ST. LOUIS – The housing market in St. Louis is experiencing a slingshot affect.
The market paused during the COVID shutdown and now it has rebounded at record levels.
Real estate expert Kathy Helbig, Experience Realty Partners, says buyers are hitting the market in droves. Interest rates dropped during the shutdown and now they can afford to spend more on a house.
Helbig says she’s averaging 1,000 new listings weekly in St. Louis and St. Charles counties.
Sellers are able to spend less on updating their houses prior to putting them on the market. They are also getting over value.
Helbig says she is seeing anywhere from 3 to 35 contracts coming in on homes once they hit the market.
Buyers are also offering more than the asking price. Helbig says inventory is still low so supply and demand is controlling the market.
People are now putting their homes up for sale because they feel they can capitalize on their investment. Helbig says they often can’t find a house to buy once they sell. She is directing many of them toward building.