With new construction prices and interest rates just beginning to rise, it’s a great time to build a new home. However, if you’re one of the 26.6% of local homeowners who are currently underwater on their mortgage, it can be difficult to impossible to move without taking a loss on your home. In fact, over 123,000 of mortgages inthe St. Louis area are seriously underwateron their mortgage, meaning their mortgage exceeds the current value of their home by 25percent or more. In the city of Florissant alone, 49% of are in negative equity. Surrounding cities are experiencing similar levels, making it one of the country’s top 5% areas by percentage of mortgages underwater.
Marketplace Homes, a real estate firm who’s helped over 3,000 clients buy a new home, is hoping that their latest partnership with McBride & Son will help even more Missourians take advantage of today’s market.
“The employee owners at McBride & Son are excited to be exclusive partners with Market Place Homes,” said John F. Eilermann Jr. CEO and Chairman of the Board of McBride & Son Companies. “This program gives our homebuyers more opportunity to improve their lives with a quality McBride & Son Home. It’s a win win.”
When a homeowner usesMarketplace Homes to buya new construction home with McBride & Son, theywillagree to lease their currenthome for up to 6years. The homeowner willreceive a paymenteverymonth, even if the tenantdoesn’
“We had a lotof clients tell us that they would buy a home today if they knew that there wasa solution for their old home,” said Mike Kalis, CEO of Marketplace Homes. “With the programs that Marketplace Homes offers, our clients don’t have to worry about the what-ifs. They know they’re going to be able to get into a new home, and they know they’re old home is going to be taken care of.
Since its entrance into the market, Marketplace Homes has helped over 50 100 local clients. Through their new partnership with McBride & Son, they’re excited to be able to offer their solution in an expanded amount of communities.
About Marketplace Homes: Marketplace Homes, based in Livonia, Mich., is a privately held company with operations in over 30 markets throughout the United States. In the 2013 Inc. 500 list, Marketplace Homes was ranked as the 99 U.S. and the fastest in Michigan. As the country’s first and largest online real estate brokerage, Marketplace serves as the largest seller of new construction homes throughout the United States. With thousands of clients in over 20 states, Marketplace Homes is one of the largest property management companies in the nation. Marketplace operates 100% from the cloud to provide efficient and all-inclusive brokerage services to their clients. Founded in 2002, Marketplace Homes has been an innovator in creative Real Estate solutions and continues to sell thousands of homes across several platforms. For more information, visit www.marketplacehomes.com.
About McBride & Son Companies: McBride & Son Homes is currently building in over 45 communities in metro St. Louis. McBride & Son is an employee owned company based in Chesterfield, and is the largest homebuilder in St. Louis and the state of Missouri. The company is currently ranked as the 23rd largest privately owned builder in the country, and is th 46th largest overall accroding to Builder Magazine. The magazine also recognized that McBride has the highest market share of any builder in any top 50 markt in the U.S.