2019 Real Estate Predictions – Crystal Ball or Guess?

by Chuck Roper 10. January 2019 05:50

The question I’m asked most often this time of year is “What’s the market going to do this year?”  Will home prices rise, will it be a seller’s market, a buyer’s market, should I sell now or wait until Spring?

My answer is always prefaced with “there is no crystal ball.”  We do know that some trends will continue into 2019.  Mortgage rates most likely will rise, inventory is also on the rise and home price appreciation will continue to slow.  That’s the national rhetoric we read.  But, the forecasters leave out one overriding truth - REAL ESTATE IS INTENSELY LOCAL.  What happens in San Jose doesn’t translate to St. Louis.   For example, St. Louis County is fairly tight with 2.8 months of inventory.  If we look at luxury homes over $1 million, St. Louis County has a 9 month supply.   My best advice is to ask your Realtor for a market update that is specific to your location and your price category.

 

Janet Horlacher  

To My Fellow Realtors, “Buyers and Sellers still need YOU”

by Chuck Roper 10. September 2018 05:37

Just released, a 2018 Harris Insights & Analytics study reported that 90% of all buyers and sellers used a real estate agent in their transaction.  This is up from 85% in a similar study conducted four years ago.  

 

The most important factors in choosing an agent were:  “a referral from someone I trust,” “agents who had listings similar to what I am looking for,”  “looking at websites with ratings of agents” and “having a personal relationship with the agent.”

 

Negotiating the best price was mentioned by 89% of buyers and sellers as being extremely or very important.  

 

I’m not surprised by these findings.  A real estate transaction is complex and stressful.  Why wouldn’t you rely on a professional with a proven track record from a reputable brokerage to help you navigate the most important purchase of your life?

 

(Source: Real Trends September 2018 newsletter)

-Janet Horlacher

2017 St Louis Real Estate Market Update

by Chuck Roper 16. August 2017 08:44

With six months of 2017 residential sales data on the books, we examine pricing and segment trends in our St. Louis Real Estate Midyear Report.

In the first half of the year, residential unit sales have increased 2% and prices are up 4%.   Inventory is still hovering at critically low levels.  The lack of inventory is holding back unit sales in some of our strongest neighborhoods.  Low inventory also leads to a seller’s market with intense competition and multiple offers for well-priced homes, a phenomenon true in the middle and low price ranges.  Conversely, the luxury market (defined as homes over $1 million) has ample inventory.  In fact, we are seeing over 8 months of inventory in million+ dollar homes.  While luxury unit sales are modestly growing, prices for luxury homes are flat and in some cases compressed.  Older homes are especially subject to downward price pressure as luxury buyers demand newer floor plans, mint condition and the latest and greatest amenities. 

Click here to read our 2017 Midyear Market Report.

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