We're Seeing Something We Haven't Seen in 15 Years


It's Mark Gellman, eXp Realty St. Louis, Missouri.

What are we seeing in this real estate market, that we have not seen in the last 15 years ?‍♂️❓️

? The most severe Seller's Market❗️Less than one month of inventory ?, and in the majority of markets that we cover, there is less than two weeks of inventory and prices increasing double digit.
? What we are seeing today, that we have not previously seen is many home owners are electing to sell immediately, while the market is hot ? and ignoring the biggest pain point of " where am I going to go?" 
? These sellers aren't concerned where they're going to move, they just want to monetize their current home ? Many will go into temporary housing or a second home or move on with family
? Prospective sellers are seeing homes that are selling in their area and in their subdivision for incredible over-asking, multiple offers and they are electing to sell ??
? We are projecting a slight increase in inventory, ? although buyer demand will continue.
? However, we are seeing small changes because interest rates as of today for a 30-year, hit 5% vs a year ago we were trending in the low 3%s
? As prices have increased, interest rates have also increased, resulting in a decrease in buying power of those prospective buyers ⬇️. In addition, we have seen buying power impacted for renters that have been hurt by this market; as they don't have a home to sell, and thus have not benefitted of the upside of equity on the sale ?. However, many of these renters are still jumping into the market with high prices and no added equity from selling, but many are at a disadvantage right now.
? I am projecting over the next six months that the market will be consistent, with tad bump up in inventory (due to these sellers getting into the market and some buyers falling out of the market). However we will still be in a severe seller's marke. 
? I am projecting prices to continue to increase. I still project there to be bidding wars and multiple offers, but I do see that slowing down a tad, going into the 4th quarter.
? This is all assuming that everything in the world stays as it is today; including the stock market staying the same. Any little blip in the world, stock market, U.S. economy, could really have a negative impact ?


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*Due to the fast moving, forward market, these values maybe low. Please email, call, or text for an accurate value.

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