The housing market has been improving and St. Louis is on the rise. The average time for selling a home in the St. Louis area has dropped by a significant margin: 98 days to 68 days, and Webster Groves, Kirkwood, Affton, and Rock Hill have made it to the top 25 neighborhoods with the fastest selling homes. What does this mean for you as a home buyer or seller?
It means that it is time to act fast. The physics of supply and demand are working their way around town and unfortunately we don't have the Delorean at our disposal to travel back in time to make the most of our investments. (Or, at least that I know of...)
As a home seller, this means that you don't have to take a hit like you may have had to if you were trying to sell about a year or two ago. It means that you can get back more of the money of your hard earned investment because there is a stronger demand for buying now. It has predominately been a buyer's market in recent years and although it is still a good time to buy, there is a direct positive correlation between the time it takes to sell a home and the economic value of it. Each home that sells quickly in a neighborhood subtracts availability from the supply and adds to a higher demand.
As a home buyer, this means that prices are going to continue to increase, so you have to act fast. In a stable market, waiting a day, week, or even a couple weeks, could have had no impact on your investment. While, a market on the rise has two faces to the coin and brings us back to our physics conversation: time and matter. Your investment is time sensitive, the pressure of price increase and availability dwindle on a day to day basis. With that pressure comes the tangibility of your investment; there will be exponential growth because the demand is on the rise.
Written by Ciara Brewer on behalf of Monica Brewer
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