NAVIGATING SPRINGFIELD’S BOOMING REAL ESTATE MARKET
Now is a perfect time to buy—or sell—a home in 417-land. The market is competitive and choosing a neighborhood is a big decision. Let’s find you the perfect place to live.
BY BETH CAMPBELL
Apr 2018
*The following article was originally published on 417mag.com. Click here to view
Early this year, Springfield made national news when Forbes Magazine named it a “Best Buy City” in a story about where to invest in housing in 2018. Xennials and millennials are bypassing suburban life in favor of putting down roots in affordable “second cities,” like Springfield, where they can enjoy an urban lifestyle at an affordable price.
Local real estate agents are also feeling upbeat about home sales in the region this year, and we’ve gathered their best advice for people on the move in 417-land. Our experts all agree that market conditions are encouraging for buyers and sellers: the economy is strong, interest rates are low and the population is growing throughout the area. The market is competitive, though, so read on for ways to optimize your results.
Homing in on the Right Area
Choosing a neighborhood is a big decision. There are so many things to consider: school district, walkability, location, vibe and newer versus established neighborhoods—it can make your head spin. Plus, moving is expensive, so you want to get it right. A bird’s-eye view of Springfield gives a peek into the many unique and interesting neighborhoods in our town and highlights some of the perennially popular places to feather a nest. Pick one that suits your style, and the next move is yours!
Inventory Issues for Buyers
According to Sara Brodersen, a sales associate with Coldwell Banker, “the biggest challenge facing buyers is the relative lack of inventory.” Although the economy has been improving over the past several years, the recession of 2007 slowed—or halted entirely—new home construction, and local development did not keep pace with population growth. Fortunately, building has picked up again recently for planned subdivisions and individual custom homes, but finding land can be a challenge. “Builders are calling me to help them find empty lots,” says Angie Mullings, broker and owner of Century 21 Integrity Group.
“The biggest challenge facing buyers is the relative lack of inventory.”
— SARA BRODERSEN, SALES ASSOCIATE, COLDWELL BANKER
Existing homes are also in short supply, especially in the most desirable areas. “There is an extreme demand for properties that are close to amenities,” says Sonya Wells, an agent with The Firm Real Estate LLC. “The convenience factor is always a drawing card.” Certain Springfield neighborhoods will always be hot for that reason: Brentwood, Rountree, Southern Hills and Phelps Grove, to name a few. Buyers in these areas, especially, need to bring their game, because properties don’t stay on the market long. In fact, some homes sell through word of mouth and are never even listed. An energetic and well connected agent can help you find these hidden gems, but keep in mind, they might require some updating and remodeling.
Opportunities for Sellers
This strong demand for existing homes is driving up prices a bit and motivating some owners to think about selling while conditions are favorable. “Homes are selling at 97 percent of list,” Mullings says. But buyers are more demanding these days. “Millennials are looking for updated, move-in ready homes,” she says. “They don’t have time in their busy lives to take on projects, and their priorities are different than [those of] the previous generation.”
That means sellers need to ensure their home will show well. Declutter, remove family photos and if necessary, consider professional staging. It’s a seller’s market, but as noted, today’s buyers have high expectations. A little preparation will offer a big payback. “With inventory so low, sellers are often receiving multiple offers,” Brodersen says. Your realtor can advise you on the best ways to boost your curb appeal and make your interiors most inviting without spending too much money.
