If you’re around Real Estate for long enough one of the things you’ll quickly notice is that there are pretty distinct market trends. Especially if you’re buying or selling real estate in the St. Louis area — where I specialize — these trends are good to know, because they can and will impact the way you buy and sell houses around here.
We could get all complicated and delve into the exact numbers and the math, but for the purposes of this blog, it feels best to keep it simple. With that in mind, here’s a bit of a run-down on what I’ve noticed from the St. Louis market recently…
Hot Market: A hot market is good for sellers because it increases your chances of selling your home quickly, and selling it at a price that’s going to make you very happy. That means you’re likely selling at or even above listing price.
Two of the signs of a hot market are an abundance of buyers and less inventory. This is basic supply and demand. There lots of buyers looking at a smaller amount of homes, which raises the competition and puts the ball in the seller’s court. For the seller, there’s not a huge pressure to sell to Buyer A, because they know Buyer B is waiting right around the corner with a good offer. Buyer A needs to have an equally as good, or better offer, in order to secure the sale.
In St. Louis, the Real Estate market starts trending hot in February and March, and spring/early summer seems to be its hottest point. It makes sense too, right?
It makes sense too, right?
It’s nicer out, so people are much more willing to get out and see houses. They’re also more willing to move when it’s nice out. Nobody wants to be lugging in their new couch during a snow storm.
You also have to factor in the after school push. Usually, parents won’t want to pick up and move while their kids are in school. They’d be much more willing to move once school is out, though, and especially in the beginning of summer when they’ll have a few months to settle in before the next school year.
Conversely, once the fall starts becoming a reality people are less likely to want to move and the market will start cooling off. This isn’t a hard and fast rule, of course, but especially in the Midwest, the market seems to go hand-in-hand with the seasons.
Right now in St. Louis, that means we are approaching a HOT HOT HOT time on the market. If you’re paying attention — which I do — you’ll notice that houses are starting to go very fast.
And if you’re a seller, that’s a great thing.
Note: If you live in Missouri (specifically in the St. Louis area) and are interested in listing your house, feel free to reach out to me and I’ll provide you with a free listing presentation and home evaluation. We’ll figure out what your home is worth and what the best price to sell it is in this hot market.
And if you’re a buyer, reach out to me anyhow! You’ll need someone to help you navigate what’s turning out to be a very fast market.