Welcome to another edition of Mark's Market Update. This week we are in New York City, one of the highest rent districts in the United States. Premium Real Estate is selling for $4,000-$5,000 per square foot compared to St Louis; where the premium maybe $400-$450 per square foot. New York prices, in many cases, are 9-10 times the price in St Louis! St. Louis indeed has great values and a high affordability index. Now back to St. Louis update: Inventory levels increased 35% percent this week, over past weeks and good news that interest rates stayed the same, although higher, still historical low. The increase in new homes on the market this week, provide great opportunities for buyers! Now that spring is here, if you a seller, it is the time to sell. If you are a buyer, you will continue to see an increase in homes being marketed and if you are an investor, rents continue to go up. If you have any questions about buying, selling or investing or would like an estimated home value, please do not hesitate to call, email or text.
Lastly, the real estate community lost a wonderful leader in California. Kevin Blaine was the #1 Real Estate Agent in California, a Community leader, wonderful family man and on top of it all, a heck of a good guy. Unfortunately he battled depression, and lost his battle at 44 years old. Prayers for his family. It is Ok to Not Be OK and seek help!