September 8th, 2007
The Anatomy of St. Louis Real Estate
The St. Louis Home for Sale Team provides a weekly St. Louis County and St. Charles County Market Report to review and plug into your home buying or selling scenario. Your questions and comments are welcome!
This week's St. Louis Real Estate Market Watch reports for both St. Louis County and St. Charles County look very similiar to last week's report. However, it bears mention that in both counties, we see active listing numbers drop again AND our pending ratio is dropping also. The number of expired listings (rejected by the market) is increasing also. What's going on?? Sellers are starting slowly to come off the market and homes that are not within 2-3% of market value are being rejected by the market. Stubborn sellers who's homes are not within market value and continue to stay on the market are still not selling, thus dragging our pending ratio down.
We also talk to prospective sellers who are waiting-WAITING FOR WHAT?? If you're a seller waiting for next year, thinking that the market will be better, good luck. Staying on the market now, or entering the market as a new seller makes sense especially when we see the number of listings drop. As a seller now, you have less competition, and even more so if you enter the market on target with market value in your price range. The