St Louis Home Sales DEPLETING INVENTORY
The past few months we've seen our share of home buyers.
Our summer heat wave and drought had the same effect on home sales as it did on rainfall, but as the weather started to moderate this fall, combined with the uptick in home values nationwide, home buyers are fighting to jump into the market.
That seems like good news to the housing market that has been publicly struggling along since the great recession started, but there is a downside to the increased activity. Buyer's throughout the St Louis market are finding that the supply of homes is smaller, and the competition with other buyer's is making the process more difficult.
There has always been a tendency for seller's to try to 'time the market'; often taking their homes off the market before Thanksgiving and waiting for the spring selling season to re-list.
Message to Home Seller's: DON'T DO IT!
A bird in the hand is worth two in the bush, and home buyer's are in hand now, looking for the right place. Should home seller's go ahead and jump into the market now? That depends. One alternative, would be to reach out to your REALTOR now and consult about your local sub-market. The real professionals out there keep track of their prospective spring listings and start unofficially marketing them within the real estate industry.
There are always ups and down's about selling in any market. One good thing about fall and winter sales is that there's not usually as much of a mad rush going on with realtors, title companies, lenders and other professionals. Home buyer's and home seller's get more attention now, versus the spring when everyone is busy.
Good news: Recovery
The transitions we're seeing is direct evidence that the housing market is recovering. Every sub-market is different, and some areas are doing better than others, but the difficulty buyer's have with finding the right place now will go hand in hand with continued price increases, followed by more of the 'pent up demand' to sell being relieved.