ST. LOUIS, MO/April 2, 2017 (STLRealEstate.News) Just as the warm weather is finally starting to creep its way through St. Louis today, real estate pundits are noticing a trend, pointing to lower inventory as the hottest real estate time of the year approaches. It’s going to be another year of a sellers’ market as the inventory of homes is definitely down, while median home prices are up about 2 percent from last year. These are ideal conditions to sell a home today, as the sellers have more control over the large amount of buyers hungry to own St. Louis property.
Ed Vogt, Vice President of Mortgages for Central Bank of St. Louis, this week stated hat the area has seen its share of underwater mortgages, but the market as finally stabilized. He went on to say, “The way to describe the St. Louis Market is somewhat of a balanced market. We’re not going to take advantage of the huge upswing in values and we’re not going to get hurt as badly when there’s a substantial decrease in values.”
He ended by stating that if a couple is definitely plan on moving this summer, they should consider that the average amount of time a home stays on the market before it’s sold is 109 days. “109 days from today is right in the early part of summer now, so if you want to sell your house and move this summer, now is definitely the time to act.”
Vogt implied that snatching the right real estate agent and real estate company is going to be crucial for making the most out of the market this year. Sellers will want to look for a company that leverages their home value the most, while buyers will definitely want expert assistance navigating the aggressive seller’s market stacked against their favor right now.