KANSAS CITY, MO (KCTV) - According to ReeceNichols Real Estate there are 45% less homes on the market right now in comparison to this time last year.
“That’s creating issues within the market,” ReeceNichols President and CEO Mike Frazier said. “Things are selling very quickly, and people are losing out on sales.”
The market is in the seller’s favor. ReeceNichols said homeowners are repeatedly getting 10 or more offers at a time.
“You may see a crazy 24 hours worth of business and your house is sold,” Frazier said. “Then, when you flip over to a buying perspective you may lose out on multiple homes.”
Frazier said a Real Estate agent can help ease a client’s mind during the “high velocity” of business right now.
Jenna and Tad Stricker bought and sold homes in Kansas City during the pandemic.
“We were really hesitant and concerned about what the market would be like after only living in a house for a year,” Jenna Stricker said.
People living in their Prairie Village neighborhood were selling their homes in two days, but they didn’t think they’d be that lucky.
“We kind of thought well maybe that was them,” Jenna said. “But, we don’t know about us.”
After a weekend showing the Stricker family had two full-price offers for their home. They packed up and moved to Olathe.
“Just with our family dynamic [we]needed more space,” Jenna said.
Quarantine kicked off their house hunting adventure.
“For us it helped clarify what our priorities are,” Jenna said. “Our priorities are to our kids and to our family and to be in a place where we can stay at home for weeks at a time, inside the house.”
Other families are having the same thoughts. Frazier said people who currently live in coronavirus hotspot areas are looking to move to the Midwest.
If a worker’s company allows them to continue to work from home, their home could be in Kansas City.
“That’s where it’s advantageous for people in the Midwest, buyer and sellers in the Midwest because our housing prices are very much favorable to what they are on the coast,” Frazier said.
Homes under 400,000 are going quickly, but for people looking to upgrade there are more options available.
Frazier gives a few reasons there have been fewer homes popping up on the market: COVID-19, the economy, people are not moving every few years, new construction is more expensive to produce and generational differences.