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Market Update for Kansas City

By
Real Estate Agent with Keller Williams Realty
Welcome to Spring! Well at least the calendar says it is Spring, the temperature outside today tells us a different story. But that will be changing VERY SOON! I'm hoping if I emphasize that, Someone will hear and make it so!
 
Spring has definitetly sprung in the local real estate market. Every listing agent I talk to tells me showings are way up. I personally have experienced my buyers having to compete against multiple offers on several homes. Sales were up in February significantly over January, and I expect March numbers, when availaible, will be up even more significantly. The absorption rate(or "months of supply") numbers are holding pretty steady, that is mostly due to an increase in inventory that pretty much mirrored the increase in sales. We consider a 6 months supply to be a balanced market, so overall, we are in a buyers market with a 7.5 months supply. But that number has slowly been creeping down. In February of 08 we were at 9.5 months supply.
 
All this being said, we are inching near a turn in our market. Interest rates are still at historical lows, buyers still have many choices, and first-time home buyers have the best opportunity they will EVER see sitting right in front of them(inventory still up, rates low, prices still down and FREE MONEY in the form of an up to $8000 tax credit if they buy by December 1.)
 
I believe we are about to see a market reversal, and I believe it will happen this year, but please be warned: if you wait for the media to tell you the market has shifted back to a seller's market-IT'S TOO LATE! The media waits for the industry to tell them what has already happened. Being in the industry I am telling you the OPPORTUNITY lies in being IN the market, not following after the market. If you, or anyone you know is thinking of buying, the TIME TO WAIT IS OVER! Now is the market of opportunity. Call, text or email TODAY to get started!
 
SELLERS: Do not fret! Your time is coming, and may very well already be here. Well maintained, well priced homes are being gobbled up. So if you want or need to sell, give me a call for a consultation on whether now is the right time for you or whether waiting is your best option. I will ALWAYS give my HONEST opinion based on what is best for YOU!