Today, we’ll go over a quick market update for the St. Louis housing market. Current market conditions have a lot to do with supply and demand.
In certain areas, there is an extremely limited of supply of homes. This creates a seller’s market. Many people often times hear about multiple offers coming in and homes selling for over asking price. That is happening, but only in select markets. In a broader sense, homes that are priced well and move-in ready are selling very well.
As a seller in those hot markets, we can remove the appraisal rider from many of these contracts in order to avoid any issues with offers over asking price. This move is a little risky for the buyer, but as a seller, you can net more money. Appraisers look at the pricing history and are less focused on looking forward at rising prices.
In slower markets, where there’s more inventory, sellers need to make sure their homes are prepared for the market. Reduce clutter, replace old carpet, and take down wallpaper. An expert will market the home to the highest level, price the home right, and prepare the property for sale.
Some areas are definitely seeing homes fly off the market and bidding wars. In other areas, it can take six to eight months to sell a home. If you have any specific questions about your neighborhood, give us a call or send us an email. We would be happy to help you!