Photo by Fermin Rodriguez Penelas on Unsplash
We’ve been getting a lot of questions as to the Kansas City housing market staying this hot in the next couple years or losing momentum. People ask for a variety of reasons:
- They’re wondering if they should really sell now or if it could get even better for seller’s in the next year or two. OR, they’re not wanting to miss out on a seller’s market. We have some thoughts on this topic that we shared in our blog, Should I Sell My Home Now or Wait?
- They’re wondering if they wait it out, could the Kansas City housing market turn back around and become a buyer’s market.
- They’re wondering if inventory stays low, should they consider building instead?
Speaking of building…
The Census Bureau has a Monthly Residential Sales Report, and just from February to April, it shows that new construction home sales were up 20.7%. It’s wild! We know that in the Kansas City Northland alone, new construction is going up everywhere. So if you’re seriously considering this option for your family, take a look at our blog on How to Choose a Home Builder.
Back to the Kansas City housing market questions…
You all know that if we could predict the housing market future, we would be a very very wealthy real estate team. 🙂 Even though we don’t have a crystal ball, we do have some good indicators to help give us an idea of how the Kansas City housing market will go for the next couple years.
Most signs point to this year and even into 2022 that nothing will be cooling down. If living through a pandemic has shown us anything, it’s shown us the value of “home.” People now, more than ever, are that it’s important to love your home, to have the space you want and need, to appreciate your neighbors/neighborhood and more.
Photo by olia danilevich from Pexels
Home offices are more necessary now than they’ve ever been. Many companies saw the cost savings and productivity that can occur from employees working remotely and have decided not to bring people back into an office building. Plus, with the opportunity to work remotely, even temporarily, it created a new value for people who really enjoyed working from home. So if their companies are moving them back into an office building, they may be looking for a new job that provides remote opportunity.
Families also realized how important entertainment space is for them. As they spend more time at home, they’re finding they need a larger family or game room or they definitely want an outdoor space with a pool and grilling area.
Photo by Dim Hou on Unsplash
Or maybe they’ve realized that their neighborhood doesn’t offer amenities like other Kansas City neighborhoods could or that they really don’t like their neighbors. Yikes! But truly, we get it. If you’re spending more time at home, you’re exposed to more neighbor interactions that you may have previously been used to when you were on the go more.
Whatever the reasoning, people are looking for something different. But sadly, the inventory hasn’t grown (beyond those new builds that are being snatched up!), so the patience game has to be strong. And so does the willingness to pay more than you were expecting for a home.
Keeping Matters Current shared some info on their blog about the home sales forecast for the rest of this year and next. This graph is a helpful visual for you all to see, according to three solid resources in the real estate industry, it doesn’t look like the momentum is shifting anytime soon.
We hope this has answered some of your questions. If it’s done even more and caused you to say, “it’s time to make a move,” then we hope you’ll choose us to be your trusted real estate partner. We’ve been working the Kansas City housing market for 16 plus years. Our team has ranked in the top 1% of all Kansas City realtors in the last five years, and we are ready to help you sell your home during this exciting time or buy a home during this stressful time. Either way, Dani Beyer Real Estate wants to work for you!