Housing market “crazy busy” in St. Louis, St. Charles areas - KMOV.com

Housing market “crazy busy” in St. Louis, St. Charles areas

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Photo Credit: KMOV. Caption: North St. Louis County homes being owned by out-of-state companies Photo Credit: KMOV. Caption: North St. Louis County homes being owned by out-of-state companies

Real estate is so hot in the St. Louis City and County areas along with St. Charles County that if your home doesn’t sell within a few days there might be some issues with your house.  Bob Bax, broker and co-owner of Berkshire Hathaway, says if a home is in good shape and is priced to sell it won’t last long at all.

“At the busiest point we’re (normally) selling maybe three homes a day. I just looked at the last two weeks and we’re selling five homes a day,” Bax said.

Demand is through the roof.  The problem is there isn’t a whole lot of supply.  Owners just aren’t looking to sell for some reason.

“The summer of 2007 there were 17,000 active listings these buyers were all pursuing.  Right now, today, we have 5,700 active listings.  That tells the whole story,” Bax said.

Bax advises if you’re even thinking about selling your home – do it.  This is the time.  Values of houses are the highest they’ve been in a decade.  But if you’re looking to buy a house it’s probably best to be patient and understand you may get your heart broken. 

Some buyers are making offers on houses without even seeing it in person.  Some are paying in cash to avoid a mortgage altogether.  Some are even skipping the inspection phase to make sure nothing goes wrong. 

“What we tell buyers is – and there’s a lot of disappointed buyers who are losing out – this is the spring market so there will be more additional homes coming.  (Don’t) push it past your comfort zone,” Bax said.

In other words, be prepared to wait.

Copyright 2016 KMOV (Meredith Corporation). All rights reserved.

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