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2018 Kansas City House Trends – What You Need To Know When Buying or Selling

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Kansas City House Trends

2018 Kansas City House Trends – What You Need To Know When Buying or Selling

 

Although it is no competition with North Dakota or Texas, which both saw a 10-12% population increase in the past six years, Kansas and Missouri are seeing their own burst of growth. The Kansas City house trends have been quite surprising this year. In a list of the fastest growing populations by state, Kansas rings in at number 34, and Missouri stands not far behind in slot 36. Although they are in the middle range for population growth, we are feeling the effects in the housing market.

Nationwide, we are seeing the largest inventory crunch for houses in the past 20 years, according to data gathered by Trulia. Looking at just the past year alone, there are five percent less homes available for purchase across the nation. However, Kansas City’s number looks much bleaker than even that, with 14% less homes on the market.

When just a couple of years ago it was relatively easy to purchase a home for asking price, some buyers are now losing out on their desired homes even after offering $10,000 or more over asking price.

What does this aggressive market mean for you? If you are planning to buy or sell in 2018, here are a few things to keep in mind, whatever end of the deal you stand on.

 

For the Seller:

 

Now is your time! With competition for housing high, you hold some power as you place that For Sale sign in the front yard. However, this does not guarantee a fast, easy, profitable sale. Although it is not at all strange to see a house listed today, sold tomorrow, there are still a few things you can do to help ensure a smooth sale.

 

Is your house inspection ready?

If a house contract falls through, it is often at the inspection checkpoint. This can especially ring true in a hot market. That is because buyers are quick to throw out generous offers just to land a contract, before they think too much about the home itself. Then, a few weeks later, when the inspection report lands in their email inbox, it brings with it some second thoughts. At this point, the buyer may come back with some costly and even unrealistic requests for the contract to continue. You can avoid some of this headache by addressing problem areas beforehand.

 

First impressions are powerful

Make sure that as the inspector walks around the exterior and interior of the home, there are no cracks in the walls or foundation. Although these may be harmless marks of time, they raise a red flag.

 

Have your roof inspected for damage

This is crucial in the Kansas City area. Many roofs have damage from past hail storms. This year alone, we suffered extensive hail damage all across Kansas City. If your roof has damage, you very well might qualify for an insurance claim. It is best to begin that process right away, so that “Brand New Roof!” can be a huge selling point on your listing, and might even increase the price tag of the home. Check out this interactive hail map to see if your home was in a hail damaged area this year.

 

How are your windows holding up?

Windows are another very important piece of the sale in Kansas City. With humid summers and cold, damp winters, a buyer wants to know that the windows in a home are relatively new and operable. They want the assurance of acceptable utility bills, and that there are no safety issues for the security or integrity of the home. If your windows are dated or not functioning properly, have a local contractor come out and give you a bid for replacement, even if only for a couple of windows. Whether you decide to have the job done before listing or not, just having the bid available should anything arise in the inspection report will save you time.

 

House Trends

 

For the Buyer:

 

As you wade into this aggressive market, know that there are a few things you can do to quicken the process and get you into the home you are looking for!

 

Interview your realtor

Don’t just choose the first realtor who comes up on Google. Take some time to sit down with a couple of realtors, run them through your buying goals, and choose the right person for the job. It is important to note that the best realtors have some tricks up their sleeves for making your offer stand out among the rest. These realtors will know of extra incentives that can be added to an offer, above and beyond a generous price, that can give a seller a whole lot more confidence in choosing your offer.

 

Waste no time

It is not at all rare for houses in this market to sell the same day they are listed. Watch the market closely, and if something new within your parameters is listed, have your realtor set up a showing that day. Even more importantly, work with a realtor who has access to upcoming listings. Some realty groups make it a point to meet several times a week to discuss homes they have coming up for sale, so that buyers can get to those houses before they even hit the market.

 

Waste no time…but be patient

Although you need to be quick, you also need to be prepared for this process to take time. You may need to settle into a rental for a bit while you wait for an accepted offer. It will be worth it to get into the right home.

 

So there you have it. Whether you are on the buying or selling end, these tips with help guide you through the process a bit more smoothly.

 

 

Sources:

http://www.kansascity.com/news/business/article143634064.html

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