With an increasing population and favorable job prospects, the Kansas City housing market has many buyers waiting to purchase a new property. According to a U.S. Department of Housing and Urban Development (HUD) report, the Kansas City market will construct approximately 10,350 homes in Missouri between 2020 and 2023.
Kansas City is the largest city in the state of Missouri. It has a diverse economy and a favorable business climate that encourages growth — all contributing to the success of the real estate market. Increasing demand for family homes and other properties makes now one of the best times to sell a house in Kansas City. By understanding the ins and outs of the Kansas City real estate market, you can prepare for a successful sale in the city and surrounding areas.
A Look Into the Kansas City Housing Market
Much of Kansas City’s urban core lies in Jackson County, Missouri, which has a rich history of growth that continues to this day. With its unique neighborhoods and many entertainment options, it’s clear why so many people have flocked to this city to take up job opportunities and start a family.
The city features a median home value of $154,600. According to the HUD, Kansas City increased in population by an average of 5,500 people each year between 2015 and 2018. This influx of people paired with the relatively low median home value makes the housing market favorable for sellers and buyers in this area.
3 Key Trends Driving the Kansas City Housing Market
By examining the Kansas City real estate market forecast, we can identify key trends that contribute to the success of the housing market:
1. Population Growth
With a current population of about 500,000, Kansas City is one of the larger cities in the Midwest and is the 36th most populated metropolitan area in the United States. With a thriving arts and entertainment scene, multiple major professional sports teams to cheer on and a wide variety of family activities, it’s no wonder why the city continues to grow and garner attention.
2. Employment Prospects
Missouri is well-known for its pro-business environment that provides space for businesses to grow and succeed, further creating new jobs and a highly skilled workforce. With a low unemployment rate of 5% compared to the national average, Kansas City accounts for about 56% of the metropolitan workforce in the Missouri portion of Kansas City. The job market experienced a gain of 80,700 jobs over the last year, with a job gain rate of 8.1%. With increasing job opportunities, it’s clear why Kansas City has become an attractive location for families and business professionals.
3. Cost of Living and Quality of Life
Kansas City’s quality of life and affordable way of living is also drawing people to the area. With a median household income of $56,179 and a cost of living that’s 3% below the average of the United States, it’s easy to see why so many people are choosing Kansas City as the location for their new home. In addition to the attractive cost of living, Kansas City residents have access to frequenting local attractions and amenities nearby. Leisurely pastimes include attending the famous Nelson-Atkins Museum and the popular Kansas City Zoo. The free street car is used to navigate around downtown streets, and the variety of parks draw in a healthy crowd of family-friendly traffic on a nice day. These features bring both charm and convenience to the growing area.
How You Can Prepare for a Successful Sale
If you’re ready to take the plunge into selling your home in Kansas City or the surrounding area, it’s essential to know some top tips for how you can prepare for a successful sale:
Decide Between a Realtor or No Realtor
You might think a traditional realtor is necessary when you’re selling your home, but that’s not always the case. Choosing to sell independently may take a bit of research on your part because you’ll need to thoroughly understand the housing market in order to market your house effectively. Independent selling may be an excellent option for you if you have previous experience and can navigate the complex legal documents.
If you’re unsure of the necessary paperwork for selling a house without a realtor, and value transparent guidance throughout the sale process, using an experienced auction company might be the best route for you. When you take advantage of innovative marketing techniques some real estate companies offer and auction your home, you have more control over the selling process. Qualified auction companies guide you through the auctioning process with continuous support and assistance.
You can also decide to follow a few steps to selling a house with a realtor. You can choose a real estate agent or broker who you feel most suits your needs. They can guide you through the selling process and help you figure out the listing price of your home. They also market your house to attract potential buyers.
Auctions are unique from traditional sales because you, as the seller, create a sense of urgency for buyers who will be even more willing to purchase a property at a competitive price. Traditional sales can lead to sellers reducing the listing price over time if there appears to be limited market attraction for their property. You may want to consider selling at auction to get true market value for your property.
Estimate Your Costs
So, how much is it to sell a house in Kansas City? It can depend on many factors, including realtor fees and closing costs, which can sometimes make using a traditional real estate broker in Kansas City a more involved option for sellers and buyers. While auction companies also charge fees to market your home and connect you with potential buyers, this option can save you money in the long run and allow you to control the sales timeline. Often, auction companies charge buyer’s premiums. The company usually applies these premiums to the property’s final hammer price, and they typically cover the commissions requested.
Sell Your Property In Kansas City With Cates Auction Real Estate Company
At Cates Auction Real Estate Company, we understand you need a reliable real estate professional in Kansas City dedicated to you and your property. We can identify buyers for properties and estates we auction in as little as 14 days through our competitive online bidding platform.
Auctions shift the buyers’ focus from price to value versus working with a traditional realtor. By targeting and capturing qualified buyers, we create a competitive bidding environment that drives up the price. Prospective buyers are able to pre-register for the auction, submit their bids, and view competing bids through this accelerated sales method.
If you’re searching for how to sell your house without a realtor, we can help — we offer a streamlined alternative to selling your property with real estate agents. Our technology and innovative approach have revolutionized the way properties are sold.