns your equity. If it's low, you have the possibility of selling your home without having to write a check.

A fourth advantage is that you don't have to rely on a realtor to schedule showings, answer inquiries, etc.

Disadvantages of Selling Your Own Home

Perhaps the greatest disadvantage is the tremendous amount of time you have to put into the sale.

It's a time-consuming process to do all the paperwork, the marketing and advertising, the showings, etc. by yourself - not to mention the hours it takes to get acquainted with all the legal, financial, and other issues. You must be prepared for this.

A second disadvantage is the costs in terms of marketing and advertising. If you don't exactly what you're doing, this can be very expensive!

A third disadvantage is that you won't have access to the Multiple Listing Service (MLS) unless you pay a fee to have your listing included. If you don't pay that fee, then you'll end up hunting for buyers one at a time, a very inefficient, ineffective, and frustrating process.

The fourth disadvantage relates to your knowledge of the market. If you're not knowledgeable about it, you may not price your house correctly.

That is, you may underprice it or overprice it. If you underprice your home, you lose money. If you overprice it, you lose buyers. By the same token, if you do find a buyer and you're not experienced at negotiation, you could be taken advantage of.

A fifth disadvantage relates to a belief of some buyers. They believe that since you're selling the house by yourself and not paying a commission, then they're the ones who should get the savings instead of you!

My Advice: Do your homework before considering selling your home by yourself! And, if you do decide to go the FSBO route, be fully prepared in all aspects of home sales!

If you'd like more information and advice on selling your own home as well as my real estate services, contact me.

Custom Website Home Search Tool Designed Exclusively for Russell Nolting Clients

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It can take months, if not years for some people to find the perfect dream home but if you’re vying for a property in this market you probably do not want to wait that long. In fact, with interest rates the way they are these days, it’s no wonder that so many buyers are looking to buy up and upgrade despite not having any prior plans to move.

So now that you are looking, what is the best search tool that you find works for you? We all know that the national giants are there but those websites are not designed to cater to a specific neighborhood, rather they are the second and third sites in line where sellers list their homes. The first thing home sellers do is to have their agent list their home on the local MLS. Next, they might venture into some alternative forms of marketing such as the use of social media. Finally, national home listing databases end up with a mish mash of listings that may or may not be updated depending on the agent or seller’s efficiency.

New Website Tool Designed for the Greater St. Louis Region

Now, you can forego all those other sites and go directly to the one that your own agent has designed. Operating just like the Multiple Listing Services that agents use, you will have the power to put in a wide range of search criteria so that you can pinpoint the exactly home you desire.

Whether seeking a home in a particular school district, looking for something that is closer to your place of employment or if the area you desire is situated near major parks and recreation – all these things and more can be used as search criteria so that you will not have to rifle through all the unwanted listings that do not meet your requirements.

Fine-tune your searches based on zip code, school district, area amenities, certain neighborhoods or even a particular subdivision you may be interested in. Many large level home listing websites do not provide that much customization and the bonus is that since it’s your own Realtor’s site, you will receive an unprecedented level of assistance anytime you do find something that interests you.

Features That Will Save Time and Money On Your Deal

The time it takes to spend hours online looking for homes to shortlist, setting up appointments to view the home and then finally going to see the property – really adds up. With our website, you can bypass a lot of that by instantly finding homes that pique your interest. Not only that, once you have your search criteria entered in the system your searches will be saved, saving you even more time the next time you log on to the site.

Real Time Real Estate That Works For Your Schedule

Setting up email alerts allows you to instantly access new listings the moment they are posted. And no matter where you are, by accessing the entire listing on your mobile device, you can be in touch with your agent before most people may have even accessed the listing. This puts you at a significant advantage over other buyers because you are already one step ahead of the rest.

Come Visit Our New Search Tool Site Today!

Click here to see our new website designed just for you! And as always, if you have any questions or even if you just want to talk to us – please do not hesitate to call and we will be glad to assist you with any and all of your real estate endeavors!

2011 Real Estate Performance for St. Louis City, St. Louis and St. Charles Counties

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As we slowly but surely recover from the consequences of the infamous mortgage meltdown crisis from 2007 onwards, each year since has demonstrated a significant (usually positive) change in our real estate outlook.  We thought it would be useful to take a look at how our marketplace performed during this past year and what we can expect to see happening as the New Year rolls around.

Average Home Prices

The average price of homes in 2011 as compared to the year prior, was down 4%, showing that we are still experiencing a decline in home values at the present time. Last year’s average sold price for our respective counties and St. Louis City is reported as being about $186,000 with the 2011 average coming in at $178,000.  Looking at these numbers, we are still experiencing about a half percent depreciation each month this year.

Number of Units Sold

The number of homes sold in 2011 as compared to 2010 is also down.  Last year we reported a total number of homes sold at 14,515 while in 2011 to date we have sold 14,200.  It is not a significant difference but the indication is of course that the market is weak at this point in time.

Average Days on Market Before Sold

Once again, 2010 was a better year with the average Days on Market registering in at 85 as compared to this year’s 95 days to sell a home after being listed.

What’s In Store for 2012?

The coming year holds significant promise for the real estate industry.  We can expect to see prices leveling, stronger appreciation slowly building, yet with interest rates taking their time and hovering at these all-time low rates, we an expect buyers to continue to avail the incredible buying opportunities out there.

The year 2012 is sure to be better than 2011 and Russell Nolting Group will be right there with you to accompany you through all your real estate endeavors throughout the year.
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It’s no secret that given the numbers above, the market has been a tough one.  But that’s not to say that there hasn’t been some improvement.  Though on a national scale the real estate industry in general has been fairly bleak, when you look at our performance as a realty firm, you’ll see that there are many things that set us apart from the rest.

Given the fact that we actively pursue and implement our very aggressive marketing pan, proactively linking buyers with sellers and vice versa by simple virtue of getting and staying in touch with our clients – we can confidently say that we’re doing quite well under the circumstances.  While the average days on market figures are at about 90-95 days, the Russell Nolting group exceeds that performance with an average DOM of 60 days from the time the home is listed to when it goes under contract – selling your home almost one third faster!  Not only that – this year alone, we have been very successful with dual-agency situations where we were able to represent the seller and also locate a buyer through our extensive client base – bringing 6 dual agency transactions this year to the closing table.

If you are considering selling your home, buying or just want to browse your options given the still amazingly low interest rates available out there – we invite you to get in touch with our office so we can begin serving your real estate needs!

Use a Professional Photographer So You Can Put Up That “Sold” Sign Sooner!

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There are a number of reasons that some homes are not selling these days.  It can be because of the number of homes in inventory versus the number of buyers in the market at any given time.  Homes can be slow to sell if they are not priced properly or if they are not in selling condition.  And they can also not sell if they are not marketed effectively.

With the advent of the Internet, especially in terms of real estate sales, more and more buyers rely on the first pre-impression they get when visiting online real estate market places. Naturally the very first thing prospective buyers look at are photographs of the home, along with price and basic specs.  If the home does not seem appealing or if the features do not look good in the photographs provided they often just move on to the next shortlisted home on the website tool (for example www.zillow.com) they are using.

How can you avoid being one of those “passed up” homes?  How can you make sure that buyers get a reasonable preview of the home?  And how can you ensure that there is enough interest that they want to go one step further and visit the property?  The answer lies in how you present the home and what type of first impression you are able to provide.

Capturing the Good Stuff and Camouflaging the Not-So-Good

By virtue of their experience alone (though their equipment also lends a significant hand to the quality of their photographs) professionals have a natural eye to capture images in the most appealing way possible.  Whether that means to be able to depict the true size of a room in a photograph or to accentuate the overall look of an area as it relates to other spaces around the room – professionals know how to pull it all together.

Not exactly airbrushing but there are tools and techniques that they use to highlight the more attractive features of a home while downplaying the less desirable things.  Being able to show the light bouncing off granite countertops or showing the entire landscaping of a home in one panoramic shot are things that are not typically easy to accomplish using a standard amateur camera.

Hiring the Right Photographer is Essential

All photographers are not created equal.  While some specialize in landscape photographs, others in commercial and advertising photography and still others in portraits – it is important to identify one that will be able to showcase your home in the best light.  One way to find a good photographer in your area is to contact local or national associations or groups where you may find photographer members who advertise their services by category. Professional Photographers of America is a great resource.  Another way is to contact a local publication that prints the work of an architecture photographer.  If budget is a concern you can get in touch with a local school, community college or university to get in touch with photography students who will likely have professional equipment and better than average skills.

Less Is Not More – Get EVERYTHING Photographed

Be sure to have the entire property adequately photographed.  Even if you do not think the pictures will be needed have them taken so you have them with you in case needed later.  This can also come handy in the future if you need to send additional photos to the buyer’s agent or if you want to enhance your existing listing with additional images of the house.

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Remember that by hiring a professional you are doing the house justice by accurately portraying the home in a way that will appeal to potential buyers.  That is not to say that you should not take pictures of areas of the home that are only average – rather the images taken by a professional will be done in a way that will entice potential buyers into viewing the home and hopefully selling it too!


Images provided by http://www.freedigitalphotos.net/images/view_photog.php?photogid=987

July and August 2011 Market Update for St. Louis City, St. Louis County and St. Charles County

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Home Sales

Our home sales during July and August this year were up a sizable twenty percent this year as compared to the previous year – with 2800 homes sold in 2011.  Last year’s 2300 closings being that many less than this year’s despite the First-Time Homebuyer Credit available in 2010 indicates that our market is performing better than it seems.  Neither year compares well with 2009’s numbers that were at 3500 closings.

Home Prices

No news is good news and this summer’s numbers are just that – with only a slight decrease in home prices, we can rest assured that we are not experiencing any spectacular spikes but neither are we looking at any crazy dips at the same time.  The average home price dropped in 2011 to $192,000 from the previous year’s $194,000.  We can continue to expect to see a flat or declining trend on home values for at least the next 12 to 18 months or so.  Some markets may recover sooner however this area appears to be on track with most of the country.

Projected Sales

Considering that mortgage interest rates remain at all-time, historic lows across the country, we can expect to see better than average activity in the fall season.  If you are considering selling your home, keep in mind that with less inventory and more serious buyers on hand, the chances of your selling the home are fairly high.  Generally, buyers in the market during off-peak seasons tend to be in the market for unavoidable reasons such as job transfer or unforeseen circumstances.

Government-insured loan products continue to provide ample incentives for homebuyers to get in on the action, ranging from very low interest rates, assumable loans, closing cost concessions, renovation loans and more.
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If you are unsure whether or not to sell your home or if you would like to seize the opportunities that present themselves within the current lending market, visit your Realtor for a customized consultation to help decide what are the right steps for you to take according to your own situation and goals.  An in-depth analysis of your home, the neighborhood, values in your vicinity and more – may open the doors to possibilities you may not have realized are out there.  It doesn’t hurt to investigate the options!