Skip to main content
Buyers and Sellers

How The Housing Market Is Really Doing

By May 10, 2023July 11th, 2023No Comments
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