“The Kansas City real estate market. How is it doing?”
I get asked how the real estate market is all the time. Here are my brief feelings as to where we are now.
We are just on the cusp of the second wave of foreclosures due to arrive this winter and roll through next spring. Certain areas of Kansas City have fared pretty well. Compared to the rest of the country and certain parts of KC, that is. Johnson County, Kansas is doing pretty well. Areas in Lee’s Summit, Brookside and pockets in North Kansas City are hanging on real well. But it can be neighborhood to neighborhood as it doesn’t take very many foreclosures to drag a subdivision down into the muck.
My gut feeling? We aren’t quite at bottom. But we’re not too far from it. I kinda predict our real estate market to be like a rock skipping across a lake. That rock will take on water and hit hard then it will bounce back up, barely, only to travel a while and crash again. Now, if you want to take the analogy farther you could always argue that the rock eventually sinks to the bottom. Ouch. I’m not prepared to go that far. 🙂
The point I’m trying to make is that it is my belief that in Kansas City you aren’t going to make much or lose much by trying to “time” this market. Look for solid buys and then act on them. But this isn’t a market to take chances in. You better be sure of your numbers. If you’re sure, buy. If not, wait. You’ll find something, I promise.