What’s Happening in the St. Louis Real Estate Market?
What is happening in the real estate market? Right now, the market continues to be consistently inconsistent.
Certain areas like St. Louis County and St. Charles County are doing great. Homes that are priced right and in move-in ready condition are drawing multiple offers, sometimes over asking price.
On the other hand, homes with deferred maintenance aren’t doing so well. Remember that bathrooms and kitchens sell homes. Homes without those updates that are not priced accordingly are really struggling to sell right now, even at discounted rates.
If you’re a buyer right now, you really have to be prepared to play in today’s market. You may find yourself competing against multiple offers over asking price. That’s because so many sellers are opportunistically pricing their homes for today’s market. From an investment perspective, rents continue to rise, multi-family sales continue to be strong, and the prices are rising.
The biggest question I get asked is, “What do you expect for the third and fourth quarter?” That is a very difficult question to answer right now. As we head into the election this fall, there is a lot of uncertainty about what will happen in the market. All we really know is what is going on right now.
If you’re a seller, jump in the market right now. If you’re a buyer, catch your breath. There are still some opportunities but you have to know how to navigate the current market. If you have any questions, give us a call or send us an email. We would be happy to help you!