At the end of 2019 it looked like real estate sales were poised for a slowdown, after about 10 years of steady run the market was finally starting to run out of steam. Well we all know what happened next? Mr Covid came in and changed everything, low interest rates and ultra low inventory of available homes set off an unprecedented run up in real estate prices across the country. For over 2 years there has been record growth in home prices that we thought might never end. Housing prices along with gas prices, food costs and just about everything else set off a major jump in inflation that required the Federal Government to raise interest rates.
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In September of 2022 we started to see the effects of these rate hikes as the once 3% mortgage rates started to jump and before we could blink they were in the range of 7%. This put a quick end to the runaway train effect in home sales and took us from a pure sellers market into an unknown for the first time in over 10 years. Over the course of fall and early winter we saw home sales drop and prices level out but they never crashed. That what leads us to 2023.
Nobody knows what the full year has in store for us but since the new year started we are seeing a resurgence in Johnson County Real Estate, in fact it is one of the hottest markets in the country. With interest rates starting to come down and with the inventory of available homes still stubbornly low, buyers are finding themselves in bidding wars again to find and purchase the best homes. The big question is this a temporary response to a shortage of available homes or is this a sign of much bigger things to come?
Johnson County Kansas has always been one of the premier location in the Greater Kansas City Metro area and a destination city of the Midwest. With home prices exploding in cities like Denver and Austin , Kansas City and Johnson County in particular is poised to see continued growth. Would be home buyers are attracted to our reasonable prices, quality schools and our Midwestern hospitality.
Have you been waiting to buy a house? Hoping that prices will come down? Desperately hoping that 3% interest rates will come back? Let's have a conversation, you may want to consider starting your search now.
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