what is the real estate market like in Kansas City

15 years ago

In the northland area in MO? There is a remote chance we might relocate. The thought of buying or selling a house right now is not pleasant. We have been in our current home and it's paid for so the worst case there is that we just don't get as much for it as we might at some other time. I've been looking at real estate online down there and it seems really inexpensive compared to where I am now. Just wondering how depressed the market is there compared to other areas. It might be a good buyers market but I wouldn't want to overpay since this may not be a long term situation - if it happens at all.

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Comments (5)

phoggie
15 years ago
gibby~~~
I think that depends on what part of KC you are wanting to buy....Kansas City, Mo?...KCK?...Overland Park, Olathe, Leawood, Mission, Lenexa,...or any part of Wyandotte county, or Johnson County in Kansas..... When you say "Kansas City", you are actually talking about several cities...and as most places, prices vary....but on a whole, I think they are probably like the rest of the country....down some on the market....location is the key.
whenicit
15 years ago
The midwest in general seems to have reacted slower but is still depressed. There has been less building going on, which is a good thing. The suburbs like Lees Summit, MO and others have exploded in recent years so I'm guessing it is somewhat overbuilt (I live in Iowa but travel there on occasion) as it looks like typical suburbia from I-80...

Good luck if you move
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Q
Comments (5)
No decision yet - it's still a possibility - they're in the reference checking stage. Ironically I was talking to someone I work with who relocated to KC a few years ago - asking more about where she lives. She lives in Liberty!! And another person I work with is thinking about relocating to KC - family from there. Of course I haven't talked to these people much as I would not want anyone thinking I'm leaving if I'm not. After my day today it couldn't happen fast enough - if it meant getting out of this rat race. I also posted something on the buying/selling houses forum. The idea of all that is a little disconcerting - more the buying than selling. I'd hate to buy, decide not to stay there long term, and then be stuck with a house I paid too much for. I'm thankful not to be in that situation now and really don't want to get in that predicament. I'd also be relucatant to rush into selling/buying until I was somewhat sure the whole job situation was going to work out. You know how you never know what you're really getting into until you're in it. I've been looking at the real estate listings - I found a few places with trees. Lakes and water are scarce though I saw a few bodies of water - nothing like the land of 10,000 lakes though. We have a lake cabin in MN which we would keep - and if "retired" I would probably spend a good part of the summer there. It's interesting to hypothesize about the change - I think I'm ready for one.
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Q
Comments (38)
Coastal NH is also "schizophrenic", but mostly lousy and looking to be getting worse. There is little job growth in the income levels that would permit people to buy homes - while reports tout growth, they're mostly in the low-paying service sector - and we had a big boom here. Properties in my town are just sitting and sitting and sitting, and those people who ARE making offers want the sun, the moon, and the stars for nothing. We had one offer that we think wasn't entirely serious, the other the buyer backed out after the inspection because we wouldn't eviscerate our price as far as they wanted. (The house is a typical 14 year old house, reasonable condition, but they were getting persnickety because everything wasn't in brand new condition. Ya want new, ya buy new, and pay more.) In the town we're moving to, prices are a LOT lower (which is why we're moving there!) but still out of reach for most ordinary folks. Some homes are moving quickly but others are dead in the water and there doesn't seem to be much rhyme or reason to it. Our buying agent is puzzled about what's going and what's not, she says that many places she thinks will fly off the market are sitting and ones she thinks are "no way in hell" are selling in no time. It's really rather bizarre. Also, there is a glut of REOs and there seems to be no sign of that slowing; I learned how to check the deeds online and have noticed that most of the houses that are on the market as REO now were mortgaged in 2004 and 2005, and the outstanding amounts shown on the foreclosure/deed-in-lieu documents are almost invariably quite a bit higher than there is ANY chance whatsoever of being able to sell the house for. It's rather sad. And yet, in both towns, new construction is continuing even though builders are having to offer ridiculous incentives to get people to buy. You gotta wonder what folks are smoking.
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Q
Comments (5)
Congratulations on finally finding a place to buy!! The market is very different there, so I don't pretend to know what works. From what you've said, I think a lot of houses don't have a bathroom on every floor, and plenty only have one bathroom altogether. I'd think that an extra half bath would be a boon, and people would be happy to have the 1.5. OTOH, there are a lot of working households where at least two people are up early for work and need to dress at the same time. Some folks work it out by having one shower after work, and others do it with one making breakfast while the other showers, and the other cleaning up, while the cook showers. This takes a lot of coordination, and works best with couples who are good at partnering, rather than roommates or generations. If they were getting lots of "if onlys", and no decent offers, it might have really seemed worth their while to do the remodel to get their asking price and complete a sale rather than losing more than the cost of the remodel on waiting longer or accepting a much lower price. 'Course, they hadn't anticipated a thoughtful, design oriented, valuer of past modes and beauties like yourself to come along before they'd even finished. And even you appreciate the utility for your tenants. :) Congratulations again!! How's the kitchen?
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Q
Comments (74)
Well, I will admit that it's a first world problem, but it still hurts......we've been house hunting for well over a year. Trying to downsize. Housing stock in our area is very tight, and it's a solidly middle class area. We didn't win bidding wars multiple times, so we're still in the market. But, over the past few months, our too big and too fancy home has started to decrease in value at a much quicker rate than our target properties. Meanwhile, interest rates are shooting up, so when we do find a home, the mortgage will be much more expensive if we need one, which, given the declining value of larger homes in our area, we might. Again, first world problem. We have a roof over our heads. We can pay the bills. But it hurts to be stuck in a home we wish we could get out of...and if we can get out of it, it hurts to take a financial hit to do so. Glad we're not too close to retirement....if we were, and downsizing was a big part of the game plan, retirement might be put on hold. I really feel for potential first time buyers too....the craziness of the last two years, and now the interest rate increases mean more people are stuck renting. We were burned during the 2008 crash, so I know renting is not necessarily a bad thing, but so many are having to put off ownership which has a lot of value beyond just building equity.
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3katz4me
Original Author
15 years ago
phoggie - I'm talking about the northland areas of KC - MO side, North KC, Parkville, Liberty, etc. - not the areas you mention. Anyone know if any part of this area is less depressed than others or any part that is generally in greater demand? Anyone know of a good online resource that gives overall comparative data on how depressed various real estate markets are? You hear how bad Phoenix, Vegas, Atlanta, LA are but where do other markets fall in comparison?
earthworm
13 years ago
Try Zillow.
But this has its limitations, and it will be toilsome in gathering data.
soooomanyboys
13 years ago
Gibby ~

I am pretty sure that you have already answered this question for yourself, but in case you are still looking...I live in Kansas City (Lee's Summit to be exact) and have found that the real estate market is fabulous for buyers here! Prices never got crazy here when things were booming, so they didn't fall through the floor when the bust happened. Houses are still selling although maybe not as quickly as before. There are a decent number of "deals" out there that you can get a seriously great price on a house, and the Northland is a great place to do that. Lots of newer construction and nice neighborhoods!
If you are still looking and need a great Realtor, I have a great one that I have used on more than one occasion and recommend her without hesitation when I know someone looking. She is a treasure for sure! Message me and I will give you her info! Good luck and welcome to KC!

what is the real estate market like in Kansas City

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what is the real estate market like in Kansas City

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phoggie

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