The St. Louis real estate market is on the upswing, boosting home values and making it possible for homeowners to reassess the value of their home.
Because of a shortage of homes on the market, St. Louis home buyers are facing limited choices. 2013 saw the best rise in home sales since 2008 and that momentum has continued into this year. If you are still battling with an unbalanced mortgage, now is a good time to have its worth reassessed.
Home Buyers Entering the St. Louis Real Estate Market
With a steadily rising stock market and a mortgage rate of 4.3% that promises to raise, home buyers are steadily entering into the St. Louis market. By using services such as the Better Rate Mortgage TBD mortgage approval program, potential St. Louis home buyers are entering the market with confidence, knowing beforehand exactly how much house they are able to afford. This also gives home sellers some peace of mind, knowing that buyers viewing their home have already been screened for pre-approval. No last minute back-outs due to an unforeseen bank denial.
The media is reporting that the St. Louis real estate market is steadily gaining strength, especially in areas like St. Louis where new job opportunities on the horizon are giving buyers the confidence to commit to a mortgage. This imbalance of supply versus demand is creating a market where one home is receiving multiple offers, driving the home values in the area upwards.
St. Louis Sellers Market Boosts Home Values
As the threat of an increasing mortgage rate continues to loom around the corner, more and more potential buyers are attempting to lock in now at a rate that is still historically low on a 30-year fixed loan. Home sales are rising in all price ranges, offering more opportunities to buyers who are pre-qualified by TBD programs like the Better Rate Mortgage approval program.
This type of news is most advantageous to those St. Louis home owners still tied down to a mortgage value that is greater than their homes worth. A sellers market such as this one boosts home values, making it feasible that you can sell your home for a price that will cover the remainder of your mortgage. It has now become commonplace in St. Louis to see bidding wars on for sale homes, where the owner is able to accept offers above his original asking price.
A Stronger Economy and Low Interest Rates
Excited by the news of a strengthening economy and low interest rates on fixed loans, potential buyers are once again entering the real estate market. Talk with a qualified lender like Better Rate Mortgage first and get your approval before you start looking at homes. You will be better equipped to make offers with confidence when you have the mortgage approval part of the process already nailed down. Contact Better Rate Mortgage today. Call us at (314) 361-9979.