Mo. housing market cranks up during warm weather

Warmer weather means more people are buying and selling houses, and March, April and May proved to be busy months in the housing market.

The number of homes sold in Missouri increased nearly 14 percent from March to April, according to data from the Missouri Realtors Association. The average selling price also increased from March to April, climbing more than 4 percent from $149,149 to $155,465.

Cape Girardeau County has been seeing a steady increase in the number of houses sold, said Rick Sinclair, president of the local Multiple Listing Service of the Cape Girardeau County Board of Realtors and a broker for Century 21 Ashland Realty.

The "almost-feeding frenzy" of homes on the market can be attributed to lower interest rates, banks being eager to lend and warmer weather, Sinclair said. The number of foreclosures has dwindled, and homes are priced right. The median price of homes statewide was unchanged from March to April at $125,000.

People like to list and purchase homes as school is letting out and into the summer months, Sinclair said, as opposed to earlier in the year, when lingering winter weather can put a damper on home sales.

Data from the Multiple Listing Service in early March showed 101 houses sold in Cape Girardeau County, northern Perry and Scott counties, and the eastern part of Bollinger County during January and February, compared to 137 during the same period last year.

People don't like to look for new homes, or for their homes to be seen, in bad weather, Sinclair said.

From the first of the year to the end of last month, 718 homes had been listed for sale in Cape Girardeau County, and 44 percent, or 316 homes, have been sold, according to data provided by the Cape Girardeau County Board of Realtors. Of those sold, 39 are new construction.

The average "sold price" of homes in Cape Girardeau County is $149,929 so far this year.

As home prices increase, it creates a win-win situation, Sinclair said.

People are receiving more money for their homes, and buyers see that prices are increasing, so they purchase houses cheaper while they can.

After the housing market struggled for years during and after the recession and buyers were able to purchase low-priced homes with even lower interest rates, Sinclair said it's slowly becoming a seller's market again.

Jane Myers, vice president/senior mortgage lender at The Bank of Missouri, said she has noticed many customers moving into the area and applying for housing loans.

Both 2013 and so far this year have been busy with mortgages and refinancing because interest rates have not yet increased as they have been expected to do, Myers said.

The interest rate for a 30-year mortgage is around 4.25 percent, according to Wells Fargo.

Construction rates also have remained low, and Myers said she has come across some people having trouble finding affordable property to build on.

Because the real estate landscape is transitioning to a seller's market, Sinclair suggests potential homebuyers look at fewer homes, get prequalified and be ready to make an offer.

"It's no longer a buyer's market where there's a lot of homes to choose from," he said.

The number of days a home stays on the market is lessening -- dropping from an average of 136 days in March to 131 days in April in Missouri -- and taking too much time shopping around could mean losing your preferred future home.

ashedd@semissourian.com

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