Posted by Mark Gellman on Friday, July 15, 2022 at 3:26 PM By Mark Gellman / July 15, 2022 Comment
What is happening in the St. Louis real estate market
Our market is softening.
Our team's June was the biggest month in the history of our company, and yet July, came to a halt.
It's Mark Gellman, eXp Realty, St. Louis, Missouri.
Interest rates had the biggest dip in two years - from 6% to low 5s,
The most price adjustments from sellers that we've seen in the last couple years.
Days on Market increasing more than we have seen in the past 2 years
Highest amount of cancelled contracts, since the start of Covid
We haven't seen prices dropping yet, although there have been price adjustments, and starting to see changes
More important than any of the above factors is the below impact on the market
Under stress and duress, it's natural for people to either:
Fight or Flight.
However, we're seeing a new dynamic, when we relate to the stress, anxiety and uncertainty of buying and selling a home:
Freeze. People have frozen. Prospective buyers have frozen, just trying to figure out what they're going to do.
The market is shifting and so is our messaging
"It's a great time to buy or sell, if it's a great time to buy or sell for you and your family"
It's really important to note that we can say all these things about the market being good for a buyer, or not good for a buyer or seller, but what it boils down to is, regardless of the market, there are still individuals that are going to be buying and selling.
However, it's only a great time to buy or sell, if it's a great time for you and your family to buy or sell
I'm happy to be that sounding board if you need any advice, if you want an updated market analysis, but at the end of the day, this is a personal decision that you have to make
Happy to answer any and all questions. Have an amazing day.
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