There are a dearth of good options when it comes to real estate and this fact of life threatens to stall the go-go real estate game that thrives on churn & burn tactics . . . Take a look:
The center's Kansas City-specific forecast points to rising home construction costs and reduced home-sales inventories. "Following three years of double-digit increases, rising costs are beginning to take their toll on new home construction activity," the report said. "New single-family permits in the Kansas City area are forecasted to fall 4 percent in 2019 to 5,535 units."
In 2017, the average price of a home sold in the metro was $198,817. Since 2013, home prices in the Kansas City area have appreciated 34.1 percent.
The center's Kansas City-specific forecast points to rising home construction costs and reduced home-sales inventories. "Following three years of double-digit increases, rising costs are beginning to take their toll on new home construction activity," the report said. "New single-family permits in the Kansas City area are forecasted to fall 4 percent in 2019 to 5,535 units."
In 2017, the average price of a home sold in the metro was $198,817. Since 2013, home prices in the Kansas City area have appreciated 34.1 percent.
Forecast: Home prices in Kansas City metro will climb 8% in 2019 - Kansas City Business Journal
Expect Kansas City-metro home prices to continue to rise through 2019. That's according to an annual housing market forecast released Tuesday by the Center for Real Estate at Wichita State University. The forecast, which features state numbers and data for five Kansas metro areas, predicts that Kansas City-area home prices will finish 2018 up 7.8 percent from the previous year and jump an additional 8 percent in 2019.
ReplyDeleteExisting homes in Kansas City in some areas have gone up but in other areas like Hyde Park the houses are grossly overpriced and sitting on the market while Brookside keeps it's value up. Crime? poor leadership as in Mayor James? Maybe!
LOL Okay and a sincere okey dokey
ReplyDeleteWell, I would say that any time a home worth at the most $75,000 is being marketed at $175,000-$250,000 some sort of adjustment is necessary. Never forget that, in the long run,
ReplyDelete"The Market Is A Cold-Hearted Bitch"!
Home prices around the country all jumped quite a bit, but they were a few years ahead of KC. It was more of a paradigm shift where we now have a new plateau so I don't think a housing crash is on the horizon. There are very few new houses being built in the KC area. There are a TON of condos, however. However, the detached housing market hasn't increased and is at low levels. Most decent houses are getting snatched up pretty quickly.
ReplyDeleteIf mortgage rates return to 6% or 7% watch what happens to the housing market. These were the normal rates for several decades.
ReplyDeleteThe cost of housing will never go down by much it will maybe stall out and new builds will slow down but it will never ever come to a halt.
ReplyDeleteWhat's hurt housing prices in Kansas City is those who are willing to pay well over the cost a home is worth just to live in a certain area. All that does is make those around that area increase the price they want for their place.
Right now houses put on the market in Olathe area more often than not are only listed for two weeks or less then sold at a price higher than asking.
I kid you not people, folks are making offers at 5 to 10k over asking price for places in Olathe. I'm not talking new homes either I am talking 20 to 30 year old homes. That is a part of what is driving the cost of a house up.
When you go to a car dealership do you walk onto the showroom floor and see a car you like and turn to the salesman and say, "I'll give you 5k over sticker price?"
No you don't do that anymore than you would go to Price Chopper and pay $10 more for that package of steaks you think look so good.
Simply put, people in the KC area have lost any and all of their common sense when it comes to buying a home.
a slowdown does not mean a crash. if anything, a slowdown might be healthy, imho.
ReplyDeleteThe Business Journal has its Reason For the story on the Housing market Its in a Bubble And if they came out and told you the Bubble is going to burst. And the people that bought at the top of the bubble would be upside-down. Or there would be people selling to take there profits. Do your research don't believe The Kansas City Business Journal. I stated this the last Bubble Search Real a state Bubble 2018,
ReplyDeleteThat's great that home prices are up and all but what's the gain if you want to move, the other house you're moving to has probably gone up in price just as much. Pay off your mortgages people and invest.
ReplyDelete