Due to a recent shift in the housing market, some homes in St. Louis are taking longer to sell. According to Realtors, it started over a year ago. That’s when the luxury market began to slow. Since then it has become a buyer’s market.
According to KMOV4, Homes that need work, such as a new bathroom or an updated kitchen, tend to stay on the market longer.
The channel reports that the trend is also occurring in Jefferson County and the rest of Saint Louis County. One realtor who says she focuses on West County reported that houses over $800,000 take much longer to sell these days. Conversely, homes under $300,000 are selling quickly with multiple offers.
One realtor put the pivot point at $700,000. He currently has a listing for historic home renovated in the Central West End that hasn’t shown much movement. Sell it he had to drop the price by $350,000.
Buyers Are Getting Much Pickier
Buyers are now growing increasingly pickier. They expect turnkey homes for their money. Other buyers are simply opting for a simpler life in a condo or apartment where home maintenance is less of an issue.
The idea of moving into a home without having to do any renovations appeals to a lot of buyers, especially since there’s more on the market right now.
Options for Those Who Need to Sell Fast
If a homeowner has to sell their home quickly but doesn’t have the time to fix it up, there are other options available. They could consider a company that buys homes for cash, then fixes them up for resale.
If the homeowner isn’t quite ready to let the home go for what the market’s willing to pay, they could try moderate renovations or rent out the home if they’re leaving the area.
Average Cost of Home Improvements in Saint Louis?
In the Saint Louis area, home improvements range from $20,600 to $62,000, according to a local remodeler. It all depends on the amount of work needed whether the owner is likely to recoup the expense when the home is sold.
Ultimately, it’s up to the homeowner whether to wait for a seller’s market, discount the price of the home, sell to a company that rehabilitates homes or rent out their property. Talking to a local Realtor may help put all the options into perspective.