Here’s what our real estate market has been up to so far this summer.
After more than a year of an insane, hectic real estate market, home prices continue to soar, which is great news for homeowners. However, it’s unfavorable news for buyers looking to purchase in our market. The Kansas City Association of Realtors stated in their last report that home prices increased 25.3% compared to this time last year, and the median price rose from $355,000 to $445,000 in parts of the metro area.
There are two reasons for the current state of the market: We still have very low mortgage rates, and there is a shortage of homes for sale. Both of those are contributing to our growing prices. The combination of high prices and high demand has led to a massive shortage of homes on the market. The National Association of Realtors said that there are 54.1% fewer homes on the market compared to this time last year.
That has led to some absurd multiple-offer situations where buyers are throwing out all the stops. They’re making offers of $20,000 to sometimes $50,000 over asking price, waiving appraisals and inspections, and offering nonrefundable earnest money deposits. Many people have tried to build a new construction home, but homebuilders are also having a difficult time keeping up with the present demand; they’re having issues with increased labor and lumber costs.
As frenzied as the market sounds, now is still an excellent opportunity to list your home. However, just because prices are at an all-time high doesn’t mean you can throw your house on the market and expect to get top dollar. You need a real estate agent on your side that can see what the market’s dictating, what houses are selling for, assess your home’s condition and location, and more. It takes an experienced agent to see what your house is worth, what it could sell for, and help you get top dollar.
Give me a call or send an email if you have questions or want me to come take a look at your home and give you tips and discuss how to get top dollar. I can also offer staging solutions to ensure your home looks its best when it’s on the market. I look forward to helping you.
