THE INDEXKC- KC METRO MARKET UPDATE
Weekly KC Metro Market Update
Are you claiming confusing over the market shift? Let’s sort that out quickly!
“Date the mortgage rate, marry the home”.
The market “correction” is underway as pendng home sales drop 21% this week over last week. 138 properties come back to market, price reductions have leveled off, new home listings decrease 14%. C=Decreased inventory and pending sales, have the cumulative effect of increasing available inventory….Home prices fall while home values rise.
Buyers there is less competition out there as buyers waiting on low interest rates have temporarily wirhdrawn, Waiting for the competitive spring market will brings the moans and wails on multiple offers back to the average buyer experience.
There is still competition, just a little less of it. There are still multiple offers but we are seeing fewer appraisal gap waivers and fewer inspection waivers. We have even seen an uptick in contingencies for the sale of buyers homes being accepted.
Sellers you are seeing homes sit on market a bit, but sales values haven’t dropped appreciably; and the fewer offers are closing right on time, making it easier for you (sellers) to find your next home!
‘Date the mortgage rate, marry the home” refers to the fact that while rates are up, smart buyers write offers with less comppetition, knowing they can refinance later.
FUN KANSAS CITY FACTS!
It is the predominant city of a metropolitan area of more than two million people spanning the Missouri–Kansas border.
The city is well known for its contributions to the musical styles of jazz and blues as well as to cuisine, notably Kansas City-style barbecue.
Kansas City, Missouri, is often abbreviated as KC (abbreviations often refer to the metro area).
It is officially nicknamed the City of Fountains.
In March 2012, downtown Kansas City was selected as one of America’s best downtowns by Forbes magazine for its rich culture in arts, numerous fountains, upscale shopping and various local cuisine—most notably barbecue.
With over 200 fountains, the city claims to have the second most in the world, just behind Rome.
The city also has more boulevards than any other city except Paris and has been called “Paris of the Plains”.
Kansas City was founded in 1838 as the Town of Kansas.
The city was the location of several battles during the Civil War, including the Battle of Westport.
It is also known as “The Soccer Capital of America”. (www.10-facts-about.com)
If you’ve got questions regarding the impact of the shift on your search or the value of your home, we’ve got answers! Click the button below and let’s get you the information you need to be successful!