Weekly KC Metro Market Update
What a difference a week makes! Number of homes listed rises by more than 40 homes, while number of homes sold drops by more than 400+! Hey we’ve talked in the channel about the market shift, and it’s on. Good news, moving to a market where sellers and buyers near an equal footing is only a benefit to both buyers (who want to purchase at fair values) and sellers who need to accomodate the rise in mortgage rates.
Check this out! Average sold values remain the same, while homes back on market rises slightly. This means that more contracts are flipping, or headed back to market. Buyers paying record-high values expect homes to shine through inspections, and when they don’t, are returning these homes back to sellers via cancellation.
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!