St. Louis, Missouri is the largest city in Missouri, with the 2010 census estimating the population at 319,294. The estimated population of the city and suburban area combined is 2,812,896, making it the 18th most populated metropolitan area in the country. And with such a large amount of people, it’s no wonder that the St. Louis real estate market is so diverse. You can find low-end neighborhoods, high-end neighborhoods and anything in between. You can find new builds or old, turn-of-the-century homes. And you can find Saint Louis real estate in the city or in the suburbs. Whatever it is you are looking for in a home, you can find in St. Louis, Missouri.
As is the case with most large cities in the U.S., the St. Louis, MO. real estate market has taken a hit in the last few years. The market was at its high point in 2006, with the median sold home price reaching $165,000. Since that time, the market has dropped, reaching its lowest price in the past 7 years in 2011. The median price of a home hit just below $100,000. While this may be bad news for anyone who bought high in 2006, this is great news for anyone looking to purchase St. Louis homes for sale. Whether you are looking to enter the real estate market for the first time, upgrade to a new home or buy investment property, there is no better time than now. Homes for sale in St Louis, Missouri are priced low and interest rates are equally as low. Now is a great time to purchase a home for sale in St Louis.
Before searching for St Louis houses for sale, you first must decide which St. Louis neighborhood or neighborhoods you want to focus your search on. St. Louis is a large metropolitan city with several smaller, suburban cities. Each city is different and though they may only be miles from each other, can offer a different living environment all together. The school districts, parks and recreation, shopping, entertainment and taxes can vary from one suburban city to the next. And as such, the price of homes for sale St Louis MO can drastically change from one city to the next. Researching each neighborhood and paying attention to the average home price, school district and amenities each city offers can help you narrow down your search and find the best St. Louis neighborhood for you to focus your real estate search in.
St. Louis County has a population of 992,408, according to the 2010 US census. The area is a middle-class area, with the average income totaling $56,862 in 2009, with the state’s average totaling $45,229. While the St Louis county real estate market has bounced around from quarter to quarter over the past 7 years, it is one of the few areas where St Louis real estate for sale has remained fairly steady. In 2006, the median price of a home sold in St. Louis County was $135,000 and this price remained about the same in 2007 and 2008. In 2009, the market took a downturn, when the median sold price hit $120,000, but the market quickly rebounded and in 2010 and 2011 the price remained at about $135,000. Unfortunately, while the price of the St Louis county real estate market has remained steady, the number of homes sold per month has dropped. In 2006 and early 2007, almost 8,000 homes were being sold a month in St. Louis County. That number has continued to decline and hit decade lows in 2011, with an average of slightly less than 2000 homes per month being sold that year. While this may be bad if you are trying to sell a home, it is great news for anyone looking to buy a home for sale St Louis Mo; it is definitely a buyer’s market!
If you are looking to buy real estate St Louis Mo, you should be working with St Louis real estate agents.
St Louis real estate agents can help you find real estate for sale St Louis and match your wants and needs up with the perfect home. While you can always attempt to find real estate in St Louis Missouri yourself, by searching through real estate listings in the newspaper and on the Internet, this can be very time consuming. Additionally, the information can be outdated or incorrect. St Louis real estate agents can search the MLS Saint Louis on a daily basis to find current and up-to-date St. Louis real estate listings. This means you can find new homes and foreclosures on the market or homes that have recently had their prices reduced. If you need help finding real estate agents in St Louis MO, HomeFinderSTL.com can help.
The economy has left many people unable to afford their homes. And because of the price drop in the housing market and the amount of time homes are sitting on the market, many people are unable to sell or even short sell their homes. This means they come on the market as foreclosures. Currently, there are over 2500 pre-foreclosure and foreclosure homes in St. Louis. Purchasing a foreclosure is a great way to score an excellent deal on a home. Foreclosures are typically priced to move quickly, usually selling for a lower price per square foot than the average market price. If you are interested in purchasing a foreclosure, it is highly advisable that you work with real estate agents St Louis MO. The realtor can check Saint Louis real estate listings and advise you when a new foreclosure hits the market and advise you on how to proceed. Additionally, working with banks on a foreclosure home can be a lengthy and difficult process. Many banks miss deadlines, take a long time to respond to offers or pit home bidders against each other to drive the foreclosure price up higher. A real estate agent can best advise you on the situation and ensure you get the best possible price on a foreclosure.
Nobody likes to talk about property or real estate taxes. However, they come with the territory of owning real estate, so they must be talked about. The amount of St. Louis real estate taxes vary from city to city. One city may have a higher percentage real estate tax than another. The real estate tax is calculated based on the value of your property. The higher your home is assessed for, the more you owe. In St. Louis, homes are assessed every two years, on odd years (ie 2011, 2013, 2015.) Your home is valued and assessed based on a number of different factors, such as size, age, construction materials and the selling price of other real estate listings St. Louis. If you disagree with the assessment, you can dispute it and have your case heard and possibly reassessed. It is important to do your homework or ask your realtor to ensure you can afford both the house payment and taxes.