My listing in Lake St. Louis closed two weeks ago. If you aren’t keeping up with the day to day of the real estate market here are the details of their sale to give you some insight into how homes are performing on the market right now.
I listed the this townhome the first week of February for $285,000.
- We received six offers within the first 48 hours. All of these came in following the open house I hosted on day two of the listing.
- Three of those offers were all cash.
- Four of the offers were submitted by investors.
- All but one offer waived repairs or asked for limited repairs.
- All offers accommodated a four week or less close.
We ultimately ended at a sale price of $290,000 with no repairs requested and a same month closing date. At the time, it was only one of two properties in the entire Wentzville school district listed under $300k with three plus bedrooms. Not much has changed in the last six weeks, as of today there are only four properties listed with these same parameters (not including new build options).
So what does all this mean?
- There are still virtually no listings but there are also less active buyers. The buyers that are left are smart about what they are offering but they are also typically pretty serious.
- If your home is priced well (just under market value works best) and marketed properly, you can still have a great selling experience even with less active buyers in the market.
