Pumpkin Spice and Everything Nice

Happy October in Missouri! While you are out picking up your pumpkin spiced coffee, candles, beer, chewing gum etc.. have you noticed all the houses for sale? Odds are you haven’t seen as many because inventory is way down. Our region has seen residential listings drop by almost 50% since March, but demand for homes has tracked steady upward in that time. What does all of this mean? Demand is up, supply is down, which means prices are headed the opposite direction of grades for those of us who slept through 7th grade economics. Let’s take a look at the stats for Keller Williams in recent weeks:

For the last week of September, KW had 300 new listings, 243 new homes under contract, and 199 closings in the region. In the 3rd week of September, KW had 299 new listings, new homes under contract, and 221 closings. Translation: KW is still out there getting it done for their clients, but we still have entirely more buyers than sellers. The market will always dictate the real value of homes for sale and currently the market is highly competitive for buyers. If you’ve been thinking of selling your home, but you’re waiting for the hot season in March-May, take note: so are a bunch of other home owners. If you’d like to maximize the value of your home then now is the time to list while supply is so low and lenders are offering historically low rates. 

Speaking of historically low rates, Aaron Jernigan with Oakstar Bank, keeps our team updated on changes in the market. Right now, interest rates are incredible so if you have questions, click here to connect with Aaron. Clearly these enticing rates are driving folks toward buying a home now, because as much as we like to speculate on rate fluctuations nobody really knows what rates will look like even a few months down the road. 

So if you’ve been thinking of putting your jack o’lantern on a new front stoop. Click here to check out some of these great houses that may be what you are looking for or maybe get an idea of how much your current house could sell for.