Home Price Increase Hysteria in St. Charles County - Will It Continue?

There have been a tremendous amount of home sales in the communities in St. Charles County since April 2013.  Just last month, home sales in July, were as follows:  O'Fallon with zip code of 63366 ... 90 homes sold; St. Peters ... 109 homes sold; O'Fallon with zip code of 63368 ... 75 homes sold; St. Charles with zip code of 63304 ... 76 properties sold.

Just in the past few days, I've noticed that the listing prices of homes in St. Charles County have gone back to being inflated for the properties just coming active on the market.  Yes, the fabulous amount of home sales has spurred home sellers to get on the market and become part of this current upswing in sales.  However, what they are failing to realize (and their Realtors should properly advise them), is that these properties that sold in the past few months were extremely realistically priced.  That's why they sold quickly and 90% of them sold within $10,000 of the list price.

Perhaps St. Charles County home sellers feel that the Buyers are getting desperate for homes to buy.  I do not feel we are in that stage of the current Sellers Market.  I do know their are still home buyers wanting to purchase and they have been looking, at least on-line, at homes for sale and have seen the ones that have sold ... and for what price.  They will now realize that the homes coming on the market are inflating their asking price.

It's been wonderful experiencing the sellers market in St. Charles County and this sales activity can continue through October if sellers remain realistic.  With overpricing their homes, they will become discouraged that the market may dim and it will take longer for their homes to sell.

My advice to home sellers ... study the recent sales ... and price your home accordingly.  You will sell your home quicker.

FREE search of St. Charles County homes

Buyers Beware .... Do Not Call Name on Sign

If you have begun looking for a home to buy, the best method is to have your own Real Estate Agent.  Perhaps you drive around and see a property you might be interested in; so you call the Agent whose name is on the sign.  Or, you're surfing the web (perhaps on Realtor.com) and find a property you want to see; so you call the Listing Agent.

STOP doing that!!  The Listing Agent works for the Seller.  He/she has signed a contract with the Seller to always put their best interest first.  Where does that leave you...the Buyer?

You need your own Agent whose duty will be to put YOUR best interest first.  What will it cost to have your own Agent?  NOTHING!!  That's right!  Compensation to your Agent is paid by the Seller.

Don't think you have to call the Agent listed on a For Sale sign.  When you have your own Agent, he/she will be able to show you any homes/properties for sale; even For Sale By Owner.

Do some research and find yourself a professional Agent who is accessible to your needs and willing to spend the time showing you homes.  Do beware, though; there are some Agents who do not want to spend time showing homes.  Find and talk with an Agent to get a feel as to their interest level in showing homes and their knowledge of the area you are looking in.  One of the best ways to do that is to visit Open Houses in the area and speak with the hosting Agents.

You need and deserve professional representation should you be ready to purchase a property.  Your Agent will work with you throughout the entire process; from finding and showing you homes - negotiating on your behalf should you submit an offer - assist you with inspections - handle all paperwork - get you to closing - and putting the keys of your new home in your hand.

Warning for Home Sellers

Selling your home?  Please do not let your real estate agent get over-eager and put your home on the local MLS system without having taken pictures.  This is an incredibly erroneous move on an agent's part and will cause you to lose hundreds of prospective buyers as they "pass over" your listing.

Home buyers want to see pictures!  Lots of pictures!!  If your agent makes your home go active in the MLS without pictures; your property will be passed over; not only by buyers, but also other agents actively looking for properties.

Please question your agent to make sure he/she will not put your home on the market without pictures.  This could potentially cost you a sale.

Sell Your Home - But Beware Hidden Cost

Sellers Beware!!! You put your home up for sale...you accepted an offer...and now it's time to close.

You'll want to be sure to check your HUD-1 statement (or remind your real estate agent) for an additional cost that some buyer agents are charging sellers.

That's right...the buyer agency for the people who are buying your home are charging YOU a transaction fee upward of $250 for their services!

How do you ensure this won't happen to you? When accepting an offer or making a counteroffer, have your agent add verbage to the effect that Seller will NOT pay any buyer agency transaction fees or additional commission fees other than that listed on the MLS.

Make sure your Realtor protects you from additional fees. If the buyer agency fee shows up on your HUD-1 statement and you catch it, your closing may be delayed in order to change it. So, take care of this precaution (and actually, your agent should be doing this) before it creates a problem.

Must Know Conditions on Foreclosure Homes Before Buying

As tempting as it is to purchase a bank foreclosed home and save yourself tons of money, it is imperative that buyers become aware of the four most important physical conditions usually found in foreclosed properties.

First, always look for moisture-related problem sites. When you see visible leaks and obvious evidence of water damage somewhere within the house, you need to find out where it came from. Most of the time, water service will be turned off in the foreclosure property making it difficult to find the leak(s). Check for defective valves and hoses.

Many foreclosed houses are left vacant for quite awhile. Vandalism may have occurred. Make sure to check the property for missing parts...such as copper piping.

Look for signs of insect and rodent infestation.

With no water service, you may not know if the waste and swere lines are damaged or blocked.

Do not purchase a foreclosured property blindly. Hiring an expert, to check out any potential damage to the property, prior to purchasing a foreclosed property can save you thousands of dollars for repairs that may be needed.