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January 31, 2005
Interest Rates Down, Home Sales Up
According to Bankrate.com, long-term mortgage interest rates fell last week. The 30-year fixed-rate average dipped to 5.2 percent, and the 15-year fixed-rate slipped to 4.73 percent.
And in what was one of the busiest Decembers on record, the U.S. Department of Housing and Urban Development announced that the number of homes sold and for sale jumped approximately 30.3 percent in the Midwest from December 2003 to December 2004.
For more real estate news and information, please visit the News Section of STLagent.com.
Posted by at 07:22 PM
January 27, 2005
St. Louis Area Calendar of Events
If you've just relocated to the St. Louis area or are just looking for a reason to get out of the house, here is a calendar of events for things to do in the St. Louis area for the upcoming month. Many of the events are free or have a minimal charge.
This list was also published in the STLagent Homeowner's Update Newsletter.
January 29:
Mardi Gras Parade in St. Charles through the Historic District, along Second Street, 314-477-4772, FREE
January 29 - March 13:
“Orchid Island” Annual Orchid Show Missouri Botanical Garden, 314-577-9540, Admission.
February 2 - 6:
St. Louis Auto Show 2005, America’s Center, 314-342-5000, Admission.
February 5:
Mardi Gras Grand Parade, Soulard, 11 a.m. - 2 p.m., FREE
Now through Feb 7:
Poinsettia Flower ShowJewel Box, 314-535-0080, Admission.
February 8:
Fat Tuesday Parade, Downtown St. Louis, 5:30 p.m. - 9:30 p.m., FREE
February 11 - 15:
St. Louis Women’s Show 2005, America’s Center, 314-342-5000, Admission Charged
February 12:
US Hot Rod Monster Jam 2005. Edward Jones Dome, 314-342-5000, Admission Charged
Sat, Feb 12:
7:30pm- “Chimpanzee Politics” Reservations: $8 general; $5 for members; $3 for students. Ph: (314) 768-5450.
February 22 - 27:
St. Louis Boat & Sports Show 2005 America’s Center,
Phone: 314-342-5000. Admission Charged.
If you have any questions or would like to have your event featured in the next Homeowner's Update, contact me.
Kimberly Shallenberger
Real Estate Agent
Prudential Alliance
Phone: (314) 267-2691
http://www.stlagent.com
Posted by at 06:50 AM
January 26, 2005
Jan/Feb Homeowner's Update Newsletter
For those that have subscribed to the STLagent Homeowner's Update Newsletter, the Jan/Feb issue should have hit your mailbox this week. If you aren't on our mailing list, you can still read it by visiting the News and Events section of the STLagent website. It is downloadable as an Adobe PDF file (just look in the Homeowner's Update Box.
This issue of the Homeowner's Update includes the following:
- Reduce Your Heating Bills
- How to Finance a New Kitchen
- Showing Your Home to a Buyer
- New St Louis Real Estate Website
- Feature: New Year; New Start
- Wings/BJC Hospice Benefit
- February Calendar of Events
- Realty Today Question & Answers
- STLagent.com Featured Homes
Posted by at 10:41 PM
January 24, 2005
News and Events
As a part of our STLagent.com website redesign, we just revamped the News and Events Section. You can now get local news compliments of KMOV-TV and Real Estate News compliments of Realty Today. Just click on the "News and Events" tab on the Red Menu Bar.
As a part of our redesign, we are currently working on setting up RSS news feeds for this blog and the Community Forum Message Board. We hope to be able to offer those services within the next few weeks.
We are also working on a feed into the local Multiple Listings Service (MLS) database so you can search the entire St. Louis area for homes. I will keep you up to date as new features become available!
If you can think of anyway we can improve this site, please feel free to contact me at kimberly@stlagent.com.
Posted by at 11:14 PM
January 21, 2005
Home for Rent in Ladue
We are pleased to let you know about our new rental listing at 8463 Colonial Lane in Ladue. You will be impressed the moment you pull up to the curb. Gorgeous re-finished hardwood floors, custom closet cabinetry in bedrooms.
Built-in bookcases in upper level hall. Both bathrooms updated w/new vanity/pedestal, ceramic tile floor & surround, new faucets, toilets and mirrors. Kitchen freshly painted, updated cabinets, 12'' ceramic tile flr, newer appliances (refrigerator included in lease). Enjoy 3 seasons on this custom 16'x16' deck off kitchen (new 02) with fenced rear yd. Wood burning fplc in living rm. Professionally finished Lower Level, new carpet & walk out to back yard. Washer/dryer hook up in basement with walk in cedar closet in laundry room. Furnace new (02). Take advantage of both location & Ladue schools in the ONLY home for rent in this neighborhood. Home does NOT feel like a rental property. Non-smokers, no pets. 1 year lease minimum. This is a DEAL for Ladue at only $1,650/Month.
For additional information, please contact us at (314) 267-2691 or e-mail us at: kimberly@stlagent.com
Posted by at 11:54 PM
January 20, 2005
The Future of Your Home, Part III
Here is my final installment on the 2005 International Builders' Tradeshow which just happened in Orlando. You can read my posts from earlier in the week if you want to read more. This is the Home Builder Industry's largest new product showcase of the year where the "next big thing" for new homes generally gets unveiled.
In the Building Accessories Category, Fedders Corporation (http://www.fedders.com/) has a new ductless mini-split air conditioner and tabletop and console electronic air purifier. This is a pretty cool solution for places without a central air system. Unlike traditional window units, it's portable so you can move it from room to room so it can cool your living room by day and your bedroom at night. The model I've seen is a 9000 BTU air conditioner that is on wheels. It's ideal for campers, cabins, apartments, old houses, etc. Heck, I would even love one for my garaged.
Then when winter hits, Reiker Room Conditioners (http://www.buyreiker.com/) has a product to warm your cold room. They have a product which looks and installs like a ceiling fan, but is also an energy efficient heater (to best describe it, it's like a built in space heater above the fan). It allows the homeowner to achieve zone heating or to warm rooms efficiently.
One unique product is Oldcastle APG's Belgard Paver Stone “rugs,” which help consumers to see what their project will actually look like without breaking ground.
In the, "can you imagine having this," category Wine Cellar Innovations (http://www.winecellarinnovations.com) produces some amazing wine cellars for homes a bit more upscale than mine...
Blue Link Solar Network has a new affordable and easy-to-use solar energy product.
And finally, Viktor E-lok showcased a keyless electronic lock and a digital keypad burglar alarm lock and digital infrared remote control burglar alarm lock.
If I see more cool stuff, check out the Builders’ Virtual Trade Show located at http://www.BuildersShow.com/VTS.
Posted by at 04:54 PM
January 19, 2005
Mortgage Interest Rates Up this Week
According to Bankrate.com, long-term mortgage interest rates were up this week.
The 30-year fixed-rate average rose to 5.26%, and the 15-year fixed-rate increased to 4.75%.
For more information on mortgage rates, contact:
Elena Sordo-King- Pulaski Bank
Call: (314) 878-3523 x3034
E-mail: esordoking@pulaskibankstl.com
Posted by at 07:13 PM
January 18, 2005
Wings in the Twilight, February 19th
I am a member of a committee spear heading a fundraising event, so I wanted to do this quick plug for it...
On Saturday February 19, 2005 "Friends of Wings" will be hosting the Third Annual Membership Drive & Cocktail Extravaganza "Wings in the Twilight" at St. Louis City Hall featuring a Cocktail Extravaganza, Top St. Louis Restaurants & Chefs, and Dancing to Dr. Zhivegas.
Wings is a non profit organization that provides home care and respite to children from newborn through 21 years who have progressive, life threatening or life limiting illnesses or conditions regardless of their ability to pay.
In 1997, BJC Health System assured that a full continuum of care would be available for children by initiating our region’s first, and only, licensed and Medicare / Medicaid certified pediatric hospice program.
During the time that a child is cared for by the hospice team, the staff and volunteers provide a variety of activities and information that enable families to make the most of their time together. These activities help families make memories together, celebrate life and bring peace and comfort during the child’s final days.
Wings has evolved over the past six years to serve over 200 children in the St. Louis area. The “Friends of Wings” was founded to provide awareness and financial support to the Wings program. All monies raised will be donated to Wings to expand the capabilities of the program – whether in number of families cared for or the extent of services offered – as all donated funds go directly to supporting the patients and their families. All contributions are tax-deductible (federal ID# 43-1450457).
Benefiting BJC Hospice
Pediatric WINGS Program
When: February 19th at 7:00 p.m.
Where: City Hall (1200 Market Street)
What: Cocktail Extravaganza,
Top St. Louis Restaurants &
Chefs, Dancing to Dr. Zhivegas.
Ticket Information: $150/ticket
($75/ticket if you are 40 & younger)
Call 314-953-1895 for reservations now.
All contributions are tax-deductible
- Reservations are Limited -
Posted by at 11:44 PM
January 17, 2005
How To Finance A New Kitchen
Do you want to improve the look of your home? Have you thought of adding value to your home with a brand new kitchen?
Now that the holidays are over, the thought of home improvements, like a new kitchen, can be lingering thoughts. Projects like these can be expensive endeavors when most of us do not have the additional funds sitting in a bank account screaming for you to spend.
Maybe it’s time you consider a Home Improvement Loan. You may have heard different terms like Home Equity Line of Credit (HELOC) or Line of Credit. A HELOC could be the easiest and cheapest way to make improvements to your home and have your dreams become a reality.
A HELOC offers a low interest rate, usually tied to the prime rate (today at 5.25%) and a low monthly payment, secured by your home. As the home owner, it frees you up to do whatever improvements you want on your home or property.
With a HELOC, you can have up to 100% of your home’s value available to you for improvements, rehabbing and life’s unplanned emergencies. You only pay for what you spend leaving funds available for other projects and/or emergencies. The loans are typically repaid over a 10 year amortization schedule.
A mortgage lender can better provide details and current rate information. Your available income, credit score and equity in your home will play a part in determining your rate and ability to qualify for different program options.
A HELOC can help you with: getting that new kitchen, remodeling a bathroom, building a home addition, buying new furniture, landscaping in the Spring, and so on. What you spend your money on is entirely up to you.
For more information on financing your new kitchen and other home improvements, contact Russ Miller at Infinity Mortgage Funding at (314) 439-9999, or e-mail at russ@infinitymortgage.us. Tell Russ you heard about him on the STLagent Blog!
Posted by at 09:16 PM
January 16, 2005
The Future of Your Home, Part II
Friday I posted an article on the 2005 International Builders' Tradeshow which is going on right now in Orlando. This is the Home Builder Industry's largest new product showcase of the year where the "next big thing" for new homes generally gets unveiled. I thought I would detail a few more of the products that are taking center stage...
Construction Materials
When it comes to new construction materials, it appears that manufacturers are embracing the "recycling is a good thing" idea (which is great to see).
APEX Construction Systems (a company without a website) introduce its APEX panel system. Made from 85% recycled polystyrene, cement and various polymers, APEX panels replace traditional wood framing, insulation and sheetrock to build wall structures. From what I've read it appears to be a rigid pressed wall form that also acts as a natural insulation. But guys, build a website...
Also in the recycling category, Epoch™ Composite Products, of Lamar, MO (http://www.evergrain.com) is displaying its EverGrain® decking which is made to create a realistic and long-lasting woodgrain pattern.
I'm a big fan of composite decking material over treated wood. It's usually made of a mixture of recycled plastics, wood shavings, and glue (lots of glue). I'm wasteful enough as it is, so anytime I can save a tree it's a good thing. At the same time, composite deck materials last longer than wood (because they are plastic), are easy to work with because the boards have consistency and symmetry, and isn't as attractive to hungry termites. Oh yeah, it also comes in designer colors, and thanks to Epoch- woodgrain patterns.
Another decking company, ICA Global LLC (http://www.forever-wood.com), is showing off decking and railing material made of PVC. That kind of material should make it stain and scratch resistant.
Switching subjects, Black Mold has been the topics of a lot of news stories over the past year or so. Johns Mansville (http://www.jm.com) is showcasing "Spider™" a formaldehyde-free insulation which is treated with a facing to protect it from mold and mildew growth.
For those that aren't strong do-it-yourself-types, Glass Block Innovations has produced pre-assembled glass block windows and shower enclosures. I've never worked with glass blocks before, but I guess if it saves time it's a good thing.
And in the, "I'm not sure why it was made but it really is pretty cool" category, Simpson Door Company (http://www.simpsondoor.com) will showcase its new collection of interior doors made from a magnetic material that looks and acts just like a chalkboard. I would loved to have had this one as a kid...
That's it for today. If I see more cool stuff, I'll post a third installment. Until then, the Builders’ Virtual Trade Show is located at http://www.BuildersShow.com/VTS if you want to check it out yourself.
Posted by at 09:29 PM
January 14, 2005
The Future of Your Home!
Right now in Orlando, the 2005 International Builders' Tradeshow is going on. This is the Home Builder Industry's largest new product showcase of the year. So what does this have to do with St Louis Real Estate? Well, 1,600 companies presenting in over 1.5 million square feet of exhibit space all believe they have the "next big thing" that will find its way into your next home.
So, what are some of the next big things?
Bosch Home Appliances (http://www.boschappliances.com) introduced an 18” dishwasher designed for consumers with limited kitchen space. Obviously small lofts and apartments are a natural place for an appliance so small. However don't discount an appliance like this as a second dishwasher for your home in places like your finished basement, bar, pool house, or kitchenette. Anywhere you have dirty dishes you can now have an ultra small dishwasher to clean them.
If you want your home to have the look of luxury, Miele (http://www.miele.com) introduced a built-in coffee machine. Again, it's a space thing. Get the coffee machine off the counter and built into the wall like a built-in over or refrigerator. It's not exactly an appliance that's going to change your life, but it is the kind of product that will define the luxury home market for of the future.
And speaking of the luxury home, have you ever dreamed of having Mahogany crown molding and door trim in your home but can't afford it? Contact Lumber (http://www.contactlumber.com) is exhibiting a natural wood-wrapped molding (veneer) that allows home builders to add real wood molding and trim to a room without the hassles and expense of solid hardwoods.
To go with that trim, how would you like the look and beauty of a hardwood floor without freezing your feet on those cold January mornings? Warmboard Radiant Subfloor (http://www.warmboard.com) allows you to use a radiant heat system with your hardwood floor. It's a system of tubing pumping hot water under the floor to keep your toes nice and toasty.
I will discuss more of the products showcased at the show in upcoming articles. Until then, the Builders’ Virtual Trade Show is located at http://www.BuildersShow.com/VTS if you want to check it out yourself.
Posted by at 10:45 PM
January 13, 2005
Do You Save Money by Buying a Home without an Agent?
I had someone looking to buy a house ask me if they could “save money” by not using an agent. To respond, let me take a few moments to explain who pays for real estate transactions and how the real estate industry works.
In most real estate transactions, commission for a home sale is generally paid for by the seller, not the buyer. At the same time, the commission rate for a home sale is generally set prior to a home being listed- between the seller and the seller’s agent. When the sales commission rate is negotiated between the seller and their agent, there is generally an agreement between all of the local real estate agencies (called a Multiple Listing Service or MLS) that says a percentage of the seller’s commission is set aside for the buyer’s agent. As a result, if you choose to purchase a home without your own agent, all you are doing is giving the whole commission to the seller’s agent- which doesn’t save you the buyer any money.
Also, when working with a Seller's agent, remember anything you tell them- like “I love this house and it’s well within my budget,” they are required to share with the seller. That’s because they have a signed contract with the seller guaranteeing that they will represent the seller’s best interest- not yours. Even a general conversation with a seller’s agent might come back to haunt you when you go to negotiate a sale.
If you have more questions, feel free to e-mail me or check out my website at http://www.stlagent.com
Posted by at 12:41 AM
January 12, 2005
Update on Banks in Real Estate Bill
We reported on this earlier in the month, so here is an update.
The U.S. Congress adjourned the 108th Session recently after passing the fiscal year 2005 Omnibus Appropriations Bill. This catch-all spending bill contains another one-year prohibition against huge megabanks' entrance into the real estate brokerage, leasing, and property management business. The prohibition is backed by the NATIONAL ASSOCIATION OF REALTORS®.
House leaders refused to accept a provision that would have permanently prohibited these banks from entering the real estate industry. This language was part of the U.S. Senate bill, included by Senate Banking Committee Chairman Richard Shelby (R-Ala.).
The permanent Senate language remained in the final bill until the very last minute when it was ordered removed by the U.S. Rep. Dennis Hastert (R-Ill.), speaker of the U.S. House of Representatives. The one-year prohibition effectively continues the ban on the large banks that has been in operation for the past three years.
Source: The National Association of Realtors
Posted by at 04:28 PM
January 11, 2005
Mortgage Interest Rates Slip
Weak job growth reports in December caused long-term mortgage interest rates to drop last week. The national 30-year fixed-rate average dipped to 5.34% and the 15-year fixed-rate dipped to 4.79%.
If you would like to know how this effects local mortgage rates, feel free to send me an e-mail and I can get those for you.
Source:
http://www.bankrate.com/brm/rate/mtg_home.asp?link=8
Posted by at 08:27 AM
January 10, 2005
Woes of Rental Properties
For those that don’t know me, I have a background in investment properties. I’ve worked on projects from trailer parks in Alton to new construction in Town and Country- and a lot of rehab work in between! At the same time, for several years I managed and owned rental properties. As a result, I get asked for advice all the time on what the secrets are to investing in rentals.
This week I saw an article in Stltoday.com (Post-Dispatch) that made me decide I should write about this topic.
Over the summer I sold off my last two rental properties (a 12 unit building in South St Louis City and my duplex in University City). At the same time, my primary client I managed properties for also sold off the bulk of his properties. Now part of why I sold mine has to do with personal reasons unrelated to real estate. However a small part of it also had to do with low mortgage rates.
What do interest rates have to do with rentals? When rates get low, it means more people are buying homes, and less are renting. Because rates have been low for so long, there is now a glut of empty rental properties in the U.S. causing apartment complexes to slash rent, offer free months with signed contracts, and other bonuses just to fill up empty units. As an owner, all that eats into your profitability- but the alternative, a high vacancy rate, isn't all that appealing either.
If you want to see the Post-Dispatch article, it was titled: “Low mortgage rates still plague area's apartment owners, developers” By Jack Naudi ff the Post-Dispatch, Published: 01/07/2005.
Although I don’t think its all doom and gloom (there are areas like University City that will always be flush with renters thanks to Washington University), it’s definitely become critical to make sure you know what you are getting into up front because the margins for error aren’t what they used to be.
If you’ve been thinking about getting into rental properties, or other investment projects, feel free to contact me and I’d be glad to talk to you about my experiences.
Posted by at 12:42 AM
January 09, 2005
Foreclosures UP in St Louis
Here's an interesting story. The St Louis Business Journal put out a report this week stating that the number of new foreclosed residential properties in Missouri more than doubled from December 2003 to December 2004.
The Journal listed their source as a website named Foreclosure.com.
For the full article, please visit:
http://www.bizjournals.com/stlouis/
Search on the title: "Foreclosed properties in Mo., Ill., more than double in December"
Also on the web:
http://www.foreclosure.com/
Posted by at 01:27 PM
January 08, 2005
Cold Weather and Frozen Pipes
You knew when it hit 70 degrees the week after Christmas it was too good to be true. We’ll, here we are January 8, and back to reality. Yes, St Louis woke up this morning to snow. What does this mean to real estate?
Well, cold weather is a big problem for home and property owners- especially if you’ve moved and your home is setting empty. Why? PLUMBING!
If your home gets too cold, the water in your pipes can freeze overnight and then burst in the day when it warms back up. This leaves the potential for extensive flooding and water damage to your home. The pipes you need to be most concerned about are those that have the most exposure to the cold -- outdoor hose faucets, swimming pool supply lines, underground sprinkler systems, and plumbing in unheated basements, crawl spaces, attics and garages. Pipes that run against exterior walls are also at risk.
What to do…
When it’s cold outside, you should periodically check all the faucets in your home. If it doesn’t work or water is just a trickle you may have frozen water in your pipes. Attempt to locate the frozen area by looking in the area most likely to freeze- i.e. the coldest. Use a heat lamp, space heater, hair dryer or electrical heat pad to begin to thaw out the pipes. Remember to keep the faucet open as you work. That's because running water will help melt the ice faster. Apply heat until full water pressure is restored, then consider going to your neighborhood hardware store to purchase insulation for the areas of the pipe that froze (to help prevent it from happening again).
DO NOT use any sort of blow torch or open flame to warm the pipes. I can not stress this enough, so let me say it again. DO NOT use an open flame. First off, an open flame is a fire hazard and if you are working in a confined area there is a threat of carbon monoxide poisoning. Every year there is a story in the news of some person burning down their home or suffocating themselves to death while working on frozen pipes.
The second reason not to use an open flame is if it gets too hot you can melt your pipes (especially PVC plastic pipes). Third, too much heat too quickly creates the potential for an explosion. That’s because water expands as it gets hot. A blow torch or other device will cause the water to boil, and boiling water trapped in the middle of a frozen pipe has no place to expand- so it explodes.
The last piece of advice is always the best... If you fail to unthaw the pipe, call a licensed plumber before the pipe breaks.
How to keep it from happening…
- Your home should have inside valves on your outdoor water supply lines. Close them, then open the outside faucet and let the water drain. Leave the outside faucet open all winter.
- Drain and store outside garden hoses.
- If you haven’t already done so, drain the water from your swimming pool and lawn sprinkler system.
As mentioned above, insulate plumbing that's most susceptible to freezing. You can find supplies at your local hardware store, Home Depot, or Lowes.
- During severe cold weather, let the faucets drip. Although it's no guarantee, even a trickle of water can help prevent pipes from freezing and an open faucet gives the water someplace to run once it starts to warm up.
- Keep the home temperature set to no lower than 55 degrees Fahrenheit. I know it?s tempting to turn Thermostat down when you leave town for a few weeks or if you have an unsold home that is setting empty, but the higher heat bill is quickly offset by the cost of repairing a pipe and cleaning up water damage.
- Lastly, if you experience flooding or water damage from a broken pipe, be sure to watch the home for mold or mildew. Black mold can be a serious after effect to a flooded home that’s far worse to deal with than the actual water damage.
I hope this helps. Let me know if this article is of value to you!
Posted by at 01:21 PM
January 07, 2005
New Bill to Keep Banks out of Real Estate
This week Congress introduced a bill titled, "Community Choice in Real Estate Act," to permanently ban banking conglomerates from entering real estate brokerage or property management. This is because some of the larger banking conglomerates have requested permission from the Federal Reserve Board to sell and manage real estate. Pretty much every major organization in the real estate industry is backing the bill against banks in real estate.
My take: To be honest, the name of the bill sounded a bit Orwellian to me.
My first thought is, “how does prohibiting competition (i.e. the banks) give me the consumer a greater choice?” It’s easy to assume that real estate industry giants are just trying to keep a potential competitive threat out of their business in much the same way the local mom and pop retailers will do everything possible to keep new Wal-Marts and Home Depots from being built next to their stores.
Then I started thinking about this a bit more. If Bank of America, CitiBank, and the rest of the national banks were allowed into the industry, what would really happen and who would benefit the most from it? Would it give us more or less competition? What would it mean to the average Joe who just wants to buy or sell a home?
That’s when I realized it really would eliminate competition and hurt the average consumer. Why? Because a Bank of America wouldn’t just go rent a small office space with a couple of employees downtown and try to build their business from the ground up- beating the Prudential’s, Coldwell Banker’s, and Remax’s of the world on better service. No, a Bank of America would enter the market by throwing out Billions in cash to buy out the largest real estate chain they could land. Heck, they might even buy a couple of them! Isn’t that how they became a bank in St Louis in the first place- buying out one of our local chains?
If this bill were passed, it would undoubtedly start a feeding frenzy of banks buying out real estate companies to capture the largest amount of market share they could capture as quickly as possible. Once the first few deals were done, there would be tremendous pressure on other banks to follow suite. Ironically, the real estate industry giants trying to keep banks out of real estate would probably fare quite nicely selling out their businesses!
Doing a quick Google on the nation’s largest banks, I discovered that the largest, Chase Manhattan, is worth $270 Billion dollars. What I found interesting is that Banker’s Trust, the nations 5th largest bank, is only worth $95 Billion- or roughly 1/3 the size of Chase. There’s a huge drop off once you get past the first four banks (Morgan, the number four bank, is worth $173B or almost twice the size of Banker’s Trust). So which four banks do you think will succeed in buying out the largest real estate companies? What do you think will happen to the Banker’s Trust’s of the world when a Chase or a Bank of America gets 5-6 times their size instead of 2-3 times? You guessed it, another round of bank mergers!
So now we’ve established what will happen- mass acquisition and name changes; fewer banks and real estate companies. But what about the average Joe who just wants to buy or sell a home? Realistically, a change probably wouldn’t change the number of real estate agents on the street. Unlike other industries, agents are basically self-employed- so their numbers are regulated by the supply and demand of sales, not by the large companies looking to get into the business.
But fewer agencies tied to a bank will undoubtedly mean an increase in overall expenses to the consumer. How? By supplying all the services you need to buy a home, the banks would be able to reduce the competition the consumer could get in areas like finance and insurance. Real Estate basically becomes a bank’s way to capture your business in much the same fashion as buying a photocopy machine locks you into buying toner and supplies from the company that made the photocopier.
Although there would be laws prohibiting a bank from “requiring” a home buyer to use only the bank’s services, there could be extreme pressure put on an agents to deliver a portfolio of services to their buyer. Since many consumers rely on their agent to line up financing for them, they could be lulled into higher rates and greater fees. Think about this, since the banks began merging a few years ago, what has happened to free checking, free ATM use, and other formerly free services at your national banks?
However to see the biggest threat to the average Joe from a real estate/banking merger you only have to look at the Savings and Loan crisis from the 1980’s. The Savings and Loans went wild in the real estate industry writing one bad loan after another in an attempt to grab more sales. In the end it cost tax payers Billions to bail them out.
Posted by at 01:23 AM
January 06, 2005
Identity Theft
It can't be stressed enough that the one thing which stands between you and buying a home is your credit rating. While browsing other real estate blogs today, I found an article by the FTC on identity theft posted on several sites (apparently a real estate news feed somewhere must of just published it). Anyway, it was a great article, and deserves to get another mention here.
You can find the article at:
Federal Trade Commission posts identity theft information
http://www.ftc.gov/bcp/conline/pubs/credit/idtheft.htm
Other resources and sites of interest would be:
http://www.consumer.gov/idtheft/
http://www.privacyrights.org/identity.htm
My favorite book on the subject (which is old and out of print) is titled, "Privacy for Sale" by Jerry Rothfeeder. I snagged a copy of it a few years ago. I'm pretty sure larger libraries would have copies of it. The book was written pre-internet, so there's a lot of "excitement" about what can be done (which is now common place today).
References: Unfortunately I can't remember all the sites I saw this referenced on, however http://www.lacanadarealestate.com was one of them.
Posted by at 03:45 AM
January 05, 2005
A New Year; A New Start!
Well here it is, 2005. As the title says, "a new year; a new start." It’s a time to look at where we’ve been so we can make improvements to change where we're heading. That couldn’t be truer for me this new years as 2005 will bring about a lot of great improvements to change my life both personally and professionally. I would like to take a few moments to share them with you.
NEW NAME: No I’m not joining the witness protection program! I’m happy to announce that over the holidays I got engaged and come April I’ll become Kimberly Cameron. And the thing I’m excited about the most is I’ll no longer be the girl with the name too long to fit on a name badge. Yeah!
NEW TEAM: For everyone that I worked with in 2004, THANK YOU for a great year! Because of you, in 2005 I’ll be bringing on a team of agents and assistants to work with and assist me. This will provide you the customer better service and support. In next months Homeowner Update I’ll be announcing the first of my new team members!
NEW LOGO: To reflect my new Team Status, the Homeowner Update and StlAgent.com have a new logo. Pretty sharp huh?
NEW SERVICES: This is where I really start to get excited. I have a wealth of new services I’ll be providing customers in 2005. The first of which is a FREE service called, “The eHome Buyers Scouting Report.”
The internet has changed the way a lot of buyers do their initial search for a home. No longer do you waste days driving around town just to figure out what a home looks like- now you can preview listings from the comfort of your own home.
Unfortunately, searching for a home on the internet can still be an arduous task as real estate websites generally are delayed several days- even weeks- before the new homes get posted. It's not uncommon for the best homes to be sold before they ever show up on-line. Having listings e-mailed to you by an agent can get you the listings in a timely fashion, but those e-mails are difficult to search through and can clogg up your mail box with pages of duplicate homes.
Scouting Report solves these problems. First off, you are given your own personal website which will remember your search options so you don’t have to reenter them every time you look. You control the search options, so you can change neighborhoods, pricing, and other criteria as you narrow down your search.
Unlike listings that are e-mailed to you, you can delete the homes in a Scouting Report you aren’t interested in, and save the homes you want to look at later. And since it’s a website, you can look at it 24 hours a day from any computer you are at without worrying about your mailbox overflowing.
But the most important thing about Scouting Report is it pulls its reports DIRECTLY from the database Real Estate Agents use- so everything is fresh and up-to-date. No more “new” listings that are really several weeks old and already under contract.
To use the Scouting Report for free, simple visit my Website at http://www.stlagent.com .
NEW WEBSITE- In 2004, I talked to customers and evaluated hundreds if internet websites on to try and determine what I could do to make my website, STLagent.com, useful to you. Let me share some of the things I found.
“Make it Valuable to the Community.” Real Estate is all about the community you serve, which is why I wanted my site to serve you- even if you aren’t looking for a new home right now. That’s why I’m excited to present a new Community Bulletin Board service at http://www.stlagent.com/forum where community organizations can go out and create discussion groups to post meeting notes, reminders, notices and announcements, as well as hold discussions about their activities or beliefs. Log in and check it out. This is a free service, and I would love feed back on how I can improve it.
“Keep it Interesting and Fresh.” So many websites are made and then go months, even years without updates. Can you really trust the information you are reading to be accurate if it’s a year old? That’s why I’ve created an on-line journal, or web log (often called a blog), so I can post articles and news of interest regarding St Louis area real estate as I come across them. Think of it as a Homeowner Update newsletter you can read ever day. If you would like to read my web log, please visit http://www.stlagent.com and click on “Read the St Louis Real Estate Web Log (Blog)” under the Features category.
“Make Searching for a Home Easier.” I hear you. That’s why you can sign up on-line for the new Scouting Report feature, as well as the Home Hunter search which will send new listings to your e-mail. More important, I am working on being able to offer you TRUE, real time, access to search the St Louis Area Multiple Listing Service (MLS). This is the database agents use.
“Help Me Find Local Resources.” Finding a handyman to repair your gutters, or an inexpensive lawn service to mow your lawn can be tough because smaller companies don’t have the resources to advertise. That’s why I created a Local Resources Directory for local business people to have a place to advertise their products or services for free. If you are a local business person, please feel free to submit your business.
Yes, 2005 is going to be a year of exciting changes and improvements. Happy New Years everyone!
Posted by at 05:01 PM
January 04, 2005
NEW! Community Forum on StlAgent
As of today, there is a new feature on StlAgent. It’s a Community Forum Bulletin Board where clubs and groups from the St. Louis area can go to post messages, reminders, meeting notes, and hold discussions.
The Community Forum is a FREE service to St Louis Area churches, schools, clubs, subdivisions, and other organizations provided by The StlAgent Team.
You can get to our Forum by clicking on the “Visit the Community Forum” link under “Features:” on the left hand side of our web page.
If you have questions on how this works or if your club could benefit from this, please feel free to contact me (the webmaster)- Sid Cameron
Posted by at 03:41 AM
January 03, 2005
Consumers Can Get Free Credit Reports
The most important thing to understand when you decide to buy a home is your credit report. Unfortunately, most people know very little about their credit rating or how the credit agencies work. However, it's about to become a lot easier to get access to your credit reports thanks to a new law that took effect last month.
Starting December 1, 2004, all U.S. residents will be permitted a single free credit report under the Fair and Accurate Credit Transactions Act. (Also known as the FACT Act). The measure phases in the one free report per year across the country, starting on Dec. 1 in 13 mostly Western states and spreading to the rest of the nation by Sept. 1, 2005.
Citizens also are entitled to one free report every 12 months—no matter where they reside—if they believe they are the victim of fraud or identity theft; are jobless and planning to apply for unemployment benefits; are receiving public welfare assistance; and/or have been denied credit, insurance, or employment due to problems with their credit record.
Source: Missouri Association of Realtors
Posted by at 02:51 AM
January 02, 2005
AARP Housing Resources for Seniors
While browsing the California Real Estate Blog, I came across this interesting tidbit. AARP has compiled a list of over 700 of the best websites for people over age 50- which includes a section on housing and long-term care.
If you are nearing retirement age, or have parents or grandparents that are a senior, this is a great list to have when researching long term financial and housing solutions. AARP has categorized the websites by topics of interest- such as housing, law and legal issues, finances and retirement, care giving, and more. There is also a state and local resources section. It’s good stuff.
If you want additional information regarding seniors and real estate, please feel free to contact me at kimberly@stlagent.com.
On the web:
AARP Website: http://www.aarp.org/internetresources/
California Real Estate Blog: http://www.lacanadarealestate.com
Posted by at 11:46 AM
January 01, 2005
November's Record Nationwide Home Sales!
Happy New Years!
For those thinking about selling a home in 2005, the new year brings some good news!
The National Association of REALTORS® released a report this week stating that, “Low interest rates helped the market for existing single-family home sales to set the highest monthly pace on record in November.”
If you’ve been thinking about buying a home for the first time, or upsizing to a larger home, interest rates are in your favor. For the full article, go to: http://www.realtor.org/PublicAffairsWeb.nsf/Pages/EHSNov04?OpenDocument .
Posted by at 03:28 PM
