by Cathie Chesen
There are many exciting real estate trends occurring right now. 2015 has been ear-marked as potentially being the best year in real estate since the market crashed. The Millennials have entered the home market and make up approximately 50% of buyers. They have high-paying jobs and they want homes in the city where they can be close to work, bike lanes, bus routes, shopping, entertainment and restaurants. Value and affordable homes are what is appealing to them. The large suburban homes are not as important to them anymore.
The inventory is expected to rise in this spring market, which means increased sales. As of the end of February, the median sales price of existing homes rose 9%. And Janet Yellen, the Federal Reserve Chair, has not made plans to raise the interest rates for the first time since 2006. Of course, expect some fluctuation in mortgage rates, but not significantly. We are finding that with the great rates and buyers wanting to buy, that for the first time in over a year, we have a shortage of good quality homes for sale. One buyer in particular, when they saw that a house had been on the market for 7 days, wanted to know what was wrong with it! Times are changing rapidly!
As we are preparing our homes for this spring and freshening up our yards, there are many activities in Kansas City to assist you with ideas. The Spring Parade of Homes is scheduled for April 26th through May 11th. There will be 377 homes to view in the 8 county area. Also, plan to attend the 46th Symphony Show House between May 9th and June 7th. Many well-known designers will provide decorating and renovation tips in a Historic home at 96 Janssen Pl. in Central Hyde Park.
One last note: Many of our neighbors are still paying real estate taxes in excess of their home’s current value in our neighborhood. I try to assist our neighbors in determining the actual value so they will be able to speak with the tax assessor’s office to have the taxes modified. Please contact me if you need assistance with having your assessment readjusted.