Thinking of making a move? Now may be the perfect time to list your home. It may also be a good time for those looking to buy, according to the latest market updatefrom the Kansas City Regional Association of Realtors (KCRAR). To get a little context on how this relates to the local housing market, Link 2 Lee's Summit spoke with local realtor Cindy Curd, of Realty Executives. Curd is a Lee's Summit resident and veteran realtor having worked throughout Lee's Summit and the Kansas City region for the past 12 years.
Link 2 Lee's Summit: What's the driving force behind the market right now? Why would you encourage potential sellers to list now?
Ms. Curd: Interest rates are low, with the expectation that they will increase. That gives a little motivation to buyers to act sooner rather than risk potential increases later in the year.. Inventory (homes for sale) is very low right now. Generally, as we move further into spring, inventory increases. As inventory increases, we can expect to see sales prices decrease and days on the market increase. This is the typical supply and demand model. Listing before supply increases would give a seller the opportunity to maximize their sales price in a shorter period of time.
Link 2 Lee's Summit: Interest rates are still very low. Why are buyers seemingly more cautious to take advantage of these rates than in previous years?
Ms. Curd: I'm not sure they are cautious to take advantage of the rates so much as they are cautious with their borrowing potential and an awareness of the real estate pricing bubble that we experienced in the recent past. New lending guidelines are also helping to keep buyers from reaching too far for their budget.
Link 2 Lee's Summit: The KCRAR video talks about a lack of inventory. Can you give us some specifics on that gap — what types of homes, and price-points, are are currently moving in the Lee's Summit market?
Ms. Curd: Well-maintained homes in virtually every category are selling in Lee's Summit right now. As long as the home is in good condition and is not grossly over-priced, offers are being made.
Link 2 Lee's Summit: Geographically speaking, what areas of Lee's Summit appear to be attractive to buyers right now?
Ms. Curd: Lee's Summit is doing very well as a whole, as are most of the suburbs of the Kansas City area that offer great schools, communities, public safety and access to transportation or good transportation routes to other parts of the metropolitan area.
Link 2 Lee's Summit: As Lee's Summit continues to grow, which areas of the community are primed for new development?
Ms. Curd: There is new development on every edge of Lee's Summit with great builders and super floor plans. I encourage potential buyers to take advantage of the Home Builders Association Spring Parade of Homes that is going on now through May 8th. Many of our established communities are opening new phases.
Link 2 Lee's Summit: What are the new developments either just coming on line, or getting ready to start construction?
Ms. Curd: There is a beautiful piece of land off Bowlin Road in NE Lee's Summit that is beginning development. Some of those lots will back to Fleming park.