Is the St. Louis Real Estate Market Getting Better?
Today, I had a conversation with a potential client who wants to list his condo. He tried to sell it two years and finally ended up renting it since he couldn’t get the price that he wanted. Obviously, that is very typical of many home owners. Now, he has decided to put it back on the market as he is no longer living in St. Louis and doesn’t wanted to be a long-distance landlord. Like any potential home seller would do, he wanted to know how the market is these days.
When I looked at his zip code and reviewed activity for the last 6 months, I had to be very honest with him. Based on the stats, there are currently a 8.5 month of supply. While I told him that my suggested listing price was totally based on stats and without having been able to tour his home, my suggested listing price was $5,000 less than the last listing price that he had on his home. Also, I don’t really see any home of improvement for the balance of the year. Considering that today’s buyer is typically demanding a home without blemishes and at a price that is probably not acceptable to the seller, I don’t have hopes for common sense and good judgement to return any time soon.
On a more positive side, it is encouraging that interest rates have gone down in the last couple of weeks. I don’t know why they have gone down when it looked like they were beginning to climb from the low 5′s. But, obviously, it is good news.
Also, the open houses that I have held recently have drawn more viewers that I have seen in a long time. Where previously, I might have seen 3 in a two-hour span, I have had 8-10 recently. Theses viewers were more than just out for a nice drive on a Sunday afternoon. Very couraging.
Finally, home showings by agents have definitely improved. Perhaps, winter is now behind us and the potential buyer has come out of their cocoon.
So, is the St. Louis Real Estate Market getting better? S-L-O-W-L-Y.
