Is Kansas City in a bubble? To give you a short answer: I don’t think so.
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Is Kansas City in a real estate bubble right now? The short answer is no. This time last year we had about 25% more inventory than there currently is on the market.
Though this statistic varies by price point, prices are up between 5% and 7% across the metro area and buyer demand is strong. In fact, there are between five and six times more buyers in the market than there are sellers.
Baby boomers have been deciding to stay in their homes a little longer and millennials are starting to come on the market, so appreciation is likely going to slow over the next three or four years.
Assuming geopolitical influences stay calm and no major events occur, I believe our market will continue to stay in good shape. I also believe that inventory will start to balance out eventually.
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Inventory is scarce, but it is still a great time to buy.
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With between two to three months of inventory available in recent times, our market heavily favors sellers. It’s a tough time to be a buyer, but waiting out the market isn’t the answer.
If appreciation continues, there isn’t going to be a better time to buy than now. If rates go up even as much as 1%, you’ll really struggle to find as good a deal on monthly payments as is available right now.
Inventory is scarce, but it is still a great time to buy. A lot of the responsibility falls on builders right now, who need to make sure that there is plenty of new construction on the market.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
