Seller's agents sometimes talk until we're blue in the back trying to get the sellers to see reason. I can't tell you how often i've heard "i'll price it high, and if someone makes a lower offer i'll accept it; but I won't price low."
The market it determined not by what people ask for their hoomes, but rather by what people are willing to pay for them.
Best of luck.
I have not seen an increase in my salary for 15 years, but housing prices have increased at least 100% in the last 15 years.
In 15 years, what will our children have to pay for a gallon of gas, a big-mac, a bottle of mouth wash?
This is truly a great time to buy, interest rates are low, there's a lot of inventory and the prices haven't really started to climb yet as they do when the summer market hits
I just want to agree with the folks who have already answered and say the same is happening in Columbia (middle of the state) as you're seeing in St. Louis. The market is moving, housing actually stayed pretty close to what they were or went up in some areas and the news that "the sky is falling...offer the seller nothing" really applies to other parts of the United States. True, it is a buyers market, but we didn't see the astronomical rises in pricing of the last few years, just a slow steady appreciation (about 3% in our area) so we're not having the astronomical falling that comes from a volatile market (think Florida). Some areas of the country were so hot for real estate investing that people bought before the first spade of dirt was turned and sold before the first tenant moved in making scads of money. This is the midwest and the "show me" state so it's a different story. You really need to align yourself with a knowledgeable REALTOR who can talk about the specific areas in which you are interested and run market analysis for your price range and type of housing required. The lower priced entry level homes are jumping off the shelf here with interest rates being so low that many buyers who have been waiting are now buying. If you're in that price range, now may be the time to move as things don't appear to be going any lower. Good luck.
Trisha Lee REMAX Boone Realty, Columbia, MO
We've already entered the Spring market. The phones are ringing and my office is writing contracts right and left. From what I'm seeing, pricing is already moving up. If you wait to buy, you will lose out because the prices this summer will continue to increase.
You need to align yourself with a Realtor you can trust to give you accurate comps of the particular area that you are interested in to determine what a fair price is for a home in that area - be sure they also include the percentage of sold price compared to asking price. Then find your dream home and let your Realtor submit your offer along with the comps to justify the price you submit, if it is a low offer. Last year in my area of St. Charles County homes sold for an average of 96.5% of the asking price, which leaves quite a bit of room to negotiate if you have the correct realtor representation! I'd be glad to assist you with any further questions you may have about St. Louis, you can email me through the web site listed below.
Now in the case of overpricing homes, It's a mistake that alot of sellers want to do and it does nothing but slow the selling process, and may even prevent the sale from happening.
Don't wait until summer. There are many buyers in the market today and homes that represent realistic pricing and have appeal are selling. Wait until summer, then your selection will probably be what the market has turned down. Plus, interest rates are very attractive.
Why wait..find that dream home and make an offer. You just might get that home.
If you need help, give me a call at 570-5125.
Coldwell Banker Gundaker