As news media continues to focus on the national numbers for foreclosures, they are missing the real local story.
Resale home inventory is currently significantly higher than it was at the same time last year in the St. Louis region.
What does this mean for you?
If you have a home currently on the market, or are thinking of putting your home on the market, you need to price your home appropriately if you want it to sell. Think about it. Only 22 homes sold each day in ALL of St. Louis County’s 91 municipalities last January. Even worse, St. Louis City and St. Charles County had only 7 homes sell per day in each county.
The inventory now is even higher than it was last January while consumer confidence has been steadily decreasing since last year.
Low consumer confidence keeps buyers sitting on the sidelines. When buyers don’t buy, the oversupply increases…which makes the market look worse to buyers. In order to break the cycle, we need more buyers to realize that it is a great time to buy, and more sellers to price their homes so that buyers are encouraged to make an offer.
10936 Manchester Road St. Louis, MO, 63122 USA
admin@archcityhomes.com • 314-677-6538
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