Your Guide to Missouri Real Estate Trends in 2021
With the world’s tallest arch, “The Gateway Arch,” towering above the world, the Show-Me State stands tall. Priding itself with the nation’s title for having best city for wage vs. job growth, Missouri is growing in stature.
Missouri is quickly becoming a preferred destination for young families and professionals alike. This has been attributed to the state’s affordable cost of living and thriving entertainment industry.
With Missouri’s attractiveness on the rise, this has had a knock-on effect on the real estate market in Missouri. The state’s affordability is at 1.02, well above the market’s average. Missouri real estate market trends are projecting an influx of buyers.
If you’re a first-time owner searching for a house or considering moving? Here are a few current real estate trends in Missouri that may factor in your final decision. Luckily it is even more convenient to do online home refinancing since pandemic has made remote closings more popular, and a number of states now allow remote online notarization
Your Guide to Missouri Real Estate Trends in 2021
Housing Demand
Missouri real estate trends put the housing demand on an upward trajectory. Compared to the previous year, the sale of houses above the listing price is high. Bidding wars are more common now, and this indicates a competitive market.
In Barnhart, houses are selling faster and at a higher value than the listing price. Homes are getting multiple offers and spending less time on the market. This means it’s a sellers’ market in August.
The number of houses sold indicates a competitive market, while fewer houses sold means a less competitive market.
Housing Supply
Are there enough homes in the market? With the “we buy houses” adverts in your locality tripling, is this an indication of an increase in homes for sale or demand for houses to buy?
The direction and speed with which housing supply changes shows if a purchasers’ options are expanding or contracting. With the beginning of the pandemic, the national supply of houses plummeted. Houses available for sale or rent are very few when compared to the demand.
Missouri is no different. The number of new listings is moderately rising compared to the start of the year. But on the grand scale, the number of listings is falling year to year.
Mortgage Rates
Are you dreaming of owning a house in Missouri? Consider the mortgage cost. The biggest determiner when getting a mortgage is the down payment. You’ll likely get a better rate by saving up for a down payment, as lenders typically offer better rates with a reasonable down payment.
Many lenders will request an appraisal as part of the mortgage procedure to determine the property’s fair market value. On a buy transaction, this ensures you’re not paying more for a home than it’s worth, and on a refinance deal, it confirms the amount of equity accessible.
The Missouri mortgage rates have remained stable. This indicates it’s a better time to consider taking a mortgage or refinancing.
Make an Informed Choice Regarding Missouri Real Estate
Armed with the above-discussed trends, you are primed to make the best possible choice.
Seeing how Missouri real estate is red hot right now, buying or selling a home in Missouri has never been as attractive.
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