Housing market sees surge in sales — here’s why

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

KANSAS CITY, Mo -- If you own a home and are looking to sell, now is the time to do it. New numbers just released show the demand for homes is higher right now than it's been in a while.

The brutal weather this past winter really hurt home sales in Kansas City and across the nation. People just weren't buying, but last month, we saw a surge in sales, as the number of existing home sales jumped higher in one month than it has in the past three years.

Realtors believe it all has to do with consumer confidence. People are feeling good about the economy and their own financial situation, plus mortgage rates have fallen in recent months. Right now they are at 4.17 percent on a 30-year loan. It's a sellers dream, but realtors warn, it's really important to take the time to prepare your house for sale first.

"With the inventory, it's not unreasonable to think that a home could sell in a period of hours, days or weeks if it's ready, show ready, cleaned up, touched up, painted, staged, exterior, landscaping, all up to date and clean," Dan Couse, realtor, said. "It's totally worth the amount of time to do those things.

Realtors say because local inventory is fairly low right now, buyers are competing for the same houses and prices are rising.

According to the Kansas City Regional Association for Realtors, existing home sales are up three percent over the past year from an average of $177.6 thousand dollars to $183,000. And new home sales in Kansas City jumped six percent from an average of $342,000 to $363,000.

As for the home sales outlook for the rest of the year, mortgage rates are expected to go back up. That could slow down home sales, but with more people putting their homes on the market, it could increase inventory and steady prices, continuing to attract people to buy homes.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s