Fast pace sales in the fall St Louis real estate market is beginning to lead to a “luxury problem” for home buyers: lack of inventory.
Obviously this is going to vary based on what market and how narrow a buyer’s search criteria is.
Good buyer’s agents work hard in times like this to poll other local agents to find prospective listings for buyer’s to view, since good agents know about their ‘pipeline’ of listings months in advance. Viewings can be arranged in advance of the home going on the market, and the buyer can take advantage of additional variety to choose from. The downside to this type of prospecting is that homes “pre-listing” periods often times catch the seller when they may have less realistic pricing. The lack of inventory gives them a sense of confidence that may not be respected by an appraiser weeks later. Another option is to look through the expired listings. Homes that were listed earlier in the year are often just waiting for the chance to sell. Reaching out to them can produce a prospective home for a buyer and having already been listed unsuccessfuly, the seller may be ready to deal.
What’s a buyer to do?
Good professional consultation about the market is important. An opinion is one of the easiest things to get: Mom and Dad, bus drivers, homeless people, cashiers and undertakers all have opinions on what home buyer should do. Home buyer’s should be careful that the opinion being offered is an informed, relevant, and timely idea from a local professional that is actively working in the local market a buyer wants, presently.
Lastly, a good general suggestion is to have patience. Obviously convenience and timing are important for making transitions smooth, but buying the right home is something that a buyer will enjoy the most ESPECIALLY when its time to sell. There are some situations where now means now, but often times the hard and fast deadline for home buyer’s is something that isn’t as hard and fast as it is presented. Landlords will often extend leases, and temporary housing is available when the right home just isn’t there.
HAPPY HOLIDAY HUNTING from StL Buyer Guide!
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