KC Condo Tracker

Have you looked around Kansas City? Construction abounds. It’s everywhere. From South of the Plaza where a new Whole Foods store will soon open to the River Market where there is a new apartment building in the works, things are happening in our city. People are coming downtown in droves! We’ve had the KC Streetcar now for almost 18 months, and more than 3,000,000 people have taken a ride. Google Fiber launched, and KC is one of the smartest Smart Cities in the US. It’s an exciting time to be here watching our city blossom.

In the last few years, KC has received accolades from several great sources:

Fodor’s: https://www.fodors.com/news/5-reasons-to-visit-kansas-city-11521

Huffington Post: https://www.huffingtonpost.com/entry/6-reasons-kansas-city-is-the-most-lovable-of-cities_us_57ad15eae4b0e7935e0487b8

And CNN: http://www.cnn.com/travel/article/kansas-city-royals-winners/index.html

Our baseball team has won the World Series, and our KC Chiefs have even seen some better days, as of late.

All great reasons to appreciate a city. But there’s so much more to love!

While we don’t rank top in public transportation or environmentally friendly transportation modes like cycling, our city is quite easy to maneuver in a car. And while during rush hour traffic, we do experience traffic that sits still, our traffic is NOTHING compared to traffic in cities similar in size. And even in the worst traffic, you can get from Downtown Kansas City, MO to Overland Park, KS in 15-20 minutes, maybe 30 minutes on a bad day.

If you or someone you know is thinking about a move to the Kansas City metro area, this blog post and the included links provide a great resource. Especially this one: https://realestate.usnews.com/places/missouri/kansas-city

Feel free to share and comment below on any other links that can help someone make the RIGHT decision by moving to KC. Also, feel free to drop us an email or a phone call if you have any real estate related questions. Our team of experts is ready to answer your questions.

Don’t forget to check out www.UrbanKCLiving.com or www.KCCondoSource.com for more information and to start a FREE home search.

Team@UrbanKCLiving.com

816.699.0084

You read that correctly. The Real Estate Market in Kansas City is ON FIRE! With a lower than normal inventory of homes on the market for sale, competition is heating up. If you are currently shopping for a home in the metro area, you need to be prepared.

What does preparation look like, in this market?

• Having a Buyer's Agent represent you in your side of the transaction is VITAL. Listing agents work for the seller, they cannot legally represent you as their client also. To do so would mean they would need to serve you as a TRANSACTION BROKER, and that will not help you in negotiations. So NEVER call the number on the sign in the yard - you should consult your Buyer's Agent for any and all questions. If you Buyer's Agent is not available when you need him / her, you are working with the wrong Buyer's Agent. It's imperative in this market that you have an attentive and professional Buyer's Agent who is familiar with the area in which you are shopping. For example, using a Buyer's Agent who sells 95% of their properties in Overland Park is not beneficial for you if you are buying a River Market Condo.
• Have your pre-approval letter in your hand and ready to go. That means as soon as you are ready to shop, you should know how much you are approved to spend. The best homes at the best prices are selling the day they hit the market. And sometimes, there are multiple people putting in offers on homes at the same time. The ones who don't have all of their documentation together are the ones who won't win in a  bidding war. It's a sad but true fact in this market. For a list of lenders, check out our website.
• Be prepared to NOT get everything you want. It's a sellers market and there are more people wanting the same house you want. That means negotiations are extremely challenging. Again, it's important to have a Buyer's Agent who can present you a full picture of the situation and help you understand the pros and cons of the home and the negotiation process. A great Buyer's Agent will make sure you don't lose a home to another buyer over something that is trivial in the grand scheme of the home buying process.

KCRAR / Heartland MLS prepares information each month that shows current market conditions and here is the most recent snapshot:

• April 2015 average sales price for new & existing homes combined ($197,737) is 4.5 percent higher than April 2014.
• There were 3,084 homes sales (new & existing combined) for April 2015  - 12.4 percent higher than April 2014.
• Home inventory (new & existing combined) for April 2015 (12,374) is 6.9 percent lower compared to April 2014.
• The supply of new and existing homes for April 2015 is 4.5 months - representing a home market slightly favoring sellers.