Real Estate Information Archive


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$8,000 Tax Credit - don't wait too long

by Mike and Pat Simms

Time is running out on the First Time Home Buyer $8,000 Tax credit.  If you haven't had an opportunity to find out about this program to help you buy your first home you need to contact a Mortgage person today.  The progam ends November 30, 2008 and all homes must be closed by  that date.  However, some buyers have not taken into consideration that  November 30 is the day after Thanksgiving and most Title companies will be closed.  When planning your purchase be sure to plan to close well before Thanksgiving to avoid the rush and ensure your home will close on time.  Don't forget that closings are further complicated by the new HERA rules which require re-disclosure  and an additional 3 - 7 days on disclosure before properties may close depending on the situation.  For more information and clarifcation on these rules contact your Mortage person or call:

Chris Simms - Certified Mortgage Planner

Preferred Home Lending

Powered by Pulaski Banks

314-229-4242 or 314-579-7762

You  don't want to miss out on  this program that may help you  purchasee your next home.  To search for homes register at with the details of our search and we will set up a hunt for your new home in the greater St. Louis area.

Call Mike - 314-849-0921 direct or Pat 314-749-986 direct or email to  We look forward to hearing from you.

Real Estate Statistics - How's the Market Really Doing?

by Mike and Pat Simms

Keeping up on the market on a daily basis is key to our business.  It is how we customize our marketing plans for eac h and every seller.  When looking at the statistics for 2nd Quarter 2008 versus 2nd Quarter 2007 we found some very interesting information. 

In St. Louis County  there were 3,480 less homes on the market in 2nd Quarater 2008 than there were in 2007.  However agents only sold 358 less homes with 3,399 selling in 2nd Quarter 2007 and 3,041 in 2nd Quarter 2008 per the Mid America Regional Infomation System.

In St. Charles County there were 2,046 less homes on the market in 2nd Quarter 2008 than there were in the same time period in 2007.  The selling rate decreased 10% which was the equivalent of 127 homes. 

Third quarter data is not yet available however the multi listing system shows there are 2,644 active homes on the market in St. Charles County and 6,883 active homes in St. Louis County.

This information demonstrates that life events continue to happen, people get married, have children, loose loved ones which cause them to make a housing change.  We help sellers prepare their homes to sell in this market every day.  We are currently scheduling interviews for additional listings.  Call or e-mail to schedule an appointment.

The Simms Team

Specializing in New Construction, Custom, and Country Homes

What's going on in the market?

by Mike and Pat Simms

Yesterday, Chris Simms, Certified Mortgage Planner with Pulaski Bank of St. Louis, had this to say about the market:

Rates are at 6% on a 30 year fixed.  They jumped today even though the news has been hugely bond friendly.  Investors are feaful that the US govt is writing checks it can't cash.  Beng the US decided overnight to bail out AIG with an 85 billion dollar loan, people are a little nervous. An f your Lehman, you really have to be upseet.  Needless to say, investors are pulling their money out of the stock market and keeping it in Cash.

As of yesterday afternoon, we saw a sight surge back into mortgage bonds.  This will help with pricing today but we do feel this roller coaster is going to continue.

If you are wanting 5%, it could happen but you are taking a huge gamble.  Look at your situation and what numbers make sense.  Review this with your Mortgage Advisor.  If 5.75% appears it is a goodtime to consider to lock.  If you want 5.5% it may get there it may not.  I have a huge lilst of clients who were waiting for 5.5% and now think its going to 5.25%.  They missedd the boat the last time when it was at 5.75%.  B now they would have saved an average of $1,000 by taking the 5.75 back in February.  Buyers and those refinancing really need to weigh what makes sense.

For questions or additional information you may contact Chris at 314.229.4242 or by e-mail at  

MDHC Funds Update for First Time Home Buyers

by Mike and Pat Simms

Chris Simms, Certified Mortgage Planner had this to say about MDHC Funds:

It appears as though funds for the Down Payment Assistance programs may be hard to come by in the next few months.  The depressed market is making it difficult for MHDC to encourage investors to back a new ond issue for 2008.  As a result, the worse case prediction is that new funds may not ve available until October of this year.

A proposed new program, Show Me Home (program with a soft second, which was approved by FHA) and would have been offered in addition to their other programs, was voted down at the last MHDC meeting.  The program is going to try to be pushed through again in May.  Until then reservations for the backup list for funds from the Down Payment Assistance program are still being taken but no indication for how long.  Some loans have been moved from the waiting list to the reserved list as funds become available.

If you are a First Time Home Buyer and would like more information on this or other down payment Assistance programs, you may contact Chris at 314.229.4242 or via e-mail at

Displaying blog entries 1-4 of 4

Contact Information

Photo of The Simms Team - Mike Simms Real Estate
The Simms Team - Mike Simms
Berkshire Hathaway Home Services Select Properties
6149 Midrivers Mall Drive
St. Charles MO 63304
O: 636-720-1100
C: 314-749-0921
Fax: 1-866-723-0639
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