Finally!  Two weeks away for a much needed recharging of the batteries!   Two weeks at the beach in Florida.   Visited my sister and attended my niece’s high school graduation…then to visit some former clients who relocated to Tampa…saw their new Florida digs and reconnected with them!   Then down to Naples for a week with some girl friends.   Lots of food, fun and laughter.  It was so hard to come back.   But back I am and diving back into the real estate market.

Right now we are desperate for listings in the West St. Louis County area!  There is only 2-3 months of inventory available so sellers are enjoying a bit of a bidding war scenario when they do list.  Especially homes that are in good, updated condition.  I cannot stress enough that this is a good time to sell if you are on the fence about it.   Buyers still have good interest rates and lending situations but they have to really come in strong with offers and give the best they can!   I have even had to get a buyer into a home that was not yet listed in order to ensure they didn’t lose the home to another buyer!

Conversely, there is a bit of a glut of homes for sale in the city.   Some are wonderful properties and in good condition.  Beautiful old school architecture in some wonderful city neighborhoods.  But prices are lower there due to the amount of inventory.  And some are in poor condition…I think pre-economic/housing downturn many folks thought to buy investment properties to rehab and then rent/sell.   They didn’t take into account cost of renovating older homes with particular issues and renovation needs like plaster lath walls and knob and tube wiring.   They were unable to finish renovations and then found themselves underwater.   There are many bargains in the city if you have the patience and ability to complete the renovations.  And I think it’s wonderful to see some  grand turn of the 20th Century homes brought back to life!  We tend to tear down old things in this country which I think is awful….we need to keep as many of our historic buildings as we can!

Coming soon too, new lending/closing changes starting August 1….DODD- FRANK rules will be here soon.  I will attend a class in July to learn more about how this will impact buyers/sellers and agents.  I will keep you all posted.  Usually a government intervention means headaches…but here we are….we have to deal with it.

Until next time, hope you are all enjoying your summer and as always, please let me know if you need some real estate help!