Beware of “Staged” St. Louis Homes for Sale

The “staging” of a home for sale is a growing trend that sellers are turning to in this soft St. Louis real estate market.  Staging a home is a big business and has shown to help a home sell faster than a home that is not staged.

There’s a lot more involved in getting a home ready for selling than simply de-cluttering  the closets, vacuuming the house and picking up the laundry.  Some sellers are putting all of their belongings into storage units and having a professional staging company come in and re-do their home for optimal presentation to prospective buyers.

However, it has been suggested that home staging can be used to conceal some of the “blemishes” in a home.  If you are a potential buyer here are a few things you should know about …

Beware of the Tricks of Home Staging

Some of the tricks of the trade can include the following:

• Placing rugs over the damaged areas of floors
• Using smaller pieces of furniture to make the rooms appear bigger
• Using curtains to hide rotting sills

Just remember that when the house is eventually sold, the stage disappears and you are left with reality. The tricks of home staging do not improve the floor plan, change the actual square footage of the home, or the quality of the neighborhood. These are the items that need the focus as they will eventually effect your re-sale value in the future.

If you would like somebody totally on your side in the home buying process, give us a call at 636-386-0659.

We only work for buyers, have seen a ton of homes over our career, and can help you with a trained, “second pair of eyes” in your hunt for the right home.

Check out our report on:

Three Reasons You Need a Property History Report

Special note of thanks to the folks over at RoFx.net for their article.

Has a house gone up for sale in your neighborhood recently?  Wondering what the price is but you don’t want to appear nosey?

Curious about what it looks like on the inside  but you don’t want to disturb the owners?

Or maybe you don’t want anyone to know you’re even looking!

How about when you’re driving around an interesting neighborhood and you wonder if there are any homes for sale.  You really don’t want to call a real estate agent because you’re not ready yet. Your spouse is getting bored (and cranky) while you  continue to drive from neighborhood to neighborhood checking out St. Louis real estate.

For crying out loud, you just want to check out some St. Louis homes for sale  without everyone knowing your business!

Here’s what you can do in less than a minute …

St. Louis Mobile Real Estate Application

Use Your Phone … to Find Your St. Louis Home!

Finding Homes for You was the first company to introduce “Smarter Agent” to the St. Louis area. It’s like having a real estate agent in your pocket.  All of the listings from the MLS are now delivered to your phone instantly!

It works like this:

Find: Locate St. Louis listings by GPS (your current location), address, city or zip code.  So, you pull up in front of a home that’s for sale and you get the info not only on that house, but in addition, all of the homes nearby will pop up for you to view.

Refine: Select price range and property type to find what you’re looking for.

View: See price, square footage, estimated mortgage, descriptions, pictures, interactive maps and more.

Connect: You can get more answers using the “Call to See” feature.

Price: FREE

Privacy: You can use the app with no obligations.  In fact we do not have access to your mobile phone number.  You don’t have to register or sign in and you will have complete anonymity.

We don’t call you, you call us if you want more information.

So Curious George, you can get the app right now sent to your phone!

What do they have in common?

You’re probably expecting the punchline to a joke … sorry!  The people in the photos above come from these diverse backgrounds and have all closed on new homes in the past couple of weeks. What they have in common is their love for research.

They researched a little deeper

There are so many real estate web sites on the internet it is overwhelming at times. The majority of them offer the same things like market reports, the ability to search the MLS for homes, etc.  What made these people arrive at the same conclusion and choose a little company like Finding Homes for You?

Exclusive Buyer Agent Approach

Isn’t if fun when you discover something that most people don’t  know anything about?

Surprisingly, Using an Exclusive Buyer Agent in the home search is an approach still unheard of by the general population.

We invite you to discover what our new friends found and how it saved them quite a bit of money in the process.

Wikipedia’s definition of an Exclusive Buyer Agent

New Rule from Fannie Mae Could End Up Ruining or Delaying Closing on Your Future Home

If you’re not very careful, a new rule just enacted June 1st by Fannie Mae, could put an end to your dreams of owning a home.

Fannie Mae has implemented what’s called “The Loan Quality Initiative (LQI). (Don’t you just love the names they come up with?)

The LQI is designed to make sure that the mortgage loans bought by Fannie Mae comply with its underwriting requirements.

What’s important to you is that this will require mortgage companies to double-check your financial information right before your closing. What they are going to do is “refresh” your credit report to look for any new debt or a lower credit score.

Some banks are checking this out just 2 days before closing!

Translation? Even though you may have been approved for the loan a month or two earlier, changes in your finances could cause the mortgage company to delay or deny your loan just as you are about to close on the home.

Read On for 4 Things You Want to Avoid Before Closing:

Closing on a Home? Do Not Do the Following

1.  Say No to New Credit: You do not want to get any new credit cards, loan for that car you’ve been thinking about, that special at Best Buy, etc. Zero, Zip, Nada!

2. Don’t Charge Up Existing Credit: Buying a home often leads to debt in other areas of your life. A common example people often purchase new furniture on credit anticipating their upcoming move.  Others borrow money to help pay for repairs on either the home they are trying to sell or their new home.

However good the reason, this new debt results in higher debt, a higher debt-to-income ratio, and quite possibly a lower credit score. When the lender rechecks your financial info before your closing, these negative marks could result in a denied mortgage application.

3. Do Not Change Jobs:  If at all possible, try to avoid any change in your job status or income until after your home purchase has been settled.  The loss of income before closing will raise your debt-to-income ratio, which could result in a bad credit decision.  At a minimum, a new job will likely require the mortgage company to re-verify job status and income, which could delay your closing.

4. Don’t Hurt Your Credit Score: Finally, if you want to be “King of the World” and secure your palace, don’t do any thing that could lower your credit score. You do not want to be like the couple in this picture whose moment was ruined.

Make sure you pay your credit cards, car loans, and other bills on time and keep your credit debt well below your credit limit.

It’s important to note that how new credit, a late payment, or other negative marks will affect your credit score depends in part on what your credit score is to start with. So if you have to do something that could lower your credit score, talk to your lender first to discuss alternative options and the affect your decision could have on your mortgage application.

We have more helpful tips and resources for you on our First Time Buyer page and Buyer Resources area.  If you have not heard this news yet than you probably not heard of the Exclusive Buyer Agent strategy for buying a home. Find out what other educated and savvy home buyers are finding out and why they are switching to Exclusive Buyer Agents.

Below is some timely information that just came in to us courtesy of Eileen Dalhoff from First National Bank of St. Louis

Top 10 Credit Donts-During Loan Process-By EileenDalhoff

Parkway West High School Among the Nation’s Best

Congratulations to Parkway West High School in St. Louis for being selected by Newsweek Magazine’s annual ranking of High Schools.

There were only 13 high schools in Missouri selected for the list.
Less than 6% of the country’s public high schools qualify for this prestigious group.

Find out how these schools qualified and the  other local High Schools that were included in this report along with what’s happening in the St. Louis Real Estate Market.

The top 1,600 high schools were chosen based on the total number of Advanced Placement, International Baccalaureate or Cambridge tests given at a school each year and dividing by the number of seniors graduating in May.

Schools had to have at least half of its senior class take at least one IB, AP or Cambridge test in their junior year and at least one IB, AP or Cambridge test in their senior year. See entire article in Newsweek

Some of the other schools appearing in the list are Ladue Horton Watkins, Clayton High School, Lafayette High, Lindbergh High and Rockwood Summit.

Did you know that a school district is an important factor in the resale value of a home? Find out what’s happening with St. Louis Real Estate now by following the links below:

View all St. Louis Parkway West School District Homes for Sale

Real-Time Market Report for St. Louis Real Estate

Kehrs Mill Elementary School in Chesterfield recently named as a 2010 National School of Character Award Winner.

If there is anything that is important in a school, character has to rank near the top of the list.

Find out how this school was able to receive an award that is only shared by 11 schools in the nation and … what homes are for sale nearby.

Kehrs Mill Elementary Principal Margaret Lucero said that she is excited that the efforts of staff, students and parents are being recognized.

“This is a very caring community with well-behaved students who meet our KM (Kehrs Mill) expectations,” Lucero said.

You can view the rest of the article here courtesy of News Magazine Network

If the choice of a great school is one of the most important things you are considering in moving into St. Louis click here to see the current St. Louis homes for sale in the Kehrs Mill Elementary school area.

Remember, even if you do not have children: a good school district can be an important component in the resale value of your home.  Call Finding Homes for You at 636-386-0659 if you would like to chat about any of the homes you see on our site.  We work for you the buyer only!

Special Provisions Allow Military Home Buyers to Capture Tax Credits

Extension of Homebuyer Tax Credit and Excemption from Tax Credit Recapture Rules Ease the Home Buying Purchase for Members of the Military

Military families seeking to buy a home can count on a little tax help.  The Homebuyers Tax Credit which provided eligible buyers with a tax credit fo up to  $8000 for first time buyers and  $6500 for repeat home buyers ended on April 30, 2010 for civilians.

However, active duty military or those on extended overseas duty now have until on or before April 30, 2011 to take advantage of this great benefit!  Get the details here …

“We honor those who serve our country and are glad that this bill acknowledges the unique circumstances they face,” said Benjamin Clark, 2010 President of NAEBA (http://www.naeba.org). “This bill ensures that members of the military have equal opportunity to participate in the homebuyer tax credit and offers relief to struggling military families by making the mortgage payment tax deductible.”

The Worker, Homeownership, and Business Assistance Act of 2009 provides a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence and a tax credit of up to $6500 for repeat home buyers who have owned a home for five consecutive years out of the prior eight years. The tax credit is available for eligible purchasers who have a binding sales contract in place by April 30, 2010, and close by June 30, 2010. However, realizing that members of the military, the Foreign Service and Intelligence Community have unique circumstances the bill has special provisions for this group:

Tax credit extended for one year for military personnel serving outside the United States for at least 90 days during the period beginning December 31, 2008 and ending May 1, 2010.
Eliminates the 36-month recapture requirement for military personnel, including members of the Foreign Service and intelligence community, forced to sell or move from a tax credit home as aresult of an official extended duty of service.
Visit www.irs.gov for more information on qualifying and claiming the tax credit. To learn more about NAEBA and the benefits of using an exclusive buyer agent, visit http://www.naeba.org.

Are you in the military?  Do you know of a military family who could benefit from this tax break?  Contact Finding Homes for You at 636-386-0659 for more information and immediate access to all St. Louis Homes for Sale.

Finding Homes for You is a member of the National Association of Exclusive Buyer Agents.

Mortgage Rates Decline

Home Buyers Get Surprise Drop In Rates Below 5%

Here’s some news that is surprising a lot of people-mortgage rates have dropped below the 5% level.

The housing industry had been bracing for a season of rising interest rates brought on by the end of the Federal Reserve $1.25 trillion (yes, trillion) mortgage-securities purchase program.

Instead, many in our industry now say rates could drift as low as 4.5% this summer from 4.86% now, instead of climbing up to 6% as economists projected.

Translation? Lower payments for buying homes or refinancing.

Find out how the financial problems going on in Greece and all of Europe is actually helping you the buyer …

Home Buyers Get Surprise Benefit from Financial Crisis in Greece and Europe

The Wall Street Journal recently reported that this unexpected drop in rates are happening as a result of the financial problems in Europe.

As the European markets continue to become more unstable, international investors are putting their money into the U.S. as a safer haven for their investments. This inflow of international investor money has pushed our mortgage rates in the U.S to the lowest levels of the year … and near 50-year lows according to the WSJ.

Until 2003, rates on 30-year fixed rate loans hadn’t dipped below 5% since the 1960s. We know that rates cannot stay this low forever.  Now may be a historical window of opportunity for potential home buyers and those wanting to refinance.

If you would like to take advantage of the times, call Finding Homes for You at 636-386-0659.  We only work for you, the buyer, and we can put you in touch with reputable local lenders for both refinancing and purchases of St. Louis Real Estate.

More Evidence of a Bottom in Housing

We have been through one of the worst housing recessions in modern history.  Have we reached the bottom? Some say yes while others say no. Some new statistics offer some hope to …

According to recently released data, U.S. housing starts have risen 30% from their all-time low in April ‘09. In addition, building permits increased 38% over the same period. And not surprisingly, the Bloomberg index of home builders’ stocks bottomed last July and has since risen over 50%. The prices of home equity-backed securities are rising sharply. If this doesn’t add up to a clear picture of a bottoming in the residential construction market, we’re not sure what would.

To be sure, this “bottom” has taken almost a year to form, which makes it the longest-drawn-out recession bottom since data began to be recorded in 1968. Also, housing starts in the winter months are full of seasonal adjustment factors which may or may not accurately reflect underlying activity. But an increase of 30% in just under a year is pretty impressive nonetheless, and hard to chalk up to seasonal or weather-related vagaries.

With most signs pointing to an end to the worst housing recession in modern history and a clear beginning to a housing recovery, the widespread angst over the homes remaining to be foreclosed and auctioned off seems overdone. The recovery seems to be for real.

The true test will come now that tax incentives for buying a new home no longer factor in to the market.

What do you think?  Do you share the optimism or do you think we are in for more of the same?

Remember that every market is local. What’s true in one area might not be applicable to another.  To really find out what is happening in the St. Louis Real Estate market visit our Market Trends section or call Finding Homes for You at 636-386-0659.

Remodeling Cost Vs Value Report for St. Louis

Spring is in the air, you can hear the lawn mowers revving up and people thinking about remodeling. So what’s your situation? Considering adding on a deck or tackling a bathroom addition? What project will give you the biggest return on your investment when you go to sell your home? Check out the data that just came out covering the St. Louis area … you might be surprised!

Even if you are not personally thinking about remodeling, this is useful data if you are considering buying a home that needs some work .  What is the average cost for remodeling a basement or a bathroom addition, and what could you expect in resale value in the future?

Full Report Covering Projects Job Costs Resale Value All Here

Before you improve your own home, or if you’re considering purchasing St. Louis Real Estate, call Finding Homes for You at 636-386-0659 for a comparative marketing analysis.  Find out if the values in your current or future neighborhood would support your improvement or investment.