Rob Tiemann

Homes that have barely been on the market are receiving multiple bids above asking price. Would-be buyers are struggling to compete with others willing to pay cash, waive certain contingencies or buy sight-unseen.

In March, Zach and Colleen Carter, a recently married couple, went to an open house in Ballwin. By the end of the day, the listing agent had 11 offers. The Carters’ offer was one of the highest, but it still fell short. “We were exceeding our budget by at least 10 grand,” Zach Carter said. “And we lost by $3,000. It makes you uncomfortable.”

In March, the inventory of home listings in the St. Louis area hit the lowest point it’s been in years. Real estate agents typically say a market in equilibrium has a six-month inventory of homes available for sale. In many area counties, the inventory is below three months. According to data from the real estate website Trulia, the average number of homes listed each month in the St. Louis area dropped by 37.5 percent from the first quarter of 2012 to the first quarter of this year.

That mirrors a trend seen in many metro areas across the country. In the nation’s 100 largest metro areas, there are, on average, 32.5 percent fewer homes available than in 2012, falling to a point where the inventory of homes for sale nationwide is close to a 20-year low, according to Trulia data, which was distributed by The Associated Press.

Real estate agents point to a variety of factors driving pent-up demand that isn’t matched by what’s offered in the market: Interest rates remain low, lending has loosened a bit, and the financial situations of many households have improved since the recession, enticing more buyers into the market. Fewer homeowners are underwater on their mortgages, so more people can sell without having to cut a check to the bank. Far fewer new homes were built during the recession, so there’s less new home inventory available in recent years.

Another factor several area agents say is at play is a reluctance to list a home for sale out of fear that it would sell before the homeowner could find another home. They’re not worried about selling their home, They’re worried about being homeless.

Inventory levels vary throughout the region but are low in nearly all counties, including in the Metro East. In St. Clair and Madison counties, the average time it took to sell a home so far this year dropped significantly from a year ago. The area saw a record number of home sales last year.

While St. Louis’ market remains more affordable than in many other metro areas, low inventory and strong demand are putting upward pressure on prices, though several agents said appraisals have kept them from spiking. According to Multiple Listing Service data provided by Norman, the median single home sale price for the overall St. Louis region during the past 12 months was up by 4.7 percent from the prior year.

“Just because inventory is so low, that’s not a blank check,” Norman said. “The consumers that are out there today are pretty educated consumers. Everybody’s kind of learned their lesson from the Wild West days.”

Several area real estate agents said that while they expect listings to tick up in the coming year, strong demand will likely keep inventory low.

For many house hunters, navigating the market has been frustrating and stressful. In some cases, they have to be more aggressive than they had initially planned.

Rose Moller-Jacobs and her fiancé, Anthony Harper, have been looking to buy a duplex in south St. Louis since December. They’ve made offers on five or six homes, she said, but have been outbid each time. “Nothing stays on the market if it’s a good deal for more than three or four days,” she said. “It’s a lot faster pace than I think we were prepared for.”

On the other side of the transaction, low inventory has been great news for sellers.

Boundary surveys can help home and property buyers avoid future headaches such as boundary disputes. Learn the costs and what you can expect.

The importance of getting your future home surveyed has never been greater. In these trying times, along with all the red tape involved in purchasing a home, it’s almost impossible to know if you are truly getting what you are paying for.

This is especially important when it comes to your property and knowing if there are issues that should be disclosed before you take the leap of purchasing a home.

Many banks used to require surveys before purchasing land, but due to the recent financial crisis and efforts to cut what banks consider nonessential costs, the importance of getting a survey before purchasing land has been put on the back burner.

However, the importance of a boundary survey before you make the most important financial decision of your life has never been greater.

WHY DO I NEED A BOUNDARY SURVEY?

Here are a few reasons a boundary survey can help prevent problems:

Possible encroachments on your potential property can become bigger issues down the road. For example, a neighbor’s fence, wall or even a building could be on the property.

A property corner could be missing.

This would be an issue if you ever plan on putting up a fence. You will need to know exactly where your property line is located. If you don’t, you could possibly build on your neighbor’s property and end up with the financial burden of having to remove and rebuild the fence in the correct location.

Possible property line or property corner disputes. A survey can reveal if there’s any property line or property corner disputes with the property.

A land survey will help protect your investment. A survey can reveal the exact property dimensions, size and location of the home on the property, as well as any other improvements on the land, such as a driveway that may be crossing a property line.

Some property owners plan on dividing their property to give to a family member or sell for profit. A land survey would let you know what regulations may affect your plans.

Many counties and cities place restrictions on dividing property; a local land surveyor will know these regulations and guide you through the process.

Some land surveyors can even represent you in county or city planning meetings to help you save time and money.

WHAT SHOULD I LOOK FOR IN A LAND SURVEYOR?

You also want to make sure your surveyor is licensed and insured. If a mistake is made, and they rarely happen, you would like the peace of mind in knowing you will be covered.

Choose a competent surveyor that has been in business for a while and have been established in their community.

Many property owners who use with the cheaper guy often end up paying more in the long run. Getting a quality survey that meets your needs and legal requirements may cost more but in the long run it will be less expensive.