I read an article yesterday that found a silver lining for those who are thinking of buying but missed the deadline for the $8000 tax credit. Three points to consider were lower interest rates, builder incentives for new construction and the decreasing of list price by home sellers.
On that note, I did a quick search of our MLS to see what happened to the price of homes in a couple St. Louis City neighborhoods. I performed a general search of the zip codes 63116, 63118 and 63104 for homes that are currently listed between $150,000-$300,000.
I found 178 ACTIVE listings in this price range. Next I went through the data and separated the homes by days on market. The deadline for contract acceptance to receive the tax credit was April 30,2010. So I looked for homes that had been on the market for at least 68 days. Of the 178 current actives, 113 of those have been on the market for at least 68 days. Of the 113 that have been on since before the end of the tax credit, 80 have had price reductions, 32 have remained at the original list price and one price actually increased.
Of the 113 that have been on the market longer than 68 days and have reduced their sale prices, I picked four that I have already walked through to highlight below. The four that I picked were ones that were in the top running for some my clients.
2215 Sidney was $215,000 when I looked at it with some of my clients. The couple I was with loved this house and it was their top choice until they found another home that had a two car garage. The home they ultimately bought was listed at $238,000. At the current list price of $189,000, I think 2215 Sidney is a great house for the price.
2647 Russell When I looked at this house, I was impressed with its size, location and two car garage. Now that the listing price has dropped by $20,000, I think it is a steal! Currently listed for $225,000 its a good find in Fox Park. Close to highways and walkable to Lafayette Square.
2012 James was listed at $235 when I walked through it. Since then it has decreased to $225,000. James is a short street tucked into the Benton Park neighborhood and walkable to the new Bittersweet Bakery on Gravois and Blues Cit Deli. The finish quality of the rehab is outstanding and the home has just enough space, a private yard and one car garage.
2745 Accomac This is an amazing rehab! The quality of the construction in this home and high level finish is really hard to find. Before the tax credit the home was listed for $253,000 and it is currently listed for $249,900.