How The Housing Market Is Really Doing

The Gresham Group — Wed, 10 May 2023 15:55:21 +0000

The housing market has been a hot topic of discussion in recent years and for good reason. The market has been experiencing a surge in demand, which has led to skyrocketing prices, bidding wars, and a shortage of available homes. This has left many prospective homebuyers frustrated and feeling as though they are being priced out of the market.

A lot of people have the mindset that home prices will go down, and if they wait, they will be able to get a better price for a home. We see in market trends that the home values in KC are strong. They will continue to appreciate, and so will the cost of new construction. If you have the desire to own a home or upgrade, now is the best time to do it! – Amanda Davis, The Gresham Group Agent

On one hand, this is good news for homeowners who are looking to sell their properties. The high demand has created a seller’s market, meaning that sellers have more negotiating power and can potentially make more money off of their homes than they would have in a buyer’s market.

However, the current state of the housing market is far from perfect, and it has been causing a lot of issues for both buyers and renters alike. Many are calling it a crisis, and they’re not wrong.

The market is unique. It is extremely neighborhood driven, especially in Cass County, MO and Johnson County, KS. There are pockets of Johnson County that have slower appreciation and are not prone to bidding wars. On the other hand, pockets like Prairie Village and parts of Lenexa or Shawnee, and even parts of Olathe, are very desirable and are indeed still a bit ridiculous. That’s the rub, buyers and sellers need professional representation from a licensed agent to assist navigating these areas. Our expertise and experience will guide through the rigamarole and get you the best price on your purchase, or the best terms and price for your listing. – Andrew Vidler, The Gresham Group Agent

The high demand has created a shortage of available homes. This has led to bidding wars, where buyers are offering tens of thousands of dollars over the asking price just to secure a home. For many, this is simply not an option, and they are forced to continue renting or delay their home-buying plans indefinitely.

The rising prices are making it difficult for many first-time buyers to enter the market. The cost of a down payment, closing costs, and other associated fees can be prohibitively expensive, especially for those who are just starting out in their careers. This is contributing to a growing wealth gap, as those who are already wealthy or have access to generational wealth are able to purchase homes, while those who do not are left behind.

The housing crisis is contributing to a rental crisis, as many people who are unable to purchase homes are turning to rent instead. This is driving up rental prices, which are already high in many cities across the country. Many renters are struggling to make ends meet, and some are even being forced to choose between paying rent and buying food or paying for medical expenses.

The current state of the housing market is polarizing. On one hand, it’s great for homeowners who are looking to sell. On the other hand, it’s causing a lot of problems for buyers and renters alike. The lack of affordable housing is a serious issue that needs to be addressed, and it’s something that policymakers and industry professionals should be focusing on. Until then, the crisis will only continue to grow, and more and more people will be left behind.

Despite what you may be hearing, it is still a good time to buy and/or sell! The benefits to selling are that we are still in a seller’s market which gives you, the homeowner additional negotiation power to sell at or above market value in some instances. However, another big piece to the puzzle that a seller should carefully consider is that selling in a “sellers market” could also afford them the opportunity to sell with favorable terms such as choosing their closing date, having repairs waived or even lease back options as well. As a buyer, you still have a lot of options too! If you get connected with a knowledgeable agent who is familiar with the market and can connect you with a great lender, lots of doors can open when you work together as a TEAM to present a strong offer to the sellers when that perfect house does come along! – Heather Thurston, The Gresham Group Agent

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Home Improvements That Will Lead to Biggest ROI

The Gresham Group — Mon, 20 Mar 2023 15:50:43 +0000

With homeowners sitting on their largest financial investment, it’s crucial to think about a few things when it comes time to selling or updating your home. Home improvement projects not only give your space a refresh, but also increase the value of your home.

At The Gresham Group, we encourage our clients with a few improvement projects to prioritize for their biggest return.

Here are five home improvements with the highest return on investments:

Kitchen Remodel

The kitchen is the heart of the home, and a well-designed, functional kitchen can make a big difference in the value of your property. Minor kitchen remodels, such as updating countertops, cabinets, and appliances can provide a huge return on investment. While this is a costly update, the return will be worth it when it comes time to sell your house.

Bathroom Remodel

A bathroom remodel is another great way to add value to your home. Upgrading the fixtures, replacing the flooring, and adding new lighting can give your bathroom a fresh, modern look. A mid-range bathroom remodel can provide a return on investment of up to 67%. This is another expensive improvement but can have a huge return on investment.

Energy-Efficient Upgrades

Energy-efficient upgrades, such as installing new windows, upgrading insulation, and replacing old appliances with energy-efficient models, can save you money on your utility bills and increase the value of your home. These upgrades can are not as noticeable as the previous improvements but still create great value for your home.

Landscaping

Curb appeal is essential when it comes to selling your home, and landscaping is one of the easiest and most affordable ways to enhance your property’s curb appeal. Great-looking landscaping can add significant value to your home, as well as make it look more welcoming to guests.

Paint and Décor

A fresh coat of paint, new light fixtures, and updated decor can give your home a modern, updated look without breaking the bank. This upgrade is not going to add a ton of financial value to your home but can add a sense of welcome and comfort.

Keep in mind, focusing on upcoming home improvement projects might also correlate with your home’s age and condition.Whether you are looking for a complete remodel or something easy and cheap, there are always ways to improve the value of your home.

Check out more statistical information from Realtor.com if you’re considering a major home remodel or improvement project.

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