A report from KCTV5 leads the local news with a powerful glimpse at cowtown real estate agents gone mad.
None of it really makes any financial sense . . .
Irrational exuberance, panic buying at the threat of a bubble bursting have created a sense of mania in the market. Even worse, real estate agents are hoping to capitalize on this trend to push buyers into making bad decisions.
Take a peek . . .
“It’s Insanity,” said realtor Sherri Hines. “There’s just a frenzy that you can’t describe. The tension level with buyers and agents and lenders and inspectors--there’s just a stress level across the board that is hard to even explain.” You can blame supply and demand, but it’s more than that. One expert we talked with said that even if half of all the buyers in Kansas City just gave up and quit looking, we’d still be a sellers’ market. “We have this perfect mix where everyone now wants housing, and there isn’t very much housing,” said Realtor Michael Pierce. “It takes a long time to build up new construction in order to get to a more balanced market again.”
A lot of people are blaming “outside investors.” And there are plenty of people speculating on Kansas City’s real estate market. It includes institutional buyers who want to single-family dwelling to rent. Some are hedge funds. It’s unclear just how many are speculating in Kansas city because no one is keeping track of the numbers. But they are making their presence known in the market. Realtors told us they see these all cash offers from big companies they didn’t see five years ago.
Read more via www.TonysKansasCity.com link . . .
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