KANSAS CITY, Mo. -- Home prices across the nation hit new post-bubble lows according to a new report released today by Standard and Poor. The good news, Kansas City isn't following that trend.
In the Metro home prices are actually increasing and house are moving much quicker than what we were seeing last year according to local realtor Becky Hopkins. The reason, both buyers and seller are getting smarter. Sherif Sedky wants to sell his house, and sell it quick.
"We don't want to wait. That's the whole idea," Sekdy said.
While the housing market still hasn't fully recovered from the recession, now is not the worst time to sell. Hopkins says existing home sales are up 14% from March of last year.
"The interest rates are still incredible so incredible opportunities for buyers to take advantage of," she says.
Moreover, the average home sale price is seeing a three percent increase from this time last year.
"Home pricing today, I mean it has to be thoughtful. It has to be, the homework has to be done," says Hopkins.
The Sedky's, who live in a Kansas City neighborhood near Zona Rosa in the Northaland have done their homework.
"We talked with our realtor and checked the houses that have been sold in this area. Similar to this house. And we priced it below the houses in the neighborhood because we want to move," Sedky said.
With new granite counter tops, wood floors, paint and appliances, the Sedky's put in the work so they potential buyer doesn't have to.
"We did a lot of work on the house so they buyer will come here and just bring the furniture and that's it," said Sedky.
Those upgrades come at a price however. The Sedky's put $15,000 in recent months. Add that to their nine years of equity and their listing price is just below what they paid for it plus the upgrades.
But Sedky is optimistic. "Life is risk. Up and down. And believe me what goes up will go down and then it will go back up again," he said.
Hopkins adds, "If you put it on at the right amount of what the market is demanding then you should see a quick sell."
A house that is in the $125,000-$150,000 price range in Kansas City is now staying on the market for an average of 31 days. That's compared to March of last year when a house in that price range was on the market for 146 days.