10 Questions To Ask When Interviewing Real Estate Agents

An experienced local REALTOR is your best bet to get the most value from a St. Louis or St. Charles County Missouri home purchase or sale. However, when it comes to choosing a REALTOR, there are so many options that it can become overwhelming. How do you know which St. Louis or St. Charles County area real estate agent you can trust? To help choose a local REALTOR that will work best for you, we have put together a list of ten questions you should ask when interviewing a real estate agent or team.

 

1. What is your level of experience?

Real estate agents know that what you learn practicing real estate is far more than you ever learned in real estate school. So be sure to choose an agent with experience.  Ask the agents you are considering the following questions: 

• How many homes do you sell yearly?
• How many buyers versus listings did you close last year?
• What percent of the listing price did you get on your closed listings in the last year?

 

2.  What professional designations have you earned to enhance your professional skills and real estate knowledge?

There are numerous designations available for REALTORs to achieve for improving their skills and expertise. These designations, along with everyday experience, will provide you insight into the REALTORs experience and commitment to the profession.  These designations include, but are not limited to, Real Estate Negotiation Expert (RENE), Senior Real Estate Specialist (SRES), Certified Residential Specialist (CRS), e-pro, Accredited Buyers Representative (ABR), Relocation Certified, Luxury Home Specialist, New Construction Certified and many others. Experience and education are a winning combination.  

3. What type of staff or support resources do you have?

Does the agent have support staff like dedicated buyer or listing agents, transaction coordinators or secretaries that help them achieve the best results for their clients? What about technology systems that help them help you? Do they have access to support should the need arise? If a REALTOR has more than one client, or if they work part-time, they will need support for a smooth transaction.

4. Are you a part-time or full-time REALTOR?

Top selling part-time real estate agents simply do not exist. A successful, quality REALTOR is a full-time REALTOR.

5. Do you use a professional photographer to take home photos?  

Your home, regardless of the listing price deserves and needs professional photos to be properly marketed. Cell phone photos and photos taken by a friend who has a nice camera are not acceptable. You need professional photos with the proper resolution to get the best results.  The agents that have the clearest understanding of best marketing practices have several strategies and use the best photos available to market their homes.  

6. What areas do you primarily work in?

If the agent is an expert at selling city homes and you live in a rural area of the county, it might not be a good fit. Real estate is hyper-local and knowing the local market makes a big difference. Ask any REALTOR if they can provide a ranking report by area or zip code.  They should have this at their fingertips. 

 

7. Have you sold any homes in my neighborhood?

The answer to this question will let you know if the agent has sold, shown or is familiar with the benefits of living in your neighborhood or area.  Being familiar with the area, municipality, businesses and restaurants is an added bonus when selecting a REALTOR. 

 

8. How will you market my home?

Does the agent have a solid home marketing plan? Or is the plan to put a sign in the yard and wait? A well-constructed marketing plan should include online, offline, and in-home marketing services to help you get the most money for your home. You want to work with an agent or team of agents that make an investment in your home. It is critical that your home is fully enhanced on all major real estate websites.  Ask the agents you are considering this question, “why should I chose you to list my home?”  Enhanced marketing opportunities are ever changing, and you want to select a REALTOR that it is top of the marketing game.

9. How will you keep me informed of your progress?

Does the REALTOR put a sign in your yard and disappear indefinitely? A quality real estate agent should have a plan for reporting progress and checking in regularly with their clients.  Expectations and communication are key elements to a successful REALTOR and real estate experience.

10.  Is there anything that you specialize in or do different from other real estate agents?

Many REALTORs have learned specific sets of skills due to their experience and/or education. Even if that set of skills is not specific to your needs, knowing that an agent has a special set of skills is helpful. You want a REALTOR that is organized and intentional. One that has a plan, executes that plan, and follows through at every level.

It is the REALTOR’s responsibility to thoroughly explain to you what your options are regarding marketing, timelines, compensation and anything else that may be important to you as a client.    

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Are you thinking of buying or selling a home in the St. Louis or St. Charles County areas in Missouri? Why not interview The Boehmer Team? Contact us to learn how we are uniquely qualified to assist you. Or learn more about us at www.TheBoehmerTeam.com.

 

 

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.

 

What Is An Inventory Home?

An inventory home is a completed new construction home that is available for sale by the builder. Inventory homes are the builder’s way of offering the buying public an opportunity for owning a brand new home without the wait time of the building process (typically 4-6 months). 

 

4 Bed, 3.5 Bath Home in St. Charles by Fischer and Frichtel features a Main Floor Master Suite

Home buyers who want a newly constructed home but are overwhelmed by the process of making selections on colors and finishes should take a look at inventory homes. And for those buyers who need to see exactly what they are getting without having to visualize their finished home from a display home or a floor plan brochure, an inventory home is a great option.

 

Why Inventory Homes Are Great For Home Buyers

This Low Maintenance Villa by by Bridgewater Communities includes an exterior maintenance package for a low monthly fee.

New construction homes are great homes to purchase. They require less maintenance, are more energy efficient and are safer than older homes. Newly constructed homes often come with warranties that are far better than any warranty you can get on an existing home.

Learn More About The Benefits of Buying New

In addition to all the great reasons for getting a newly built home, builder inventory homes offer other great perks as well. For example, a home buyer gets to enjoy the beautiful results and hard work of interior finishes that were a collaboration of the builder and their interior designers. 

 

Beautiful Custom Kitchen in a Ballwin by Wool Custom Homes

Together they create a home that is on trend with some of the most popular colors and finishes for details such as flooring, countertops, light fixtures, and other details. This ensures that you don’t have to stress over every selection and wait for the work to be completed. 

 

The open living area and tall ceilings are a popular feature in this move-in ready home in St. Louis County by Renaissance Living.

Many buyers want to be moved into their new home in time for the holiday season.  Builders prepare for these demands and often have great opportunities on brand new, move-in-ready inventory homes.  Although every builder is different, it is not uncommon to find year-end savings or promotional opportunities on these homes.

St. Louis and St. Charles County Builders With Inventory Homes For Sale

Throughout the years The Boehmer Team has worked with many new home builders in the St. Louis and St. Charles County areas.  We have created a list of preferred builders that we recommend to our clients. Each of these quality builders has inventory homes from time to time. We keep an updated page of those inventory homes at BuyNewAndNow.com.

 

Enjoy a spacious kitchen, center island, and upgraded appliances in this St. Louis County home by Genesis Development.

See Our List of Preferred Builders

While builders will be happy to provide you their own in-house sales representative, we recommend you contact an experienced Realtor for help when buying a new home. An experienced real estate agent will represent your interests in the transaction, not just the builder’s interests. If you have a question about buying an inventory home or would like more information about inventory homes, contact The Boehmer Team for expert assistance.

 

 

 

Seasonal Opportunities in New Construction

Builders create more than just new homes; they create neighborhoods and communities.  Many builders construct “inventory homes” that allow a buyer to purchase a brand new home without the wait time to build.  When the end of the calendar year comes near, many builders increase their supply of inventory to accommodate the numerous homebuyers looking to get settled into their new home before year’s end.  This creates the perfect opportunity to secure a new home and  take advantage of pricing incentives that the builder may be offering.

 

The Boehmer Team has worked closely with multiple homebuilders in St. Louis County and St. Charles County, Missouri for years. We have found that by taking advantage of the builders advertised opportunities, the potential to save some money as well as secure a new home by the end of the year is a win-win for both the buyer and the seller.

Another good reason to buy a new construction inventory home according to Mark Murphy from Bridgewater Community Homes is, “Many of our buyers are putting their existing home on the market and selling right away. Buying our Jump Start home (a completed new construction home) removes the need and expense of a double move and/or putting all possessions into storage for a few months.”

A huge advantage in purchasing a new construction inventory home, other than the fact it is ready to move in and enjoy, is that they often include the most popular upgrades and desirable features that buyers want, without the stress of having to make a lot of decisions.

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Have you been imagining yourself in a brand new home? The Boehmer Team can help make it possible.  We have connections with multiple builders, know the ins and outs of the entire new home sales process and have other resources such as mortgage and title companies that can assist.  Check out www.BuyNewAndNow.com to see our current list of new construction inventory homes waiting for you to move in.

 

 

What To Know Before Starting The Home Buying Process

Before shopping for a St. Louis or St. Charles County home, there are some important things you should know. Once you’ve learned how to start the home buying process, you’ll be better able to get the right home at the right price. Consulting a qualified lender to find out how much house you can afford and getting preapproved for a loan is always a good place to start. Below we’ve put together a list of frequently asked homebuyer questions and our answers to help you prepare and start the home buying process on the right foot.

 

How much house can I afford?

When determining how much you can afford, one must look at savings, income and the current interest rates to figure the maximum price you can spend on a home. Most lenders recommend that you spend no more than 28% of your monthly income on mortgage payments. Also, don’t forget to consider any monthly fees that may be included if you choose a condo/low maintenance lifestyle.

 

What are the current interest rates?

Interest rates fluctuate daily based on the market and your individual rate will additionally be based on your credit history. Talking to a qualified mortgage loan officer will help you determine your rate. Contact The Boehmer Team if you would like the names of some reputable mortgage loan officers in St. Louis City, County, St. Charles County and surrounding areas in Missouri.

 

What is an appraisal and how much does it cost?

An appraisal is a valuation of a property that determines property value for tax and home loan purposes. Currently an appraisal costs between $350-$500 in the St. Louis, Missouri area.  This is considered part of your closing costs. Keep in mind that prices may vary depending on the size of the home and the amount of land included.

 

What inspections will be required & how much do they cost?

A building inspection is the best opportunity to learn about your new home. This tells the buyer about the condition of the mechanical systems, roof, plumbing and electric just to name a few. Currently in the St. Louis, Missouri area a building inspection runs approximately $500-800 and is based on the sale price of the home.

 

Additionally, you can get termite inspections ($80-$100) and radon inspections ($100-$150). There are several other items that you can also inspect for including sewer laterals, septic systems, swimming pools, wells and environmental testing if desired.

 

What is a home closing?

The home closing is the final transfer of the ownership of a house from the seller to the buyer, which occurs after both have met all the terms of their contract and the deed has been recorded. This term can also be used to explain the timing of when the deed/ownership of the house will be transferred to the new owners. The closing usually takes place at the office of someone like a title officer, escrow officer, or real estate lawyer (someone who is licensed in initiating the transaction and purchase agreement).

 

How much will the closing costs be?

The amount of closing costs will depend on the amount of points a buyer will be paying with their mortgage loan. (Each point is 1% of the mortgage loan amount). Closing costs vary depending on the type of loan you are using.  They can include title fees, origination fees, pre-paids including insurance, setting up your escrow account and survey to name a few. Depending on the loan amount and loan type, closing costs usually run approximately 2-3% of the loan amount. Your loan officer will be able to give you more accurate information on what your total closing costs will be.

 

I’m also thinking of buying a car, a boat or other big-ticket item. Should I wait?

Do NOT make any large purchases while in the home buying process as it could affect your ability to get a mortgage loan. Consult your loan officer before opening any charge cards and obtaining any other type of loan or credit.

 

 

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Now that you have the information you need to start the home buying process visit TheBoehmerTeam.com to see homes currently for sale in the St. Louis and St. Charles County areas of Missouri. You can narrow the results by the area and price range of your choice in addition to many other advanced features. Our website gets listing updates multiple times daily and has features like saved search, saved favorites and email notifications of new homes that meet your criteria as the come on the market. Contact us if you have any questions about the home buying process.

 

Mortgage Loan Products For Buying A Home

There are great programs to help those who want to buy a home get a mortgage. Having trouble putting together the down payment? There are also programs available to assist with down payments. And if you are a veteran, physician, physician’s assistant, nurse practitioner, RN, pharmacist, veterinarian, dentist, dental surgeon, CPA or attorney there are even more options available with Professional Loan Programs. Below are some of the more popular mortgage products currently available.

 

Basic Federal Housing Administration (FHA) Loans

Not only are FHA loans great for first-time homebuyers they are also available for existing homeowners. Interest rates are typically the same as conventional loans, making FHA loans a very affordable option, especially for borrowers without the ability to make a large down payment. Another feature of FHA loans is that they are assumable. This means when a seller with an FHA loan sells the property, the loan and its financing terms (interest rate) can be transferred to the new buyer - a feature that will certainly make a property more intriguing in times of rising interest rates.

THE BENEFITS OF AN FHA LOAN

• As little as 3.5% down payment

• Down payment gift allowance


• No maximum income restrictions

• Flexible credit requirements

• Transferable interest rates


• FHA is more forgiven than a conventional loan on bankruptcy


• FHA is more forgiven than a conventional loan on foreclosure


• Loan to value up to 96.5%


• Higher debt to income ratios (over 50% with AUs approval) with compensating factors


• Credit scores down to 600


• Better interest rates than conventional if credit history is not the best

• gift funds accepted


• Down payment assistance accepted

BASIC LOAN AMOUNTS

• $472,030 - single-family home (Based on most St. Louis metro areas. Loan Amounts may vary by home location.)

ELIGIBLE BORROWERS

• Borrowers must be occupants. Non-occupant co-borrowers allowed

• Typical qualifying ratios: Housing - 31%, Total Debt - 43%

• Permanent resident aliens


• Non-permanent resident aliens

95% Conventional Loan

The 95% Conventional Loan is the best alternative to FHA financing. In some cases, the ENTIRE 5% Down Payment is allowed to be a Gift.

•   No Income Limits 


•   No Higher Rate 


•   No Homeownership Course 


•   Mortgage Insurance may drop at 78% 
Loan to Value (LTV) 


Gift funds are allowed for entire down payment if:

• DTI (Debt to Income) less than 50%


3% Down Loan     

3% down purchase loan is part of an ongoing effort to expand access to credit for creditworthy borrowers and support sustainable homeownership.

Guidelines:

• Standard Purchase Transactions
• If one of the borrowers is a first-time home buyer (FTHB/Not owned a home in the past three years), and their income is below 80% AMI, there is an opportunity for reduced rates and mortgage insurance
• All loans must be fixed rate
• 1 unit principal residence
• 35% mortgage insurance
• Does not cover manufactured homes

USDA 100% Financing Loan

Those looking to occupy residence in some areas may qualify for a USDA Loan. In many cases the property only has to be located outside a metropolitan area. Along with location, a few other items for eligibility criteria include household income, household dependents and credit history. These guidelines are detailed and may differ from county to county.  

Guidelines:

• 100% financing available
• Up to 102% financing (with funding fee)
• No maximum seller concessions
• Gifts funds allowed for purchase loans
• Primary residence only
• Closing costs may be financed up to 100% of appraised value
• No county loan limits
• New and existing homes are eligible
• No in-ground pools
• No manufactured homes
• Minimum credit score of 680
• New funding fee 0.35% as of 9/1/2023

100% Financing Loans St. Louis Metro Area

Household Income Limits (As of 9/1/2023)

1-4 Persons : $115,000

5-8 Persons: $152,000

Bridge Loan

Bridge financing is for prospective borrowers who want to use the lendable equity in their existing residence as a down payment for the purchase of another property. A bridge loan program first encompasses a lien on the borrower’s existing primary residence to be sold. Then a separate, permanent loan will be made on the property to be purchased.

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Loan information provided by Jeff Griege, Vice President at Paramount Bank. All loans are subject to updated guidelines by lenders and qualification for approval. Check with your preferred lender for their latest mortgage program guidelines and qualifications.  

 

For more information on types of mortgage products, obtaining a mortgage, receiving down payment assistance or to be put in touch with a qualified reputable lender, contact The Boehmer Team. We can recommend experienced mortgage loan providers in the St. Louis or St. Charles County areas of Missouri.