Third Quarter off to an Excellent Start!

Real Estate Sales in August have really picked up at our office. It seems that buyers are getting serious about taking advantage of the $8,000 tax credit before it's too late. A first time home buyer is one that hasn't owned a home in the last three years. When they buy, then the seller's are able to move up and the market it robust. I have a high end listing that was not producing any showings, I've had 4 this week and a few last week- YES! A mid range villa that was also experiencing no showings also had two this week. More showings on listings is always a good sign.

One thing I've noticed that is still distressing is that buyers are coming in with low ball offers. There are so many distressed properties on the market they are under the false assumption that sellers are willing to take a hit, more than they already are with the current market value. It was encouraging to see the following reports this week:

Single-Family Homes and CondosSingle-family home sales increased 6.5 percent to a seasonally adjusted annual rate of 4.61 million in July from a pace of 4.33 million in June, and are 5.0 percent higher than the 4.39 million-unit level in July 2008. The median existing single-family home price was $178,300 in July, which is 14.6 percent below a year ago.Existing condominium and co-op sales jumped 12.5 percent to a seasonally adjusted annual rate of 630,000 units in July from 560,000 in June, and are 5.9 percent above the 595,000-unit level a year ago. The median existing condo price was $178,800 in July, down 18.9 percent from July 2008.By Region:

The Northeast surged 13.4 percent to an annual pace of 930,000 in July, and are 3.3 percent higher than July 2008. The median price in the Northeast was $236,700, down 15.0 percent from a year ago.

Existing-home sales in the Midwest jumped 10.9 percent in July to a level of 1.22 million and are 8.0 percent above a year ago. The median price in the Midwest was $157,200, which is 5.9 percent less than July 2008.

In the South, existing-home sales rose 7.1 percent to an annual pace of 1.95 million in July and are 5.4 percent higher than July 2008. The median price in the South was $164,500, down 7.1 percent from a year ago.

Existing-home sales in the West slipped 1.7 percent to an annual rate of 1.13 million in July, but are 1.8 percent above a year ago. The median price in the West was $202,300, which is 28.0 percent below July 2008. Source: NAR

LAST CALL FOR $8,000 TAX CREDIT

It’s hard to believe that we are into the second half of 2009. What a year it’s been for the Real Estate Industry! Our area is experiencing an increase in sales and recently was named as number 8 on a list of the Top 10 cities of opportunity by Forbes Magazine:

“Best Cities for Finding Opportunity Where are the best cities to live in the United States if you want to work hard and get ahead? Forbes magazine examined the nation’s 40 largest metropolitan statistical areas and based on the number of Forbes' 400 best big companies and 200 best small companies that are headquartered in each, it identified what it considered places with the most opportunity. The magazine says it took this route because the best big companies provide opportunities for those who seek to be employees, and the rate of success of small businesses indicates how the area treats entrepreneurs.”

We have been fortunate to be in the conservative Mid-West, faring better than most US cities not only when it comes to opportunity but also home values.

One of the results of the Stimulus Package was the $8,000 Tax Credit offered to first time home buyer (those not owning a home in the last 3 years).Recently this tax credit was amended to allow the buyer to use the money for closing costs or to add additional down payment (in addition to the required 3.5% minimum down). This has really helped to stimulate sales. To take advantage of this gift a home buyer must act NOW. A home purchase must close by Nov. 30th to qualify; the home buying process has been lengthened by the careful underwriting of a loan and appraisal changes. A serious buyer should be viewing homes now and get under contract no later than September to allow time for any delays in the process. If you’ve been sitting on the fence (or know someone who has) now is the time to jump down! Interest rates are still at record lows, there is lots of inventory to choose from and home prices are lower than they have been in years. We may never see a better scenario in our life time to buy real estate. THIS IS LAST CALL to get in on the free $8,000 gift!

SCHNEIDER Team has an unusual Sales Meeting!

SCHNEIDER Realtor, Steve Snarzyk, was surprised at Tuesdays sales meeting when the team got together and gave him a diaper shower. Steve and wife Samantha are expecting their first child October 1st. They are shown here loading their trunk with all the diapers, it's a start!

Professional Room Makeovers: Home & Design

These examples will make you a believer that small inexpensive changes can make a tremendous difference in the appearance of rooms in your home. This is a must see for sellers!

Professional Room Makeovers: Home & Design: REALTOR® Magazine

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St Louis Makes the Top 10!

Best Cities for Finding Opportunity Where are the best cities to live in the United States if you want to work hard and get ahead? Forbes magazine examined the nation’s 40 largest metropolitan statistical areas and based on the number of Forbes' 400 best big companies and 200 best small companies that are headquartered in each, it identified what it considered places with the most opportunity. The magazine says it took this route because the best big companies provide opportunities for those who seek to be employees, and the rate of success of small businesses indicates how the area treats entrepreneurs. Here are the top 10:
1. Houston 2. Dallas 3. Minneapolis 4. Pittsburgh 5. Boston 6. Washington, D.C. 7. Austin
8. St. Louis 9. Kansas City, Mo. 10. New YorkSource: Forbes, Lauren Sherman (06/19/2009)

Poor Appraisals Stall Recovery

Poor Appraisals Stall TransactionsHowever, the increase in sales is less than expected because poor appraisals are stalling transactions. Pending home sales indicated much stronger activity, but some contracts are falling through from faulty valuations that keep buyers from getting a loan.”Total housing inventory at the end of May fell 3.5 percent to 3.80 million existing homes available for sale, which represents a 9.6-month supply at the current sales pace, down from a 10.1-month supply in April.Yun says the appraisal problem is serious. “Lenders are using appraisers who may not be familiar with a neighborhood, or who compare traditional homes with distressed and discounted sales,” he says. “In the past month, stories of appraisal problems have been snowballing from across the country with many contracts falling through at the last moment. There is danger of a delayed housing market recovery and a further rise in foreclosures if the appraisal problems are not quickly corrected.”

Home Sales on the Rise!

NAR: Existing-Home Sale Continue to Rise Sales of existing homes showed another gain in May, benefiting from favorable affordability conditions and a first-time buyer tax credit, according to the NATIONAL ASSOCIATION OF REALTORS ®. May’s increase was the first back-to-back monthly gain since September 2005.Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.4 percent to a seasonally adjusted annual rate of 4.77 million units in May from a downwardly revised level of 4.66 million units in April. Sales remained 3.6 percent below the 4.95 million-unit pace in May 2008.Lawrence Yun, NAR chief economist, expected an improvement in sales. “Historically low mortgage interest rates clearly drew buyers into the market, and housing remains very affordable even with a recent uptick in rates,” Yun says. “First-time buyers also are being drawn off the sidelines by the $8,000 tax credit, which is helping to absorb inventory.

SCHNEIDER Women to Assist in Habitat for Humanity "Women's Build".

A group of women from SCHNEIDER Real Estate are scheduled to assist in a Women's Build Habitat project in St. Peters on Wednesday June 24th. The women are a few of many who are making a single mom's dream come true. The SCHNEIDER Diva's will be helping to dry wall and Continental Title is providing lunch for the crew. I'll post pictures when the mission is accomplished!

SCHNEIDER Helps out at the St Peters Picnic

SCHNEIDER Real Estate agents, Cort Schneider, Glenn Miller, Judy Bateman, Karen Matthews, and Jesse Schneider along with office assistants Pat Hillin and Lori Linhoff, all pitched in to help at the anual St Peters Old Tyme Picnic last weekend. St Charles County Association of Realtors provide a booth that sells snow cones and funnel cakes with proceeds going to charity. Thanks all for your help!!!

Villa for Sale in Wentzville

http://vu.realbiz360.com/Listing-171985.html Click here to see a Virtual Tour of a fantastic villa listing in Beautiful Villa's at Huntsdale. This unit has everything you're looking for - 4 bedrooms, oversized deck, nice landscaping, privacy, finished lower level- custom features- call for a private showing. Jane 314-707-0902

SCHNEIDER Real Estate Adds 3 Veteran Agents to Team

SCHNEIDER Real Estate Adds 3 Veteran Agents to Team

SCHNEIDER Real Estate has recently added 3 Agents with diverse experience to its residential sales team. These Agents will broaden the firm’s knowledge base in such areas as first-time home-buyer purchases, bank short sales, investment properties, rehabs, foreclosure prevention, and senior purchases.

Julie Vaughan joins the SCHNEIDER team after 12 years as a top producer in real estate sales in Saint Charles and surrounding counties. She was named “Rookie of the Year” for a large local real estate brokerage in 1997. Julie and her husband, Rich are proprietors of Picture Perfect Homes, LLC, a property investment and rehab business. They are active in the rental property market.
Julie is a life-time resident of Saint Charles County. She and her husband and 3 children currently live in Dardenne Prairie.

Keith Kohlenhoefer has joined the SCHNEIDER team after 9 years as a high volume seller and private investor, specializing in foreclosures and pre-foreclosures, short sales and rehabbing “as-is” properties in Saint Charles County. Prior to his real estate career, Keith was a machinist for 7 years, and also a customer service representative for a lawn irrigation firm. He has held a wide variety of jobs, which help him identify with the needs of his clients.
Keith is a lifetime resident of Saint Charles. He is very proud of his 2 daughters, Bailey and Remy.

Patty Hickman joins the SCHNEIDER team with 5 productive years of experience in residential real estate sales in a wide-ranging area from North Saint Louis County to Hermann, MO. Patty’s former employment as a bookkeeper for a major drugstore chain helps her to advise her clients on profitability. She has also strengthened her marketing skills by working for the Lincoln County Journal.
Patty has 3 grown children. She and her husband Bill and teen-age daughter live in O’Fallon. They have bought and sold 10 residences in 15 years, which helps her identify with her buyer and seller clients.

$8,000 Gift to Home Buyers Who Haven't Owned a Home in Three Years!

HUD: Tax Credit Can Be Used on Closing Costs
This is great News for all those folks who haven't owned a home in the last three years! You can now get your $8,000 gift upfront if needed- Read the details!
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning. Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today. The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.Learn more about the credit, including how to apply for it this year even if you've already filed your taxes, at REALTOR.org.

Seniors and First Time Home Buyers Don't Miss Out!

PERFECT for the first time homebuyer or senior looking to downsize! This spacious 2 bedroom villa is located minutes from the Page extension tucked away in the back of the subdivision with loads of peace and quiet. Vaulted Ceilings with wood beams, large bay window in the dining room and double French doors in the kitchen leading to the patio, give this villa a bright and open feel. The kitchen is equipped with more than adequate cabinet space, a pantry, lots of counter space
and an overhang for bar stools. You'll love the spacious bedrooms and the wonderful large bath with sunken tub, separate shower and double vanity! Move right in - refrigerator, washer and dryer stay and the furnace and air conditioner are newer. Put your finishing touches to this one owner unit - never smoked or had a pet- Hurry it is priced to sell AND the seller is selling "as is" making no repairs.

See A Vitual Tour by clicking the link vu.realbiz360.com/Listing-166851.html

Neat Gadgets

Hey guys here are some cool tools to help your success!

Up to $14,999 Down Payment Assistance When Purchasing Foreclosed Property

New Program To Help Stabilize Missouri Neighborhoods

MHDC is offering a new product to help stabilize and rebuild the neighborhoods of Missouri hard hit by the housing downturn. The commission received $4.2 million from the Neighborhood Stabilization Program (NSP), which was part of the Housing and Economic Recovery Act of 2008. These funds are intended to be used for down payment and closing cost assistance for qualified buyers purchasing foreclosed property that will be used as the owner’s principal residence.


Qualified buyers may receive up to 20% of the purchase price (up to $14,999) to use for down payment and closing costs.

Buyer must use MHDC First Place Loan program for first mortgage.

NSP funds provided through a second mortgage with an interest rate of 0%, which is forgiven after five years of occupancy.

First-time and repeat buyers are eligible.

Purchase price must be discounted a minimum of 5% from the current appraised value. This must be determined by an appraisal completed within 60 days prior to making an offer on the property.

Borrower must receive eight hours of homeownership counseling from a HUD-certified counselor.


Borrower income limit is 120% of area median income, see Income & Price Limits.


Must be an owner-occupied, foreclosed property that has been without tenants for the last 12 months.

First-time homebuyers utilizing this program are also eligible to receive the $8,000 federal tax credit for first-time homebuyers if the home is purchased prior to December 1, 2009.

Beautiful Incline Village Listing

See a Virtual Tour of this home by clicking the link below

http://vu.realbiz360.com/preview_listing.php?listing_id=68251

You'll feel like you're on vacation living in beautiful Incline Village: lakes, golf, tennis, fishing, and only 10 minutes from Wentzville. If you like the peace that a resort community supplies with the convenience of city living then this is for you. This 1600+ sq ' ranch has beautiful bamboo wood floors(10X stronger than oak), that come with a life time warranty, in the great room, kitchen and breakfast room. The tasteful interior paint, vaulted ceilings, plant shelves and fans in every room give this home a warm and inviting feel. The extra large master bedroom suite features double entry doors, a walk in closet and luxury bath, the perfect place to unwind and relax. You'll enjoy the great outdoors on the deck while the kids have fun with all their playmates in this family oriented neighborhood. This home is priced to sell.


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