On behalf of TdD Attorneys at Law LLC
The Outlook for Potential Home Buyers in Missouri
New buyers can reap endless benefits from purchasing a home in Missouri, but can also come across quite a few obstacles. Recent news shows these obstacles largely concern the scouting out of homes, where many residents have struggled to find new property altogether. Some reports reflect a housing crunch in not only the state, but in other parts of the nation, as well. When will that crunch see a change, and will the many left on the housing hunt find a new home sweet home at last?
An article from last April in The Kansas City Star recognized that current frustration. According to the Star, there are almost 14 percent fewer homes on the market than a year ago — making market activity a bit overwhelming for the real estate industry. Some individuals and couples have hit hurdles when, after believing they will close on a house, they soon discover that another buyer scooped up the deal within minutes. Some of the most sought-after homes are those with three bedrooms and two bathrooms. The major lack in inventory has caused this shift, which the Star states is only part of a much larger housing issue affecting the entire country.
If Kansas City is one of the cities most affected by this housing crunch, then what, exactly, is the outlook for buying a home at current? Homes consumer guide Modular Today shares some fast facts about the current housing market in the state of Missouri, showing that the median price for a home $136,100. Yet, similar to The Kansas City Star’s report, Modular goes on to note that the value of homes in the state have increased roughly 5.3 percent in the last year — some real estate agents predict that number will only continue to rise. While the current state of the housing market in Missouri may frustrate some, there are many areas in the state with promising futures for homes.