Kansas City Housing is Booming
According to FOX4, “With the ongoing COVID-19 crisis, high unemployment, and financial uncertainty, many would think the housing market would suffer, but surprisingly Kansas City housing is booming.”
“Right now, buyers are snatching up new homes, especially in the mid-price range.”
The fall parade of homes is happening in Kansas City for the next two weeks. It features more than 250 new homes ranging from about $250 thousand to $2.5 million.
“In the seventy-year history of the Kansas City Parade of Homes, there have certainly been ups and downs in the market, but this uptick was utterly unpredictable.”
“Building permits locally are actually up 15% compared to this time last year.”
Kansas City Housing is Booming
It is not just Kansas City experiencing an excellent housing market. Denver happens to have houses flying off the shelve. So, too, Indianapolis, and lots of other cities in the Midwest.
Ron Green, a Greenwood-based agent for F.C. Tucker, said the winter could be busier than usual, given that some potential sellers are “sitting on the fence, waiting to see what happens to their job or their industry” or waiting to see the outcome of the November election. Those folks might not wait until spring to make a move, especially if buyers are ready to pounce.
“Now is the time to get a house, especially with interest rates staying down.”
Low Rates are Key
Interest rates have been falling for several years. And moves by the Federal Reserve to support the economy during the pandemic have kept them there.
On Tuesday, the Federal Home Loan Mortgage Corp., known as Freddie Mac, reported the current average rate for a 30-year, fixed-rate mortgage was 2.81%—down 0.88 percentage point from a year ago. The average 15-year rate was 2.35%.
Two years ago, at this time, rates topped 4%. And 20 years ago, they were nearly 8%.
A Seller’s Market
We said in A Seller’s Market, ‘Phase Two of a typical US housing bubble has begun. Sellers note that prices are now above what they could have gotten in the last bubble. With the memory of how badly they wished they’d sold at the peak fresh in their minds, homeowners realize that they have a second chance to cash out, move to a cheaper, less-frenetic place, and coast on their real estate riches. So they call a realtor and list their house, as do a bunch of their neighbors. Supply, out of the blue, jumps.
Now, if you are preparing to sell, do an inventory of your house. Do you see problems in your home that need fixing? Some things are fixed with a little paint. What if you have a need for a new roof, new siding, new gutters, upgraded heating system, or you are living in a house that needs a new kitchen, but you have no money for any of those fixes.
Terra Firma Property Solutions, LLC
Please consider calling Terra Firma Property Solutions, LLC, a professional, full-service real estate solutions firm. We buy and sell properties throughout the greater Kansas City area. We specialize in buying distressed homes, then renovating and reselling them to home buyers and landlords. Terra Firma Property Solutions is excited to be part of the economic rejuvenation of Kansas City and its surrounding areas.
Ask for FREE information about How to Sell Your House Fast.
Call us today at (816) 866.0566
