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It's a good time to buy or sell a home near St. Louis

6:29 PM, Jul 8, 2013   |    comments
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By Grant Bissell

ST. LOUIS (KSDK) - It's a bit of good news the entire country can use.

The nation's housing market is even stronger now than it was this time a year ago. According to REAL Trends Housing Market Report June 2013, the average price of homes sold in May 2013 was up 7.5 percent from May 2012. That marks the 14th consecutive month of a rise in home prices.

This spring has been very good to both buyers and sellers. Homes are moving quickly and that's raising questions about the future of the market.

You may recall a few years ago there was talk of a possible housing shortage. CNN Money published an article in 2010 saying builders weren't producing enough houses to keep up with the potential demand.

Combine slow building with the fact that people living in pre-existing homes couldn't sell because the market was so bad, and the country was potentially looking at a second bubble burst.

In fact, the St. Louis housing market has recently gone from a seven month down to a four month supply of homes.

But thanks to an increase in employment and those rising home prices, the president of the St. Louis Association of Realtors doesn't think a housing shortage is in our future.

"I don't know that that will happen," said Donna Zerega. "It will be interesting to see because I think that what happens in general is that as prices start to go up more people think about selling."

If you're looking to buy or sell a home Zerega has some ways to get a leg up on the market.

The most important thing for sellers, don't go wild with your price. Just because the market is in much better shape than years past doesn't mean it's back to its peak. Be reasonable and you can expect more offers.

Buyers need to get pre-approved and know what they can afford. Ask a realtor to help you get to know the neighborhoods where you're thinking of buying. Finally, be ready to make a decision and be competitive with your offers.

Zerega says buyers are also making home movies that introduce their family to the sellers. She says it tugs at the heart strings and could help you land the home of your dreams.

 

KSDK

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