ST. LOUIS — The spring months are notoriously the hottest for putting a house on the market. This year, inventory is low and stress is high. Zillow shows the St Louis market is above the national average with homes being sold well over the asking price in an average of 8 days.
It also looks like buyers are marking some bad decisions. People are outbidding themselves, waiting on making an offer for a home they really want. Some are gathering their thoughts, loan and paperwork, just to find the home was bought by another that had all their ducks in a row.
"We never recommend waving an inspection," Zillow Home Trends Expert Amanda Pendleton said. "That is just way too risky especially when we are talking about one of the biggest investments you are ever going to make."
Pendleton says all-cash offers are the most effective, but they are hard to manage, especially for first-time homebuyers.
"If you can throw in a little bit extra in your earnest money or you can put a larger down payment down that's going to help," she said.
New technology has made home selling and buying much easier with virtual tours. Pendleton says if you are "all in" on wanting that dream home, be prepared to bring the bid but don't get too attached. Don't let your emotions run high. Inventory is low now but trends will change and more homes will come along. It's easy to get caught up in wanting something so bad but dangerous to go out of your boundaries and put yourself in a heap of debt.
For those considering putting their home up soon remember painting and landscaping are still two of the most important improvements. Homes with outdoor living spaces are selling for a premium.
"It's all about functional outdoor living spaces though" adds Pendleton. "Pools, pergolas, fire pits, places to gather with the entire family."
If you're wondering if this market is slowing down anytime soon, Zillow is predicting home sales in St. Louis to grow 10 percent in the next year.