What’s Next for Kansas City Home Prices and Mortgage Rates?

What's Next for Home Prices and Mortgage Rates? 

If you're considering moving to the Kansas City area this year, consider two critical factors in the housing market: home prices and mortgage rates. You may be wondering what's going to happen next and whether it's a good time to make a move or if it's better to wait it out.

To help you make the best decision, here's what experts say about what's next and mortgage rates.

What's Next for Kansas City Home Prices?
According to the Price Expectations Survey from Fannie Mae, which involved over one hundred economists, real estate experts, and investment and market strategists, experts are projecting that home prices will continue to rise at least through 2028. While the percentage of appreciation may vary from year to year, the survey suggests that prices will RISE, not fall, for at least the next five years and at a more normal pace.

What does this mean for your move? If you buy now, your home will likely increase in value, and you should gain equity in the years ahead. However, based on these forecasts, if you wait and prices continue to climb, the cost of a home will only be higher later on.

When Will Mortgage Rates Come Down?
Predicting when mortgage rates will come down is difficult due to contributing factors in the volatile mortgage rate environment. Odeta Kushi, Deputy Chief Economist at First American, explains that various factors, such as inflation and labor data, can influence the direction of mortgage rates. Experts are optimistic that rates should come down later this year, but changing economic indicators will continue to impact the situation.

Bottom Line
In conclusion, if you're ready, willing, and able to afford a home right now, it's best to partner with a trusted real estate advisor to weigh your options and decide what's right for you. The Just Say Home Team's proven expertise in the Kansas City market will provide the information you need to make informed decisions about your move. Call or text us at 816-656-2816 with your questions today!

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