“There’s Never Been A Better Time To Sell Homes”

Local realtor predicts very strong real estate market with floodgates opening in March

by Julie Brown Patton

While home sellers love to list properties when new flowers are blooming, a local realtor says listing during the spring season might also mean more competition.

“It’s always challenging to convince sellers that the spring market actually begins every year during the first week of January,” said Katie Dooley Curran, a St. Louis County realtor and Compass St. Louis founding partner.

Curran predicts a very strong real estate market again for the rest of 2022, and said she believes the flood gates will open in March due to a lack of residential inventory for the first two months of this year.

A January 2022 report from membership association St. Louis Realtors revealed this year’s real estate market began where last year’s left off, in which existing home sales reached their highest level since 2006.

The report, which combined statistics from St. Louis County and the city of St. Louis, predicts that 2022 will be challenging, with the inventory of existing homes at the lowest level recorded since 1999.

New listings decreased 11% for residential homes, but increased 5% for townhouse/condo homes. Inventory also decreased 26% for residential homes and 42.3% for townhouse/ condos. Houses are also selling faster in both categories.

With a limited market, sale prices are edging upwards. According to the study, the average residential property in the month of January 2022 sold for $254,195, an 8.2% increase from January 2021.

With lower inventory in the St. Louis region, Curran said she tells her clients to trust the process.

“My approach begins by educating buyers and getting them prepared to possibly compete for their dream home,” she said. “I’m constantly networking to identify unique and often hidden opportunities. My clients know

Curran said there’s never been a better time to sell a house. She confirmed that the Webster Groves-Kirkwood

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“The people are just a few reasons why our community continues to be appealing,” she said.

Curran said she believes the Webster Groves-Kirkwood area real estate market will continue to appreciate during 2022.

“Interest rates are still historically low, which enables buyers to purchase larger homes,” she said. “Buyers are enjoying maximum returns on their investment. Inventory is at a record low and demand is extraordinarily high.

“However, homes are more than just an investment,” she added. “Homes are a place where families are raised and memories are made.”

According to Freddie Mac, the national average commitment rate for a 30-year conventional fixed-rate mortgage was 3.45% in January 2022, compared to 3.10% in December 2021. That interest rate was 2.74% in January 2021.

Proper preparation of a house often results in multiple contract offers, with the seller being able to have maximum leverage, according to Curran. However, sellers can earn significantly more by applying new paint and minimizing furniture, she added.

Regarding whether home prices will rise, stabilize or fall during the second quarter of this year, Curran said home prices should never be priced higher than the “comps” — comparable properties in the area in which people are looking to buy or sell.

“You must price accordingly. Once you become active, the market will always tell you what you’re worth,” she said.

As time goes on and inventory increases, Curran said prices should stabilize as buyers spread out.

“The past two summers stayed strong, which is not typical,” she said.

She added that today’s buyers are much more educated, savvy and discriminating.

“I think the past two years have taught