Dear homebuyer: Have you looked at a home for sale in only to find it’s gone before you can schedule a showing? I know it’s frustrating. However, there’s a solution! 2018 is going to be the year of the homebuyer. Experts predict Kansas City will lead the nation with home sales, helping lessen this inventory shortage. Here’s a look at what other housing trends you can expect in 2018.
Kansas City home sales
If you’re celebrating marriage, had a new baby, or answer yes to these questions — it’s time for a larger home. So, how do you find a bigger home when inventory is shrinking? In Kansas City, there are only 1.8 months of inventory available for homebuyers. That means if no other home came on the market, then all homes would be gone in just over a month.
While that’s great news for sellers, because their home sells fast, some worry they won’t be able to find another home.
New construction is the solution. It’s filling the gap for homebuyers. Unlike the resale market, the new construction market is healthy! There is 5.6 months of inventory in the Kansas City area.
This is expected to be the biggest area of growth this year! Nationally, new construction home sales are expected to rise 7-percent. Wile the resale market will finally grow in 2018, sales won’t increase at that rate.
Think about all the things you wish you had in your current home. With new construction, you can get them! When you work with a new construction specialist, building a home is simple. You can buy a model home, choose the finishing touches for one that’s currently under construction, or build from the ground up. The options are endless with new construction.
Kansas City new construction
New construction is our real estate team’s specialty. As the exclusive Realtor for several subdivisions in the Blue Springs and Grain Valley area, we’re experts in building a home. There are affordable new construction options, with home prices in some subdivisions starting in the low $200’s.
Rosewood Hills is an established neighborhood with the eighth-phase under construction now. There are 39 lots available to build your custom home. With an active HOA, there are lots of community activities throughout the year including garage sales, cookouts, and a Fourth of July parade. With three custom home builders to choose from, there’s something for every buyer in Rosewood Hills.
Sonora Valley is a maintenance provided community in Blue Springs. Dave Richards Homebuilding is the exclusive builder. He offers high-end finishes at a low price point, with homes starting in the low $200’s. Maintenance costs $182 a month, and it includes snow removal, lawn mowing, seasonal tree trimming, sprinkler service maintenance, and trash pickup. Villas are available along with four bedroom homes.
Stone Canyon of Blue Springs is a golf course community, featuring homes by three builders. Dreams and Design Building, Foushee Homes, and Dave Richards Homebuilding all build homes in Stone Canyon, with prices ranging from $300-thousand to $1-million.
Find out the value of your home instantly!
Pricing is the challenge with new construction. Obviously, it costs more money to build a new home because construction and material prices are up. There are more homes available, but they’re at a higher price point. If you have a home to sell, though, you may be able to make up the difference as resale prices are up too!
When will housing inventory increase?
If you’re thinking of buying or selling in 2018, and new construction isn’t for you, there’s a silver lining. Relief is on the way for the resale market. Housing experts predict an increase in inventory in Kansas City, more than other parts of the country.
You should have more homes in choose from, making it easier to find the home of your dreams. This recovery is long overdue. 2015 was the last time inventory increased nationally.
Moving forward, real estate experts predict a 2.5-percent increase in resale homes.
Realtor.com expects the Kansas City housing market will be one of the cities leading the nation in this inventory surge. Boston, Detroit, Nashville, and Philadelphia are also expected to see more homes for sale.
You’ll still need to pack your patience, though. Housing experts from Realtor.com predict inventory will increase the second half of 2018. So, hold tight if you haven’t been able to find a home. It should be on the market soon!
If you’ve been thinking about selling your home, now is the time to act. List your home before the surge, to earn top dollar. My partner Dee Harding and I stage every home we list for sale because we believe in the value that adds! It won’t cost you a dime, but you’ll definitely earn more money! Staged homes sell for 17-percent more money, according to the International Association of Home Staging Professionals.
That doesn’t mean you have to wait until summer to search for homes again. With many connections throughout the city, we’re still able to find you a home.
Kansas City home prices
When inventory’s low, home prices go up. According to the Wichita State University Center for Real Estate, Kansas City home prices are rising at their fastest pace since 2001. This upward trend is expected to continue in 2018, with home prices expected to rise by 6.6 percent.
Prices will eventually drop as more homes come on the market. So, if you’ve been thinking about selling now is the time to do it.
Start your search for homes
Mortgage rates are still low, but they’re creeping up. With the average, 30-year fixed rate expected to hit 4.6-percent. That’s why 2018 is an excellent time to lock in a low rate. When you’re looking for a mortgage rate, consider multiple lenders. Shopping around for a mortgage saves you thousands of dollars!
If you’re a first-time homebuyer, get a Realtor® on your side whose connected and willing to be creative to find you the home of your dreams.
Kansas City housing experts
Much like forecasting the weather, the home price trends may change. Nobody has a crystal ball, but based on economic conditions, these are the housing predictions for 2018.
Our real estate team has you covered whether you’re buying your first home, or an established family looking to move to a larger home. We offer free home staging with all our listings, which earns you top dollar in less time.
Our home staging eye helps buyers envision a home as theirs. We can walk into a home and help you see the space as yours.