What to Know about the KC Housing Market During COVID-19
Predicting the changes in the real estate market is always tricky. Now, it’s even tougher. With a pandemic on our hands and a semi open-ended stay at home order, here’s what we can confidently tell you about the real estate market.
For starters, this is uncharted territory. What’s relevant in the news today may change tomorrow. So, if you’re thinking about buying or selling a home, the best thing to do is keep an eye on reliable resources for local news, and don't hesitate to reach out to me with any questions or for day-to-day guidance.
Right now it is still a seller’s market, and that’s not expected to shift dramatically. Housing inventory remains low despite the hundreds of properties consistently coming on the market in Kansas City, because there are so many buyers still competing for homes. Some buyers are taking advantage of extremely low interest rates; though it’s worth noting interest rates have spiked a few times during the chaos, each time they’ve returned to nearly record-low rates. Low interest rates are also attractive for refinancing, so if you’re not looking to buy or sell right now, it may be time to look into lowering your monthly mortgage payment!
As far as accessibility goes, real estate agents, inspectors, banks, and moving companies are all still considered “essential.” Though I am limiting physical contact with preliminary virtual tours, I can still make a private appointment for you to walk through most homes if the seller is comfortable with it. I am also taking extra precautions to keep houses squeaky clean before and after clients walk through. It’s highly recommended to rely on virtual walk-throughs as much as possible, and only pull the trigger on an in-person walk-through when you’re very serious.
We’re starting to see more real estate-adjacent service providers adapt to providing their services online. From lenders to insurance agents, more meetings are taking place virtually and many are doing a fantastic job streamlining the paperwork process. If you need a trustworthy referral, I am happy to connect you with my list of wonderful business partners!
As this crisis carries on, continue to educate yourself on the latest regulations and do your best to stay healthy. Remember, knowledge is power! Real estate authorities and local government are urging agents to focus on clients who need to make a move, and I am here to help you figure out the best decision for you and your family. If moving is on your mind because of extenuating circumstances, let's talk.
Lastly, if you’re confused about where to get the best local Kansas City updates on COVID-19 related news, The Mayor’s Office is dropping regular updates right here. Above all else, keep doing your best to protect yourself and the ones you love. It may be dark days now, but just think how bright things will be when all of this is finally over.