Your property is compared to other properties that have recently sold, failed to sell, currently under contract, or currently listed. These factors, along with your properties current condition will affect the marketability of your home in St. Louis.

Your real estate agent will then sit down with you to discuss your needs, and together you can select a price to start marketing your home for sale.

The 30 year fixed rate mortgage fell below 5% last week and fell a bit further this week as well to an average of 4.87 with an average 0.7 point. Rates have not been this low since May of 2009 and this is near the lowest levels recorded since Freddie Mac started keeping track.

Auto, Home, Renters, Condo and Life insurance quotes in St. Louis.

This a powerful user- friendly mobile application that obtains your location and quickly returns information. You can enter selected search criteria, or pull up everything on the market within a certain distance of your location. When available it uses GPS already in your cell phone, or you can search by address, city, community or zip code. This application is centered on the Saint Louis real estate market and is brought to you by www.willfrost.com and Coldwell Banker Gundaker- the number one source of real estate in St. Louis.

The application is free to download and use, the only cost comes from your cell carrier based on the data plan you have purchased with your phone.

To download the application, go to Coldwell Banker Gundaker’s website at http://cbgundaker.com/ and click on the “Go Mobile” Link on the right hand side.  You can start searching for property while out searching for property!

I love this application.

Will Frost

Selling your home through a short sale is possible if you have an agent that is willing and able to walk you through the process. If you are thinking that this might be a route for you to explore, call me at 314-620-6822 and we can sit down to discuss your individual situation to see if this is the right option for you.

A short sale is also known as a short pay-off, or pre-foreclosure workout. This is a sale where the lender agrees to accept less than the full loan payoff value during a sale to a third party. The lender then releases borrower from the mortgage and the foreclosure process is avoided in an effort to save everyone time and money.

In order to be eligible for a short sale, there must be some hardship which prevents you from continuing to be able to make the payments on your mortgage.

While Every situation is unique, here are some common examples of hardships:

• Unemployment or loss of primary income source

• Inability to work due to health crisis

• Mounting medical expenses

• Employment relocation

• Failure of business

• Bankruptcy

• Death of spouse or significant other

• Divorce or separation

This process can take 2-4 months and is not always the best option. Feel free to call me at 314-620-6822 and I will get you the information you need to make a decision.

Serving the greater metropolitan area of Saint Louis including St. Louis County, Jefferson County, and Saint Charles County. You can get a detailed list of program offerings and income requirements to qualify for down payment assistance at www.beyondhousing.org. However,  the educational programs are a huge benefit to everyone, even if you are an experienced homeowner.

Beyond Housing has a list of other programs that are available such as the MHDC program and the Federal Tax Credit programs. Some of these can be combined for great savings, while others are standalone programs. See Beyond Housings site for details.

• 18828 residential listings in the MLS system with
• a contiguous days on market of 155
• and an average listing price of $242,583.

In August 2008, the numbers were

• 21524 listings in the MLS system with
• a contiguous days on market of 147
• and an average listing price of $238,039.

The average listing price has risen, the days on market have risen, but the overall number of properties on the market has decreased.  This is a small snapshot that does not show a huge change in any direction. There are many reasons why the overall total number of listings has decreased, but the days on market increasing along with the average sale price increasing may show that the sellers that are left are becoming more stubborn with their bottom line price.

They were under the impression that agents would not show these homes and that they thought real estate agents actively steered their clients away from new construction.

Let me tell you, nothing could be further from the truth. Builders know that home buyers seek out the services of real estate agents and builders want to tap into this tremendous lead system. The real estate agent is still paid a commission by the builder, and the buyer still gets representation in the transaction by having a real estate agent on their side.

If you are on the market for a home, new construction is defintely one of the first places I would look.

One drawback to new construction is that this happens in the most cost effective manner in the outter reached of the suburbs where there is cheap land that can be bought in quantity. But, if you can handle the location, you will find a lot to desire.

• New homes use modern construction techniques for a stronger frame, roof, and foundation.
• The rooms are generally larger, the walls and attic are better insulated.
• You get all new mechanical systems that reduce annual maintenance and energy costs.
• Better traffic flow patterns and a variety of floor plan choices.
• You can have an active part in the design process if you can wait for the home to be built or you can choose a prebuilt spec home.

There are a lot of advantages to purchasing a new home, and your agent should be making you aware of this option in your home search. If not, ask, they will be happy to help. This is a terrific time to purchase and we are fortunate to have a lot of high-quality honest homebuilders in the Saint Louis market.

Any large repairs or improvements will provide some sort of added value, but normally not enough value to cover the overall cost of the project. For example, if you added a new swimming pool this summer for thirty thousand dollars, you may not see buyers viewing the home as worth another thirty thousand dollars.

See a list of common improvements and the estimated cost percentage that it adds to the value of the home at http://www.remodeling.hw.net/2008/costvsvalue/national.aspx

Here are some good tips for quick improvements to your home.

1) Put your money where buyers will see it. Examples of good returns are simple curb appeal projects such as a fresh coat of paint and sprucing up your landscaping, front door and entry way. Don’t expect to get as good a return on unseen items like insulation or new wiring.

2) Don’t over improve! The addition of a fifth bedroom to a house in a subdivision of 3-4 bedroom homes may not give you the return you would like. Use typical improvements for your area as a guide.

3) Most quality home improvements cause a property to sell quicker but not necessarily for more money. A timely sale will lessen the carrying costs and stress. Don’t underestimate the overall value of “smart” improvements.

You can check out a list of glossary terms and definitions by going to our buyers page.