The Gellman Team Real Estate Blog

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The St. Louis market is showing extreme strength right now. We went through a bit of a softening at the end of last year, but with the increased strength of the stock market and a decreasing level of inventory, we are back to seeing a strong market.

A majority of areas in St. Louis are in seller’s markets because of this limited inventory. Buyers are getting caught up in multiple offers, and many of them are having to pay over asking price to secure their properties. Homes that are move-in ready and priced right are selling very quickly right now.

If you have any questions for us about the market, the value of your home, available homes

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We can’t believe how quickly 2016 went by. As we approach 2017, we want to take a minute and wish you a happy and healthy holiday season.

Thank you for your support, your referrals, and your business. Have an awesome holiday season and a Happy New Year!

If you have any questions, please don’t hesitate to reach out to us. In the meantime, enjoy the holidays. We’ll see you next year!

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What’s been happening in our real estate market over the last two months?

Right now, we’re seeing a softness that we haven’t seen in previous years. We’re attributing a lot of that to the insecurity of what’s going to happen next, both politically and economically. Obviously, with the presidential election, there’s already been a lot of major changes. Some of them have been positive, such as the stock market going up. Some of them have been not so positive, such as mortgage interest rates increasing a half of a percentage point. As to that, we’re currently sitting at the low 4% to 4.5% range.

That being said, we’re also seeing a softness

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 This Thanksgiving, let us at The Gellman Team do the baking for you.
 
We’re excited to announce our first annual client appreciation event this year. We’d like to thank all of our clients for their business, referrals, loyalty and friendship by inviting all of you to The Gellman Team’s Pie Day Giveaway.
 
On November 21st and November 22nd, stop by our office between 12 p.m. and 6 p.m. to pick up your free apple pie or pumpkin pie! Simply visit www.gellmanevents.com to register and tell us which kind of pie you’d like.  

 


Register at www.gellmanevents.com and tell us which pie you’d like.


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We’re thrilled to be able to offer

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Waiting until spring to sell your home seems like a logical idea, but in actuality, you’re better off listing it now.

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Should you wait until after the new year to list your house so it’s closer to the spring market, or should you list now?

To answer that question, you must take a few things into consideration. Where are you going to move? Are you moving to a different area with a different market, or are you moving within the same area? Different variables will produce different answers.

The market has been inconsistent for different price points. The $200,000 to $300,000 price point is still a very strong market in areas where the home is

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How should buyers and sellers handle the process of buying before they sell, selling before they buy, and potentially double-moving? This is one of the most frequently asked questions I hear from prospective sellers. They want to sell their home, but they don’t want to double-move.

What are my thoughts on contingencies? In today’s market, contingencies make a contract weaker. Some sellers want top dollar for their homes and aren't willing to reduce their prices. In those cases, many of our buyers have actually paid a premium for a home sale contingency and actually secured the home sale contingency so that when they listed their home, they could sell it and avoid double-moving.


A home’s value can change based on a number of outside

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Interest rates still remain incredibly low. Over the past two weeks, we are seeing historic lows that we haven’t had in three to four years. With all the financial instability we are seeing in the stock market and the changes that have occurred with the Brexit in the UK, there has been a downward pressure on interest rates, and we’re seeing rates lower than we ever have.

Well-qualified buyers are seeing 30-year mortgage rates around 3.5%, and even lower than that for 15-year mortgages. We are even seeing some buyers get rates in the 2.5% range.

There are some incredible financing opportunities allowing our buyers to buy a better home than they

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What is happening in the real estate market? Right now, the market continues to be consistently inconsistent.

Certain areas like St. Louis County and St. Charles County are doing great. Homes that are priced right and in move-in ready condition are drawing multiple offers, sometimes over asking price.

On the other hand, homes with deferred maintenance aren’t doing so well. Remember that bathrooms and kitchens sell homes. Homes without those updates that are not priced accordingly are really struggling to sell right now, even at discounted rates.

If you’re a buyer right now, you really have to be prepared to play in today’s market. You

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Many prospective buyers and sellers use Zillow as a starting place to gain a better understanding of the value of a property. The problem is that Zillow has a wide range of values. In fact, there is a disclaimer on their website that says the valuation can be off by 5% to 20%. This is based on information that Zillow has, and their data isn’t always accurate.

At this point, Zillow does not have all sold data, so it relies on poor numbers. Zillow is an advertising company that focuses on generating leads. Zillow promotes homes that are already under contract, or pre-foreclosure properties that actually don’t end up being foreclosed.

There is

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Today, we’ll go over a quick market update for the St. Louis housing market. Current market conditions have a lot to do with supply and demand.

In certain areas, there is an extremely limited of supply of homes. This creates a seller’s market. Many people often times hear about multiple offers coming in and homes selling for over asking price. That is happening, but only in select markets. In a broader sense, homes that are priced well and move-in ready are selling very well.

As a seller in those hot markets, we can remove the appraisal rider from many of these contracts in order to avoid any issues with offers over asking price. This move is

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