After a year of renting, Emily Ladin couldn鈥檛 wait to buy a home.
Ladin and her family relocated from North Carolina for her husband鈥檚 residency at Washington University and rented in Eureka while they got a better feel for the area. She wanted a four-bedroom house that would have good resell value while also being in a community with plenty of shops and things to do.
The housing market was competitive when they began looking seriously in January even with high interest rates. The family put in three offers before they were finally accepted in early March: $280,000 for a three-bedroom home in O鈥橣allon that was listed for $250,000 and needed some renovation.
鈥淚t鈥檚 a lot more expensive here and the houses are much older,鈥 Ladin said. 鈥淲e can鈥檛 just bend the market to our will. We had to just go with the flow.鈥
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The frenzy among 最新杏吧原创-area homebuyers seen a few years ago has lessened, but it鈥檚 a still a competitive 鈥 and more expensive 鈥 market. Inventory is persistently low. Home values continue to rise. And interest rates, once at historic lows just recently, have bounced between 6% and 7% this year.
The 最新杏吧原创 region had 1.3 months of inventory in February, meaning it would take a little over a month to sell the area鈥檚 existing supply of homes for sale, according to the latest available data from 最新杏吧原创 Realtors.
A balanced housing market is considered to have six months of inventory. The latest 30-year, fixed mortgage rate is 6.73% 鈥 up nearly 3 percentage points from last year, according to Freddie Mac (It鈥檚 still below the of 18.63% in October 1981).
But agents say it鈥檚 a lack of inventory rather than high interest rates that have made it harder for today鈥檚 buyer, as not enough houses are being put on the market and not enough houses are being built to meet demand. Buyers who may have sat out the market last year no longer want to wait on the sidelines.
鈥淏uyers have become numb to rates,鈥 said Mark Gellman, CEO of real estate agency The Gellman Team. 鈥淧eople believe regardless of where we鈥檙e at with rates, refinancing is definitely viable.鈥
That鈥檚 meant houses that are move-in ready, priced appropriately and located in desirable areas often have multiple offers and sell quickly, agents say.
Ben Schilders put his four-bedroom Creve Coeur home on the market in early February for $650,000. The home had had some updates within the past few years but it was situated in a good school district. To his surprise, Schilders received three offers for over asking price and sold for $700,000 within a few days.
Schilders credited his real estate agent for helping navigate the market.
鈥淚t went remarkably well,鈥 Schilders said.
Nate Johnson, president of real estate solutions for Red Key Realty Leaders, said an experienced agent can be the differentiator for buyers 鈥 especially first-time homebuyers 鈥 in a market like today. The agent can help the buyer access loan and grant programs, find a reputable lender and potentially save the buyer thousands of dollars in earnest money.
鈥淭he market is actually a little more challenging than it鈥檚 been before because the signs aren鈥檛 clear 鈥 the market is on fire everywhere,鈥 Johnson said. 鈥淎nd it really comes down to specifics about understanding the history of the neighborhood, the history of comparable properties to get you around to making an offer that鈥檚 going to get the buyer in the game.鈥
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