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July 2004 Newsletter

 
LOW INTEREST RATES ARE ALMOST OVER

As you probably know, last week the Fed raised the interest rate. But did you know that historically when they raise the interest rate, they do it a little at a time? The last bout of rate-raising, which began in June 1999, took 11 months, and six steps. Will it take that long this time? We can’t be sure how long it will take or how much it will increase. But most economists believe this is just the first of many interest rate hikes in the near future. If you’ve been waiting to buy, don’t wait any more – now’s the time. Call Mark Magas at 314-772-HOME (772-4663) to get your home search underway.

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ABC NEWS RANKS ST. LOUIS IN TOP FIVE EDUCATION REGIONS

In another strong ranking for St. Louis, Forbes.com reporter Betsy Schiffman, writing in a special report for ABCNEWS.com title, “location, Location, Education-The Best Places with the Best Education.” Ranks the St. Louis region number 4 in the nation for education.

Schiffman notes, “The quality of local schools is just as important to home values as location. If there’s a mix of strong local public and private schools that are sending lots of graduates to Ivy League colleges, parents will spend top dollar to live there.” For the full article, click here

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BUYING AFTER BANKRUPTCY

If you’ve declared bankruptcy and it’s been discharged, we might be able to help you buy a home at the same interest rate as someone with good credit! No points, no cosigner, no balloon payment, just 3% down and normal closing costs.

The rules are pretty strict - you must have no new bad credit since the bankruptcy and you must meet normal income stability and debt-to-income ratio guidelines. If you’ve had a foreclosure you must wait three years. But there is no need for ‘credit cleaning.’

If you’d like more information, please call Mark Magas at 314-772-HOME (772-4663).

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SUMMER MAINTENANCE

Don’t forget to give your home a vacation too. Some things you’ll want to be sure to do to ease the burden on your home are as follows:

  • Clean your gutters and downspouts & make sure they’re running freely
  • Clean your air conditioner and clear it of any weeds or grass growing into it
  • Change your air filters monthly
  • If you have any window air conditioners or dehumidifiers, clean those filters too
  • Make sure there are no open containers of water where mosquitoes might breed

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"OUR OLD HOUSE"

Last year we bought our building at just over $20 per square foot while in nearby Benton Park, the lowest price at the time was about $60 per square foot (for comparable properties in similar condition.) In the last year we’ve been working on our property to renovate it and upgrade it – and there’s still more to do. But looking around at recent sales in the neighborhood reaffirms our decision – just a few doors down a rehab sold at $58/sq ft and there’s new construction going up across the street for $114/sq ft. 

Neighborhoods don’t appreciate on their own, though. We worked with local government and police to keep crime out and encourage pride of ownership. Our alderman, Ken Ortman has been proactive and responsive.

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HISTORIC DUTCH COLONIAL FARMHOUSE FOR SALE

This architecture is very rare in St. Louis. This homes was built in the 1860's by one of the early German immigrants. The gambrel roofs and split Dutch door are clues to this home's heritage. Over the years the home was expanded to 2100 square feet and features a modern kitchen, thermal windows and all the amenities that we expect in today's world. Whether you're looking for a great family home or a professional space with character, give Mark a call at 314-772-HOME. 

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About We Sell St. Louis

3424 Missouri Ave St. Louis, MO 63118

Telephone: 314-772-4663

Toll-free: 1-866-971-4663

Fax: 1-888-534-7589

email Mark Magas, Broker

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