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Be Prepared for a Bidding War!

Spring is typically the hottest season for real estate in Kansas City. Buyers come out in of the woodworks and homeowners list their houses for sale hoping to capitalize on all the buyer activity. Surely, this year will be no different!

Buyers have been out in full force looking for their dream homes already and more are on their way!  The big challenge is the inventory of homes for sale can not keep up with this demand in Kansas City, which leads to A TON of competition for the homes that are available.

A recent Bloomberg article touched on the current market conditions:

“It’s the 2017 U.S. spring home-selling season, and listings are scarcer than they’ve ever been. Bidding wars common in perennially hot markets like the San Francisco Bay area, Denver and Boston are now also prevalent in the once slow-and-steady heartland, sending prices higher and sparking desperation among buyers across the country.”

Sam Khater, Deputy Chief Economist at CoreLogic went on to explain why buyers are flocking to the market in big numbers:

“In today’s market, many buyers think the trough in [interest] rates is over. If you don’t get in now, it’s just going to be worse later. Rates will be higher, prices will be higher, and maybe inventory selection will be lower.”

In some markets, “thirty-five percent of properties are selling within the first week or two of hitting the market.” Homes are selling at a rapid clip in Kansas City, specifically Overland Park!

Bottom Line

In today’s competitive atmosphere, you need a professional on your side who knows your exact market conditions and can help you take the steps you need to be able to secure your new home!

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