Missouri Real Estate
The recent instability of the housing markets may have left a sense of anxiety in its wake, yet real estate is still alive and well in Missouri. A $31 billion construction plan was just signed into law by Governor Pat Quinn, paving the way for several major projects that will provide much-needed opportunities for residential and commercial investment, as well as new jobs that are in great demand.
The American Recovery and Reinvestment Act of 2009 has added a boost to the Missouri real estate market. First-time buyers can now receive substantial tax incentives, which should convince anyone who has been waiting to make this all-important investment in their future that now is the time to act. Additionally, the Secretary of Housing and Urban Development has announced that this tax credit can be used as part of the down payment and closing costs.
Economic downturns always present opportunity to those who are ready to take advantage, and the St. Louis real estate market is offering many opportunities to home buyers and commercial investors. A positive result of the mortgage crunch is that many St. Louis homebuilders are offering lowered interest rates on new home financing. First-time home buyers can also receive an $8,000 federal tax credit, and a 3.5% down payment is possible through FHA loan programs.
Columbia, in the heart of Missouri, was recently named the 10th Best Town in America. This is partly due to the friendliness of the people who live here, but it is also a result of the availability of affordable housing and commercial property that is drawing families and businesses alike to the home of the Missouri Tigers. Despite national trends that may point downward, average home prices have actually risen in Boone County to $180,000, and loans from locally-owned banks make it more possible than ever to develop new commercial properties.
The greater Kansas City area is still growing, as investors and home buyers look to the Midwest as a nice alternative to the larger metropolitan areas across the US. Viable farming communities still exist here, and funding from federal and local sources can provide the basis for a sound investment plan that includes an agricultural touch. Renovations and new construction in the smaller towns that surround Kansas City have taken older farm home sites and transformed them into attractive estates with enough acreage to support wildlife, waterways, and lots of greenery.
The proximity of Independence, Missouri to Interstate 70 makes it an ideal location for a commercial enterprise. Cross-country travelers of all kinds stop in Independence, and new commercial development projects have opened the door for investors. A new Starbucks store anchors a retail mall that can be had for around $16 per square foot, and a new Best Buy store is on the market as well. Several other shopping venues have space available, and there are numerous commercial housing units in the Independence area that are ready for rent or lease to serve the working community. Home price trends are comparable to the other larger cities in Missouri, and local financing is available to help with any commercial or residential investment.
Historic Springfield, Missouri has a viable real estate market. Many new home buyers are taking advantage of the Federal Housing Act and FHA loans, and existing home sales are holding steady. Springfield has a plethora of country acreage available that offers wide open vistas and green spaces that are still within minutes of the city. Previously-owned farmland has been opened up for residential development, and a 5-acre stretch of land with water can be had for under $40,000. Existing homes with property are being listed on a very regular basis that are located within the city limits starting at as low as $70,000 and even below.
There are many real estate opportunities across the entire state of Missouri, from Branson in the Ozark Mountains down south to the river views of Hannibal in the north. State and federal building projects continue to provide the necessary funding that keeps Missouri on an upward trend in real estate. If you are looking to purchase a new home or a piece of real estate buying in Missouri is a smart move for any investor.