St. Charles Missouri Real Estate News & Listings Presented By Prudential Select Properties

Best Little Known Financing Secret - Possible Win for First Time Home Buyers

Fri, 26 Feb 2010 07:37:00 GMT

In the days where 100% financing is virtually gone few know about USDA Mortgages, their qualifiction guidelines and where they are applicable. Set up to provide loans for residences for individuals with low income in rural areas this program can be helpful to your purchase plan when looking for the funds for down payment on a home are scarce. Some residential areas in St. Charles qualify as a USDA area. If you are curious if you would qualify for a USDA Loan contact our Certified Mortgage Planner at Preferred Home Lending Chris Simms at 314-229-4242. You can apply on-line at

http://csimms-ph-lendinglo.mortgagewebcenter.com/Default.asp?bhcp=1.

For more information on where USDA Loans may apply contact us by e-mail mikeandpat@Trails2OpenSpaces.com or call 314-749-0921.

Best Little Known Financing Secret - Possible Win for First Time Home Buyers

Fri, 26 Feb 2010 07:36:00 GMT

http://csimms-ph-lendinglo.mortgagewebcenter.com/Default.asp?bhcp=1.

For more information on where USDA Loans may apply contact us by e-mail mikeandpat@Trails2OpenSpaces.com or call 314-749-0921.

Immaculate Well Kept Bungalow

Sun, 10 Jan 2010 01:23:42 GMT

Cute Bungalow looks like new from the 1950's. Well kept, very clean, and nicely landscaped. Original tile and cabinets in kitchen. Everything just glows Kitchen has dishwasher and gas range with door to back porch. Room for small eat in table. Elegant separate dining room. Window coverings on all windows. Lovely living room area with lots of wall space and large picture window. Original tile in bath but it sparkles. Partially finished lower level for family area. Newer gas furnace, gas water heater and 100 amp electric service. Door from living room to screened in breezeway between home and garage. Patio in large fenced yard with nice trees. Great for barbecue and your favorite four pawed pal. Great home for first time home buyer or downsizing.

Live/Work St. Charles - The Christmas House

Wed, 23 Dec 2009 13:04:00 GMT

Every now and then there is that house, the one that at Christmas just touches the hearts of a lot of people. This is one of those houses and we wanted to feature it because when the winter winds blow away and jack frost has gone to sleep there are many more things to do here in this great community known as one of the best 10 places to live:

You'll be home for Christmas . . .

Santa will love this entry . . . . .

Watch the fire and the lake . . . . .

All wrapped up for her for Christmas . . . . . . . . .

Call 314-749-0921 for a personal tour.

http://money.cnn.com/magazines/moneymag/bplive/2009/snapshots/PL2940043.html

Finished Lower Level - Pool- Private Yard - Morton Building

Mon, 23 Nov 2009 21:01:26 GMT

Welcome home to this 3 bed 2 bath all brick home with open floor plan and huge private fenced back yard. Lots of updates including newer roof with ridge top, newer energy efficient furnace and A/C, electric and waste stack. Updated eat in kitchen with lots of custom cabinets, wood trim, and breakfast bar. Gas range, newer dishwasher, premium microwave, walk in pantry, and Pergo floors. Pella wood doors walk out to 10 x 21 covered patio and gas grill. Master bedroom suite with own bathroom including shower. Ceiling fans throughout. Thermal double pane windows and newer interior doors. Covered front porch with steel thermal front door with half moon beveled glass. Finished lower level with Wet Bar. Large Laundry room with extra storage. 1 Car garage oversized garage. Privacy fencing on one side. Yard fully fenced. 21 ft round above ground pool. 12 x 30 Morgan Building for extra storage. 15 min from down town. 2 min to I 170 & 70. 15 min to Airport Easy highway access.

Former Display - Lot of Upgrades

Tue, 17 Nov 2009 00:34:22 GMT

A former display home this 3 car, 3 bedroom, 2 bath ranch has a lot of those extra features you are looking for. To start the home is on a large corner lot. Eight foot wide entry door with side light windows and leaded glass. Tiled entry foyer. Arched doorway to kitchen. The kitchen boasts 42'' cabinets, Breakfast Bar, and stainless steel appliances. Main floor laundry. Huge great room with Bay Bow Window, vaulted ceilings, and Gas Fireplace with designer mantle. Separate Hearth room. Upgraded brush nickel light package. Master bedroom suite has coved ceiling and luxury bath including double sinks, soaking tub and separate shower. Finished oak open stairway to lower level. French doors to patio. Professionally landscaped. Sodded on all four sides. Come on in and take a look. You'll find yourself at home.

All Brick in Carondelet Park

Mon, 16 Nov 2009 23:39:05 GMT

Adorable cottage home in Corondelete Park. All brick with traditional decorative stone and arched entry. Huge living room with firplace and wood floors. Lots of original woodwork. Five stain glass windows. Kitchen large enough to eat in. Light and bright with breakfast bar and lots of cabinets. Nice sized Master bedroom. Third bedroom being used as dining room or convert to bedroom use. Fenced yard with some privacy fencing. Detached 1 car garage. Carondelet Park 2 blocks walking distance. New Rec center opening soon with indoor/outdoor pool and gym. New Loughborough Commons is just across the highway with shopping and restaurants. Just about 10 - 15 minutes from everything.

Investment Potential - First Time Home Buyers

Mon, 09 Nov 2009 22:46:02 GMT

Great starter home or purchase as investment for possible rental income. Recently updated kitchen cabinets. Freshly painted and newer carpet. Has some hardwood floors. East in kitchen. Large fenced back yard for play and pets. Side deck leads to back yard. Off street parking. Lots of shade.

The HOT New Scoop on Home Buyer Tax Credit

Sat, 07 Nov 2009 02:00:00 GMT

We asked Chris Simms, Certified Mortgage Planner with Preferred Home Lending Powered by Pulaski Bank to give us the latest news on the Home Buyer Tax Credit. This is the information he provided:

First Time Homebuyer Tax Credit Extended Into 2010!
Plus...A New Tax Credit for Certain Existing Home Owners!

It's official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.

In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.

So Who Gets What?
The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.

Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Deadlines
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

Higher Income Caps in Effect
The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sales price of $800,000.

First-Time Homebuyer Tax Credit – Frequently Asked Questions
Here are answers to some commonly asked questions about the tax credit.

What is a tax credit?
A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.

What is the tax credit for first-time homebuyers (FTHBs)?
An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

Who is eligible for the FTHB tax credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.

How do I claim the credit?
For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf).

Can you claim the tax credit in advance of purchasing a property?
No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property?
Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.

Are there other restrictions to taking the credit?
Yes. According to the IRS, if any of the following describe your situation, a credit would not be due.

You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
You do not use the home as your principal residence.
You sell your home before the end of the year.
You are a nonresident alien.
You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2009, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2006, through July 1, 2009.

Can you buy a home from a step-relative and be eligible for the credit?
Yes. Provided the person you are buying a home from is not a direct blood relative, the purchase would be allowed.

Can parent(s) who will not live in the property cosign for a mortgage for their child and the child that is a qualifying FTHB still be eligible for the credit?
Yes.

Can a separated spouse who has not owned a home for four years qualify for the FTHB tax credit if the spouse has owned a property anytime in the last three years?
No. However, the spouse may be eligible for the repeat buyer credit. The best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA.

If you have any questions that fall outside the situations here, give me a call and if you do not have an accountant to speak with, I can refer you to one.

If you would like to reach Chris is number is 314-229-4242 or e-mail csimms@psphomes.com. Call or e-mail us to assist in searching for a home at 314-749-9862 or 314-749-0921. We look forward to hearing from you.

Over 1/4 acre Lot with this Great 3 bed 2 bath Ranch

Sat, 12 Sep 2009 22:57:17 GMT

Great three bedroom two bath ranch in sought after Reddington Oaks subdivision. Great location near the Page Extension. Stop by and take a look at what this home has to offer. Start with the great landscaping, brick front, and curb appeal. Walk through the front door to a welcoming entry and enjoy the vaulted ceilings in the great room with a wood burning fireplace to warm those chilly nights. Kitchen/dining combo opens to great room for great entertaining and enjoying the family while cooking. Master Bedroom suite with jetted garden tub and extra large separate shower with seats. Neutral decor ready to make your own. Step out the dining area to the patio for a barbecue or enjoy the partially fenced large back yard. Plenty of room to play or add a pool. Basement ready for your finish. Two car garage has extended workshop. Extra parking available with 3 car wide driveway. Very clean and well maintained. Ready to move in.

Live/Work St. Charles County - First Time Buyer Inventory Homes are Shrinking

Tue, 01 Sep 2009 12:42:00 GMT

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.

Live/Work St. Louis - Thinking of Buying a Condo 7 Things to Know

Tue, 01 Sep 2009 12:22:00 GMT

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

Many Updates to this All Brick Home!

Sat, 22 Aug 2009 21:00:52 GMT

Attention First Time Home Buyers/Investors - this is a home that has been recently rehabbed inside and out. A new roof was completed in summer 2008, some energy efficient windows were added, wood floors refinished with a light oak color and all of the rooms are freshly painted. The bathroom has had all fixtures replaced including waste stack. Electric box updated with 100 amp circuit breaker service. Furnace replaced in 2009. Updated kitchen with oak cabinets, vinyl flooring, and stove. Private driveway for parking leads to large, fenced and level back yard with plenty of room for entertainment or play. Full basement waiting for your personal finish. Great price for this 2 bedroom 1 bath, very clean home. Near schools and public transportation this is a great place to call home.

$8,000 Tax Credit - don't wait too long

Wed, 19 Aug 2009 10:58:00 GMT

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

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.

Huge Deck - Fenced Yard - Large Updated Kitchen

Sun, 26 Jul 2009 00:46:01 GMT

Huge deck off the back and second deck off the Master Bedroom creates a carport. Large fenced yard with oversized out-building perfect for Art room, wood working etc. Nice shade trees in back of home. Freshly paited inside and very clean. Very large bedrooms and great room area. Plenty of room to relax and play. No need to ring the bell - you're already home.

Lake View Lot

Wed, 22 Jul 2009 13:05:18 GMT

Lake View from the large windows in this custom built home on oversized lot in Lake Saint Louis. Starting with the stair winding to the tile porch - as you enter the home is light and bright with natural light. Open and airy with vaulted ceilings in Great Room and Dining Room. Natural tones and stone fireplace with custom built mantle grace both the Great Room and oversized Dining Room. Custom Kitchen has plenty of counter space and opens to DR/GR. Newly added custom Island with Granite counter top. Too many features to describe here. Pamper yourself in the Master Bedroom Suite with Jaccuzzi tub and Cherry cabinets. Upstairs loft and 2 oversized bedrooms with Jack and Jill bath complete the upstairs. All electric home-open the doors and enjoy the endless breeze off the lake. Enjoy summer afternoons on the well shaded patio or deck. Large yard with plenty of room for entertainment, play, and garden. Nicely landscaped. 2 car side entry garage. Come check out one of the 10 best places to live – this home has lake access privileges. Its’ like vacation every day

Live/Work St. Louis - $7500 Now $15,000 Tax Credit?

Sat, 07 Feb 2009 06:16:00 GMT

There is a lot of buz going on regarding a possible increase to the Tax Credit. We asked Christ Simms, Certified Mortgage Planner with Pulaski Bank what he knows -

Ok my phone has been ringing off the hook today about the $15000 credit. Here’s the skivvy on it:

Currently the House has passed a bill and sent it to the Senate packaged as a “Stimulus Package”. The senate does not like the bill as is sits so they are fighting to change it. Currently the Democratic side is ready to go but the Republicans are fighting to see additional help to housing.

One Amendment 353, a proposal by Senator Ensign, would provide a lower interest rate of 4%. This is currently being debated by the senate. Last night the Lieberman/ISakson Amendment was included in the senate version. This would provide for a tax credit of 10% of the sales price with a max of $15K to any body who buys a home this year. This would not be subject to just first time homebuyers. The credit would be available on all primary residence purchases for the 2009 year and could be filed as an amendment on the 2008 returns. This is good news. The question is will people actually spend the money or will they do the same things as the bank and hold it. The proposal also calls for NO Payback if you live in the home for more than 2 years. This could really help the housing market. The question is, will it go through?

In order to answer that we need to look at what came out today. Today we found out that unemployment is at 7.6% which is .3% above consensus estimates. That is a big difference. Most economic advisors were expecting 7.4 to 7.5. To top it off 2008 was revised with worse numbers. Needless to say there are no jobs out there. That’s bad for housing and the economy. No Jobs means no spending, which also means no taxes. Being our democratic congress is printing money with no end in sight, how do they plan on paying it back with out people having any jobs to pay taxes. There in lies our current rate situation. Being the government needs to beg for huge amounts of money over the next few weeks just to pay for things they have already begun doing (like bailing out failing banks who are still buying corporate jets), the money has to come from somewhere and the problem is where is the government going to get the money to pay for the payments on the money it was lent? This is a huge concern that the government might default or just print more money. Printing more money means we will have higher inflation which is bad for Mortgages.

So to recap there is a bill currently being debated in the senate that could help housing but will cost a lot of money and the government doesn’t have any money. Secondly there are no jobs to pay taxes so there is a fear that the government won’t have any money for a while. Lastly average mortgage rates are sitting at about 5.5% on a 30yr fixed for FHA and conventional because of the fear the government doesn’t have any money and doesn’t know if it can raise it.

Does this mean rates will keep going up, actually we feel the lower rates are still right on the horizon, this is merely a fear issue in the market. There is some validity to the fear but because of the processes that are already in place and the stimulus package that is now a must, we are looking for rates to hit in the lower 4’s. So hang in there and be diligent, it might be an ugly ride in the mean time.

Have questions for Chris He can be reached at 314-229-4242 or via e-mail at csimms@pulaskibankstl.com.

How Cheap is Cheap Money for Purchasing Housing?

Thu, 29 Jan 2009 10:51:00 GMT

We talked with team member and Certified Mortgage Planner Chris Simms on where rates are and how buyers are being affected. With such low rates he is extremely busy refinancing clients but he took a minute to tell us this:

According averages 5ates are sitting at 5% - 5.125% for a 30 day lock on a 30 year fixed. Assuming excellent credit and low loan to value. Rates are still at 4.875% and 4.7% for 15 years but we are seeing huge differences on credit scores and loan to values. For example one client may have a $240K loan on $315K purchase with a great credit score and his rate is at 4.875%. Where as another individual on a loan of $250K on a purchase of $500 is at 4.75%. The break appears to be at 200k loan amounts with 60% or less loan to value.

Market wise the Fed finished up its regular two day meeting determining to keep interest rates low. They plan to continue investing in Mortgage Backed Securities (MBS) and to invest in 10 year Treasuries (10 year notes, 2 year notes etc.). This is good news. This means they are going to do whatever it takes to keep rates down. If jobs get in order we will have a great housing market.

Purchases are picking up. Let your friends and family know how cheap rates are. It's a great time to consider buying.

If you have questions for Chris he can be reached at 314-229-4242 or via e-mail at csimms@pulaskibankstl.com

2009 Crystal Ball

Sat, 10 Jan 2009 17:03:00 GMT

Each year our Mortgage Partner and Certified Mortgage Planner with Pulaski Bank of St. Louis, Chris Simms, provides his predictions for us agents. We just happen to be Mom and Dad so we can sit on him a bit if they waiver too much but we figured you would appreciate some of his thoughts in his Crystal Ball for 2009.

Chris wrote:

I hope you all had great Christmas and a Happpy New Year!

Ok, it's that time again for my annual Crystal Ball. It's long and it's lengthy but its all good so please read up.

Last Year - I didn't do too bad - Ok, I missed rates not getting back to 5.25% in February after the little hit in January but they did get there by the end of November. The realestate market slowed as we expected and lending got even tighter and harder to place loans. Self employed and stated income loans are non existent. If you can't prove you make money then you can't get a loan and in some cases even if you can prove you make money then you can't get a loan. Lending has gone back to good jobs, ood income, good debt management, grat credit, and you need a down payment. In all honesty it needed to get back to the basics. So what lies ahead?

$ Rates - I could go on for days about this but I'm going to try to keep it short Here is what has happened and what lies ahead. In november the Fed confirmed that it was going to begin buying Mortgage backed securities 9MBS). It didn't appear likely util Dec 17 (dooms day for mortgage professionals) when they again confirmed but could not give a time ine but just said "soon". That drove rates fom 5.5% to 4.75% in a matter of seconds and then the mortgage back security market saidwai a minute they just said "Soon" not tomorrow. Lock deks around the country froze up and investors stopped buying paper that day. Since then investorsfizzles, took some profits and ratesjumped back up to 5.25%. Then today the Fed actually began buying MBSs. How much, we won't know until Thursday. The Fed has appointed 6 ifferent companies to manage the purchase of MBS over the next 6 months. They have 500 billlion at their disosal to do so. So how is this going to work you ask? The Fed is going to sloly purchase MBS, hoping investor sentiment will follow suit. Investors will hopefully buy knowing that the fed is going to buy and driv bond prices on MBS higher (rates lower, inverse relationship). The Fed is hopig that just a little at the begining will be enough to allow the market to do the rest. The gol rates between 4.5% to 4%. There is talk of less than 4% but that is pretty pricy and investors would be paying quite the premium for that price. The Fed then hopes they can play a larger part of trying to protect th prices by buying when investors are trying to sell. This will help provide some price stability and keep rates more constant and ot as volatile. Will that happen, your guss is as good as mine. Several factors will have to occur for that to happen. 1) economy needs to continue to weaken. Jobsneed to continue to get worse and stocks need to be a bad bet. 2.) Mortgage investors need to feel confident that they are goig to get their profits out of this dal. 3.) the Fed has to control inflation. As the market continues to weaken and the Fed continues to print money at its own discretion there is a huge potential for inflation. Note: Study the Japanese market for the past 15 years. If inflation begins to be a big worry because the fed has printed to mucvh money and the money isnt worth as mucvh as it was supposed o be, then investors will dup out of bonds and it won't matter how much the fed has because the money won't be worth anything. (see the dilemma). We do expect themarket to continue to weaen and jobless claims to continue to rise. That will hurt the economy but the infrastructure plans that Obamahas proposed is a good idea. If you create jobs and industry, then people will have money to buy things. So his plan does make sense and will help the economy if inflation remains under control. Again if it doesn't then it doesn't matter that you have a job paying $20 an hour because $20 wonn't buy anything. Stock market rise is possible by year end but not huge and will remain volatile through the second and possibly third quarters. Following that there could be a good rise for the US economyto see stronger signs sooner. Several factors will play into that including lower mortgage rates. Rates will get lower. I am predicting 4's. There is a possibility ofhigh 3's but not hugely llikely and probably not for a period of time, but with the volatility we have had and the way this market has been for the past 16 months, I wouldn't put it past the market to try. So what should you do as far as refinancing? First, if you just refinanced are are below 5.5, hold off. Let the market show some benefits before you go to jump iin again. If you haven't yeet then I would recommend looking to take a 30 year at 4.75% and a 15 at 4.5%. That should be possible in the next few weeks with the way today occurred. If rates do go considerably lower then it won't be until the middle to the end of the cycle (May or Jun) by all indications. By that time you could refinance again if it would make ense paymet wise. As for covering closing costs, investorshave not been paying a premium for rates. They are selling at the bare minimum the market will sustain because they are fearful of rates going lower and you refinaning again meaning they loose their money they were epecting to get over 30 years. If you refinance in 3 months. That's why we tell you, you an't refinance until 90 - 120 days has passed since your first payment. They will keep ou from getting lower rates if theycan't make any money (even if the bond market is lower, its about profit). So being able to cover closing costs has been extremely hard being we aren't getting any to do so with. So if you haven't refinanced and would like to gurantee 4.75% give mea call. If you want to gamble ok. If you have just refinanced, it is worth the gamble if youa re below 5.5.

Real Estate - With rates going down we will see some activity In all honesty with rates where they are, the tax credits, and prices where they are we will actually see a lot of activity. Will we get to numbers like in 2004 and 2005? Probably not just because the loans are harder to get and jobs could be an issue. But those that will qualify will be looking to move. This will probably be the year of all years to get the real estate deal of a lifetime! As for selling, with the increased activity and curiosity it will be good for listings. The difficult part will be the buyers trying to push for the deal of a lifetime. Remember 98% of the population buys on emotion. That means if they will probably buy because the paymets will make sense. This should cause a good pop in values. Not huge, just good. With gas being down you could see Warrento, Lincoln, Franklin, and Jefferson counties pick up as well. i wouldn't hold on to that though. We do expect gas prices to steadily go back up. (they have to in order for the oil companies to continue getting richer. They like that and we can't do anything about it because we won't drill in the ANMAR province or off shore). Needless to say oil prices towards the summer could begin to get back into the high 2's low 3's. This will also allow for harder drilling and exploration to be worth while. Now is the time to buy. Agents I don't plan on sleeping this year, neither should you.

Everyone have a great year and God Bless

If you would like to contact Chris regarding your mortgage planning he can be reached at 314-2294242 or by e-mail at csimms@pulaskibankstl.com. For information on selling a home call us at 314-749-0921 or register at www.StCharlesMarketValues.com for an analysis of the value of your home. Your home does not need to be located in St. Charles just the St. Louis Metropolitan area. If you are looking for a home you may register a search here on our Trails2OpenSpaces.com website by clicking on New Listing Alerts and completing your registration.

Live/Work St. Charles County - Where the Sidewalk Ends in Wentzville

Thu, 30 Oct 2008 18:46:00 GMT

It was one of those crisp Sunday mornings that I drug myself out of bed and headed off to Church. Following the service I was quite famished and not wanting to partake in the normal Sunday morning donut fare headed out the the door to take a drive to the local Bread Co. I hopped in old faithful who wasn't feeling so faithful that morning. Turned the crank and heard nothing but clicks. Ugh! I marched back into Church but my faithful spouse was already off teaching Sunday School. This must be my punishment for listening to my stomach rather than going to Bible Class. Frustrated I headed out the door again and looked aroun. Well . . . I could walk. I really hadn't donned my walking shoes that morning but well, I was hungry. Off I went.

As I started down the sidewalk I wondered how far it would go and if it would take me to my beloved breakfast haven? The first portion of my tour took me through the older part of town past the car wash, the smaller grocery stores in the area, a florist, card shop and a lawyer. Then on past a few other restaurants I thought for sure the sidewalk would end but it didn't. It just kept going. I passed the high school, some new strip malls and thought surely it would end here. But it didn't as I walked passed the newer large shopping chain grocery and more fast food. At the corner I could see breakfast across the street. As I waited for the light to change I thought about how lucky we are to have such a great home town within walking distance of a lot of conveniences. It wasn't a single development intended to be that way but it had evolved. A lot to choose from the town is growing in leaps and bounds but still holds in Old Town Charm. The train still runs through the middle of town and though it may hold us up a bit we still love seeing it. New Construction homes are every where. You have your choice of quaint older homes or designing your dream home.

The light changed. It was a large intersection and as I crossed the street the sidewalk picked up again. I noticed the sidewalk went past my breakfast place. I was tempted but couldn't continue. I had to make a stop. Rich hot coffe and a breakfast sandwhich my stomach was satisfied but you'll have to wait to find out where the sidewalk ends in Wentzville on my next trip for breakfast. On the other hand you could call us for a personal tour and we'll show you the homes available in the "Cross Roads of the Nation" known as Wentzville.

Contact Mike and Pat Simms, Realtors, Prudential Select Properties, Licensed Realtors in Missouri at 314.749.0921 - Mike Direct or 314.749.9862 - Pat Direct to list or purchase a home. If you prefer to contact us by e-mail - MikeandPat@Trails2OpenSpaces.com What is your Life Style? - To register a search for homes 24/7 in St. Louis, St. Charles, Warren or Lincoln counties go to www.StCharlesHomeHunter.com. If you would would a comparative market analysis to know the value of your home go to www.StCharlesMarketValues.com. We would be glad to set you up with our complimentary monthly "Market Snapshot" a property investment profile for your home. Servicing the St. Louis Metropolitan Area contact Mike or Pat for all of your real estate needs.