If you have a winning spirit and want to come out on top in the real estate market, then this is the perfect time to sell your Kansas City home! If you wait, you may pay a price. These are my top 6 reasons why 2020 is the best time to sell, and the complimentary advantage we give all our sellers.
Kansas City home sales
Looking for a winning game plan like the Chiefs? The Sally Moore Real Estate Team has it. We offer FREE home staging, which sells homes fast and for top dollar.
Get ahead of the competition, by selling your home sooner rather than later. We’re already having conversations with sellers for the spring. Traditionally, May 1 is the busiest day of the year. So, if you list your Kansas City home before that day you’re beating your neighbors, who are your competitors.
If you’re worried you won’t find another home to move to, I understand that. Inventory is low. When you work with an experienced team like ours, though, we can find you another home. We can tap into our vast network, experience, and relationships with builders to find you a home.
Plus, we’ll strategize a game plan so you know the right time to list so you always have a place to call home! With low inventory, you have to be strategic.
Our playbook for 2020: sell now! And use our complimentary home staging to get more money for your home.
Here’s why we think you should sell your Kansas City home in 2020:
1. Home values are up and it’s a great source of financial wealth.
2. Seller’s market means less competition.
3. Buyers motivated by historically low mortgage rates.
4. Buyers want resale properties.
5. Strong demand for homes $300,000 and below.
6. Uncertain how long the seller’s market will last.
Honestly, there’s never been a better time to sell your home! In fact, waiting will come at a significant price!
1. Home values are up
Home prices are up and expected to rise another 4.9-percent in 2020, due to continued low inventory and high demand. With a well-staged home, which we offer for FREE, you’ll definitely get top dollar for your home.
Your home is a great source of financial wealth. If you’re thinking of downsizing, capitalize on that gained equity.
You’ve probably heard the investing advice – buy low and sell high. It’s economics 101 if you want to make the most money. There couldn’t be a better time than now, to consider that advice!
No matter when you bought your home, you probably paid less than current market values. If you purchased during the recession, you bought super low so you stand to make a lot of money now!
For example, let’s compare home prices in Rosewood Hills over the last five years. In 2014, the average sales price for a resale home was $182,128. In 2019, it was $257,088. That’s an increase of 27.4%!
That’s a home value increase of $74,960 in just 5 years!
While there’s lots of new construction in Rosewood Hills, those home value increases are primarily resale homes.
2. Seller’s market means little competition
This is a seller’s market like we’ve never seen before. That’s because we have such low inventory. Believe it or not, the supply of homes dipped even further this fall in the Kansas City real estate market.
Inventory fell 16.3-percent in Jackson County according to the Kansas City Regional Association of Realtors.
There’s only a 2 month supply of homes, leaving buyers with few options and sellers with less competition. Track the latest monthly real estate stats.
As a seller, that means you don’t have any competition. So, your home will sell quickly and probably for more than you paid for it!
Here are some tips to make sure your home sells quickly because preparation and home staging still matter even in a seller’s market.
Many sellers wait until the spring to list their home, meaning there’s even less competition in the winter.
No matter what time of year you sell, our team always offers complimentary home staging for Kansas City sellers. These are our top 10 home staging secrets! It sells homes faster and for top dollar.
Want FREE Home Staging?
3. Mortgage rates are still low
Third, buyers are motivated by historically low mortgage rates. If you’re thinking about selling and buying another home, you can take advantage of these rates too.
Rates are down nearly one-percent from a year ago and expected to stay near 4-percent throughout 2020.
The longer you wait to sell, the higher the chance rates may increase.
The Consumer Financial Protection Bureau (CFPB) offers an interactive tool to compare mortgage rates in the Kansas City area. Right now, the average rate is around 3.875-percent. That’s an incredibly low rate, which will save you thousands over the term of a loan.
Of course, there are always buyers no matter the mortgage rate. But, when we see rates dip this low there’s more demand from buyers.
4. Buyers need resale properties
Of course, every buyer has two options – resale or new construction. While there are new construction options, affordability is a concern for buyers.
New homes prices are up just like resale properties, but labor and material costs are the driving factors in addition to market conditions.
Wichita State Unversity housing experts expect affordability in the new construction market to remain difficult.
Why does that matter to you, a seller? Because there’s a strong demand for homes like yours.
Affordable housing is the concern going into 2020.
Even if you’re home isn’t updated, our team can make it marketable for today’s discerning buyer.
These are before and after photos of our home staging.
5. Buyer demand strong for homes for sale below $300K
According to Realtor.com, Millennials are expected to take out half of all mortgages in 2020, outnumbering GenX and Baby Boomers combined. Many of these buyers will be first-time homebuyers.
They’re conscious of price and looking for affordable housing in the Kansas City area. We’re seeing strong demand for homes below $300,000. They’re selling quickly! Check your home value. If it’s in this price range, consider selling now.
The price needs to be right, though, to sell quickly! Especially, if your home is above $300K. We’re seeing these homes sit on the market longer, taking months rather than days or weeks to sell.
Even if your home is not updated or “trendy”, first-time homebuyers are still likely interested in it. Our team of Accredited Staging Professionals will transform your space for today’s buyers. Our complimentary home staging is available for all Kansas City sellers.
6. Uncertain how long the seller’s market will last
When you’re talking about any forecast, real estate or weather-related, it’s a guestimate of what’s to come based on data. There’s no guarantee.
There is some uncertainty with 2020 since it’s a Presidential year and there are trade issues.
Last year, housing experts predicted mortgage rates would go up and they fell more than 1-percent.
So, we’re cautious even when we hear predictions like the one from Realtor.com that puts price growth at negative 4-percent. We don’t read too much into headlines like this one from the Kansas City Business Journal, “Kansas City housing market may see nation’s largest price decline in 2020.”
While prices may not stay as high as they are, they’re still far more than your purchase price. With low inventory, we expect prices to remain strong. So, it’s still a perfect time to sell your home.
In fact, inventory is still struggling with double-digit dips this fall. Looking ahead, experts at Wichita State University expect they’ll rebound slightly in 2020 but it takes time to recover from a double-digit dip. Inventory drops always favor sellers.
It’s been a seller’s market for awhile, and it’s unclear how long this will last so take advantage of it before it goes away. The Kansas City area had more than an 8 month supply of inventory in 2011, and since 2015 it’s been cut in half with less than a 4 month supply of homes for sale.
These are just forecasts of what’s to come based on trends and data. It’s anybody’s guess. One thing you can’t change — the current stats. Those prove it’s a perfect time to sell if you want a great price and a stress-free home sale in Kansas City.
Waiting will cost you
There’s no doubt, waiting to sell, will cost you money! There may be more competition as inventory increases.
I understand the reluctance from sellers, who are worried they’ll have to pay more for a home or won’t be able to find a home to purchase. These fears keep them on the sidelines. However, those fears are also likely costing you money!
Our experienced team knows where to look to find you a home and how to strategize the sale to time it properly with your new purchase.
If you’re looking to downsize, you stand to earn the most in this market. Whether your kids moved out or you’re downsizing your budget, now is the perfect time to lower your monthly costs by selling your home and moving to a smaller property.
Check out all my selling tips, so you’re one step closer to earning top dollar for your home!
So, who is this market perfect for? Everyone.
What’s keeping you from selling your home? Comment below.