When native St. Louisans Blair Kweskin and her husband Sasha bought their first house in August 2010, they were so excited. They had previously lived in a small studio apartment in San Francisco and were more than ready to be homeowners.
Six years later, their search for a second home was much different. With a house in University City they already loved, they did not rush to make a rash decision. They had a list of pitfalls to avoid and a better idea of what they liked. The search for their new home in Clayton took a year and a half. They closed in early September. “It was definitely less hectic because we had a house we already loved, and we were not in a hurry to move,” Blair Kweskin says. “It was more stressful, however, in that we also had a house to sell. It’s difficult with little kids and trying to keep it ready for showings. And the market is not great right now.”
The Kweskins originally had hoped to make a contingency offer on a home but quickly found those are rarely accepted these days. “The fact that no one will accept contingency offers anymore is very frustrating,” Kweskin says. “We have good jobs (she is a designer and he is a scientist) and a really great house. But unless you have tons of money, it’s very hard to buy one without selling the other. I’ve talked to my friends about this. We are all in our mid-30s with small kids, and no one has that kind of money sitting around.”
Alicia Tierney, a broker/manager for Laura McCarthy Real Estate, says some sellers will accept contingency offers but confirms the number has dropped significantly in the past two years. “It depends on the house that the purchasing buyer is targeting,” Tierney says. “And then it depends on the underlying contingent home. The seller is more likely to entertain it if the other home is considered a sure thing. We still see it, but we spend a whole lot of time looking and evaluating if they are going to succeed in selling because it does slow things down.”
When the Kweskins realized a contingency offer was unlikely, they made adjustments in the type of homes looked at so they could buy without needing to sell right away. They put their current house on the market when they were sure their new home purchase was going to work out.
While houses in certain local neighborhoods are still going quickly, throughout St. Louis and nationwide, agents report something of a slowdown right now. “The market has slowed, but we usually expect a second surge of a healthy fall market, and we are still selling at all levels,” Tierney explains. “We haven’t quite picked up the speed this fall. I bet it’s a combination of market caution and maybe election hesitance, though I don’t know if people will actually say that.”
The Kweskins hope their house in U. City sells quickly so they can get settled into their new home with their two children and start their next adventure. For other people who may be house shopping, Kweskin advises patience.
“It’s hard to find exactly what you’re looking for,” she says. “You have to be willing to give a little or have the foresight that the home could be great with a few changes. You have to be able to see past the paint or even the wall in the middle of a room. It really can be great.”
Pictured: The Kweskin family in front of their first house in University City
Photo: Bill Barrett