Our Realtors have noticed something interesting in St. Louis over the past few months. We're seeing homes have multiple offers again. Something we haven't seen since 2005.
Sellers are simply sitting on the sidelines instead of selling their homes. This is due in part to many reasons, waiting to see what happens with the market, being upside down on their homes, etc. This leaves few correctly priced homes that are move-in ready.
What this also means is that if you are ready to sell your home, and are willing to price it at market price and not what it might have sold for in 2005, then your home is going to sell quickly. There are plenty of buyers out in the market. Consider that there is a $8000 tax credit you can get retroactively. There is also the new State of Missouri MHDC Neighborhood Stabilization Program that offers up to $15,000 to anyone purchasing a foreclosed home. Also don't forget about interest rates being around just 5% with as little as 3.5% down.
When you hear terminolgy about how many months of supply are currently on the market: Forget about that comparison, it's no longer valid. This is because of irrational Sellers. If every home is selling for $250,000 in a subdivision, but a Seller who bought in January 2006 wants to sell their home for $285,000, this listing shouldn't factor in. If every ticket in the same section at a baseball game was $50 but one ticket was $85 and offered nothing different, who would buy the $85 seat?
A perfect example of this, check out
STL Home Data 's information on zip code 63303, also take a look at
Ballwin, MO 63011. Prices are going up as inventory continues to move down.
