What can you expect from the St. Louis housing market in 2023?
How did the start of 2023 look for St. Louis?
As any winter season goes, St. Louis has had a slower home-selling season. However, 2023 seems slower than past years during the same time.
According to Redfin, the median number of days houses were on the market in January 2023 was 36 days. That’s an 11-day year-over-year (YoY) increase compared to last year.
The median sale price of homes has increased to $200,000, a 5.3% YoY increase.
289 homes were sold in January 2023, a 28.8% YoY decrease.
These numbers show that the high level of competition we’ve seen in the past couple of years has begun to slow down. Whether it be rising interest rates, inflation, or both, buyers are now willing to wait for houses to become more affordable. So, what should you be on the lookout for if you want to buy or sell a house in St. Louis, and if you need to sell fast, what are your options?
What if I want to buy or sell a house in St. Louis in 2023?
If you’re a buyer, it’s difficult to determine the affordability of a home when you consider the increasing interest rates that you’ll pay as well. According to Redfin, 24.9% of homes sold over the listing price, a 12.3% YoY decrease. However, as we mentioned before, the median price of houses is still increasing. This means that while you may be more likely be able to convince sellers to drop their prices, the cost for a house will still be pretty high.
For sellers, while the competition has died down a bit, kmov.com reports that homeowners are still getting a couple of buyers to bid on their houses. Some are offering certain benefits, such as covering repair costs, to close the deal. However, if the market continues its winter trend of closing sales slowly, it may be difficult to sell your house in St. Louis fast if you need to.
Local cash buyers are pros at fast home buying.
You can decide to wait a little longer for a bigger profit on your St. Louis house. However, that’s not everyone’s reason for selling. Other reasons could be that you are facing foreclosure, or that you need to sell while moving into a new house. In situations like this, you only have a short time to sell a house before things get too out of hand. If time is your biggest obstacle, companies that buy houses for cash can get the job done fast and easy.
You immediately save time and money with local, cash home buyers because most cover the cleaning and repairing costs. So, if you have a busted water heater or need to repaint certain walls, you can skip that altogether and still get an offer on your house.
The #1 home buyer in America can be your home-selling solution.
There are plenty of companies that buy houses for cash, and we understand that makes it difficult to decide which one to sell to. Out of the many to choose from in the St. Louis area, We Buy Ugly Houses® is America’s #1 home buyer.
Rookie buyers are more likely to run into a problem they don’t know how to solve—you can only learn so much with a few years of experience. For more than 25 years, America’s trusted home buyer has successfully purchased houses fast from homeowners, even at times when it looked like it couldn’t be done. Countless of our reviews describe the courteous and intelligent St. Louis property specialists who help walk each person through the entire process.
We buy houses “as is” fast, for all cash. We pay typical closing costs, charge you no commission, and promise no hidden or surprise fees at closing. And when we close, we close fast, sometimes in as little as 3 weeks.