St. Louis Housing Report June 2018-Tight Inventory as Interest Rates Increase

The St. Louis Housing Report June 2018 Report shows tight inventory as interest rates have increased says the St. Louis Realtors in their monthly report covering and comparing June 2018 statistics with June 2017 stats.

“As little as two years ago, mortgage interest rates were at a historic low – with the average rate at 3.68% for a 30-year-fixed mortgage,” observed St. Louis REALTORS® President Marc Levinson. “In 2018, the average rate has climbed to 4.52%. While the rates may be increasing, homes are still very affordable in St. Louis.” Levinson went onto note the difference between the median sales price on a national level of $264,800 versus the local median price of $195,000. “Even as interest rates rise, St. Louisans can still pursue the American dream of homeownership withoutover-extending themselves” he noted.

Multiple Offers Becoming More Common

In summary: Buyers are facing a combination of 1. fewer homes for sale 2. escalating prices 3. less time to make a buying decision.

What’s a Buyer To Do?

Get to know the area and market you are interested in. Get the numbers before you jump in and take heart. There’s someone on your side who feels your pain! Our company has worked for Buyers only for over 15 years. We don’t even list homes which helps us avoid the potential conflict of interests that can come up in buying and selling a home. Think about it a second. The listing agent is there to protect the seller and sell their home at the highest price, that’s their job.

Does this match up with your goal as a buyer? (probably not) Learn More About the Concept You, the buyer, should have your own Exclusive Buyer Agent who is there to protect your interests at every step of the real estate transaction. Your own Exclusive Buyer Agent works only for you providing the relevant data, comparative analysis on homes, neighborhoods, and home values from a buying, not selling perspective. Knowing the market and what you’re up against is the first step toward a successful home purchase. Check out some of our previous posts and call us at 636-532-4200 to set up a time to discuss your needs.

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