For many years, moving closer to work was one of the prime reasons for a buyer to look for a new home!  Like many other parts of our lives that has changed with the pandemic! The ability to work from home and other factors have helped change our priorities.

A recent National Association of REALTORS® survey of recent homebuyers and sellers showed that after quality of the neighborhood, the most important factor is selecting a new home was convenience to family and friends.  This surpassed convenience to employment for the first time in many years.

The super competitive real estate market has affected home buying across the country.  The typical buyer purchased their home for 100 percent of asking price.  While 29 percent paid over asking.  Buyers are reacting to our changing world by planning to stay put in their new home with the minimum anticipated stay climbing to 12 years.  In addition, 18 percent of buyers say they are never moving.

Student debt and other economic factors have contributed to the median age of first-time buyers rose to 33 years old and the typical age of repeat buyers rose to 56 years old.  The number of married couples buying a home has dropped to 60 percent while the number of unmarried couples and singles buying homes continue to rise.

The buying habits of home buyers have not changed with 82 percent opting for single family homes.  The typical home is 1,900 sq. ft. with 3 bedrooms and 2 baths.  Not surprisingly, 95 percent of homebuyers utilized the internet in their home searches and only 7 percent used a newspaper.

While things change with the times, some things never change!  The survey showed that the American Dream of Homeownership remains strong in the families of America! Once again, the desire to own a home of their own is the single most important reason that buyers choose to buy a home of their own.

Also, not changing is the faith that the families of America have in their REALTOR®.  The survey showed that 89 percent of sellers and 87 percent of buyers utilized a real estate professional to buy or sell their home.  Overwhelmingly buyers and seller reported a good experience with their agents.  90 percent of buyers and 89 percent of sellers say that they have or would recommend their REALTOR® to a friends or family member.

No matter the times or the economic concerns, for generations American families have trusted REALTORS®to help them find a new place to call home!  The only safe way to buy or sell your home is with a REALTOR®by your side!  REALTORS® are the Keepers of the American Dream!!

Below is the link to information on the entire report:

https://www.nar.realtor/newsroom/home-buyers-motivated-by-desire-to-be-closer-to-family-and-friends-sellers-collected-full-asking-price

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For many years, moving closer to work was one of the prime reasons for a buyer to look for a new home!  Like many other parts of our lives that has changed with the pandemic! The ability to work from home and other factors have helped change our priorities.

A recent National Association of REALTORS® survey of recent homebuyers and sellers showed that after quality of the neighborhood, the most important factor is selecting a new home was convenience to family and friends.  This surpassed convenience to employment for the first time in many years.

The super competitive real estate market has affected home buying across the country.  The typical buyer purchased their home for 100 percent of asking price.  While 29 percent paid over asking.  Buyers are reacting to our changing world by planning to stay put in their new home with the minimum anticipated stay climbing to 12 years.  In addition, 18 percent of buyers say they are never moving.

Student debt and other economic factors have contributed to the median age of first-time buyers rose to 33 years old and the typical age of repeat buyers rose to 56 years old.  The number of married couples buying a home has dropped to 60 percent while the number of unmarried couples and singles buying homes continue to rise.

The buying habits of home buyers have not changed with 82 percent opting for single family homes.  The typical home is 1,900 sq. ft. with 3 bedrooms and 2 baths.  Not surprisingly, 95 percent of homebuyers utilized the internet in their home searches and only 7 percent used a newspaper.

While things change with the times, some things never change!  The survey showed that the American Dream of Homeownership remains strong in the families of America! Once again, the desire to own a home of their own is the single most important reason that buyers choose to buy a home of their own.

Also, not changing is the faith that the families of America have in their REALTOR®.  The survey showed that 89 percent of sellers and 87 percent of buyers utilized a real estate professional to buy or sell their home.  Overwhelmingly buyers and seller reported a good experience with their agents.  90 percent of buyers and 89 percent of sellers say that they have or would recommend their REALTOR® to a friends or family member.

No matter the times or the economic concerns, for generations American families have trusted REALTORS®to help them find a new place to call home!  The only safe way to buy or sell your home is with a REALTOR®by your side!  REALTORS® are the Keepers of the American Dream!!

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PART 2–Making the Offer!!

You and your REALTOR have looked at a lot of houses!  Some were great, but they got snapped up before you were ready to pull the trigger and put in an offer.  Then there were those that made you wonder, “what is the seller thinking with that price!” 

You read last week’s “Coffee with Mark” and found a great REALTOR to help you and they connected with a lender who helped you figure out what you can afford!  You persevered and finally found a great home that you are ready to make an offer on before someone else grabs it!

The first hurdle in making an offer is “how much”!  What are you willing to pay?  Your REALTOR should have given you information on what other homes have sold for in the area.  This will give you a good idea if the seller is asking a fair price. If the seller listened to their REALTOR, the house is probably priced for the market.

While the market has slowed a bit, don’t expect a bargain!  We are also still seeing multiple offer situations.  Your REALTOR, unfortunately, can’t read the minds of other agents and their customers to see what their offers may look like.  The best advice is to put your best offer on the table, maybe leaving a little room to negotiate if the sellers counter or ask all the buyer’s agents for their buyer’s “highest and best offer”.  If your offer is accepted, you want to be sure that it is a price you can live with and not regret every time you make a mortgage payment.

Some might suggest that you consider waiving some of your rights under the contract to make your offer standout to the sellers.  While, of course, this may make your offer more appealing for the seller, anytime you waive your rights there can be serious consequences.  These consequences could end up costing you thousands!

Most of us must get a mortgage loan to buy your next home.  So, waiving the finance contingency is not an option for most of us.  The question that often comes up, especially in today’s ultra-competitive market is should you add an appraisal rider to the contract.  An appraisal rider says that if the house fails to appraise at the contract price or above you have the option of asking the seller to reduce the price or you can get out of the contract.

It is important to remember, that if you don’t add an appraisal rider you are buying the house for your offer price no matter what the appraiser says.  Which means if you are applying for say a conventional loan with 10 percent down, your lender will loan you 90 percent of the appraised value. If the appraisal is lower than the contract price you will need to come up with the difference.  

The contract gives you the right to have a building inspection of the home.  You than have the option of asking the seller to fix items or give you a credit at closing for you to do the work.  Or you can simply opt not to go forward with the purchase.  

Waiving the inspection removes a possibly major question mark for the seller.  Buying your home “as is”, however, can leave you open to “expensive surprises” after you move in.  Most likely, you are not an expert in the systems in the home, and your REALTOR is not either!  Your REALTOR will recommend that you have an inspection for the safety and well-being of your family.   Unexpected problems in their new home are one of the most often sited reasons for buyer’s remorse!

Your REALTOR is dedicated to advising and helping you enjoy a trouble-free journey to your new home, and home ownership free of buyer’s remorse!

I would love to help you in your journey to your new corner of the American Dream to call home!

Mark Stallmann

Stallmann & Associates

[email protected]

314-324-9707

314-266-9094

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• 

You are leaving the house showing and your REALTOR turns to you and asks, “what do you think?” You like the house but would like to think about it and maybe see it again in a day or two before you decide if you want to make an offer.  Your REALTOR tells you that you need to decide today because the listing agent is asking for offers to be submitted by 8:00 that evening!

Do I make an offer now, or wait and hope it’s still there when I am ready to make an offer?  This is the question that many homebuyers wrestle within today’s highly competitive real estate market.  A recent survey by Bankrate and YouGov showed that recent homebuyers, including 64% of millennials, had regrets about their home purchase.  The top reason cited was that they were unprepared for maintenance and other ownership related costs.  

If you are prepared, however, you can avoid buyer’s remorse.  Some steps you can take are:

• Work with a REALTOR:  When you decide to begin the homebuying process, the first call you make should be to a REALTOR.  There is no safer way to journey to homeownership than with an experienced buyer’s agent by your side.  They can provide guidance on the market to make sure you are not overpaying for your new home.  Your REALTOR is your guide thru the process from finding the right home all the way to the closing table.

• Be realistic about what you can afford:  The first thing your REALTOR will have you do is visit with a loan officer.  Your lender will walk you thru the financing process, including down payment, closing costs, etc. Plus, most importantly they will tell you how much money you are eligible to borrow and what price range homes you can afford.  Armed with a pre-qualification letter from the lender, you are ready to jump into the market.  In this highly competitive market, being pre—qualified makes you stand out in the crowd of buyers.  

• Don’t be a prisoner of your new house:  while you might be able to qualify for a higher priced home, is that what is best for your family?  We all have our passions, and while a nice home is usually on the top of the list, we all have many other priorities.  Happiness in your new home will be enhanced if the payments don’t rob you of fulfilling those other priorities.  You will have lots of second thoughts about your new home if it robs you of the ability to take a nice vacation, go out for a great evening, or even worry about money when you want to take the family out for pizza and ice cream.  Make sure you are comfortable with the cost of your new home.

• Be prepared to compromise:  Your ideal dream home in the perfect location at the perfect price probably doesn’t exist.  As you begin your search make a list of must haves, your desires, and any deal breakers.  Evaluate the homes you see against that list.  Which ones could work and maybe turn into your dream home over time?  

These are some steps you can take with your REALTOR’s guidance to avoid buyer’s remorse. Next week we will talk about making the offer and whether to waive or not to waive!

I am here to help if you want to learn more!

Mark Stallmann

Stallmann & Associates

314-324-9707

[email protected]

I was walking into the family room getting ready to head to work that September day!  My son had the television on and I turned to the screen just as the second plane crashed into the World Trade Center.  All of us old enough to remember, will never forget where we were when we heard the tragic news and as Alan Jackson sang, “the world stopped turning”.  

Last month as we marked 20 years since evil attacked our nation, we remembered the American heroes who went to heaven that day.  We are thankful for our brave first responders and the men and women of our military who defend our nation from evil across the world.  In the aftermath of this tragedy America’s REALTORS® were there for the families of the victims of 9/11. 

Within 24 hours of that tragic morning National Association of REALTORS 2001 President, Richard Mendenhall of Columbia Missouri declared that no family of the victims of the horrors of that day should lose their homes!  Mendenhall’s declaration gave birth to the REALTORS® Relief Foundation.  Immediately, REALTORS® across the nation went to work.  Between 9/11 and the end of 2001, America’s REALTORS®raised over $8.5 million and every dime raised went to help pay the mortgage and rent payments of over 1,300 families of the victims of that day.

Sadly, natural, and man-made disasters continue in our world, and the work of the REALTORS® Relief Foundation continues to help those in need across the nation.  When a tornado devastated Joplin Missouri in 2011, REALTORS® were there to help the victims rebuild.  When Hurricane Sandy devastated the East Coast in 2012, REALTORS® were there!  In 2015 when wildfires devastated the State of Washington, REALTORS®were there!!   

 In the past 20 years America’s REALTORS® working together thru the Relief Foundation have awarded over $33 million in disaster relief.  17,000 families have been helped in 28 states and territories.  Every dollar raised goes to help victims of disasters.  The National Association of REALTORS® covers 100 % of administrative expenses.

In 2011 in commemoration of 10 years of service to our fellow Americans by the REALTORS® Relief Foundation, Missouri REALTORS® established the Missouri REALTORS® Relief Foundation to help REALTORS® and their families who suffer loss due to natural disaster or catastrophe.   All funds raised in Missouri go directly to aid victims.  The Missouri REALTORS® cover all administrative costs.  In 2019, the Foundation working with the National Foundation and the St. Charles REALTORS® distributed over $100,000 to help families devastated by that Spring’s floods. 

We can all take pride in the work and legacy of the REALTORS® Relief Foundation.  Let your family, friends, neighbors, and communities know that REALTORS® are there for our fellow Americans.  The REALTORS® Relief Foundation is a shining example of the REALTOR® commitment and dedication to the families and communities of our nation!  That’s Who We R!

To help further the work of the Missouri REALTORS® Foundation visit www.MissouriREALTOR.org/resources/foundation to make your online gift.

I recently walked thru the Ballwin Schnucks and picked up some donuts from the “clearance” rack.   We enjoyed them for breakfast the next morning, even more so, because they were a bargain!  So, what do day-old donuts have to do with today’s supercharged real estate market, when homes seem to garner multiple offers sometimes within hours! Low inventory of houses on the market and low mortgage interest rates have combined to heat-up home sales in our area and around the nation.

Why than you might ask, when many homes sell seemingly overnight, do some houses stay on the market for weeks and maybe months without much activity, like the donuts in the clearance bin!  Well, quite simply, that seller probably did not listen to their REALTOR®.  You retain the services of your REALTOR® just like your doctor, accountant or lawyer because of their knowledge, skills and experience.  

Unfortunately, some home sellers believe they know better than the professional that they hired to market and sell their home.  Just like ignoring your lawyer’s or accountant’s advice can cost you money, ignoring your REALTOR®’s advice can be just as detrimental to your family’s bottom line.  Your REALTOR® knows that no matter what the market conditions, location, condition and price govern how fast your home will sell and the ultimate sales price.  Let’s talk about these basics:

Location:  Every neighborhood has its own price points.   If you are planning major and costly renovations to your home, have a chat with your REALTOR®.  If the real estate market in your neighborhood will not support the price tag on your renovations, or your unique style, you may want to rethink your plans. Or realize that the renovations are for your enjoyment and will not render a return on your investment.  

Condition:  If you look around your house, you will probably see minor repairs or maintenance issues that you have put off.  These are items that should be fixed before you put your home on the market.  Your “stuff” is the next thing to look at.  Chances are some items in your home will not be making the move with you.  Whether they are destined for charitable donation or the trash, we all clean house before we move.   Take the time to do your house cleaning before the “For Sale” sign goes up!  Every home looks better to prospective buyers with less of our stuff in it.  Your REALTOR® might have suggestions for other minor improvements, if time and finances allow, consider following their advice.  If you can’t, you will want to take it in consideration when pricing your home, because prospective buyers definitely will!  They will not see past the worn carpet or the cracked walls to see the diamond in the rough that is your home.

Price:  It seems like in today’s market, the seller can ask any price they want, and someone will pay it!  If you are selling, however, don’t go crazy! Your REALTOR® will recommend a listing price and show you information on recent sales in your neighborhood that they are basing their recommendation on.  Remember, buyer’s agents will provide the same information to their clients.   You hire your REALTOR® for their knowledge and expertise, ignoring their advice and asking a higher sales price will probably not work even in this market!

I know you may be thinking, this market is crazy, I want to try my price!   If it doesn’t sell, we can always lower the price!  While that is certainly true, but it is usually a bad idea.  Once your home is on the market for longer than others in the neighborhood, prospective buyers will start to wonder, “What’s wrong with it?”  Just like you expect to pay less for day-old donuts at the bakery, even though they taste as good as today’s batch, buyers will expect to pay less for homes that have been sitting on the market too long!  

Many studies have shown that even in today’s past paced market, sellers who overprice their home will end up getting less than if they had listened to their REALTOR® at the beginning.  You hired your REALTOR to help you get the highest possible price for your home in the shortest possible time!  Listening to your REALTOR®’s advice is always the smart move!

If you are thinking of buying are selling, I would love to help you, and be your guide on the journey to your next Corner of the American Dream to call home!

Mark R. Stallmann

314-266-9094

[email protected]

Friends,

I remember it like it was yesterday! I was a college student living at home and I was sitting at the dining room table doing homework while my mother Evelyn Stallmann was reading the Missouri Real Estate Commission newsletter. One of the articles talked about a recent commission decision to lower the age to get a license from 21 to 18. Mom who was broker/owner of a small firm, suggested that I get my license and work for her part-time while going to school. I did and as they say the rest is history!

These memories came back to me last evening when I attended the 60th Anniversary of Meyer Real Estate, and chatted with many in attendance about our careers in this great industry! While my story began with Stallmann Realty, I am here in this office, because Merrill Pope, my broker in the late 1980s asked me to join a committee at the St. Louis REALTORS.

It was my service first as a volunteer leader and since 2004 as Chief Executive Officer of our St. Charles REALTOR family that gave me a full understanding of the impact that your work has on the family and communities we serve. From the time I handed that first young couple the keys to their new home, and saw the looks on their faces, I knew that being a REALTOR was so much more than a job! We are blessed to be Keepers of the American Dream!

“Under All Is The Land”, as you know, is the first words of our Code of Ethics, and it reminds us all that it is not just about the homes and commercial buildings we sell, it is about the communities we build. All across our region, and across the nation, REALTORS are leading the way in service to our community. I am proud to be one of the eight St. Charles REALTORS who hold elective office in our region. Many more serve their communities, schools and churches to help make our St. Charles region a better place to live, work and raise our families.

The next time a customer or client frustrates you, and you wonder why you do this, think back to that first happy couple who you helped find their corner of the American Dream! Think about the difference that we all make in our communities and remember “how great it is to be a REALTOR”.

Mark

Dear Friends,

When I was a newly licensed 19 year old real estate agent, I showed a home to an African-American couple in a North St. Louis County community.  Upon returning to the office I received a phone call from a neighbor of that home threatening my clients and myself with physical harm if I let them buy that home.  Fortunately, the caller was just a “loud-mouth”, my clients bought the house and they and I were never bothered by that client.

I thought of that incident when the story about the Facebook lawsuit over housing discrimination came across my desk.  The incident I described happened 40 years ago, and I would like to say that those attitudes don’t exist any longer.  Sadly we all know that the sad, hateful opinions of that caller all  those years ago still exist today.

As REALTORS, you and I are the Keepers of the American Dream of Homeownership! That dream will never be fully realized until it is fully available to all Americans regardless of their race, creed, color, national origin, sex, familial status or handicapped status.  The Facebook lawsuit is the latest example that much more work remains until the dream is fulfilled!  As REALTORS it is vital that we remain vigilant in  our dedication to fair housing for all Americans!

This April marks the 50th Anniversary of the passage of the Federal Fair Housing Law! This is a time to celebrate the progress our nation has made while we recommit ourselves to the struggle  to continue the struggle until all Americans can realize the dream of a “Place to Call Home”!

I hope that you all join me on April 24th at Ameristar to hear from Dr. Bernice King, daughter of Martin Luther King Jr.  This special event is open to the public and is sponsored by the Missouri REALTORS as part of the REALTOR organization’s celebration of Fair Housing!  

See you there!

Mark

ONE MONTH AGO TODAY TRAGEDY STRUCK MY BALLWIN COMMUNITY

That morning, I was sitting in  a meeting when I saw the news alert on my I-Phone that a Ballwin Police Officer had been shot!   I immediately left the meeting and found out that Officer Mike Flamion had been shot during a routine traffic stop.  I joined my fellow elected officials and our dedicated Ballwin Police Officers at Mercy Hospital as we awaited word on Mike’s condition.  We were honored to stand with our outstanding Police Chief Scott as he addressed the multitude of reporters who converged on the Ballwin Police Department.  We did our best to support Chief Scott and Mike’s fellow officers as we all tried to come to terms with this senseless act of evil that had struck our city!

The tragedy has shown us the worst and the best of our world.  The best started within hours of the tragedy  when the police department was flooded with calls of support and donations of food for our officers. By the next morning blue ribbons were sprouting on trees, mailboxes and street signs all across our region.  Fundraisers started all over the region and will continue through the fall for Mike and his family, who will need life-long support.

I will always remember the words of the young mother I talked with at the lemonade stand her daughter organized to support Officer Mike at the nearby Dierbergs. Her 10 year old daughter had seen the news of the tragedy and went to her Mom asking how she could help the officer!  That little girl spoke for many who just felt compelled to help and to show their support for our officers!

I have always been proud of our Ballwin Community and I am honored to have the opportunity to serve as Ward 2 Alderman!  I, however, have never been prouder of our Ballwin community and our region as I have of their response to this tragedy.  It has been said that the true measure of a leader, person or community is how they react in times of crisis.  Ballwin has been blessed to have the outstanding leadership of Mayor Tim Pogue, City Administrator Eric Hanson and Police Chief Kevin Scott.  Our Ballwin Community and our entire region have shown the world the best of what a community can be.

Sadly, the senseless attack on Mike came just a day after the murder of five police officers in Dallas.  Every day police officers in Ballwin and across the nation stand ready to give their lives to protect all of us!  Unfortunately they are criticized so much more than they are thanked for their service!  The next time you see an officer take the time to thank them for their service to our communities!

I know you will join me in praying for Mike and our brave Police officers!!  #PrayforPeace #PrayforMike #BallwinStrong