2024 Mortgage Rate and Real Estate Predictions

Mortgage interest rates are a crucial factor in the St. Louis and St. Charles County, Missouri real estate markets, as they directly impact both homebuyers and homeowners. While rates at the end of 2023 rates held steady, the current trend suggests rates in 2024 could be on a downward trajectory- good news for those looking to buy a home or refinance their existing mortgage.

What Mortgage and Real Estate Experts are Saying About 2024 Mortgage Rates

According to Forbes, experts are predicting that mortgage interest rates will continue to decrease over the next few years. This positive prediction is supported by Fannie Mae, which recently released a report forecasting that mortgage rates will drop below 6% by the end of 2024. Meanwhile Danielle Hale, chief economist at Realtor.com, said “Our modeling suggests a gradual, steady decline” when discussing 2024 mortgage rates,

 

These predictions are based on several factors, including slower economic growth, lower inflation, and a more stable global economy. These factors are likely to contribute to a decline in interest rates, which will benefit both homebuyers and homeowners.

 

Source: https://www.wsj.com/buyside/personal-finance/will-mortgage-rates-go-down-in-2024-predictions-16fffcaa

The Impact of Lower Interest Rates

The impact of lower interest rates on the real estate market could be significant. Lower rates make it more affordable for buyers to purchase a home, which could lead to an increase in demand for housing. This could, in turn, push up home prices a bit in certain areas. Homeowners who are looking to sell their homes could benefit from this trend, as they may be able to sell their homes for a higher price than they would have in a higher interest rate environment.

 

Lower interest rates also make it more affordable for homeowners to refinance their mortgages. This could be especially beneficial for those who are struggling to keep up with their monthly mortgage payments. By refinancing at a lower interest rate, homeowners could potentially lower their monthly payments, reduce the total amount of interest they pay over the life of their loan, and even shorten the term of their mortgage.

 

Other Factors That Could Affect the 2024 Real Estate Market

It’s important to keep in mind that interest rates are just one factor in the real estate market, and other factors such as job growth, inventory levels, and consumer confidence also play a role. While the prediction of lower interest rates is positive news, it is important to remain cautious about the future of the real estate market. Experts predict that slower economic growth, lower inflation, and a more stable global economy will contribute to a decline in interest rates. However, unforeseen events such as natural disasters, political instability, or global economic shifts could still impact the market.

 

In conclusion, the trend of decreasing mortgage interest rates is positive news for both homebuyers and homeowners. It could boost the housing market, make it more affordable for people to buy and refinance homes, and even lead to an increase in home values. However, it is important to keep in mind that interest rates are just one factor in the real estate market, and other factors can also impact the housing market. Homebuyers and homeowners should carefully consider their individual circumstances before making any decisions.

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Have questions or need advice about St. Louis or St. Charles County real estate? The Boehmer Team are highly qualified, experienced, and available for you. Contact us to assist you with buying, selling, building, or investing in real estate.

 

 

 

Sources:

https://www.wsj.com/buyside/personal-finance/will-mortgage-rates-go-down-in-2024-predictions-16fffcaa

https://www.fanniemae.com/newsroom/fannie-mae-news/mortgage-rates-expected-dip-below-6-percent-2024-boosting-home-sales

https://www.freddiemac.com/research/forecast/20240122-us-economy-continues-expand  

https://www.forbes.com/advisor/mortgages/mortgage-interest-rates-forecast/

https://www.realtor.com/news/trends/mortgage-rates-have-dropped-quickly-how-low-will-they-go-in-2024/

Full-Service Realtors – At Your Service for Life

While some real estate agents may come and go, others are determined and committed to being full-service REALTORS for life. In the St. Charles County, Missouri area The Boehmer Team is leading by example in what they offer as a full-service real estate team. There are many ways in which our team goes above and beyond simply helping you buy or sell a home. Here are just a few of the ways in which full-service REALTORs can provide added value to your real estate experience and to your life:

 

Availability and Consistency

Often times, primarily with discount brokerages and agents or very large teams, clients feel passed on once the listing agreement is signed. The team leaders often move on securing new business and let existing clients be maintained by a variety of team members. There are often questions about scheduled showings, no-shows, inspection concerns, financing issues that unexpectedly arise, survey concerns, troubleshooting homes that are not selling and more. Your primary agent should be available to assist you and be available for you. Your REALTOR should discuss with you up front as to who and how your concerns will be addressed and they should be an active part of the solutions.

 

Negotiation Experience

A quality REALTOR is extremely valuable in the process of negotiating.  Not only your contract terms but your inspection process and a variety of other things that may come up along the way. Negotiating is a skill that comes with experience and training. Is your REALTOR an experienced negotiator?  Have they earned the RENE Real Estate Negotiation Expert designation?  Both Linda and Kelly hold this designation. Feel free to ask any agent you consider for their history of negotiating expertise. 

Referrals to Contractors

Whether you're looking to do some minor repairs or a major renovation, a good contractor can be hard to find. As a full-service REALTOR, we have relationships with a variety of contractors in our area and can help connect you with someone who can get the job done right.

 

Referrals to Insurance Agents

Homeowners insurance is an important part of protecting your investment, but finding the right policy can be overwhelming. We can help connect you with a reputable insurance agent who can provide guidance on the best coverage options for your needs.

 

Storage, Recycling and Disposal Information

In homes there is often lots of “stuff” from furniture to bedding, clothes and shoes, dishes and cookware, toys and electronics, old flags, and of course clutter and trash. There are different ways to store, donate, recycle or dispose of all this stuff. The Boehmer Team offers information on local establishments where items can be stored, recycled, donated or disposed of. 

 

Documents Related to Tax Time

When it comes time to file your taxes, having the right documents in hand can save you time and headache. As your full-service REALTOR, we can provide you with all of the necessary paperwork related to your home sale or purchase, making tax time a breeze.

Evaluations on Home Improvements

If you're considering making improvements to your home, it's important to know how much value those improvements are likely to add. We can provide you with an evaluation of how much equity a particular improvement (such as a kitchen remodel or bathroom renovation) is likely to add to your home's value, helping you make informed decisions about where to invest your money.

 

Annual Home Equity Review

Just as you might meet with a financial planner to review your investment portfolio; we can also offer an Annual Home Equity Review. This is an opportunity to sit down and review your current home value, as well as any changes or improvements you've made over the past year. We can also discuss your long-term real estate goals and provide guidance on how to achieve them.

 

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By working with a full-service REALTOR, you're not just getting help with buying or selling a home - you're gaining access to a wealth of knowledge and expertise that can help you make informed decisions about your real estate investments. And with our network of trusted contractors, insurance agents, and other professionals, you can rest assured that you're in good hands with The Boehmer Team every step of the way. Contact us if we can provide full-service REALTOR benefits to you.

 

Answers to Homebuyers’ Most Asked Questions

Every homebuyer is going to have questions when going through the process of buying a home. Knowing what questions to ask and taking into account the answers will empower buyers to make the right decisions for their situation. The Boehmer Team has years of experience helping buyers with answers to the important questions that arise during the home buying process. 

What is the best way to begin the home buying process?

The best way to begin the home buying process is to get pre-approved for a mortgage loan by a reputable local lender. Getting pre-approved before shopping for a home will help you determine how much you can afford and will show sellers you are serious and capable of purchasing their property when you make an offer. The Boehmer Team feels it is important that the lender you choose can be reached easily and is readily available with answers to questions based on your individual needs.

What is this property really worth?

Real estate agents cannot ethically tell a client what to offer for a home. However The Boehmer Team can look at dozens of comparable properties for sale, along with recently sold properties to help determine value. They will look at updates, custom features, lot size, location and more. They can also tell you how long homes in the area are staying on the market and the percentage of asking price that sellers are getting. 

What is the best way to begin the home buying process?

Not all sellers are willing to negotiate asking price or assist with any closing costs. If your strategy is to make low offers, be prepared to make several offers on properties before finding a seller willing to bargain.  Ultimately it is more important to pay market value than a price with an emotional tie to it or unrealistic price based on what a seller still owes on the property. If you are simply looking for a great deal you can always look at foreclosures and fixer-uppers. 

What’s wrong with this house?

The seller says everything is perfect, but unless it is new construction that is rarely the case. The Sellers Disclosure document should contain information on the age of the roof, the age of the appliances, the type of foundation and more. Any other issues most often will appear on a home inspection. The Boehmer Team highly recommends getting a home inspection for any home purchase. Buyers also can also get radon, termite and other building inspections. If a buyer still has a question about a home that is not disclosed, ask the seller directly.

Is this home on a floodplain?

FEMA provides free online maps that show if a home falls within a flood plain. There are different types of floodplains that require different types of insurance. The Boehmer Team can recommend companies that offer flood insurance for different situations. 

Do you have the receipts and warranties for the home’s mechanical systems?

This is not something that buyers have much control over. If a seller purchased a new furnace before putting the home on the market and doesn’t leave any information on where the furnace was purchased, the buyers won’t have many options if the furnace malfunctions. However a home warranty can be purchased at a reasonable yearly fee to cover these types of situations and offer peace of mind.

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When you are ready to buy a home talk to The Boehmer Team. Experience and knowledge have made The Boehmer Team one of the top real estate teams in Missouri. They can help get the answers you need to make the best decision for you.

Questions to Ask a REALTOR® When Listing Your Home

If moving is on your mind, you should talk to a REALTOR. An experienced local real estate agent can answer all your questions. But do you know what questions to ask? To help, we've made a list of questions to ask a REALTOR when listing your home.

How should I price my home?

This is a question that no online estimator or Zillow “zestimate” can answer accurately. It is imperative that you speak to an experienced REALTOR for correct pricing. A REALTOR has access to the most current information on the local market and can take into account upgrades and high-end finishes comparable to your recent neighborhood home sales to get you the most accurate price. Expect the REALTOR to share their research and data with you so you can better understand their findings and price suggestions. A quality Realtor should want to review the details with their sellers.

How many sales did you complete last year?

Did you know that the average real estate agent only sells about 6 homes a year? An agent/team that works with a higher volume of clients makes more buyer and seller connections that help sell homes quicker. For the last 7+ years The Boehmer Team has consistently closed over 300 home sales per year. This is why we are the top real estate team in St. Charles County.

What is your marketing plan for my home?

A quality marketing plan should include a variety of strategies to reach other agents as well as consumers searching for homes.  The Boehmer Team's “Maximum Exposure Marketing Plan” encompasses various tools and resources which have proven to be successful in the home selling process. During their listing presentation, The Boehmer Team will thoroughly review the full marketing plan.

How many websites will include information about my home?

Hundreds. The Boehmer Team’s listings are submitted through Maris MLS IDX feed to all local area real estate company websites. In addition, your listings are submitted to the major national websites and promoted through the BHHS Select Properties Relocation Program as well as numerous social media platforms.

Do you have advice for me about the condition of my home?

The Boehmer Team assists home sellers in determining small tweaks or updates that may result in higher net profit from their home sale. We'll share our experience of what buyers are looking for to help you make your home the most valuable in their eyes.

Can you recommend contractors and moving companies?

During our numerous years in the real estate business, we have gathered quality resources that can assist both buyers and sellers in the home sale and moving process. We are full service Realtors, at your service for life.

Why should I hire you or your team to sell my home?

Any quality agent or team should be prepared to handle and answer this question. For more information on why The Boehmer Team is your best choice in listing your home, contact us today!

 

 

Most Desired Features of New Construction Homebuyers

When it comes to building a new home in the St. Louis or St. Charles County area, everyone has their own unique set of preferences and priorities. However, there are certain features that are currently desirable among new construction homebuyers. With our experience assisting local new construction homebuyers and some great input from some quality local homebuilders, we’ve put together a list of the most sought-after features that buyers want in newly built homes.

Energy-Efficient Appliances and Windows

With the increasing awareness of climate change and the need to save money on utility bills, energy efficiency is a top priority for homebuyers. Energy-efficient appliances, windows, and insulation are all highly sought-after features.

Open Floor Plans

Many homebuyers are looking for open floor plans that provide a spacious and welcoming environment. This includes interconnected living spaces, high ceilings, and large windows that allow natural light to flood the home.

Smart Home Technology

The rise of home automation has made smart home technology a highly desirable feature. Homebuyers are looking for homes with automated lighting and heating systems, smart locks, and integrated home security systems.

“One of the most desired features in today’s new home is smart home technology and security,” says Chris Reatini of homebuilder Genesis Development Company. “Just about everything now and even more in the future can be controlled by your phone. Homeowners like having the convenience to control their new home with their fingertips.  We wire the home for the technology of today and the future. A few of the most popular items include smart thermostats, garage doors, lights, locks, cameras, and security systems. With our smart home app, the possibilities are endless.”

Outdoor Living Spaces

As more people look to spend time outdoors, outdoor living spaces have become increasingly popular. This includes patios, decks, and outdoor kitchens that provide a perfect setting for entertaining guests.

Walk-In Closets

Homebuyers are looking for ample storage space, and walk-in closets are a highly desirable feature. Walk-in closets provide space for storing clothes, shoes, and accessories, while also providing a sense of luxury and convenience.

High-End Kitchen Features

With the growing popularity of cooking shows and gourmet cuisine, high-end kitchen features have become a must-have for potential homebuyers. This includes features such as granite or quartz countertops, stainless steel appliances, and custom cabinetry.

Mark Murphy from homebuilder Bridgewater Communities told us, “As the metro areas only home builder dedicated exclusively to the villa lifestyle, most of our customers are downsizing from a larger home. While they are looking for less space, most don’t want to feel as if they have “given up” the spacious feel from their previous home. So, this means high ceilings with wider and taller doorways to create the sense of volume, as well as large kitchens, entertaining spaces, bathrooms, and primary bedrooms. Additionally, outdoor entertaining spaces and flexible spaces inside their new villa are important.”

Home Office

With more people working from home, having a dedicated home office has become an essential feature. Homebuyers are looking for spaces that are quiet and comfortable, providing a productive environment for work.

Multiple Bathrooms

Having multiple bathrooms is a highly desirable feature for homebuyers. This includes en suite bathrooms for the master bedroom, as well as half-baths or full-baths for guests.

After years of working with new construction clients, Linda Boehmer says, “We see our new construction clients looking for taller ceilings, transom windows for natural light, low maintenance LVP flooring and high functioning kitchens. Other hot features include laundry rooms that offer more space for laundry needs and storage, oversized kitchen islands with added storage and large seating bars, home offices, screened porches and electrical preparation for electric car chargers. It benefits consumers to research the options. You are only limited by your budget, your imagination and your builder’s menu of options.”

Energy-Efficient Heating and Cooling Systems

Energy-efficient heating and cooling systems are a top priority for homebuyers. This includes HVAC systems that use less energy and provide better temperature control.

Green Building Materials

Homebuyers are looking for homes that use environmentally friendly building materials. This includes materials such as bamboo flooring, recycled glass countertops, and low-VOC paint.

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By incorporating these features into new construction homes, builders create homes that are more attractive to today’s buyers. If you’re thinking of building a home, or buying a newly built or inventory home, contact The Boehmer Team. We are uniquely qualified to serve new construction homebuyers in the St. Louis and St. Charles County areas of Missouri.

 

 

Proper U.S. Flag Etiquette

The American flag is a symbol of the United States that holds much history and represents our country’s ideals. Coined  “Old Glory” by ship captain William Driver in the 1820’s, the flag’s official colors are now called “Old Glory Red” and “Old Glory Blue”. According to the U.S. State Department, red represents valor and bravery, white symbolizes purity and innocence, and blue stands for vigilance, perseverance, and justice.

Since our flag was introduced in 1777, the design has undergone changes to reflect the admission of new states. Our citizens love the design and symbolism so much that U.S. flags can be found everywhere in our country: in front of houses, on cars, on clothes, in home decor, painted on fences, and more. However, a symbol so dear to our country deserves respect and American flags should be displayed and disposed of with proper etiquette.

 

Etiquette for Displaying the United States Flag

Did you know that there is a proper etiquette for displaying the United States flag? You can see the full U.S. Flag Code here. The American flag is a symbol of our great nation and the many lives that care for and protect it. Here’s how to display the U.S. flag properly.

• Raised briskly and lowered ceremoniously, the flag should be displayed from sunrise to sunset - but not in inclement weather.
• The U.S. flag should always fly in light. If flown outside at night, install a solar flagpole light or have other light directed towards it.
• If there is more than one flag on a pole, the U.S. flag should always fly above other flags and should be the same size or larger than the others, and no international flags should be flown on the same pole.
• The field of stars should be uppermost and to the left of the observer when the flag is displayed against a wall, window, or in a vertical orientation.
• Do not allow the flag to ever touch anything beneath it or dip the flag toward any person or object.
• When the flag is used in ceremonies everyone, except those in uniform, should place their right hand over their heart while facing the flag.
• Public institutions should display the flag daily and on all holidays, weather permitting, near the main administration building.
• Schools should display the flag during school days.
• The flag should be displayed at polling places.
• When put away, the flag should be folded and stored in a triangular fold with the stars showing. See how to fold the flag here.
  
  

Etiquette for Retiring a United States Flag

When a flag has become wind-battered, worn beyond repair, and reached the end of it’s lifespan, how should you properly retire it? According to U.S. Flag Code, “The flag, when it is in such condition that it is no longer a fitting emblem for display, should be destroyed in a dignified way, preferably by burning.”

Check your local fire ordinances and the flag’s materials before conducting a flag burning ceremony at home or other private location. These ceremonies are most often conducted on Flag Day. The ceremony should begin by holding the flag in its customary manner then properly fold and place respectfully onto a fire large enough to burn the flag completely. Do not allow the flag to touch the ground in this process. As it burns, salute the flag and say the Pledge of Allegiance then pause for a moment of silence. When only ashes are left, bury the ashes.

For the best safety and utmost respect when retiring your American flag, visit a community flag collection box. There’s a flag collection box in front of the St. Charles County Administration Building and another at Veterans Tribute Park. By putting your flag in one of these boxes, you can be sure that it will be destroyed ceremoniously.

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The Boehmer Team has deep respect and appreciation for the U.S. flag. We see it in the communities and homes we sell and in the hearts of the veterans, police, teachers and ordinary citizens we help every day. If you want to buy or sell American property or land to fly your very own American flag on, Contact The Boehmer Team.

 

 

References:
https://uscode.house.gov/view.xhtml?path=/prelim@title4/chapter1&edition=prelim
https://www.pbs.org/a-capitol-fourth/history/old-glory/
https://www.gettysburgflag.com/american-flag-display
https://usflags.design/usa/
https://nationalflagfoundation.org/etiquette/when-to-dispose-of-the-flag/
https://www.sccmo.org/1732/Veterans-Best-Practices-Working-Group/VBPWG

Winter Activities in St. Charles County

 

It’s officially the winter season in St. Charles County, Missouri. Despite the cold and short days, we still want to enjoy activities and entertainment. So what is there to do in St. Charles County in the winter? Plenty! We have a large county made up of 17 municipalities filled with parks, rec centers, and entertainment options. While we don’t have room to list them all here, we’ve put together a great list of things to in winter in St. Charles County.

Things to do in Winter in St. Charles County

Note: Click the name of an establishment to go to their website for more info.

Ice Skating

For fun on the ice check out Wentzville Ice Arena in Wentzville, St. Peters Rec-Plex in St. Peters, and All American Sports Complex in St. Peters.

Roller Skating

For roller skating St. Charles County has Great Skate Roller Skating Rink in St. Peters or check out Vetta 70 for their top-notch roller hockey rink also located in St. Peters.

Sledding

The St. Peters Community Park, Blanchette Park , Schaefer Park and Jaycee Park have great hills for sledding.

Rock Climbing

If it’s too cold to climb outdoors, that’s OK, because we’ve got Climb So Ill indoor rock climbing available in the city of St. Charles.

Bowling

Let’s go bowling! One of our favorites is Plaza Lanes Bowling Center & Tubby’s Pub & Grub. Also check out St. Charles Lanes. There’s three options for bowling in St. Peters, MO: Harvest Lanes, Cave Springs Lanes and Bowlero that includes an arcade and billiards. For an unusual bowling option, visit The Corner Bar in old St. Charles that features cocked-hat bowling. This type of bowling uses three regular pins and a candlepin ball (no holes for your fingers).

Movies

There are plenty of great movie theaters for catching a movie in St. Charles County. Catch a flick at: Marcus Theaters St. Charles Cinema 18, AMC Streets of St. Charles 8, Marcus Mid Rivers 14 Cinema, Regal O’Fallon, Wentzville Tower 12, and Marcus Town Square Cinema in Dardenne Prairie.

Arcades, Pinball and More

For a range of indoor activities in one place visit Playtime Arcade and Bar in Wentzville. It features axe throwing, laser tag, mini bowling, a virtual rock wall, indoor playgrounds/inflatables an arcade and bar. Also check out Kokomo Joe’s in St. Peters featuring an arcade, bumbler cars, a trampoline park, laser tag, a laser maze, mini bowling and a café/bar. On Sundays everyone can enjoy a big array of arcade and pinball games at Two Plumbers Brewery and Arcade, the rest of the week is over 21 only. 

Escape Rooms

Want to escape the winter blues? Try an escape room. In St. Charles County there are several options including: Escape on Main located on historic main street in St. Charles, Deadlock Escape, Mastermind Room Escape, and MindBreak Escape in St. Charles, and Unchained STL Escape Rooms in St. Peters.

Casino

For some adult gaming fun St. Charles is host to Ameristar Casino, Resort and Spa. The 130,000-square-foot casino includes a full-service luxury suite hotel, an indoor-outdoor pool, seven dining venues,12 bars, an entertainment venue, and a full-service luxury day spa.

 

Shopping for Real Estate

Of course we had to mention this! If you are hoping to purchase a home in the spring, you’ll want to start the home buying process in the winter to get a leg up on the competition. Same with selling, if you hope to make a spring home sale you need to start preparing for the sale in winter. Contact The Boehmer Team to learn about the home buying and selling process and to get started.