THE INDEXKC- KC METRO MARKET UPDATE
Kansas City is the 29th most populated metropolitan area in the US. The scoreboard at Arrowhead Stadium was the first to transmit instant replay. Kansas City has more barbeque restaurants per capita than any other US city. The Country Club Plaza, opened in 1922, was the country’s first suburban shopping district.eekly KC Metro Market Update
Average and sell values drop as pending homes sales and the total number homes sold rise. Makes perfect sense; as mortgage applications fall (due to rising interest rates), we see the relationship between supple and demand adjust itself. Simply put, though the number homes listed isn’t rising (it’s actually faling), the number of buyers seeking approvals is decreasing at a faster rate with the net result being fewer buyers.
Buyers you will get more offers accepted with fewer mutiple offers. Sellers, be reasonable and aware of the impact of mortgage interest rates on the number of buyers seeking homes.
Check out the number of price reductions and the watch the days on market continue to extend as the market shifts….The shift is driven by several factors; rising mortgage interest rates, falling numbers of new build permits, buyer pool exhaustion/contraction….and the wild card, inflation.
If you’ve got questions regarding the impact of the shift on your search or the value of your home, we’ve got answers!