Kansas City Real Estate: A Quick Update on Winter Home Prices in 2018

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The winter is shaping up to be an important market for many home sellers. A few different trends are all coming together to make now the perfect time to enter the market. Inventory remains extremely low, but there are plenty of optimistic buyers out there looking. However, now that the new tax bill has passed, what can you expect from the winter market? To learn more, watch this short video.

Learn more: http://chipglennon.blogspot.com/2018/01/a-quick-update-on-kansas-city-winter.html

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Chip Glennon
Keller Williams
KC Metro & KC North Areas
310 Englewood Rd. Suite 200 | Kansas City, Missouri 64118
100 W. 92 Hwy | Kearney, Missouri 64060
Phone:1-800-686-5088
Fax:(816)628-6751
chip@chipglennon.com

TRANSCRIPTION: This winter is likely to be a very important moment for many home sellers. That’s because three big trends are coming together to affect Kansas City home prices right now:

1. Housing inventory remains extremely tight. The total number of homes on the market fell 10% year over year in the last quarter. This is the biggest drop since 2013, and it’s part of a consistent pattern of very limited and decreasing housing supply. Of course, the fewer homes there are on the market, the easier it is to sell, and the higher the price you can expect to get. Home prices have increased almost 6.5% nationally since last year.

2. Buyers are increasingly optimistic. Despite the tight inventory, homebuyers are increasingly optimistic and continue to look for homes. Some of this has to do with the recent growth in income and job stability. Loosening lending standards are also making many home buyers eager to take advantage of current mortgage rates, which slipped under 4% recently.

3. The new tax reform bill will impact the market. The federal government recently passed the Tax Cuts and Jobs Act, which majorly overhauled our tax code. While it’s unclear how this will affect the real estate market as a whole, there are some changes that do not favor home sellers. As a result of the changes made to the tax code, the National Association of Realtors now projects slower growth for home prices in 2018, with an appreciation rate of 1% to 3%. By doubling the standard deduction, Congress has significantly reduced the value of mortgage interest and property deductions as tax incentives for homeownership. On the bright side, no changes were made in the rules surrounding capital gains for home sales, which is good news for home sellers.

When you put all three of these trends together, two big conclusions emerge. First, now is a very favorable moment for home sellers, thanks to the shortage in the market, the many eager buyers, and the high and rising prices. On the other hand, higher cost, higher tax areas will likely see prices decline as the result of new restrictions on mortgage interest and state and local taxes.

If you are looking to take advantage of the present moment to sell your home, please reach out by giving us a call or sending us an email. We look forward to hearing from you soon.

Kansas City Real Estate: A Quick Update on Winter Home Prices in 2018, Wichita Wholesale Mortgage Lenders

Wichita Wholesale Mortgage Lenders, Kansas City Real Estate: A Quick Update on Winter Home Prices in 2018.

Kansas City Real Estate: A Quick Update on Winter Home Prices in 2018. Find Viewpoints Relevant with Estate Agent, Lenders for People, Subprime Mortgage Loan,
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