What is going on with the Kansas City real estate market?

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Yesterday I was asked by Kevin Williams, 
“what is going on with the local Kansas City real estate market?”

Great question Kevin and I will answer this question by going back a little bit in time.

Back in the 90’s the real estate market 

leaned toward a seller’s market. 

The market hovered between 4-5 months of supply.

What this meant was if there were no more homies 

that came on the market, 

there was only a 4-5 supply of homes on the market.

During this time, it took 45-60 days to sell a home.

Supply of Homes For Sale

The market was chugging along and then

 the supply of homes started teetering toward 

a buyer’s market between 2006 and 2011.  

Sellers typically didn’t care if they got the list price,

 they were just happy to get an offer.  

Homes between 2006 to 2011 took over 4 months

 to sell and some even took longer than 2 years. 

From 2012 until the pandemic hit 

the real estate market had shifted back to a seller’s market. 

During this time. Sellers were back to selling homes within 60 days 

and at list price most of the time. 

Many of us thought those were the good times.

Then the pandemic hit and proved us wrong. 

The real estate market dropped to less than a 2 months supply of homes

and in many areas, it actually dropped to below 2 weeks' supply of homes.

 It was not uncommon to hear a seller sell their home in 1 hour for 50K over the list price. 

Now we hit May, Jun, July, and August of 2022. 

The supply of homes has started to rise. 

We are nowhere like the real estate market in 2007, 

but the supply is rising sharply and if the FED

 keeps raising the interest rates as they have indicated they will 

look for the real estate market to shift back to a buyer's market.

Now if you are thinking of buying a home, get pre-approved and get ready.

Now if the market moves toward a buyer's market, look for the home values 

to drop and the time to sell to increase. Both are things that sellers do not want to hear.

Have a question you would like to ask? Send to chris@DowellFamilyTeam.com