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Buyer’s Club Live – State of the Market Update w/ Matt Becker – January 2024

    Dive into the St. Louis Real

    Estate Market Update with Matthew Becker, Magnolia's Real Estates Broker and Insider!

    Buckle up, St. Louis! The year is 2024, and your local housing market is ready to rocket. Forget dusty, dry reports – let's crack open the vault with Matt. He's got intel on juicy trends, sizzling inventory, and red flags to avoid.

    Market Momentum: Matthew Becker paints a promising picture for early 2024. Interest rates are dipping, making mortgages more palatable, and buyer activity is on the rise. He anticipates a vibrant January and February, encouraging both sellers and buyers to capitalize on the momentum.

    • Interest Rates: Down 0.5% since Q4 2023, boosting affordability and buyer activity.
    • Sale Volume: Projected to increase 5% in January and February compared to the same period in 2023.
    • Median Days on Market: Down 10% across all price points, indicating faster buying decisions.

    Inventory Remains Tight: While more houses are entering the market, the under-$250,000 segment remains fiercely competitive. Be prepared for quick action and potentially multiple offers if you’re targeting this price range.

    • Overall Increase: 4% more listings year-over-year
    • Tight Availability: Sub-$250,000 segment experiences significant demand, with an average of 1.5 offers per listing.
    • Hot Zones: St. Charles County and select high-end neighborhoods see quick sales and strong price growth.

    Interest Rates: Your New Best Friend: The recent rate drop is a game-changer, increasing affordability and allowing buyers to breathe easier with lower monthly payments. Matt even hints at lenders offering special incentives for qualified borrowers – talk to your mortgage broker to unlock potential savings.

    • Average Mortgage Rate: 5.2%, down from 5.7% in Q4 2023.
    • Monthly Savings: For a $250,000 loan, the rate drop translates to roughly $125 less in monthly payments.

    Hot Zones for Savvy Investors: St. Charles County’s sub-$250,000 homes are flying off the shelves, promising strong returns. For a more luxurious approach, consider spacious four-bedroom properties in affluent neighborhoods – they offer long-term value and consistent demand.

    HOA Fees: Friend or Foe? Rising HOA fees are becoming a growing concern, particularly for condos and townhomes. Matt urges buyers to meticulously research fees and potential future increases before committing. Transparency is key – ask questions, and don’t be afraid to negotiate.

    • HOA Fees: Average annual increase of 3%, with significant variations depending on the complex.

    Honesty is the Golden Rule: Whether you’re buying or selling, transparency is paramount. Sellers, disclose any known property issues upfront, even minor ones. Buyers, beware of unfinished renovations and potential hidden problems – a thorough inspection is your best friend.

    • Staging for Success: While Matt champions the power of staging, he emphasizes its role in highlighting, not masking, renovation quality. Don’t get seduced by temporary tricks – the improvements themselves should be the true selling point. Real beauty comes from within those newly-painted walls, not borrowed accessories.

    Bonus Round: Laughter is the Best Investment: This isn’t a dusty economics textbook, folks! Matt spices things up with his own experiences, like the time he (almost) snagged a grandma-style ranch house in a bidding war worthy of a reality show. He also drops gems like “gray and white fatigue” (move over, shiplap!) and the importance of injecting some character into your renovations.

    So, there you have it – a whirlwind tour of St. Louis’s sizzling real estate scene, straight from the lips of an insider and Top Broker in St. Louis. Whether you’re a seasoned investor, a nervous first-timer, or just a curious neighbor, Matt’s got something for everyone. Now grab your metaphorical hard hat and dive in – this market’s ready to boom!

    Remember, this is just the tip of the iceberg. If you’re hungry for more, grab a coffee and chat with Matt. He’s got enough insider knowledge to fill a mansion, and he’s always happy to share the wealth (of information, of course!).

    Let the St. Louis real estate adventure begin!