Many potential sellers believe that waiting until Spring is in their best interest. Traditionally, they would have been right.
Buyer demand has seasonality to it. Usually, this falls off in the winter months, especially in areas of the country impacted by arctic conditions. But, this Spring is already in high gear.
Demand for housing has remained strong as mortgage rates have remained near historic lows. Even with an increase in rates forecasted for 2019, buyers are still able to lock in an affordable monthly payment. Buyers are increasingly jumping off the fence and into the market to secure a lower rate.
What I am experiencing in the Kansas City Metro housing market is that upper end priced home sales are slowing. That is to say that there are few homes going under contract in many parts of the Metro with homes priced higher than entry level/first time buyer priced homes. Which are typically $300k or below.
The catch though is that Buyers looking to buy in certain areas of the Metro are once again being met with competition. Areas such as Mission KS, Roeland Park KS, Prairie Village KS, Overland Park KS and other surrounding areas that offer popular locations for buying, especially for first time buyers, have heavy Buyer demand. In many cases, homes are being met with multiple Offers. Which is great for Sellers. Not so great for certain priced Buyers though.
So what does this mean? My real take away from this information is that if you are considering moving up to a larger home, this may be the perfect time to do so. Especially with lower Interest Rates and if you have a home that offers a price for entry level or first time homebuyers.
What a great opportunity to sell for top dollar and then purchase in a price range that is experiencing a slow down that may allow for an affordable Offer.
About the Author: The above Real Estate information on Why This May Be the Perfect Time to Buy My NEXT Home was provided by Suzanne Hinton, an Area Specialist and Top Producer in assisting people moving in and out of North Johnson County KS for the last 27+ years.
Suzanne can be reached at 816-520-0917 or via email at firstname.lastname@example.org.