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Home or Mortgage Officer First? - Five Questions for The First Time Home Buyer

by Mike Simms Reports RIS Media Article for First Tim
 
 
 
 
(TNS)—Usually, a first-time homebuyer picks out a house before lining up financing, but experts say it should be the opposite. Dan Huss, a mortgage consultant with BNC National Bank in Scottsdale, Ariz., says buyers often call a REALTOR® first and then the Realtor® refers them to a mortgage person. “The first call really should be to a loan officer,” Huss says. But before you make that first call, sit down and do some hard... 
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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

Real Estate and Photography?

by Mike and Pat Simms

Did you ever think how important photography is to real estate?  Especially today with all of the ability to advertise through the internet on numerous portals whether it is Craig's List, or Realtor.com, or Trulia etc.  So the questions is "why would the Realtor want to take the pictures?"  RISMedia recently reported that there are several study's and/or surveys that found the number of photograph's directly links to the days on market, sale price etc.  If you want a quality picture most Realtors need to use a professional photographer.  We certainly do.   Check out the difference on our featured listings at www.ExploreSaintLouisHomes.com.

Does Your Sump Pump Have a Back-up?

by Mike and Pat Simms

Here in St. Louis it has been flooding due to all the rains.  Homes that have never flooded before or had any water in the basement are beginning to see water trickle in one way or another.  With Spring breaks going on and many families leaving town for warmer, dryer weather you need to be sure you have a battery back-up on your sump pump.  You need a back-up in the event the electricity goes out.  Before you leave for the beach, make sure you have a back-up plan to ensure your basement stays dry. 

As a service to our sellers we check on their homes when they are out of town.

Fed Makes Offer That Can't Be Refused

by Mike and Pat Simms

It's that time again for our weekly update from Chris Simms, Certified Mortgage Planner with Pulsaki Bank:

Last Week in Review -

"JUST WHEN I THOUGHT I WAS OUT . . THEY PULL ME BACK IN."  Al Pacino in the 1990 film The Godfather II and if Bonds and home loan rates thought they were out of the days of volatility . . .they got pulled right back in, as last week brought daily price savings of almost historic proportions.  For the week overall, fixed home loan rates improved by about .25%

What led to the dramatic action this week?  The bipolar emotional state of the markets began deeply depressed on Monday, but then were filled with joy Tuesday when the Fed made an interesting move by announcing the creation of the new Term Securities Lending Facility (TSLF)  The TSLF wil provide borrowng banks with $200 Billion to draw on to help inject liquidity into the credit markets, and further, will accept some mortgage-backed securities as collateral, which effectively may helpt to "upgrade" the value and perception of battered Mortgage Bonds.

But in the meantime. . . struggles are still being played out related to the downgrade and losses experienced by companies holding massive amounts of mortgage-backed securities.  Headlines hit on Thursday about The Carlyle Group, which manages a portfolio of mortgage-backed securities, not being able to meet a margin call and being forced to sell off large amounts of mortgage paper into the markets at great financial losses.  Then on Friday, the news broke that financial brokerage and investment banking giant, Bear Steams had suffered enormous losses, and their lack of liquidity endangered them from going out of business . . or "sleeping with the fishes?.  The new aforementioned TSLF is designed to help this type of liquidity problem, but it will not go into effect for a few weeks, and Bear Stearns would not last that long.  Coming to the rescue with loans were both the NY Fed and JP Morgan Chase.  These sure are exciting times.

One bright spot for the financial markets was a low consumer inflation reading.  The Overall and Core Consumer Price Index (CPI) figures were reported unchanged, far cooler that the expected increases of 0.3% and 0.2% respectively.  These tame inflation numbers give the Fed a green light to cut the Fed Funds Rate by another .76% at Tuesday's meeting. .. but read on to understand exactly how this cut may impact YOU.

Forecast for the Week

So if you love all the excitement, drama, intrigue and crazy volatility of late. ...you'll love the week ahead, as it is loaded full with market movers.  We'll get the latest readings on the health of the manufacturing and housing sectors, but the main event will take place on Tuesday when the Federal Reserve announces its latest interest rate decision and Policy Statement.

The Fed is expected to cut the Fed Funds Rate by another .75%.  However, as we've seen following every Fed rate cut in the recent cycle, chances are very good that Bond pricing will worsen following the cut...which results in higher home loan rates.  This happens because Fed rate cust help to stimulate the economy, by makeing it less expensive to financne personal and business purchases...and this is turn fuels inflation, the arch-enemy of fixed return assets like Bonds, which home loan rates are based on.

So a word to the wise - if you or someone you know has been ready to move forward on a purchase or refinance, there's no time like the present.  Be sure to get in touch with me, so I can explain your options and help plan a great strategy for your home loan.

For questions contact Chris at csimms@pulaskbankstl.com or call 314-229-4242.

Spring Rains - Is Your Sump Pump Insured?

by Mike and Pat Simms
As spring approaches April showers will soon be upon us.  If they have been anything like some of the torrential down pours we have had in January and  February here in St. Louis you may be thinking about whether or not your basement will be dry.  A few of our clients were glad to know that their Sump Pump was insured when their Sump Pumps failed.  Do you know if your Homeowners insurance cover's failure of your Sump Pump?  You may want to review your coverage with your agent to understand the terms and what is covered.   You may also visit our website www.ExploreSaintLouisHomes.com for contact information on our "A" Team member and Insurance Agent.

Displaying blog entries 1-6 of 6

Contact Information

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: Pat Simms Cell: 314-749-9862
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