WEST ST. LOUIS COUNTY (KMOV.com) - A shift in the St Louis housing market has some homes taking longer to sell, realtors say.
Realtors say the shift started about one to two years ago when larger, more expensive homes began sitting on the market longer. They believe it's now a buyers market.
Realtor Gregg Wiliamson has seen this trend with the large, historic homes he sells in the Central West End.
“A lot of these houses, they need something, whether it’s a bathroom that hasn’t been refinished or an updated kitchen or something like that, and they tend to stay on the market for a little bit longer," said Williamson.
Realtors in St. Louis County and Jefferson County tell News 4 they're seeing a similar trend. Janet Judd, a realtor who focuses on homes in West County, says homes priced $800,000 or higher are taking the longest to sell. On the other hand, homes priced under $300,000 are often selling fast and getting multiple offers.
“We’ve seen what seems like an inflection point around $700,000. You get under there and all of a sudden there’s a lot people that are gonna look at you," said Jason Dausman, who is selling an historic home he renovated in the Central West End.
Dausman says he and his wife put the home they renovated on the market two years ago. He's dropped the price over $350,000.
"It was sort of labor of love for us. Yeah, we hope to do well and make a profit but if that doesn’t happen, that’s okay," said Dausman.
Realtors agree buyers are pickier right now and typically looking for turn key homes. One realtor tells News 4 she believes people may be looking for a simpler life and therefore opting for condos and newer apartments.
“If a house is completely 100 percent done, you don’t have to do anything when you walk through that door, they’ll sell a little quicker," said Williamson.
Williamson expects this trend to change in the next six months to one year.