Questions You May Have About Selling Your Kansas City House

The impact of mortgage rates on today's Kansas City housing market is undeniable. This might leave you wondering whether it's still a good idea to sell your house and make a move. Here are three key questions you might be asking – and the data that can help answer them.

Should I Wait To Sell?
If you're considering waiting to sell until mortgage rates decrease, consider that many others may have the same idea. While mortgage rates are expected to drop later this year, waiting could mean facing more competition as more buyers and sellers enter the market. Bright MLS says even a tiny drop in rates will attract more buyers and sellers. Waiting might result in higher prices and competing with multiple offers when buying your next home.

Are Buyers Still Out There?
Despite some people delaying their home purchases, many active buyers are still in the market. The ShowingTime Showing Index keeps track of how frequently buyers visit homes. The graph below illustrates buyer activity for March, the most recent data available, over the past seven years.



Demand has slightly decreased since the 'unicorn' years (shown in pink). This can be attributed to various market factors such as higher mortgage rates, rising prices, and limited inventory. To gauge today's demand accurately, it's essential to compare our current situation with the last normal years in the market (2018-2019) rather than the abnormal 'unicorn' years.

You can assess how 2024 compares by focusing on the blue bars, which offers a new perspective. Nationally, demand is still high compared to the last normal years in the housing market (2018-2019), indicating that there is still a market for your house to be sold.

Can I Afford To Buy My Next Home?
If you're worried about being able to afford your next move with today's rates and prices, consider this: you probably have more equity in your current home than you think. Homeowners have seen significant increases in their equity over the past few years. This equity can significantly impact when you're ready to buy your next home. You might have enough equity to become an all-cash buyer and avoid needing a mortgage. According to Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), those who have built up housing equity through home price appreciation are the current winners in today's housing market. Last month, one-third of recent home buyers did not finance their home purchase—the highest share in a decade. For these buyers, interest rates may have less influenced their purchase decisions.

Bottom Line
If you've been hesitant to sell because of these three questions, this information can help. According to a recent survey from Realtor.com, over 85% of potential sellers have been considering selling for over a year. This means that many sellers like you are still deciding. However, the same survey also interviewed sellers who recently decided to list. 79% of those recent sellers wish they had sold sooner. Call or text the Just Say Home team at 816-656-2816 to discuss these questions or if you need more information on selling your Kansas City area home!

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