ResalesMeet Homebuyers In St. Louis
St. Louis, Missouri has enjoyed a steady increase in property values in one of the country"s most charming and interesting historical areas - St. Louis County.
"The real estate market continues to be tremendously active," says Realtor Marie P. Farnsworth. "Homes that are priced at or near market value are selling the first week for full price or more. Many sellers are receiving multiple offers. Home buyers need to keep up with the new listings if they are serious about purchasing a home this summer."
Says Realtor Rob Schwitz, "In larger part as a reaction to market uncertainties, banks and appraisers have tightened underwriting standards, especially for buyers with below average credit scores and/or high loan to value ratios, i.e. low down payments. Loan preapproval letters prior to a buyer making an offer are more important now than ever."
Property values have skyrocketed in the heart of St. Louis County.
"One of the most unique selling areas in St. Louis County are the communities of Webster Groves and Kirkwood, which include the cities of Glendale, Oakland and Warson Woods," says Realtor Ginger Fawcett. "Affectionately known as "Beaver Cleaver" land due to the strong sense of community and the "small town feel in a big city" concept, this area has been one of the hottest markets in the County for nearly a decade.
"Property values have been steadily increasing from 5-10% per year and there is no end in sight," she says. "It is quite commonplace for sellers to receive multiple offers at the first open house which means competition is fierce and having an agent who knows the area is almost a prerequisite!
"With the average age of homes from 50-100+ years there is quite an assortment of updated vs. fixer upper properties," continues Fawcett. "The architectural styles include a mixture of historic century Victorian homes, traditional two stories, bungalows, and everything in between. Pricing varies significantly dependent upon the amenities and upgrades in a given home with a range anywhere from $100-225 per square foot."
Fawcett cautions, "Newcomers to the area will discover it can be a daunting task to determine the market value of homes in this area as often, two homes right next door to each other, with the same square footage, can vary by tens of thousands of dollars. However, the "fixer-uppers" sell as quickly as updated homes since the area is a magnet for individuals with a desire to renovate and update. "Sweat equity" can really pay off in this community. The local home stores and gardening centers are simply swamped on the weekends as owners contemplate their next renovation project."
"There is also a strong sense of community in the area with most homes in walking distance to schools, churches, parks, and the historic downtown shops where friends gather to socialize or to simply enjoy a snow cone on a hot summer day," says Fawcett. "The central location means significantly reduced commuting times as well as easy access to the entire metro-area. Downtown is just ten minutes away and with two major highways bordering the community you can access West, South and North County in just minutes as well."
She invites, "So if you"re looking for a place to call home with quality of life, a central location, and an area where neighbors are not only friendly, but truly friends, the storybook communities in the Webster Groves and Kirkwood area are a place you"ll definitely want to explore!"
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