sponsored post by Lauren Hruby and Scott DeVouton
2013 saw the Midtown Kansas City we love: a vibrant player in the Kansas City community. Jobs were added in Kansas City. The housing market went up (again). Public and private investment took place among the usual, happening cultural scene to set us up for a wonderful 2014.
Midtown homeowners will benefit from all of this. What will the Midtown housing market be like in 2014? The short prediction: steady and growing.
Midtown Kansas City real estate stats
The unemployment rate is slowly trending downward. While mortgage rates remain low, they’re expected to keep rising through 2014, but will still be at or below 5%. Existing home sales increased by 17% in 2012 and about 10% in 1013. Experts predict that the growth trend will continue at 4.5%. This would mean almost 31,000 homes sold in Kansas City this year.
Area home values are predicted to maintain their slow and steady increase. Values appreciated 2.3% in 2013 and are expected to rise 2.7% in 2014, in part because of continued low inventory. We saw this happen last summer, and it looks to be the case again this year.
So what does it mean for Midtown Kansas City real estate?
Homeowners waiting for the “right time” to list should think about making 2014 the year. Low inventory is in your favor. Interest rates and employment rates should give you a good pool of buyers. Recent appreciation and a consultation with a realtor will show whether now is the time for action.
Midtown buyers may have more leverage this year than next, making 2014 the year to buy. You will continue to enjoy low interest rates, but those will likely go up as we head into 2015. And while prices have started to rise, you will still get great value in Midtown. If appreciation puts owners in the position to sell this year, you could find that perfect place at a fair price.
2014 looks to be a stable year for Kansas City real estate, maybe the best we’ve had in a while. Midtown should be no exception. We love living here, and can’t wait to see what’s next. If you’ve been thinking about jumping into the market, now is the time to talk to your real estate professional. Don’t miss out.
Lauren and Scott are with Lauren Hruby Real Estate, Keller Williams Realty Key Partners, LLC. They work with people looking to sell or buy a home in the Kansas City area. For more information, visit www.laurenhruby.com or call 816-529-6174.
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