Does it Make Sense to Buy a Home Right Now?

by Greg Weis

Thinking about buying a home? If so, you’re probably wondering: should I buy now or wait? Nobody can make that decision for you, but here’s some information that can help you decide.

What’s Next for Home Prices?

Each quarter, Fannie Mae and Pulsenomics publish the results of the Home Price Expectations Survey (HPES). It asks more than 100 experts—economists, real estate professionals, and investment and market strategists—what they think will happen with home prices.

In the latest survey, those experts say home prices are going to keep going up for the next five years (see graph below):

Here’s what all the green on this chart should tell you. They’re not expecting any price declines. Instead, they’re saying we’ll see a 3-4% rise each year.

And even though home prices aren’t expected to climb by as much in 2025 as they are 2024, keep in mind these increases can really add up over time. If these experts are right, your home’s value goes up by 3.78% this year, grows another 3.36% next year and 3.87% the year after that.

What Does This Mean for You?

Knowing that prices are forecasted to keep going up should make you feel good about buying a home. That’s because it means your home is an asset that’s projected to grow in value in the years ahead.

If you’re not convinced yet, maybe these numbers will get your attention. They show how a typical home’s value could change over the next few years using expert projections from the HPES. Check out the graph below:

In this example, imagine you bought a home for $400,000 at the start of this year. Based on these projections, you could end up gaining over $83,000 in household wealth over the next five years.

Of course, you could also wait – but if you do, buying a home is just going to end up costing you more.

Bottom Line

If you’re thinking it’s time to get your own place, and you’re ready and able to do so, buying now might make sense. Your home is expected to keep getting more valuable as prices go up. Teaming up with a local real estate agent is a good first step to start looking for your next home today.

This post was first published on Keeping Current Matters.

Market Stats • Real Estate • Tips for Sellers • March 19, 2024

Why Spring Is the Best Time To Sell Your Home

by Greg Weis

Selling this Spring

As winter ends, a burst of activity takes over the property market and potential buyers come calling. During this time, the housing market can also just look more appealing, accented with emerging greenery and the start of colorful blooms. Learn why spring is the best time to sell your home, and why this is prime time in […]

As winter ends, a burst of activity takes over the property market and potential buyers come calling. During this time, the housing market can also just look more appealing, accented with emerging greenery and the start of colorful blooms. Learn why spring is the best time to sell your home, and why this is prime time in the real estate world.

Peak Real Estate Activity

Traditionally, spring brings an influx of eager home buyers into the market, and that isn’t likely to change in 2024. With the holidays behind them and tax refunds in hand, people can be ready to make significant life changes – including finding a new home. This convenient timing can also give those new homeowners the summer to settle in before the kids start back at school. Plus, the increased housing demand in March, April and May often leads to quicker sales and more favorable offers – another big pro for home sellers in the coming months.

Spring is Open House Season

The less extreme weather also provides the perfect backdrop to showcase your home in its best light. With the milder temperatures kicking in for a lot of the country by mid-March and longer days ramping up everywhere, potential buyers can be more inclined to attend an open house, spotlighting your home’s warm and inviting atmosphere in-person.

Perfect Time for Home Improvements

The spring months are also ideal for touching up the exterior with a fresh coat of paint or fixing the roof if winter was a little rough on it. First impressions are super important to home buyers, and they’re more likely to fall in love with a home that looks well-kept and inviting. Nothing scares off a buyer faster than the thought of high-cost repairs down the line. So, start planning those tweaks and updates now.

Yards Look Their Best

Never underestimate the power of a picture-perfect home exterior. And that means curb appeal! Trimming the hedges, cleaning walkways or setting up a cozy front porch seating area can go a long way in convincing potential buyers to envision themselves living in and loving your home. This is also a fabulous time to consider all outdoor spaces. Landscaped yards and unique outdoor entertaining areas can make a lasting impact that will make them want to act fast.

Advantages of Listing with an Agent

If you do sell this spring, consider the benefits of working with a professional – specifically a Coldwell Banker® affiliated agent. From understanding the intricacies of your local real estate market to navigating the hyper-competitive spring selling season, they’ll have you covered. Plus, their expert marketing includes professional photography, targeted online advertising and more. Interested? Connect with an agent today to get started.

It’s true! Spring is the best time to sell your home. But here’s an insider tip – don’t wait for the rush to kick in. Dive in now, get ahead of the game and be ready to show when the market heats up.

This post was first published by Michelle Abendschan

Market Stats • Real Estate • Storm Damage Repairs • March 14, 2024

Watch out for Storm Chaser

by Greg Weis

What Are Storm Chasers?

Storm chasers are a type of roofing salespeople. They go state to state “chasing” after big storms. These salespeople find the neighborhoods that were hit hardest and go door-to-door offering free inspections. They almost always tell you to file a claim and pressure you to do it on the spot.

They do not have a home office in the area. Usually, they haven’t been in business very long and do not have a solid team of roofers. Instead, they utilize subcontractors who may not even be certified or skilled in roofing.

The result? Poorly installed roofs that don’t last long and develop issues within a few years of installation. When those problems do come, the roofing company is no longer there to help.

That’s why, even when it’s an insurance job, you want to make sure you pick the right roofer. Otherwise, you could be paying for the contractor’s mistakes out-of-pocket.

So, how do you spot these storm chasers?

How to Spot a Storm Chaser

Storm chasers go door to door soliciting jobs

1. They go door to door uninvited.

They don’t have enough business otherwise, and they don’t have a strong enough reputation to let the homeowners approach them.

2. They push you to file a claim right away.

You always have time to do your research. Even if your roof is leaking, there are ways to temporarily fix leaks so you can take your time to weigh your options. Storm chasers are not around for very long, so they will push you to decide right away so they can get the job and go.

3. They make you sign something before going on the roof.

Be very wary of what you sign. If a roofer asks you to sign something before they go on your roof, it could secretly be an agreement to use them as your roofer, and then you’re stuck.

4. Their crew does not have any company gear.

When a crew doesn’t match the company, chances are they are subcontractors.

5. Their license plate is from another state.

If your roofer has a license plate from another state, it’s a tell-tale sign they are not local.

6. They have a “lifetime” workmanship warranty.

When they say they have a lifetime workmanship warranty, that is a huge red flag. No business can promise that, because no business can guarantee they will be around that long.

7. They won’t provide you a quote without seeing the insurance paperwork.

Many storm chasers insist on seeing your insurance paperwork. Yes, insurance paperwork is incredibly helpful for a roofer. It has all your roof measurements, making it easier and faster to put together a quote. We sometimes ask for it too, but we never require it. Storm chasers require your insurance paperwork so they can match their quote to it to maximize their profits–even if their job doesn’t actually cost that much.

8. They offer to “pay” your deductible.

Number one, this is illegal. Number two, they probably will just add the cost of your deductible to the roofing quote to make up for it.

Each of these clues should act as a “stop” sign for you. If you notice any of these things, you’ll want to pause and do some research before moving forward with that contractor.

Market Stats • Real Estate • March 12, 2024

Greater KC area Fast Stats – February 2024

by Greg Weis

Market Highlights Kansas City Metro Area Feb 24′ vs Feb 23′

Home sales are ↘️ 5.7% to 2,057 closed sales.
Home prices are ↗️ 5.6% to $335,898 average sales price.
Home inventory ↘️ 5.4% to 4,982 total available homes.
Home monthly supplies are ↗️ 6.3% to 1.7 months supply.
Average days on market ↗️ 15.2% to 53 days on market.
Percent of original list price ↘️ 0.4% to 96.9% of price received.

Real Estate • Tips for Buyers • March 11, 2024

Finding Your Perfect Home in a Fixer Upper

by Greg Weis

If you’re trying to buy a home and are having a hard time finding one you can afford, it may be time to consider a fixer-upper. That’s a house that needs a little elbow grease or some updates, but has good bones. Fixer-uppers can be a really great option if you’re looking to break into the housing market or want to stretch your budget further. According to NerdWallet:

“Buying a fixer-upper can provide a path to homeownership for first-time home buyers or a way for repeat buyers to afford a larger home or a better neighborhood. With the relatively low inventory of homes for sale these days, a move-in ready home can be hard to find, especially if you’re on a budget.”

Basically, since the number of homes for sale is still so low, if you’re only willing to tour homes that have all your dream features, you may be cutting down your options too much and making it harder on yourself than necessary. It may be time to cast a wider net.

Sometimes the perfect home is the one you perfect after buying it.

Here’s some information that can help you pinpoint what you truly need so you can be strategic in your home search. First, make a list of all the features you want in a home. From there, work to break those features into categories like this:

Must-Haves – If a house doesn’t have these features, it won’t work for you and your lifestyle.
Nice-To-Haves – These are features you’d love to have but can live without. Nice-to-haves aren’t dealbreakers, but if you find a home that hits all the must-haves and some of these, it’s a contender.
Dream State – This is where you can really think big. Again, these aren’t features you’ll need, but if you find a home in your budget that has all the must-haves, most of the nice-to-haves, and any of these, it’s a clear winner.

Once you’ve sorted your list in a way that works for you, share it with your real estate agent. They’ll help you find homes that deliver on your top needs right now and have the potential to be your dream home with a little bit of sweat equity. Lean on their expertise as you think through what’s possible, what features are easy to change or add, and how to make it happen. According to Progressive:

“Many real estate agents specialize in finding fixer-uppers and have a network of inspectors, contractors, electricians, and the like.”

Your agent can also offer advice on which upgrades and renovations will set you up to get the greatest return on your investment if you ever decide to sell down the line.

Bottom Line

If you haven’t found a home you love that’s in your budget, it may be worth thinking through all your options, including fixer-uppers. Sometimes the perfect home for you is the one you perfect after buying it. To see what’s available in your area, connect with a local real estate agent.

This post was first published on Keeping Current Matters

Community Events • Kansas City Sports Teams • March 8, 2024

2024 Big XII Basketball Tournaments

by Greg Weis

2024 PHILLIPS 66 BIG 12 BASKETBALL CHAMPIONSHIPS

MARCH 7-12 | MARCH 12-16

Visit KC, the Kansas City Sports Commission and local event partners are proud to welcome back the Big 12 Basketball Championships to Downtown Kansas City.

WOMEN’S CHAMPIONSHIP
MARCH 7-12 AT T-MOBILE CENTER

MEN’S CHAMPIONSHIP
MARCH 12-16 AT T-MOBILE CENTER

BIG 12 MEN’S BASKETBALL

Kansas City is thrilled to once again host the Big 12 Men’s Basketball Championship, March 12-16. Here’s everything you need to know.

BIG 12 WOMEN’S BASKETBALL

Kansas City is slated to host the Phillips 66 Big 12 Women’s Basketball Championship through 2027. The 2024 championship runs March 7-12 at T-Mobile Center.

GETTING AROUND

From plentiful parking options to extended service by KC Streetcar and the MAX rapid system, getting where you need to be is extra convenient during Championship Week.

OTHER BIG 12 ACTIVITIES

Enjoy every moment of the week with events and activities surrounding T-Mobile Center, from pop-up shops to watch parties and fan-favorite spirit rallies.

EVERYTHING YOU NEED TO KNOW ABOUT BIG 12 BASKETBALL IN KC

Consider this your go-to guide for a full week of celebrations and activities surrounding the Big 12 Championships.

WHERE TO EAT DURING BIG 12

Kansas City’s dining scene showcases a wide array of tastes and cultural influences. Find barbecue, tried-and-true favorites and notable newcomers, all near T-Mobile Center.

This post was first published on https://visitkc.com/Big12Basketball

Market Stats • Real Estate • March 8, 2024

Greater KC area Fast Stats – January 2024

by Greg Weis

January 2024 Market Highlights

Home sales in Kansas City Metro Area fell by 4.9% in January 2024 compared to the same period last year. National sales fell with sales falling 1.7% over 2023.
Home prices continue to increase across the metro area. The average sale price in January was $324,307 a 3.7% increase compared to last year. Midwest prices rose 7.6% and US prices rose by 5.1%.
Mortgage rates are rising again. The national average commitment rate on 30-year conventional mortgage for the week ending February 16, 2024 was 6.90%. View Freddie Mac’s report.

Does it Make Sense to Buy a Home Right Now?

What’s Next for Home Prices?

What Does This Mean for You?

Bottom Line

Why Spring Is the Best Time To Sell Your Home

Selling this Spring

Peak Real Estate Activity

Spring is Open House Season

Perfect Time for Home Improvements

Yards Look Their Best

Advantages of Listing with an Agent

Watch out for Storm Chaser

What Are Storm Chasers?

How to Spot a Storm Chaser

1. They go door to door uninvited.

2. They push you to file a claim right away.

3. They make you sign something before going on the roof.

4. Their crew does not have any company gear.

5. Their license plate is from another state.

6. They have a “lifetime” workmanship warranty.

7. They won’t provide you a quote without seeing the insurance paperwork.

8. They offer to “pay” your deductible.

Greater KC area Fast Stats – February 2024

Finding Your Perfect Home in a Fixer Upper

Sometimes the perfect home is the one you perfect after buying it.

Bottom Line

2024 Big XII Basketball Tournaments

MARCH 7-12 | MARCH 12-16

WOMEN’S CHAMPIONSHIP MARCH 7-12 AT T-MOBILE CENTER

MEN’S CHAMPIONSHIP MARCH 12-16 AT T-MOBILE CENTER

BIG 12 MEN’S BASKETBALL

BIG 12 WOMEN’S BASKETBALL

GETTING AROUND

OTHER BIG 12 ACTIVITIES

EVERYTHING YOU NEED TO KNOW ABOUT BIG 12 BASKETBALL IN KC

WHERE TO EAT DURING BIG 12

Greater KC area Fast Stats – January 2024

WOMEN’S CHAMPIONSHIP
MARCH 7-12 AT T-MOBILE CENTER

MEN’S CHAMPIONSHIP
MARCH 12-16 AT T-MOBILE CENTER