What to Expect in the Housing Market

Real Estate

What to Expect in the Housing Market in St. Louis

 

Every meeting that I go to in my office, the meeting almost always begins with a discussion regarding the need for more listings.  This is also true at the meetings that we have every other month at the corporate level.

It is also true when I meet with potential buyers and sellers as a potential client needs to know the market conditions that we are currently facing.  Due to the lack of inventory, we are now in a seller's market with prices having gone up about 5% over last year and months of supply are at extremely low levels.

Today's potential buyer has to be prepared to react very quickly when deciding on submitting an offer on a property that has just hit the MLS. The buyer(s) needs to have a preapproval in hand and a bank check for the escrow that needs to be submitted with the offer.  If the property is brand new on the market and is in good condition and in a good location with a good school district, that property could get multiple offers and probably an offer above the listing price.

If the property has been on the market for more than 30 days at the same price, that home will probably been subject to an offer that is less than asking price.