Current Real Estate Trends and What They Mean for Selling a Home in Kansas City
We’re big on client education here at Blue Clover Investments, which is why we make it our business to keep up with all the industry trends and potential pitfalls of the real estate market.
Any real estate advisor worth their salt should remain up to date so their clients don’t have to. However, finding information isn’t the issue. Finding reliable information from dependable sources is what challenges most clients.
To provide some insight into current real estate trends, we’ve taken the liberty of curating information about the current state of the real estate market Kansas City home sellers may find useful. After we’ve covered the main highlights of local real estate, we’ll provide some information on how you can sell your house fast for cash.
#1 – Home Interest Rates Remain High
Everyone knows by now that the U.S. has been dealing with an inflation issue that impacted virtually everything, including groceries, consumer goods, automobiles, and more. To cool off inflation, the Fed has been intentionally raising interest rates over the last several months.
Per Statista, inflation reached a peak of 9.1% in June 2022. Since then, it has declined over the past year, last reported at 3.2% in July 2023. Inflation has yet to drop to pre-pandemic levels, but it has drastically improved from where it was a year ago.
However, the interest rates on 30-year fixed mortgages have surpassed the 7% benchmark, according to recent reporting from Forbes. They also report that the current housing supply is at near-historic lows, which is good news for sellers who are worried about getting overshadowed in a competitive real estate market. Those who are willing to concede on market value price should be able to attract quick close cash offers.
#2 – The State of the Kansas City Real Estate Market
The Kansas City real estate market remains competitive. As of September 2023:
- The average home sells in approximately 18 days.
- The median sale price of a Kansas City home in August 2023 was ~$270,000.
- 683 homes sold in July 2023, which is a 15.6% year-over-year decrease.
- 78% of homebuyers already reside in the KC Metro area.
- The top three locations out-of-state buyers come from are Miami, FL; Los Angeles, CA; and San Francisco, CA.
If you are currently selling your home in Kansas City, the local real estate market remains advantageous for sellers. However, that isn’t to say there aren’t homes sitting on the market for months on end. If you are truly motivated to sell quickly, you should inquire with Blue Clover Investments about our quick cash close option.
#3 – The Biggest Threats to the Real Estate Market
Obviously, there are certain events that can occur at the market level that will detract potential buyers. Increased home prices and high interest rates are the two biggest elements at play. However, we can’t overlook the potential threat to the market that can occur at the buyer level.
According to Investopedia, a recession and a weakened economy are the biggest threats the real estate market currently faces. If the average home buyer suddenly loses employment or their household income drops, it directly impacts demand for homes. This means sellers will either need to compromise on sale price or hold out for a buyer who hasn’t been impacted by economical changes.
Looking for More Than Just a Real Estate Advisor? Contact Blue Clover Investments
As a real estate investment group, we are constantly studying real estate trends and the local real estate market in Kansas City. This empowers us to make better decisions backed by data and statistics – not hearsay – on behalf of our clients.
If you are planning to sell your home in Kansas City, we’re here to tell you that you have more options than the traditional listing route. What makes Blue Clover Investments different from your local real estate agent is that we provide options.
Ready to find out how Blue Clover Investments can help you sell your home fast? We follow a simple three-step process.
- Contact Blue Clover Investments for your initial consultation.
- During the call, we will collect some information about the home and your goals for the sale.
- Finally, we will provide you with multiple options for selling your home, including a quick cash close option.
The consultation is free, no obligation, and takes only a few minutes. If you decide to partner with Blue Clover Investments on your home sale, you can expect concierge-level service that allows you to hand off all your responsibilities to us. We do all the legwork so you can focus on family, work, and another exciting season of Chiefs football.
Ready to get started? Call us today at (913) 237-5959 or email us using the contact form on our website.
