According to SmartMoney.com and magazine Kansas City is #13 on the list for cities whose housing markets are set for a rebound. Now, no one can know the future. We can only speculate. But what is meant by rebound is a fair question.
Here in Johnson County, Kansas where I reside in the ‘burbs of Kansas City the housing market has been far more affected by the financing crisis. Housing prices here haven’t fallen too badly. 2%? 3%? In some neighborhoods it is closer to flat or even +2%. Others may be down as much as 5% or 6% in isolated neighborhoods.
The real housing slump here isn’t prices but volume. Houses just aren’t moving. No one is looking. So slashing prices really isn’t the answer. NO ONE IS LOOKING!!! I currently have 8 listings. In the last 30 days I have had 4 showings. I said 4. Four. Quatro.
My opinion? We are where we are until Spring. Then I will be able to reevaluate what is going on. For strong investment property buyers there are bargains to be had. Mostly outside Johnson County. More like on the Missouri side of the state line. But with financing today you really need to be putting 20% down. 25.01% gets you a lot better interest rate.
If you are currently in the market for an investment property in Kansas City give me a call today.