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.

Time is running out on the First Time Home Buyer $8,000 Tax credit.  If you haven't had an opportunity to find out about this program to help you buy your first home you need to contact a Mortgage person today.  The progam ends November 30, 2008 and all homes must be closed by  that date.  However, some buyers have not taken into consideration that  November 30 is the day after Thanksgiving and most Title companies will be closed.  When planning your purchase be sure to plan to close well before Thanksgiving to avoid the rush and ensure your home will close on time.  Don't forget that closings are further complicated by the new HERA rules which require re-disclosure  and an additional 3 - 7 days on disclosure before properties may close depending on the situation.  For more information and clarifcation on these rules contact your Mortage person or call:

Chris Simms - Certified Mortgage Planner

Preferred Home Lending

Powered by Pulaski Banks

314-229-4242 or 314-579-7762

You  don't want to miss out on  this program that may help you  purchasee your next home.  To search for homes register at www.StCharlesHomeHunter.com with the details of our search and we will set up a hunt for your new home in the greater St. Louis area.

Call Mike - 314-849-0921 direct or Pat 314-749-986 direct or email to MikeandPat@Trails2OpenSpaces.com  We look forward to hearing from you.

Chris Simms, Certified Mortgage Planner with Pulaski Bank of St. Louis and Preferred home lending has this to say about the market activity this past week:

As you might have heard the Fed dropped the prime rate by .25 basis points leaving the Fed funds rate at 2% and the prime rate at 5%.  Usually that means the bond market is boinb to raise rates because of inflation concerns.  In this case it helped bonds move in the right direction on Thursday morning and lower rates.  Then Friday morning the jobs report came out and expectations were for a 75K loss in jobs.  Instead they came in at a 20K loss.  This is still not good news.  The economy needs to create about 150K jobs a month to keep up with the population growth but instead we still hsaw a loss, so why did the bond market knee jerk react this morning pushing rates back to 6% and in some cases 6.125%?  Simply emotions, stock investors are feeling that the worst is over and so shortly things are going to be turning around.  So a 20K loss is much better than expectations of 75K loss.  So needless to say they reacted and moved the market again.  Since the open this morning they have come back a little but they are still up and driving our rates up.  The good news with the Fed is that they don't see any reason to continue lowering rates meaning inflation will have a chance to come under control.  (May be gas will come down then).  The largest reason for our gas prices is the weakening dollar driven by the rate cuts.  The rest of the world doesn't have the inflation jump that we have had over the past six months with Gas and food.  That will help bonds gain some strength.  At the same time the market isn't out of the woods yet but that only provides more strength for investors to invest in bonds and lower our mortgage rates.

Hang in there we are feeling that the volatility we have been experiencing might settle down and bring some consistency.

If you would like to contact Chris with your questions he may be reached at 314.229.4242 or via e-mail at csimms@pulaskibankstl.com

Chris Simms, Certified Mortgage Planner had this to say about MDHC Funds:

It appears as though funds for the Down Payment Assistance programs may be hard to come by in the next few months.  The depressed market is making it difficult for MHDC to encourage investors to back a new ond issue for 2008.  As a result, the worse case prediction is that new funds may not ve available until October of this year.

A proposed new program, Show Me Home (program with a soft second, which was approved by FHA) and would have been offered in addition to their other programs, was voted down at the last MHDC meeting.  The program is going to try to be pushed through again in May.  Until then reservations for the backup list for funds from the Down Payment Assistance program are still being taken but no indication for how long.  Some loans have been moved from the waiting list to the reserved list as funds become available.

If you are a First Time Home Buyer and would like more information on this or other down payment Assistance programs, you may contact Chris at 314.229.4242 or via e-mail at csimms@pulaskibankstl.com.