12/15/2007 : Deals! Deals! Deals!
Deals! Deals! Deals! The old saying, "you make money when you buy" got to be an old saying because it's true. Buying in a buyer's market and selling in a seller's market is always the best way to gain equity in the real estate market.
Despite the nationwide slowdown in real estate, the St. Louis market continues to move forward. Homes that are priced right and are attractively presented generally continue to sell.
The St. Louis Real Estate Market this week continues to show typical seasonal trends of slowing with an increase of expired listings staying off the market, and a big drop in active listings. The good news is that our pending ratio is holding between 12–13%. This is a good indicator that the homes that are still on the market are attracting offers and accepting contracts. The other good news is that if you are loan shopping now, you have an opportunity to get a fixed 30 year mortgage below 6%, if you qualify.
Also, President Bush this week rolled out a plan to help the sub-prime market problems. This plan seems to be a step in the right direction, although it will probably help only 1.2 million people in the sub-prime market, as it targets borrowers who are relatively current on their mortgages. In conclusion, take advantage of the market and the interest rates as they create favorable conditions for buyers.
