Think Twice Before Waiting for 3% Mortgage Rates

Tuesday, January 17th, 2023
Barb Modde

Last year, the Federal Reserve took action to try to bring down inflation. In response to those efforts, mortgage rates jumped up rapidly from the record lows we saw in 2021, peaking at just over 7% last October. Hopeful buyers experienced a hit to their purchasing power as a result, and some decided to press pause on their plans.

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What Does a Real Estate Assessor Do?

Tuesday, January 17th, 2023

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When buying or selling a home, the realtor might mention the “assessed value” of the property. While often used interchangeably with a real estate appraisal, an assessment is not the same thing. One important distinction is that an appraisal estimates the price that a home could sell for. An assessment helps to calculate the property tax amount. Another difference is that an appraisal is performed by a contractor hired by a mortgage lender, while an assessment is done by a government employee from the county or city assessor’s office. In our region, that is either the St. Louis county assessor or the City of St. Louis assessor.

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What Past Recessions Tell Us About the Housing Market

Monday, January 16th, 2023
Barb Modde

It doesn’t matter if you’re someone who closely follows the economy or not, chances are you’ve heard whispers of an upcoming recession. Economic conditions are determined by a broad range of factors, so rather than explaining them each in depth, let’s lean on the experts and what history tells us to see what could lie ahead. As Greg McBride, Chief Financial Analyst at Bankrate, says:

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What is a Listing Agreement?

Tuesday, January 3rd, 2023

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When a homeowner decides to hire an agent to sell their property, both parties usually sign a contract called a listing agreement. The listing agreement grants a broker legal authority to represent the owner in a real estate transaction. The document lays out important information for the seller, such as agreed-upon terms regarding commission percentages, timelines, and marketing tactics. Having a formal contract is a good thing for both the owner and the agent.

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It’s hard to believe, but the holidays in St. Louis didn’t always involve putting up elaborate decorations and rushing around to find one last gift. In fact, the idea of a Christmas tree didn’t exist in Missouri until the 1830’s, when German immigrants brought small decorated tabletop trees into their Franklin County homes. Instead of the string lights we now wrap around our trees, they put candles on branches for a shimmering touch – similar to the Jewish Festival of Lights. They also introduced simple German traditions like hanging stockings for St. Nick to fill with small toys and fruit, gathering with family to sing carols together, and baking Plätzchen (Christmas cookies) to share with friends. 

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Did the frequency and intensity of bidding wars over the past two years make you put your home search on hold? If so, you should know the hyper competitive market has cooled this year as buyer demand has moderated and housing supply has grown. Those two factors combined mean you may see less competition from other buyers.

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