If your home search has been on hold because you were unsure where you’d move once you sold your house, now is a great time to get back into the market.
Inventory is Increasing
The real estate market in the Kansas City Metro is finally undergoing a shift, and the supply of new and existing homes for sale is increasing. A greater number of sellers are taking advantage of higher home prices and fast-selling homes and deciding to list this year. With home inventory increasing, you now have a much better chance of finding the perfect home to suit all your needs. Let’s take a look at the options.
The Unique Charm of Existing Homes
First, we’ll explore the advantages of purchasing an existing home. An existing home, or one that has previously been lived in, can provide a unique charm you might be looking for. The Kansas City area has a rich history, and many of its homes offer unmatched character. Existing homes are often part of established neighborhoods boasting mature landscaping and trees, which offer additional privacy and elevate your curb appeal game to the next level. Take a drive through Old Leawood or Brookside and you’ll find beautiful large trees with raised canopies as well as a wide range of garden and landscaping styles.
Timing the closing date on an existing home can be a deciding factor, as well. Basing your move-in date on the agreed upon timeline with the sellers of the home you’re buying gives you some deciding power, as opposed to building a new home and waiting for construction to finish. This is helpful if you need to move sooner rather than later.
Create Your Ideal Living Space With a Brand New Home
That being said, purchasing a newly built or under-construction home means brand new everything. Having new appliances, windows, roofing, etc., can lower your energy costs, adding up to significant savings over time. Adding to your potential savings, the lower maintenance that comes with a newer home is another great advantage. Because everything is new in the home, you likely won’t have as many small repairs to deal with such as leaky faucets or noisy ceiling fans and other odd jobs around the house. And a lot of times, a new home comes with warranty options that cover your investment for the first few years.
With a new build, you are afforded the opportunity to create your perfect living space, customized especially for you. Some current areas booming with new construction are the Blue Valley School District and north of Hwy 152 on the Missouri side. But keep in mind that purchasing a new home might mean you’ll need to wait a considerable amount of time before you can move. Supply chain issues could potentially delay your move-in date even further, but we are definitely seeing an increase in the inventory of newly built homes as well.
Supply is UP
The trend for both new and existing homes is seeing their supply increase over the last few months. This is good news for your home search! Take a look at the graphs below. You’ll see that supply for both types of homes has increased since January.
As the above graph shows, if you’re looking for a home with lived-in charm, supply is rising, and that’s great news for you.
The above graph highlights the supply of new homes for sale has also grown this year. This includes homes that are under construction, soon to be completed, and fully built.
The Takeaway: You Have Options
Because the supply of homes for sale is rising, you now have more options for your next home, no matter what your preferences are. So if you’ve put your home search on hold because you were unsure where you’d move, now is a great time to get back into the market. If you have questions or want help deciding what’s best for you, contact us and we will connect you with a trusted local real estate professional who’s just right for you.