ST. LOUIS, MO/March 18, 2017 (STLRealEstate.News) It was only a matter of time before sellers started to take advantage of their seller’s market in St. Louis today.
Barry Upchurch, president of St. Louis Realtors, sat down this week to explain the seller’s market hold on St. Louis and how sellers are taking advantage of their positioning. “It is an undoubted seller’s market today, as we are seeing multiple contracts on a home and condo when they come onto the market,” said Upchurch. “Since seller’s have such a hold, they are becoming more picky with terms and conditions, like obtaining bulletproof pre-approval letters. This all points to the fact that buyers need an excellent negotiator in their corner.”
Upchurch did argue that it could be interesting to see which way the central corridor in St. Louis will go this spring. He noted that inventory is definitely low, and although sellers consider themselves on top of the world today, buyers are starting to get selective about their purchasing decisions as well.
“There may be low inventory in the Central West End, but buyers are starting to be more selective in their decisions early in 2017, another good reason to consider realtors when weathering this hot-and-cold market,” said Upchurch.
All local realtors do agree that now is definitely the time to act as the economy heats up this year with the Fed increasing interest rates. The bargain exchanges that are occurring in St. Louis right now won’t be the same bargains a year from now. “Now is definitely the time to act for people who are looking for the real estate steal of the century,” said Upchurch.
It should definitely be interesting to watch the course of the St. Louis real estate market throughout 2017. One thing is for sure: the competitive interest is a good sign for the health of the region.