Interest rates are still low. Most mortgage loans are in the 3 percent range. That keeps payments very low and allow people to purchase their first home or trade up to a much larger or nicer home and neighborhood. These lower payments not only let you afford more home, they allow you to have more money left over to afford the extras in life.
Lending has loosened a bit. After the financial crash of 2008 home mortgages became more difficult to get. Demanding regulations shut many people out of owning a home. Those who wanted to sell their home had to put it on the market and wait for months.
Now that has changed. More people are qualifying for loans meaning more families and individuals are on the market actively searching for properties to buy.
Income has improved in St. Louis since the recession years of 2008 through 2012. People have more money to spend. That means they are moving out of apartments and rented homes to achieve the American dream and purchase their own home. Better income is also empowering homeowners to trade up to own a larger home or a home in a nicer neighborhood.
Not nearly as many homes are underwater today in St. Louis. During the recession the value of most homes dropped, some significantly. That meant you might owe a lot more on your home than it was worth on the market. To sell your home would mean you would have to cut a big check to the bank. And that stopped many homeowners from putting their homes on the market.
Today those loans have been paid down or are modified. The vast majority of mortgage loans are less than the value of the home. And that means sellers are jumping onto the market to sell.
We're also seeing a lot more homes being built. Our company builds lots of homes in the St. Louis area. We can attest to the stronger demand for home construction all over our city and region.
This contrasts with the recession years when very few homes were built. Along with harder to get loans and lower incomes, the real estate market here and all over American slowed to a crawl.
It's very clear things have fully recovered in St. Louis. We now have plentiful housing inventory with lots of choices for buyers. Qualified buyers are out in full force searching for homes. All in all, this is the best time to sell your home in 20 years. Many people are getting top dollar for homes of all conditions and in all areas.
Please contact us about buying your home. We buy your home so you don't have to wait months to sell in the real estate market.