The St. Louis Mid-Summer State of the Market Report

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It’s no secret that the economy has been on the minds of everyone, in every industry. But in terms of real estate it has hit home – literally. Comparing some statistics from the previous year to this one, we take a look at how our market is performing and try to assess where we are heading as we transition into the next season.

This Economy Hits Home – Home Sales, That Is

In the St. Louis market, we are seeing a downward trend of sales happening for at least two reasons. First, it is fairly expected that as we move into the Fall season, home sales begin to slow down significantly. But on top of that, we are reporting a stronger than average slow down of sales when comparing the figures from 2011 to last year. There are fewer buyers out there scoping out the inventory right now as there were just a few short months ago.

Despite it being the season where sales tend to slow down, we are still witnessing a greater slow down than usual. This is because of the economy especially with the recent volatility we have been experiencing both in the stock market and the jobs outlook.

Interest Rates Are Still Offering Some Good News

Throughout all the market fluctuations, one thing has remained constant for at least a while now and that is the low, low interest rates available these days. The cost of borrowing money has not been so low in decades and when you couple that with the historically low housing prices, it becomes a win-win situation for anyone who is able to buy right now. Throughout almost the entire country, it is still just about the best time to buy – ever.

In some cases we are seeing mortgages being approved for as little as 3.875% on a 30-year fixed mortgage. It does vary but not to a huge degree and the nice part is that since these rates lock in for the entire duration of your term, as our real estate market begins to upswing (which it will eventually), you will enjoy significant savings and/or earnings on the investment.

Sellers Don’t Have It Too Bad Either

While it is clear that the market leans very heavily toward buyers at the moment, sellers do have some advantages as per the current slower selling trends we are experiencing. There are fewer homes on the market so there is a greater likelihood that the buyers that are out there looking to buy will undoubtedly be exposed to your property.

Some key things to remember though:

Be sure to price your home effectively. Pricing too high can make it seem that you are not in a hurry or serious about selling.

Hold at least one or two (or more) open houses so that there is plenty of exposure through all channels, especially word of mouth.

Maintain a well kept and “showable” home that will entice buyers of all tastes. It is essential to remove clutter and personal items and make the home available often.

Seller Strategies That Work, Despite the Slower Market

DON’T WAIT THE MARKET OUT

The important thing to remember if you are looking to sell your home now is that even though there are fewer buyers looking, holding off on listing your home will only decrease your chances of selling the home. Keep in mind that buyers are being offered the lowest mortgage rates ever in a long time and if someone happens upon your home and falls in love with it, the season will not be an important factor. Your not having listed the home will have been detrimental to a successful sale in this scenario.

MORE HOME SALES USUALLY FOLLOW FEWER SALES

Usually a period of growth in sales happens after one or two quarters with fewer sales have gone by. Even though the cooler months are not typically the best time to sell because that is not what the majority of sellers do, it does not mean that there are no buyers looking during this time.

We Are Now Part of An Exclusive Real Estate Team for SportStar Relocation!

We are very pleased to announce our acceptance of an invitation to join the exclusive real estate network SportStar Relocation, comprising of the country’s 50 top selling real estate agents to assist professional athletes with their relocation needs.

We are particularly excited and grateful about this opportunity because this will not only bring more real estate revenue to our St. Louis market but it will also be a great chance to continue serving sports heroes looking for quality homes in our region. This will also open up additional marketing opportunities to the area, regardless of the value of the home, bringing more buyers into our real estate playing field – both athletes and non-athletes alike.