THE INDEXKC- KC METRO MARKET UPDATE
Weekly KC Metro Market Update
The Metro is still hopping as Buyers move to take advantage of slightly longer days on market, fewer multiple offers, and higher interest rates. Why are higher interest rates a driver of sales this past week?
Two reasons higher interest rates drive sales……..1-fewer multiple offers means more buyers are getting a bit better offer accepted; full inspections, home warranties paid by sellers, and even some seller-paid closing costs. 2- as we encounter more negotiation on accepted sales values, experienced buyers know they can refinance later at a lower rate.
The downside? Fewer mortgage applications could signal a cooling trend ahead.
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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!