Good news for St. Louis homebuyers! While those sky-high interest rates are still a pain point, they’re finally starting to cool the market, and that means sellers are cutting prices at a record pace.

Here’s the scoop:

• 20% of St. Louis homes had a price drop last month, according to Redfin. That’s the highest percentage ever recorded!
• The average price drop was nearly 7%, making those dream homes a little more affordable.
• While interest rates are still hovering around high 6% – low 7%, sellers are realizing they need to adjust their expectations to meet the new reality.

What does this mean for you?

• More negotiating power: With sellers dropping prices, you have more room to bargain and potentially snag that perfect home for a fair price.
• Less competition: The days of bidding wars are (hopefully) over. You can take your time, find the right home, and make an offer without feeling pressured.
• Be patient: While prices are dropping, the market is still adjusting. Don’t expect a fire sale, but be prepared to see some great deals in the coming months.

Here are some tips for navigating the St. Louis market:

• Get pre-approved for a mortgage: Knowing your budget will give you an edge and save you time.
• Work with a local real estate agent: They know the market and can help you find the best deals.
• Be flexible: Don’t get hung up on one specific house. There are plenty of great options out there.
• Move quickly when you find the right home: The market is still competitive, so don’t wait too long to make an offer.

Remember, buying a home is a big decision. Don’t rush into anything, but don’t be afraid to take advantage of this buyer’s market. With a little patience and strategy, you could find your dream home at a great price!

Bonus: Keep an eye on St. Louis suburbs and smaller towns. They often have more affordable options and are seeing less competition than the city center.

I hope this helps! Happy house hunting!

Written by: Carlson Mortgage – a top-rated St. Louis mortgage broker providing home loans in the state of Missouri. We are routinely ranked as a #1 mortgage broker in Missouri on Yelp, Google and Zillow. We can be reached at (314) 329-7314 seven days a week.

Our loan application can be found here or you can call us at 314-329-7314 to speak with one of our mortgage loan officers. Also, here is our pre-approval page, if you are looking to buy a home or need a referral to a top real estate agent.

Let us be your source for some of the lowest mortgage interest rates in St. Louis on first-time home buyer, conventional, FHA, Veterans (VA), Jumbo and condominium (condo/town home) financing. Since 2004, our loan officers have been providing home loans and mortgage services in St. Louis that are tailored individually to your unique needs and to your financial situation.  Call us today to inquire about home loan interest rates, to get pre-approved for a purchase or a refinance mortgage, or if you have any general mortgage lending questions.