Is It a Buyer’s or Seller’s Market in St. Louis?

Currently, the St. Louis market is a strong seller’s market. There are more people looking to buy a house than sell a house right now, giving sellers the upper hand. Homes are selling quickly, and often for top dollar.

How Long Does It Take To Buy a House in St. Louis?

It depends, and it’s always negotiable. If you’re using a conventional, FHA, or VA loan, the process is typically 30-45 days from writing an offer to closing. If you’re paying with cash, you can close in as little as 10-14 days. If you need extra time, we’ve had some clients opt for a 3-6+ month closing date, but the sellers have to agree to it.

How Much Money Do I Need Saved To Buy a House?

First, you’ll want to save for your down payment, which is typically 5% of the purchase price. Some loan programs allow less than 5%. You’ll also want to save for closing costs, which can range from 1-2+% of the purchase price on average. Lastly, there are other important but optional costs involved with purchasing a home you may want to plan for, including inspections, surveys, moving companies, etc.

It’s always a good idea to save for closing costs and have 6+ months’ worth of mortgage payments in reserves.

Do I Have to Put 20% Down?

No! A traditional conventional loan requires a minimum of 5% down. Some loan products even allow a 0-3% down payment. While it might sound nice to buy a house with $0 down, remember to budget for closing costs. It is important to note that if you put less than 20% down, you will have to pay PMI, private mortgage insurance.