A typical Kansas City spring market would bring with it an upturn in inventory and buyers looking for homes, Spring 2020 is no different. Even with much of Kansas and Missouri with stay at home orders, Spring 2020 in Kansas City has ushered in a fast-paced and equally lucrative Real Estate Market. There are many reason that now is the right time to Purchase or Sell a home, we’ve narrowed it down to the top 3!
Top 3 Reasons to Purchase
1-Lowest mortgage interest rates in 50 years.
Record-setting lending has given buyers an advantage. Low-interest rates mean lower payments and more buying power. Finding a trusted lender and locking in your rate is critical in the weeks leading up to your home search.
2-Sellers are improving property conditions/investing in their homes prior to sale at an unprecedented pace.
The record numbers of refinances in the last few months tell us that many people are putting their money back into their homes and setting themselves up for success as sellers. Take advantage of newly refreshed homes and willing sellers. Want to set yourself up for success? Have a pre-approval letter in hand and a seasoned Real Estate Professional on your side.
3-Home prices are steady, rising slowly.
As inventory remains low, we expect home prices to rise slowly. Regardless of the overall economic uncertainty, the Kansas City Real Estate Market continues as it has for the last few years. Steady home prices, limited inventory, and slow growth should give buyers confidence in investing in a home.
With just the right balance of low-interest rates, steady prices, and motivated sellers, buying a home this spring could exactly the right move for you and your family.
Top 3 Reasons to Sell
1-Inventory levels are 21% below normal, so homes are selling faster
With reduced inventory and many qualified buyers comes higher prices and much fewer “days on market” than years past. This spring you could sell your home for more money and faster than in recent memory.
2-Lowest mortgage interest rates in 50 years, helping Buyers
More buyers are pre-qualified and have a greater buying power than they did in years past. This gives the local market exactly the boost it needs to keep prices steady and buyers buying. Sellers should expect to see more people viewing their homes online and in person. Excellent photos and online video walkthroughs are critical this season.
3-2021 Inventory levels will rise sharply driving prices downward next year
The Covid-19 Pandemic has caused many would-be sellers to sit on the sidelines this season, driving inventory down. As the virus winds down and more restrictions are lifted, 2021 looks to be a hot season to sell. Real Estate experts expect that 2021 will have a significant increase in the number of listing on the market, therefore driving prices down.
May 2020 is a great time to both buy and sell a home! With many real estate companies making it convenient to take home tours from the comfort of your own living room, house hunting couldn’t be easier! For more information on Virtual House Hunting and Covid-19 precautions – please visit our blog detailing our virtual home buying processes.