My take: St. Louis Housing Report November 2020

Inventory, inventory, inventory: inventory of single family homes in St. Louis (city and county) for sale are down 37% from November 2019.

  1. COVID-19 plays a large role in people not wanting to open their homes to strangers and the anticipation of a vaccine provides hope for a strong 2021 market.
  2. A lot of families have been limited in their mobility due to impacts to the labor markets, with uncertainly in employment, moving has been placed on hold.
  3. Catch-22: People don’t want to list their home without knowing they have the next home to go to, and with limited inventory, this is a risk people are not taking. Everyone is waiting on each other.

If you plan on moving in 2021, you can start now to prepare:

  1. Tackle any deferred home maintenance now, not only does it present your property best to buyers but a well maintained home attracts higher offers. You don’t want to wait for these items to show up in an inspection and possibly delay closing. Plan for delays in construction materials and ability to get contractors out. Starting on this now will help reduce stress when you are ready to get your home on the market.
  2. Start decluttering – what else are you going to do this winter stuck at home? Start by tackling one room or one closet at a time. Clean out the basement and the garage, placing items in storage bins provides a clean and organized space (remember, you want people to envision living in your home – that includes the storage areas).
  3. Talk to a RealtorĀ® to start discussing your goals for buying and selling. I am happy to talk now, even if you are just feeling out your options and not sure if moving is in your cards for 2021.

November in a nutshell: increased sales are going under contact faster, at higher prices (representing higher percent of list price received), even with lower interest rates St. Louis is experiencing more affordability challenges compared to 2019, inventory has ran low all year with November representing the lowest compared to November 2019, with overall months supply of inventory at half of 2018 levels.

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