Unusual Fall 2020 Real Estate Activity

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 Pandemic

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.

- Options for Buying New Construction -

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.

 

St. Charles County Real Estate Market Report First Half 2017

Like any market, the real estate market has peaks and valleys. Understanding the current real estate market trends will make you a better-informed homebuyer, seller or investor.  Here are the St. Charles County, Missouri real estate market statistics that you need to know from the first half of 2017.

Number of Homes for Sale

As this chart shows, the most number of active real estate listings occurs in late spring and early summer. In 2017, the number of homes listed for sale in January was 1050, while currently there are about 1485 homes listed for sale in the St. Charles County area of Missouri. But when you compare the number of homes for sale in the first half of the year to the two previous years, you can see that 2017 has fewer homes on the market. These conditions point to a sellers market, where there are a similar number of homebuyers looking for homes and a smaller number of homes listed for sale.

Average Sales Price

Due to a similar number of homebuyers and fewer home sellers, the average sales price of a residential property in St. Charles County, Missouri has increased. So far, every month of 2017 has seen increases in residential real estate sale prices compared to the previous two years. If you’ve been thinking about listing a residential property for sale, now is a great time.

[See: How to Survive a Competitive Sellers Market]

Percentage of Original Price Received for a Residential Property

While sellers like to get the most money they can for their property, buyers want to pay the least they can for a home. Through the negotiation process the price received for residential real estate is often a little less than the original price for which the property was listed. The first half of 2017 shows that with more competition for residential properties, sellers are netting more money for their homes.

Days On Market

Another indicator of a sellers market is a decreasing number of days a home listed for sale is on the market.  The first half of 2017 is currently outpacing the first half of the previous two years with shortest number of days on market. In these conditions there is often more than one buyer looking at and bidding on each home. Homebuyers are sometimes learning this the hard way, when they try to see a home for sale and find out that it already has an accepted contract. 

Homebuyers should be prepared when looking at homes to act quickly when they find a home they like and prepare for possible bidding wars with other buyers. Working with a great buyers agent, like the buyers agents on The Boehmer Team, will increase a homebuyer’s chances of finding a great property for sale before it is sold.

Contact The Boehmer Team for expert home buying or investing assistance. We know the St. Charles County, Missouri real estate market and have information on homes that are not yet listed for sale. Or if you are ready to get the most from a residential home sale in the current market, contact us to help with a smooth home selling experience.