There's no beating around the bush... The last few months have been HARD.
But we're starting to see the light at the end of the tunnel. Life (and business) is returning to some semblance of normal here in St. Louis. There is, however, one big part of the real estate market that is still playing catch-up. The sellers that were ready to list back in March are holding off, putting extra pressure on an already stressed inventory situation.
The good news is: THE SUMMER MARKET IS HEATING UP, buyer traffic is increasing, mortgage rates are at historic lows. . . If you are holding off on selling, you could be missing out on the real estate opportunity of a lifetime!
The combination of low inventory and high buyer demand is creating an environment where homes are flying off the market. While certain areas of the economy remain essentially frozen, real estate is not one of them. The pandemic has not deterred eager buyers, and they are active as ever!
With inventory even lower than it was before the pandemic, houses that come on the market stand out and MOVE FAST. Bidding wars creating higher sales prices are becoming more and more common with final residential sales prices landing tens of thousands of dollars over the listing price both in St. Louis City and the surrounding areas. Demand is highest for entry to mid-level homes, and sellers listing now can anticipate a relatively quick and painless home selling experience.
More and more St. Louisans are feeling confident that the real estate industry is strong and relatively unaffected by the economic downturn caused by the pandemic. Coupled with high buyer demand, those choosing to sell right now are in a great position to sell quickly and for a great price.