1. Make sure you are credit worthy. Check your credit history, build up your rating if needed, and fix any errors on your credit report.
2. Consider buying vs. leasing. With costs of buying and selling, plus time needed to build equity, you could end up losing money if you move too soon.
3. Buy a home you can afford. The rule of thumb is you can afford housing that cost about two and one half times your salary, but there are calculators available online to help you figure exactly what you can afford based on income, debts and expenses.
4. You may qualify for a loan with less than 20 percent down. Meet with a lender to discover programs that you qualify for.
5. Even if you don’t have children, buy in a good school district. When it comes time to sell, good school districts are a top priority to many home buyers.
6. Get a REALTOR®. Sure, you can go online, and go shopping. But you’re better off with someone who has your best interests at heart and a buyer agent can help you in negotiations and strategies in the bidding process.
7. Choose wisely between points and interest rate. If you plan to stay in the house a long time, it’s usually better to pay additional points to lower the interest rate.
8. Get pre-approved before house hunting. Know upfront what you can afford to save you time lost looking at what you can’t afford and you will be able to make a serious offer when you do find one you want.
9. Be a smart bidder. Ask your REALTOR what similar homes in the area have sold for, and if homes have been selling for 5% less than asking price, then work with your REALTOR to make a competitive offer.
10. Hire your own home inspector. One can be provided for you, but choose one that you feel will do a thorough job and have your best interest in mind.

With new housing data released last week, there are some glimmers of hope in the real estate market, which can lead to more sellers stepping out to sell their properties. The federal government is trying to keep interest rates low and stable by extending the federal funds rate near zero through 2014. This move helps mortgage rates stay under 4 percent, with a little fluctuation here and there.

Foreclosures are decreasing in the St. Louis metro area, and the supply of homes for sale is also down, according to the St. Louis Association of Realtors. The national organization checks in with good news too; existing home sales rose by 5 percent in December, higher than a year ago. To be realistic, we do realize there’s a long road ahead of us and we, as a community, may be taking baby steps, but there is some cause for hope as 2012 moves along.
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Kitchens rock! To build more interest in your property or just spiff it up for your family, the kitchen is the best place to start. To get ideas, learn about paint colors, hardware, cabinets, energy savings, green products, anything that goes in your kitchen and the rest of the house, we think you should attend the St. Louis Builders & Garden Show coming up Thursday, February 23 through Sunday, the 26th at America’s Center and the Edward Jones Dome in St. Louis.

This is the best place to start any remodeling project and learn what buyers are looking for in their next home. With 500 exhibitors, a wide range of featured speakers you can’t go wrong.

Also coming up is the Builders St. Charles Home Show April 2012 at the St. Charles Convention Center. More about that later.

Big changes are in store for St. Charles residents and those who use the Blanchette Bridge regularly, going from St. Louis County and back. The good news is the westbound section will be replaced with a new, safer modern span. The not-so-good news is travel will be impacted when the westbound section is closed for renovation.

While inconvenient in the short term, rehabbing the westbound lane will add even more appeal to St. Charles, our businesses, economic environment and livability.

The construction, slated to begin around November, will take less than a year, according to the contractor Walsh Construction Company. However, between now and actual construction, anticipate nightly lane closures for utility work.

To keep up with the latest bridge info, go to the Missouri Department of Transportation’s website. You can also sign up for periodic email alerts or call MODOT at 888-275-6636.

When the westbound span is entirely closed, traffic will be routed to the eastbound span (three lanes west and three lanes east). Lanes will be reduced to 11 feet with no shoulders. Top speed is 45 mph.

Motorists are urged to use Route 370 and Route 364 (Page Avenue) instead of the Blanchette Bridge compressed lanes to avoid traffic snarls. It wouldn’t hurt to begin practicing your new route now so that when the time comes, you’ll be an old hand at getting to and from St. Louis County.

Because of traffic rerouting, the bike lane on the Route 370 Missouri Bridge has been closed and re-striped to add a fourth traffic lane. The bridge will be re-striped again in 2014 and the bicycle lane restored.

An important note here: Slow down! Tempers are bound to flare with frustration on the rise, but be considerate and honor the 45 mph or lower speed. Getting to your destination two minutes early is not worth the life of a construction worker or another motorist. Put yourself in their place; what would it feel like if you were working on the bridge surface and cars are whizzing by at 65 miles per hour. We think terrifying.

DECEMBER 2011

 RESIDENTIAL REAL ESTATE STATISTICS

It’s the beginning of January and we’ve just come in from raking leaves in 70-degree weather! After what seemed like months on end of gray clouds, the sun is shining. Our fall pansies are still saturated with bright color and some over-ambitious crocuses are peeking out of the ground. All in all, we feel like the sun¬–bright and optimistic.

The National Association of Realtors reports pending home sales and existing home sales continue to increase, new home starts ticked up a bit in November, employers are beginning to hire again and mortgage rates are still exceedingly low, is encouraging too.

This brings a sense of renewal for our region. Not to discount that rocky times may still be ahead and the snow will come to cover the early spring blooms, but overall we believe we have the strength to weather the bumps and detours.

How will your renewal unfold? Will you brighten your home with an improvement project? This year outside improvements offer the best return on your dollar. Projects that are energy efficient, such as siding, entry doors, windows and kitchen upgrades with money-saving appliances are cost effective. We love outdoor living, even when the St. Louis region is shrouded in humidity. Decks and patios are real pleasers, increase living space and welcome potential buyers to your landscaping.

We’re also invigorated about the landscaping and what is to come in a few short months. The Missouri Botanical Garden will help with month-by-month garden tips to get you up and running, while the Missouri Department of Conservation’s Grow Native! program has excellent resources on how to incorporate native plants in your landscaping plans. Not only do you honor Missouri traditions with native plants, you’ll also save money on watering and the time spent in your garden during the oppressive heat in July and August. We have learned a lot during the past few years. From that knowledge we can look forward with a sense of promise, and yes, hope for renewal this year.