Home Prices Down Again, Spring Looks Better
ST. LOUIS, Mo. (KMOX) - Housing prices are down again in the St. Louis metro area, about five percent. But Coldwell Banker Gundaker’s Regional Vice President Carole McCabe says the Spring could bring an end to that.
The supply of houses on the market is shrinking, and the number of pending home sales is increasing.
A national housing index, Case Schiller, is painting a bleaker picture for the nation. But it looks at only 20 cities and St. Louis isn’t one of them. Since the housing high in 2008, St. Louis has seen about a 13 percent drop in prices, compared to 34 percent across the country. McCabe says the key to St. Louis homeowners being able to sell their homes is to not over-improve them beyond a reasonable price for the neighborhood. A realtor can give advice on how much to improve a home. Kitchens and bathrooms are normally the places that are best to renovate. Routine maintenance, like landscaping and painting, need to be kept up for the house to sell for its full value.
It is too soon to say for sure if the decline in home prices will stop in the Spring, but activity in the market is picking up, and McCabe says it looks to become a stronger market for sellers.
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