Despite rising interest rates, spring has sprung early for Missouri’s housing market. That’s according to Andrea Sheridan, President of the Missouri Association of Realtors. She said many houses are not staying on the market for very long.
“I think that’s happening coast to coast,” she said. “But what we’re seeing here in Missouri is another insurgence of houses selling in 24 to 48 hours. And when homes are priced correctly, they’re seeing multiple offers.”
She said speed is the name of the game.
“So we’re really solidly entrenched in a seller’s market with it only taking one to two months to sell the inventory that we have available,” she said.
Sheridan points to a couple of reasons.
“Housing is something that’s always needed,” she said. “People are always relocating, needing a house, things like that. And what happened is after 2008, a lot of the builders either slowed down their building production or stopped building completely. And so, we had several million homes that were never born, which then accelerated that housing shortage that we’re seeing.”
Sheridan said some properties are even selling before homes hit the market.
Interest rates are currently about 6.7% for a 30-year fixed mortgage, with a roughly 5.3% rate expected by the end of the year.
According to Sheridan, the price appreciation of homes have climbed dramatically over the last couple of years.
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