Trending #RealEstate - Part 3 | Kansas City Homes

Posted by Kansas City Homes on Tuesday, September 15th, 2020 at 9:47am.

Trending #RealEstate | Kansas City Homes

In this final edition of our Trending #RealEstate blog, we discuss a few new topics. One has been making an effect on the industry for a few months now and the other is emerging as a nationwide trend and looks to continuing changing in the coming months. We've touched on it a few times in the previous two editions, our first topic is the dwindling inventory of homes for sale to meet one of the hottest buying markets in history. Our second topic covers remote work and how it is appearing to change our workforce for the present and future. Let's dive in. 

Trending #RealEstate | Kansas City Homes

Trend #5 Supply and Demand

A subsequent trend to the mortgage rate drop, is the drop in home inventory, or how many homes are available on the market for buyers. Due to the mortgage rate drop, it became extremely favorable to buy a home, with millennials answering the call in droves. The sheer amount of applications was and still is, staggering and there were just not enough homes to meet that new demand. 

This trend has developed into several others, namely the amount of offers per home and rise in average listing price. We all learned about supply and demand in school and the basic principles of how both operate, this is a perfect real-life illustrated example. Due to low inventory (supply) and high demand, listed homes are averaging 10+ offers and going $5,000+ above list price across Kansas City. We may be looking to the spring season of 2021 before supply can get back to its normal levels to help meet the demand. 

 

Trend #6 Remote Work Gaining Steam

Remote work might be one of the more interesting trends to emerge from the last few months. Naturally, with worries about personal health, many workplaces are allowing their employees to work from home for the time being and in some cases, permanently. 

The incredible rise of remote work sent some ripples through the real estate industry too. With many jobs now shifting to a primarily remote workplace model, employees are shopping houses away from cities, to get more room and amenities in the suburbs they were not afforded in a city lifestyle. 75% of Americans working from home answered they would like to continue doing so moving forward according to The Harris Poll survey, with 66% saying they would “be at least somewhat likely to consider moving if they had the flexibility to work from home as often as they want.”

Americans want to work remotely where they can and if businesses allow a permanent work from home option, the shift away from city-living to spacious and luxurious suburb-living may continue its increase. 

Better Homes and Gardens Real Estate Kansas City Homes

 

 

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