Selling your house fast in Saint Louis just got easier!

Great news for stl homeowners

As of January 15th, 2010, the FHA (federal housing administration) has decided to waive its 90 day seasoning requirement.

This requirment made it more difficult for all homeowners to sell their houses and not just rehabbers.  Although the requirement only directly affected rehabbers (because investors 99.9% of the time are the only people that are trying to buy and sell a house in less than 3 months), it also has had a trickle down affect on the rest of the Saint Louis and nation’s real estate market. 

This is because the market obviously has been slantly in favor of buyers for the last couple of years.  When a buyer’s market ocurrs, their is a large build up of inventory (homes on the market) compared to people looking to buy a property. 

The subprime mess flooded our local market here in Saint Louis with foreclosed properties.  This flood caused the market to decline significantly.  The market will not be able to recover until the inventory of foreclosed homes goes back down to normal levels.  The FHA seasoning requirement was significantly reducing the opportunity for investors to turn properties quickly, and thus get everyone out of the mess that the banks created for us.

The FHA dropping this requirement is a great sign for St. Louis real estate, is the first sign that I have seen in a while that points towards a real estate recovery!

Click here to see the original post of this blog about no more seasoning for FHA buyers.  Our last blog was a tip about selling my house fast in saint louis