My thoughts are with everyone in St Louis and the world over who is dealing with the many effects of the coronavirus, especially those who are sick and suffering and their caretakers.
With a Stay-at-Home Order in effect the last 10 days for most of the STL Metro, (1) housing is considered an Essential Business, and is operational with certain restrictions, along with supporting services; and (2) folks in general can leave their homes to pursue buying, selling or renting during this time, while observing requisite precautions of distancing and gathering.
The 2 areas I am tracking are (1) Manchester near my office all prices, and (2) Wildwood just north of Eureka from $400k-800k, both about a mile square. Since a week ago in these squares:
– New to market – 4 in Manchester from $155k to 325k, none in Wildwood
– Went under contract – 1 in Wildwood at $475k, none in Manchester
– Closed – 1 in Manchester at $340k, none in Wildwood
– Came off market – 1 in Manchester at $550k, none in Wildwood
– Current ratio of homes – 2 on market vs 8 under contract in Wildwood, and 9 on market vs 18 under contract in Manchester, both strong seller’s markets.
Additionally, I showed a buyer in the $150k-200k range this past weekend in Webster and SW city, and both homes I showed, or planned to show, had multiple offers and went under contract by Monday.
I am seeing a mixed bag of activity – some homes still coming on market, selling and closing, but seems like fewer are selling than normal at the height of the spring market. Good to see transactions still closing, with people taking precautions. This indicates a stable, moving market for homes in St Louis.
$2.2 Trillion relief package passed last week: Our National Realtor Association worked with Congress last week to include several benefits not just for Realtors, but for homeowners and small businesses. Mortgages backed by FHA, VA, Fannie Mae and Freddie Mac must honor reasonable requests by homeowners to delay mortgage payments up to a year, called forbearance. This does not mean everyone, and you must initiate the request. Foreclosures and evictions are restricted for 60 days. Contact your loan servicer for details. For businesses with less than 500 employees, forgivable loans up to $10,000 are available for hardship, even to sole proprietors and independent contractors, and higher amounts depending on payroll. Other benefits include the stimulus checks for many people, which I’m sure you are aware of; and up to $300 deduction on charitable giving without itemizing.
Gary Hoeferkamp, Broker - Owner of Hoeferkamp Real Estate 