Real Estate Information Archive

When comparing the homes on the market in July 2008 to the homes on the market in July 2009 there were 18% less homes on the market this year than last year.  This is means more buyers are competing for the same homes.  Feeling the noose tightening even more are First Time Home Buyers who are often looking for nice homes in lower price brackets.  Last week we ran a search of homes $100,000 to $135,000 3 bedroom 1.5 bath and found that there were 94 listings.  This week that number had dwindled to 78 for the same search.  If you are planning to use the $8,000 Tax Credit you want to be looking now and if you find the right home don't wait too long to make an offer, it could be gone.  How do you begin looking?  Register on Total Access by clicking on "Search Listings" on our Trails2OpenSpaces.com website. You may also register what you are looking for at www.St.CharlesHomeHunter.com.  We will set up a search to e-mail you when new properties come available on the market.  You can also see all of the current homes on the market.   Can't find what you are looking for?  E-mail us at MikeandPat@Trails2OpenSpaces.com and we will search for you.

Condominiums have recently taken quite a hit with the housing decline.  As a result it has been harder and harder to secure a loan on a condominium through a lender.  In response to the increased number of condominiums going to short-sale or foreclosure, investors who purchase the loans from lenders are again responding with MORE RULES.  These rules go into effect October 1, 2009 and may affect your ability to obtain a loan depending on the complex you plan to purchase your condo from.  These new rules include:

• If 15% of the Condominium's Association's dues are in areers - there will be no loan.
• If there is pending litigation in the complex - no loan
• If the lender is unable to purchase Mortgage Insurance - No loan
• 50% of the complex must be occupied with owners not rentals
• Conventional loan requirements will be 10% downpayment up 5%.
• FHA is no longer requiring the condominimum to be approved, however, individual investors will be permitted to make up their own guidelines.
• Resale certificates and Condominium Questionnaires will be required

If you are contemplating the purchase of a condominium you will want to be sure your realtor and your mortgage person are in tune with these new requirements and understand the impact on your purchase.  For more information give us a call at 314-749-0921 or contact our Team partner Chris Simms, Certified Mortgage Planner at Pulaski Bank, 314-229-4242 or csimms@pulaskibankstl.com.

The Simms Team