Interest rates are rising and inventory is low in the St. Louis area market.
Today I want to talk about how you can take advantage of these conditions.
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If the St. Louis area real estate market feels increasingly frantic, that’s because it is. With the recent presidential election, there have been some major changes, especially in the mortgage industry. Interest rates have increased by 0.5% to 0.75%.
The good news is that in and around St. Louis, it’s still a seller’s market. Inventory is low, which gives serious buyers less to choose from. This low inventory could be due to the fact that it’s winter, but I believe it has more to do with the uncertainty surrounding the impending administration.
Why Now Is The Time To Sell Your St. Louis Home
If you’re a seller, you need to take advantage of these conditions.
What does that mean for you? If you’re interested in selling your home, now is the time to do it. With rising interest rates, those serious buyers are not waiting around until spring to purchase their next home. Because they have less inventory to choose from, they’ll also be less picky.
All in all, our current market is fairly healthy. Our median list price is $169,900, which means, if anything, that St. Louis is a great place to purchase from an affordability standpoint.