St. Louis and St. Charles County area real estate in fall 2020 has been as unusual as, well most of 2020. Real estate this autumn has been unusually active. In fact some real estate agents are referring to this fall as second spring. Herein we’ll discuss some of the reasons why real estate this fall has been so unusual.
The Covid-19 virus has kept many
people closer to home for longer and more often than previously. Folks are now
working from home, going to school at home and moving many in-person events
online. This has created more time to look closely at one’s living situation
and decide if it is the best fit. Also, some people are moving from more
concentrated, populous cities to our area.
Demand Versus Inventory
After a slow spring of quarantines, the busy summer market barely slowed down for fall. With so many buyers wanting to move to better home situations and some sellers unsure about making any changes at all, there has been a higher demand for homes for sale than there have been homeowners listing their homes. This is causing a lower inventory of homes for sale along with rising home values as multiple offers are being made on well-maintained, market-value homes. This doesn’t mean there aren’t homes for sale, it just means that homebuyers may have to look a little longer or at different options to buy a home. It also means that buyers need to be prepared and ready to move quickly if the perfect home comes on the market.
Low Mortgage Rates
At time of writing this, the 30 year conventional mortgage rate sits around 2.5% and the 15 year conventional mortgage rate sits around 2%. These low rates mean that you can get a lot more home for you money than you could a few years ago. And for those who aren’t moving, it’s a great time to refinance. These rates are historically low and when they are gone it is hard to imagine when they will return.
Increased New Construction Activity is Helping
We help several quality local home builders market their homes and we know the new construction home market
very well. We’ve been able to find solutions in the new construction market for
many homebuyers. While builders have been doing a great job constructing
quality new homes, they are feeling the pressure to keep up with the
demand. New construction should always
be considered when searching for a new home.
It affords buyers to be the first owner, select finishes specific to
their tastes, select options specific to their needs and to enjoy the benefits
of an environmentally friendly and energy efficient home.
Despite the unusual fall 2020 real estate market we continue to assist homebuyers and sellers to face, understand and prepare for these unusual times every single day. Despite the challenges, business for The Boehmer Team is up 28% from 2019 and going strong. If you are thinking of buying a home, building a home, or selling your current home, contact The Boehmer Team. Let us implement decades of combined experience to answer your questions, find solutions for your needs and provide full service as we do to all of our dedicated clients.