Rentals Hit a Ceiling as Owning Becomes Affordable Again
Why Now May Be the Best Time to Sell in St Louis!
After the real estate crash, many homeowners suddenly found themselves renters again. And younger generations dreaming of home ownership waited in the rental shadows, biding their time.
The result was a rental frenzy that actually drove rental costs through the roof. In some areas of the country, recent rental rates have far exceeded the monthly cost of home ownership! Now many experts are saying it looks like they’ve finally reached their limit and renters are returning to buying.
What does that mean for St Louis homeowners looking for a good time to sell? It means SELL NOW!
During the rental-mania, there was an abundance of home listings and not enough buyers; particularly because so many home owners were resolving to foreclosure or sell via short sale. Finding qualified buyers was a challenge and competition for them was fierce.
Now we are seeing many areas in St Louis trending back to favoring homeowners and not buyers! With renters on the hunt for a great deal, there’s not going to be enough housing inventory to go around.
The other sellers’ advantage is that you can be more conservative when pricing your home. Don’t overprice it, of course, but with a flurry of renters looking to buy, you can take advantage of the shortage and will get a better price for your home than you would have a couple of years ago.
One more advantage to selling right now? Potential buyers are even more eager this year because interest rates are still at historical lows. It’s also another reason why they may be willing to pay a little bit more for a home, knowing that they’ll be saving so much on their interest.
The key is to know who your target market is and work with a listing agent who can help you to find the buyers that are right for your home.
So, if you’ve been biding your time, waiting to sell, now may be it!
Talk to a local listing agent to discuss the market conditions in your area.
Check out a couple of STL Real Estate LLC’s previous articles here!
What to Do Before You Sell
Tips for Working with and Choosing a Listing Agent