The Real Cost of Waiting: Should You Sell Your St. Louis Home Now or Hold Out for a Better Market?

Should I sell my home now or wait? It’s a question many St. Louis homeowners are asking, especially with mixed news about mortgage rates and the uncertain state of the economy. The truth is that for some homeowners, now is the perfect time to sell, while others may be better off waiting. An honest real estate agent will be able to walk you through the pros and cons, and keep your best interest at heart while helping you make a decision.

Here, we will go over some of the advantages and drawbacks to selling in the near future.  

There are several good reasons why homeowners may want to consider selling in today’s market:

The Chance to Turn a Substantial Profit

With the median sales price of St. Louis homes being 8.1% higher than last year at this time and nearly 40% higher than in 2020, selling a home today often results in a good amount of equity. As long as sellers have lived in their home for 5-10 years or longer, they should come away with cash to put down on the next purchase, or to downsize and enjoy more financial freedom.

Buyers are Eagerly Looking for Homes in St. Louis

There are good reasons why St. Louis was recently deemed one of the hottest housing markets. 

Buyers seeking plenty of job opportunities, a low cost of living, and a low risk of major natural disasters are flocking to the area in search of their dream home. With a limited inventory on the market, most homes are selling in less than 30 days. 

Interest Rates are on a Downward Slide

While still not lower than pre-pandemic, mortgage rates have dropped to around 6.58% on 30-year fixed home loans, which is below what they’ve been since October 2024. It may be a good time to sell and lock in a loan on your next home — before rates go up again. 

Selling a Non-Primary Residence

If you have been thinking of selling a second home, rental property, or an extra home you’ve inherited, now may be a good time. With no pressure to make another purchase, selling simply means being able to pocket or invest substantial profits.

Life Doesn’t Wait for a “Perfect Market”

Asking “Should I sell my house now or wait” doesn’t make much sense if your job is relocating or the kids need to be in a different school district. When selling is an absolute must, the most important thing is to price your home so it attracts qualified buyers, and to work with a realtor who can make the process go as smoothly as possible.

Selling doesn’t always make sense financially, such as in the following scenarios:

There’s Not Enough Built up Equity

Homeowners who haven’t lived in a house long enough for it to gain substantial value risk not coming away with enough profit to put down on the next purchase. The same could apply to anyone trying to sell in a neighborhood where home values have remained stagnant or declined. If moving means not being able to afford the next home comfortably, it’s probably not the best financial move.

Employment in an Unstable Industry

In an era where AI is taking over many positions, along with the possibility of a recession, it doesn’t make sense to jump into a financially risky home purchase if there’s any concerns about job stability. Unless you would sell to downsize, it’s generally safer to stay put in a home with manageable payments. 

The Cost of Selling a Home Will Reduce Profits

There’s more to selling a house than sticking a sign in the yard and accepting a check from a buyer. It costs money to make any needed repairs, spruce up landscaping to boost curb appeal, and stage the home so it appeals to buyers. In addition, realtor commissions, inspection fees, closing costs, and prorated taxes are all expenses that will be deducted from your profit. If the total cost of selling a home puts you in the red, it will be difficult to afford another purchase. 

Some homeowners fear they need to make a move before the real estate bubble bursts, but in order for the housing market to crash, prices have to drop drastically and inventory has to grow substantially. Fortunately, there is no evidence that this is happening in the St. Louis area. While July’s inventory of homes was up nearly 5% from last year at this time, the average sales price for homes sold was up 8%. The corresponding rise in both inventory and sales has been consistent for the past several months, and is expected to stay that way for the remainder of the year.

And while 2026 is predicted to bring a slightly lower increase in home prices, the demand for housing will continue to outpace inventory. Also, mortgage rates will likely not fall below 6% next year, so there’s really not much of a difference between selling this year or next year. The right time should be whatever makes sense financially.

When deciding if it’s time to sell, many homeowners assume that saying yes means it goes on the market right away. The truth is that getting a home prepared for showings can take quite a bit of time as well as enough money to get it ready to sell. Listing a home requires:

Decluttering and deep cleaning. A Top Agent Insights study by Homelight found that a decluttered home can add as much as $6,500 to a sales price, and a deep clean can add $3,700. It’s worth it to take time to clean the house from top to bottom to maximize profits.

Replacing broken fixtures and appliances. Doorknobs, handles, lights, and even the microwave need to be functional to impress buyers. These are easy to replace or repair, but can be time consuming.

Painting and power washing. Buyers notice fresh, clean surfaces both inside and outside. This may take a couple of weekends of hard work, but will be worth it in the end. 

Landscaping. You get one chance to make a first impression. Pulling weeds and planting new shrubs can boost curb appeal enough to draw buyer interest as they drive by. 

All of this could take several months to a year, which means longer to pay down a mortgage, to save for a down payment, and possibly even land a more secure job. Long story short: Homeowners shouldn’t write off selling while the market is hot just because now doesn’t seem like the perfect time. It may be possible to start taking steps now and be ready to sell within a year or so.

Selling in today’s market requires knowing your home’s worth and pricing it accordingly. Overpricing will turn buyers away, while underpricing will reduce your profits. A knowledgeable realtor will know what buyers are willing to pay for a home like yours, and will have all the marketing tools available to get it in front of the right audience. They will be by your side throughout the selling process, until you can rest easy that your home is being sold to the right buyer for the right price. 

Whether you’re ready to list your home or just want to talk it over with an honest expert, contact the agents of Berkshire Hathaway HomeServices Select Properties today.