As Median Sales Price and Interest Rates Rise St. Louis Maintains a Healthy and Affordable Market
St. Louis REALTORS releases a housing report each month on the St. Louis Housing Market analyzing residential MLS sales data from the previous month with year-over-year comparisons.
The data used in the video below is courtesy of MARIS (Mid America Regional Information Systems) Multiple Listing Service.
“As little as two years ago, mortgage interest rates were at a historic low – with the average rate at 3.68% for a 30-year-fixed mortgage,” observed St. Louis REALTORS® President Marc Levinson. “In 2018, the average rate has climbed to 4.52%. While the rates may be increasing, homes are still very affordable in St. Louis.” Levinson went on to note the difference between the median sales price on a national level of $264,800 versus the local median price of $195,000. “Even as interest rates rise, St. Louisans can still pursue the American dream of homeownership without over-extending themselves” he noted.
Multiple Offers Becoming More Common
“In true supply and demand fashion, it’s possible multiple offers will be placed on a single property … driving up overall sale prices“, noted St. Louis REALTORS 2018 President Marc Levinson. “We are hopeful the upcoming summer season will see continued increases in new listings and homes sold. The May numbers continue to tell a similar story as earlier months this year. It’s crucial buyers work with a St. Louis REALTOR who can help turn their search of a dream home into a successful one in this competitive market.”
Competition for homes is a challenge. If you see something out there you’re interested in make an appointment to get in to see the property ASAP. Do not wait until the weekend when the majority of buyers are out. Go during your lunch time if at all possible. Should you call the listing agent whose name is on the sign? Probably not. See the story of Michael and Sarah and what they found out about this subject.
In summary: Buyers are facing a combination of 1. fewer homes for sale 2. escalating prices 3. less time to make a buying decision.
Get to know the area and market you are interested in. Get the numbers before you jump in and take heart. There’s someone on your side who feels your pain! Our company has worked for Buyers only for over 15 years. We don’t even list homes which helps us avoid the potential conflict of interests that can come up in buying and selling a home. Think about it a second. The listing agent is there to protect the seller and sell their home at the highest price, that’s their job.
Does this match up with your goal as a buyer? (probably not) Learn More About the Concept You, the buyer, should have your own Exclusive Buyer Agent who is there to protect your interests at every step of the real estate transaction. Your own Exclusive Buyer Agent works only for you providing the relevant data, comparative analysis on homes, neighborhoods, and home values from a buying, not selling perspective. Knowing the market and what you’re up against is the first step toward a successful home purchase. Call us at 636-532-4200 to set up a time to discuss your needs.
Published on 2018-07-16 19:51:07