Springtime is one of the best times to buy a new home – especially this year. Kansas City’s real estate market is hot which means buyers will have to act fast to snag their perfect new home, but that challenge is all part of the fun of searching for your new place. Thinking about shopping? Take advantage of these warm weather real estate trends:
Low interest rates
In Kansas City, home loan interest rates are at an all-time low for buyers. Chief Economist Lawernce Yun of the National Realtors Association predicts the interest rates will be around 4.5% in 2018. That fact alone makes it a perfect time to begin touring homes and making offers. Save loads of money over the life of your loan by locking in a low rate and exploring the added perks of loan options like VA programs for Veterans.
Fresh inventory
By shopping in the Spring, you get the first peek at new homes coming on the market. Most buyers are still waking up from the winter cold and June, July and August will be peak shopping times. Instead of competing with a flood of buyers, start shopping for your next home now and enjoy an easier pace, long daylight hours for touring and beautiful warm weather for scheduling showings.
Top buying tips
Hire a neighborhood specialist
In markets like ours, it’s very important to find a neighborhood specialist. Kansas City is not only split between Kansas and Missouri but is also home to dozens of neighborhoods – each with their own styles, features and appealing attractions.
Most agents specialize specific areas of the city – helping you to locate homes that will be the best fit anywhere you’d like to look. Take advantage of popular apps like NextDoor or Facebook groups to see who local neighbors recommend. Great agents will know key area information such as school systems, utility companies, skilled vendors, local attractions and more. What’s most important is that they also know practical tidbits about the neighborhood and home type you’re considering. For example, Kansas City’s Midtown is packed with historic homes. These structures are old (very old!) and have specific problems that only local knowledge can sniff out. A neighborhood specialist can help you to find a home in excellent condition or save you from buying a potential money pit.
Be prepared to act
The KC market is one of the hottest markets in the country right now. Inventory is low but demand is at an all time high. While you’re ahead of the rush by shopping in Spring, you’re still competing with other buyers to purchase the perfect home. When you’ve found “the one,” be ready to act.
Even through the Winter, we’ve seen several clients want to “go home and think about it” – only to lose out on their dream home by moving too slow. Listen to your agent when they encourage you to make an offer – even if it’s for the listing price. This isn’t a sales tactic. Your agent is aiming to help you win your home.
No one wants to learn the hard way that they’ve moved too slowly to submit an offer. One recent client shopped for months and missed out on making offers multiple times because she hadn’t been pre-approved for a home loan. Those missed opportunities were a disappointment for us all. We encouraged her to get pre-approved. Then, when the perfect home was listed, she toured, made an offer and was accepted in less than 12 hours. The next morning, 4 other agents and buyers attempted to submit offers but it was too late – she won because she was ready to act.
Get pre-approved for a home loan and know the exact amount you’re willing to offer when the opportunity arises!
Give the seller something other buyers will not
If you find yourself competing with in a multiple offer situation, it’s imperative you separate yourself from everyone else. You don’t always have to write the highest offer, sometimes it’s the cleanest offer that wins the race. Make sure you’ve found a great agent who will dot the Ts and cross the Is. Other considerations:
- Make the closing date as early as possible. Typically 30 days.
- Get pre-approved by a reputable lender. Having an offer letter ready to go will ensure you can move faster than other potential buyers.
Ready to buy? Beat the rush, lock in low interest rates and get in your dream home this Spring. Your Buy Sell Live KC team is here to help you get started right away.
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