The Kansas City housing market is considered “Cool” at the moment. However, Missouri does come in at number eighteen in regards to the fastest growing populations in the United States in 2018. With a 1.37% population growth this year, the market continues to climb in demand and price.
With this year rounding itself out, we have seen a dip in housing prices compared to the beginning and mid-year. However, the projected cost of homes is not about to level out. Rather, the average cost of homes is expected to rise $10,000 by this time next year. So, if you are looking to buy, do you jump on a house now before prices rise? And if you are looking to sell, do you wait it out another year and bet on the predictions?
Here are a few things to keep in mind, as a buyer or a seller, when it comes to the 2019 Kansas City Housing Market:
For the Seller:
For those looking to sell, it is true that prices are predicted to rise, and waiting is likely to get you a higher sale price. However, if you bought your home in 2015 or earlier, when prices were at a low, then you are likely already looking at a good profit. The average home price has risen 30.5% since 2015.
And while the forecasted price is rising, it is not quite as steep as in prior years. Over the past year, home prices rose by 10.7%. With prices predicted to rise 6.5% in the next year, the market seems to be slowing down, and now might be a fine time to sell.
If you are not currently living in your home, and want to give the decision more time, you could also consider renting it out. The average rent right now in the Kansas City area is $995 per month.
For the Buyer:
If you want to buy a home in Kansas City in the next year, right now might be your opportune window. During the winter months, the air outside is not the only thing cooling down. The housing market does, too. Although inventory might be a bit slimmer, you could get your hands on a home for a lower price than if you were to wait until spring or summer.
If you are willing to compromise on some home features, and perhaps take on a few DIY projects, now is a good time to buy.
Although some compromises can be made, make sure you do not compromise when it comes to the integrity of your home’s foundation, roof, windows, or siding. These areas of your home act to protect everything inside. Have a thorough professional inspection performed.