As the housing market cools, experts are bearish about it heading into the new year. 2023 will see significantly lower prices for homes in St Louis, mainly caused by a mixture of economic downturn and a market correction.
St Louis, MI – Leading cash for home buying service I Buy Stl has warned that housing prices will continue to decline through the remaining days of 2022 and well into 2023. That means homeowners on the fence about selling shouldn’t hold out on the sale any longer. It is recommended to sell sooner rather than later. The company has said, “We buy houses St. Louis and will pay for your home. However, if you wait any longer, you may end up with less cash for it than you would today.”
The average price of a home is 2% lower than it was when it peaked in June. According to real estate reporting company Black Knight, the prices are cooling rapidly after they peaked in 97 of the country's 100 largest real estate markets. While there are still around 40% more than they were this time in 2019, they are lower compared to early on the year.
The growth rate is rapidly cooling, with CoreLogic reporting that people can expect to sell for lower prices as the market moves into the new year. However, this is also the lowest annual appreciation since April 2021. Mainly cooling buyer demand because of higher mortgage rates means things will only worsen before there are signs of improvement. The market will continue to shrink till August 2023.
Readers can get a no-obligation offer for their homes by visiting I Buy Stl at https://www.ibuystl.com.
“If you are thinking, should I sell my house fast, St Louis, then yes, you should, as the market is shrinking. Now is the best time to sell. Fortunately, buy houses St. Louis for cash and can close within a few days of you accepting our offer. In other words, we absorb the risk you might otherwise take by holding off on the sale,” said a representative for I Buy STL.
About I Buy Stl
I Buy STL is one of the most reputed cash-for-home-buying companies in the US. The company has a reputation for making fair cash offers on homes of all types and sizes. Plus, I Buy STL makes all cash offers for homes across the state.
SOURCE: Press Advantage [Link]
IBuySTL has been recognized as one of the top buyers of houses in Missouri. We’ve bought and sold hundreds of homes throughout St. Louis and the surrounding areas.
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