BLUE SPRINGS, MO (KCTV) -
A new report on the housing market is giving hope to both buyers and sellers.
According to a joint report released by the U.S. Census Bureau and U.S. Department of Housing and Urban Development, this spring is showing big signs of improvement in the housing market.
Sally Moore with Keller Williams Eastland Partners says now is the time to buy.
"This spring could be the turning point. We've been waiting for several years," Moore said.
The sight of someone's dream home being built is a welcome sight for any real estate agent or developer.
Moore has been selling homes to families in eastern Jackson County for more than a decade. The housing market has been down for years, but she says this year is different.
"Most people haven't noticed it," Moore says.
Or maybe they have.
Moore said she is about to close on six brand-new homes in her community, which is more than double the number of homes she sold last year at this time.
"Bottom line, it is all about supply and demand. We have gone from a huge supply of homes down to almost what we consider a balanced market, which is about a five- to six-month supply of homes on the market," Moore said.
That means if anyone is looking to buy or sell, the time is now.
Moore says what people are seeing on TV could make the market change sooner than they might expect.
"Now when you turn on the news, instead of all the down reports on the housing market, the economy, the unemployment rate, things are turning more positive. People listen to that. That has a huge impact on the consumer and how they feel about spending," Moore said.
According to the Kansas City Regional Association of Realtors, combined home sales for February was up 27 percent over this same time last year.
Also up is the issuance of building permits. A government report said building permits are up 34 percent from February of last year in the Midwest alone.
The Midwest is one of two regions in the country to see the increase in housing market activity.
Builder Kevin Stallings owns his own company and says, with the up-tick in the housing market here in the metro area, people need to act fast before prices continue to rise.
He noted interest rates, too, are slowly creeping upwards.
"We don't get six-month price locks, we get month-to-month at this point. This is appliances, this is light fixtures, drywall, lumber, asphalt, shingles. We get month-to-month locks, that is it. It has never been like that, and every month as the economy comes back, they're raising their prices so we have to pass it on to the consumer. So buy now while you can," Stallings said.
Real estate agents in the metro say they are experiencing an increased interest in people wanting to sell their homes and buy new, and many clients are just wanting to sell up into a larger home.
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