Looking to Buy This Summer? Here’s What St. Louis Home Buyers Should Know
Summer is a very popular time for St. Louis home buyers. Families that have children like to take advantage of the time between the school year to find a new home, get settled into the new school district, and start fresh. However, purchasing in the summer also makes it a little bit trickier because there are more buyers in the market.
This year the real estate market has been as hot as the summer sun. If you’re thinking about buying here some things that St. Louis home buyers should know.
Summer can be a better time to buy than the spring
Even though summer is the busiest time in the real estate market, the truth is it’s still better than the spring. If you can wait to purchase towards the end of summer you might be able to find better deals than early in the summer because St. Louis home sellers are getting desperate to sell during the busy summer months. So, if you don’t need to get into a house right away consider hitting late summer early fall to see a drop in prices.
PMI is getting lower
If you don’t make a 20% down payment when you buy a house you will be required to pay for PMI. This is private mortgage insurance and it’s required by the lenders.
However, the cost of PMI is getting more affordable. This means if you have a low down payment your monthly mortgage payment is going to be getting cheaper as well.
Don’t get too caught up in DOM
Most St. Louis home buyers tend to pay attention to the number of days that a listing has been on the market. It is assumed that the longer house has been on the market then there might be something wrong with it.
However, it’s easy during a hot seller’s market to start to confuse what a normal DOM is. In these cases, many houses are selling within days of going on the market. But don’t let that make you afraid of houses that have been on the market for 30 days or longer.
Scout out the neighborhood
Summer is a great time to buy a St. Louis house because people tend to be outside and more active in the community. The warmer weather draws people out so be sure to drive through neighborhood you can get a feel for what it’s like. You’ll be able to see if there are kids in the area and if it’s a good fit for your family.
Come in with your best offer
Because you’re competing against all the other summer St. Louis home buyers it is best to come in with your strong is offer first. There is a chance that sellers are receiving multiple offers and you want to make sure that your offer stands out among the rest. Consider both the price you were offering and the terms that you are including in your offer to make it appeal to buyers.
If you really want to get into a house this summer you need to stay on top of the listings. Homes are moving fast. This is why St. Louis home buyers should check daily four new listing and schedule showings as soon as possible.
Keep in mind that you probably won’t have a lot of time to think about putting in an offer. If you want a St. Louis house you are most likely going to need to act fast.