The state’s housing market is very healthy, according to Missouri Realtors President Derek Schriewer.
“And we have seen the days on market go up,” he told Show Me Today. “Ultimately, it seems like both urban and rural are balancing a little bit. But ultimately, in a good position and the floor has not fallen out, per say.”
The Federal Reserve is expected to cut interest rates this week. If banks reduce their interest rates to match the Federal Reserve rate, then Schriewer thinks it will signal a very healthy housing market in 2025.
“But if interest rates remain where they are, I think affordability continues to tighten for the home purchaser,” he said.
Schriewer said buyers have loosened up post-election and are entering the market – signaling some confidence heading into 2025.
As for first-time home buyers, he said affordability is not dead for them. Schriewer said affordability has been an issue post-covid.
“The expectation of the buyer, of what they could expect in 19 versus what they can expect in 24 has changed. I think that has been a difficult reality of the buyer,” he said.
Schriewer said expectations need to be within reason of a home buyer’s income. He also encourages first-time home buyers to consider different mortgage options and programs that can help buyers to afford a down payment and home.
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