Truth about Down Payments - Should I pay 20%? [ Real Estate Insider ]

Aug 5, 2020 4:43:58 PM / by Brett O'Daniell posted in Mortgage, home purchase, negotiation, housing demand, financing, misconceptions, loan

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Have you ever wondered how much you need to budget for a down payment on a house? Like any other large purchase, lenders usually want a down payment to secure a mortgage. The amount may vary depending on your situation, but most financial advisors recommend paying at least 20% of the value of the home as a down payment. First of all, this reduces the total amount you have to borrow. It also covers Private Mortgage Insurance (PMI) fees that lenders would include if you don't reach the 20% down-payment threshold.

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St Louis Region Escapes Housing Crisis [Real Estate Insider]

Jun 22, 2020 12:58:41 PM / by Brett O'Daniell posted in Home tour, real estate, housing market, housing demand, buying a home, homebuying, STL

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St Louis Region Escapes the Housing Crisis of 2020


Despite what the news media may imply, the pandemic and protests HAVE NOT severely damaged the St. Louis area real estate market. Home Showings are increasing as the stay-at-home orders are lifted. Sales Prices continue to rise as the number of Homes for Sale sinks to historically low levels. Additionally, Homes Under Contract are similar to Sold Homes during the same timeframe last year. Scroll down for more local housing info & stats and check out current for-sale, recently sold and open houses in your neighborhood.
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Home Buyers Guide [Summer 2020]

Jun 12, 2020 3:53:18 PM / by Brett O'Daniell posted in house hunting, touring homes, homebuyers, housing market, housing demand, housing inventory, homebuying

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Pent-up housing demand during the shutdowns is about to be unleashed as many coronavirus-related restrictions to daily life are lifted or relaxed and consumers return to the real estate market.  Home sales are bouncing back from their bottom during the COVID-19 pandemic and many buyers are moving quickly amid the return of bidding wars.

Looking forward, the market is ripe for robust activity. Mortgage applications are defying economists’ expectations, rising 54% since April, the Mortgage Bankers Association reported recently. Mortgage rates for 30-year loans have broken through record lows three times in as many months, making borrowing costs favorable for prospective buyers who are looking to get off the fence and purchase.  Meanwhile, home prices continue to rise, even as uncertainty around the pandemic persists.

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True | False - Housing Crisis in Saint Louis [Real Estate Insider]

Jun 2, 2020 10:55:15 AM / by Brett O'Daniell posted in Home tour, real estate, house hunting, housing market, St. Louis, home showings, housing demand, buying a home, STL

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Things to Remember While Home-Shopping [Real Estate 2020]

May 18, 2020 9:14:49 AM / by Brett O'Daniell posted in home shopping, real estate, house hunting, touring homes, homebuyers, housing market, Zillow, housing demand, hometraq

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The most unique spring housing market in ... Ever? [2020 Real Estate]

May 7, 2020 8:53:32 PM / by Mark Gorman posted in housing market, housing demand, summer, buying a home, moving, homebuying, rates

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Kicking off at the end of March, spring signals the start of homebuying season…at least it used to. As you know, the coronavirus pandemic has changed everything about this spring—including the real estate market.
 
The months of April through July traditionally account for more than 40% of all housing transactions. 2020 has been much different. This year's homebuying season started in January due to record low mortgage rates, low inventory and high demand. In fact, just prior to the pandemic, the housing market was hot—with sales at their best levels in over a decade and multiple offer situations part of the norm. 

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Rates are falling... What does it mean for your home search?

Aug 28, 2019 9:30:52 PM / by Mark Gorman posted in Insider, Mortgage, Pre-Approval, Home Loan, Approval, homebuyers, housing market, St. Louis, housing demand, financing, loan, rates

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What is a "Coming Soon" listing? How quickly can you tour one?

Jun 28, 2019 7:07:00 AM / by Mark Gorman posted in buyer's agent, listing, homebuyers, listing agent, home showings, option, coming soon, consumer, housing demand, housing inventory, pending

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Coming Soon listings continue to become more common as the local housing inventory tightens.  It causes concern among buyers, sellers and real estate professionals.  It has prompted real estate commissions across the country to issue guidance on the topic. Here’s what you need to know to keep informed and to understand all sides of the equation.

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