Hope your summer is going great and you are able to enjoy a 3 day weekend this Labor Day. Wanted to share an update about the current real estate market.
Interest rates have increased since last year’s historic low rates. For folks who are renting, it’s always great time to buy. There is no better savings than paying a mortgage each month rather than monthly rent. We work with lenders who offer some great rates and special programs for buyers including down payment assistance. We have partnered with a rent-to-own company to assist people who are not able to qualify for a traditional mortgage. Rent builds equity for the landlord, not the tenant. Buying a home is a pathway to financial stability and higher net worth. Helping buyers purchase their first home is a labor of love for us. Though interest rates are higher than last year, they are not predatory or extreme. It is a great time to buy a home. We are fortunate to be assisting buyers each month who are happy with today’s interest rates. The right time to buy is different for each person. Always happy to discuss the current market and how it relates to your future plans.
We have also been able to assist investor / landlords who are liquidating their rental properties. We have sold rentals both with the tenant living in the home and vacant properties. Many landlords are taking advantage of the low inventory market and selling now. It’s simple to sell properties with a tenant, the current lease is passed to the new buyer who must honor the terms until the lease ends. Do you know any landlords who are nearing retirement? We specialize in assisting investors with putting together a plan to sell their single family houses and multifamily properties. Package deals with multiple investment properties are also selling in the current market.
Listings are down this year, there are fewer homes for sale than last year. This is great news for sellers who choose to list their homes in 2022 since buyers are still competing for properties. Prices are predicted to remain stable or experience a modest increase going into the fall. Though we do not have a crystal ball, we expect the market to be stable going into 2023. Some of our sellers are fortunate enough to have multiple offers on their home when it is listed. Strategic pricing when the property when it goes on the market makes all of the difference in the quality of offers the seller receives. Below please find the monthly Market Update. Would you like a report about the market in your neighborhood? Happy to share the local trends.
Last month we experienced rain that was unexpected. Parts of the St Louis area had more rain in a 24 hour period than anytime since 1915. Being prepared for unexpected events like a flood is something that all of us should take time to prepare for. Below please find a simple guide on what to do before and after a flood. As agent selling homes in an area with rivers and creeks, we are diligent about checking the flood zones to make sure my clients do not get surprised by being in a 100 year or 500 year flood plain.
There are some local events coming up you should check out! We’re sending some cool events your way, see below!
It is always a pleasure to be able to share our blog and appreciate your feedback if you have suggestions for content.
Have a wonderful rest of your day and a safe Labor Day weekend!
The U.S. housing market has continued to cool, as rising mortgage rates and record-high sales prices have stifled affordability, weakening demand and pricing out a multitude of buyers.
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