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Today we are going to discuss the impact that low interest rates have had on the St. Louis market lately. Low rates have had many different effects on the market. One of them is that many renters are seeing homeownership as a more reasonable and better investment than renting. In fact, the monthly costs are quite similar and right now, starter houses can be bought opportunistically.
Low interest rates have also improved the value of move-in ready homes. Buyers will spend a premium so they don’t have to use out of pocket dollars to update their home. Every $10,000 that a prospective buyer pays is about $50 to $60 on a monthly mortgage payment.…