Market Conditions in 63034>Question Details

dtshop, Both Buyer and Seller in 63034

What is the market like in Sacre Coeur Estates Subdivision in uninc 63034?

Asked by dtshop, 63034 Thu Jan 8, 2009

I have a 4 bd 2 bath home (ranch 2 car gar. unfin basement) with newly renovated kitchen and both baths that I'm considering putting on market in spring 09. I am willing to wait til spring '10 if it would make a significant difference.

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There's 4 homes on the market right now, ranging in price from $161-205,000. 3 pending ranging from $91 -205,000. There have been 10 sold in the past year ranging from $91-202,500 with an average price point of $159,730. 22 have expired however. That puts your absorption rate at about 1 a month with a 4 month supply of homes on the market right now, but a bunch primed to come on the market in the spring. I can't tell you what the market will be like in the spring of 2010, what I can tell you for the current market, is that interest rates are down, so if someone has good credit, they can get an excellent loan. If they don't have good credit, it's nearly impossible to get a loan right now. That should help to get the buyers out along with the tax incentives that have been put in place. While we are hoping that the market will rebound by 2010 and prices will go up, I can't promise you that will happen. I can point out to you, that if you sell now, you will sell lower than you probably would have a few years ago when the market was hotter, but I can't promise you that by 2010, you will be selling at a higher rate (or at least enough of a higher rate) to make a difference in the additional year that you will have paid taxes, insurance, mortgage, etc on the home.

If you put it on the market now, I would highly recommend that you tour your competition first with your Realtor and then make sure that you can "beat" your competition - other wise you will just send the buyers to them. Ie - your home needs to be in better shape, it needs to have better amenities, be better priced and show better than the competition does if you want to win the beauty contest and take home the buyer. You can't go into it saying "I need to get X amount for my home" or I don't have to fix this up, the buyer will want to fix that up for their own tastes - doesn't work like that anymore - buyers are typically both working and don't have time to take off work to deal with contractors or to do the work themselves. They demand move in ready homes.

One thing to keep in mind - in a year, is your newly renovated kitchen and baths going to be newly renovated and still in great shape?

Hope that helps. If you have any further questions, feel free to call me or email again.
Web Reference: http://www.YourSTLHome.com
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