Hello West County!  Happy November!  As I write this, there are talks in the news today mentioning the possibility of 40 or 50 year mortgages.  I haven’t had time yet to really sit and think about what that could look like for my buyers and the market.  However, who knows how that will all pan out.  What I do know is that we saw a little uptick in activity in the month of October as compared to September.  New listings were up, along with pending sales and closed sales for St. Louis County.  We did see in October the interest rates lower a little which might have motivated some buyers.  

The biggest increase of year-over-year change for October was average sales price which increased 10.3% to $445,000.  Another increase is the months supply of inventory.  An increase on this statistic means that houses are staying on the market longer and therefore have more months of inventory for the buyers out there.  Other indicators like percent of list price received and days on market still point more favorably to sellers but there are many other factors to take into consideration before applying that general statement to your neighborhood.  Some areas are in a neutral market while others still are seeing a strong sellers market.  

As we approach the slower cyclical season of real estate, if you are in the market to purchase a home, don’t be discouraged.  There are new listings popping up.  Many sellers want to sell before the end of the year as well.  Better deals can be found in the slower months as you are not up against as many other buyers so sellers should price accordingly for that.  If you are curious what your home is worth, click the link below and I’ll send you a personalized, free market analysis.  https://livingwestcounty.com/value/