Real Estate Predictions: What’s Next For the Kansas Housing Market?

kansas housing market features kansas city capital

The Kansas housing market results are in – 2018 is going to be a seller’s market again.
What is contributing to another seller’s market?

If you’re moving into the state or already live here but want to make the transition from renter to buyer, read on to find out more about how the real estate predictions will impact your home ownership goals.

Is 2018 Going to Be a Sellers’ Market or a Buyers’ Market?

The Kansas housing market currently favors sellers. There are fewer homes on the market and the asking prices continue to rise.

However, in February 2018, home sales fell a few percentage points. This wasn’t the best news for homeowners looking to sell.

Experts anticipate that home sales will start to increase as spring progresses, with asking prices continually increasing as well.

That means that homes will get more expensive as the year goes on, so right now might be the best time to purchase a home if you can afford it.

The great thing about Kansas is that it’s a fairly affordable state to live, with the overall cost of living being significantly lower than the U.S. average.

The Kansas Housing Market – What Renters Can Expect This Year

kansas housing market showing for rent highway signs for renters expectations

Image: For Rent by Nick Youngson CC BY-SA 3.0 Alpha Stock Images

How does the current Kansas housing market impact renters this year?

Recently, a comparison study was done to evaluate different cities throughout the U.S. This study compared 150 cities and gave them a score of 1-100. One was the best, while 100 was the best. The higher the livability score, the higher the city ranked as a great place for renters to live.

To come up with the score, the researchers compared a variety of factors. These included:

  • Most affordable rentals vs. least affordable rentals
  • Lowest meridian growth factor vs. highest meridian growth factor
  • Highest rental vacancy rate vs. lowest rental vacancy rate
  • Lowest rent-to-price ratio vs. highest rent-to-price ratio
  • Lowest cost of living vs. highest cost of living
  • Most safe vs. least safe.

Two cities in Kansas made the list, one ranking extremely well overall.

The city of Wichita ranked 77, while the city of Overland Park ranked number eight.

Overland Park’s overall ranking was quite good, but this city also managed to make the top five when it came to the most affordable rental category. In fact, they ranked number two out of five in this category.

This is great news for the rental community. But what about folks who are tired of renting and want to finally purchase their very own home?

How to Make the Transition from Renter to Homeowner

Right now is a good time to buy. Prices are rising, but right now you can still find affordable homes that are in really good condition.

If you’re ready to transition from renter to homeowner, here are some steps that will help you prepare.

Remember That You’re Going to Be Your New Landlord

kansas housing market showing typewritten word for landlord

Image: Landlord by Nick Youngson CC BY-SA 3.0 ImageCreator

When a water pipe bursts or your air conditioner is on the fritz, who do you call?

Right now you get to call the landlord. If you have a good one, they’ll come right out to fix the issue for you. You don’t have to worry about the cost of the repair or spending your time repairing it.

Once you own a home, though, that responsibility will be on your shoulders.

With that in mind, it’s very important to have a backup emergency fund if at all possible. This money will help you take care of issues without having to go into further debt. And if you can’t fix the issue, you’ll have the funds available to pay a professional to do it for you.

Your Monthly Payment Will Include More Than Your Mortgage

In addition to your monthly loan payment to the bank, you’ll have to pay for:

  • Insurance
  • Taxes
  • HOAs (Home Owner’s Association fees – common in urban areas)
  • Utilities (cable, phone, electricity)

If you don’t have to pay HOAs, you’ll have to pay for landscaping, water, sewer, gas, and trash pickup in addition to your other utilities.

Before you invest in a home, add up all of the possible monthly expenses. See if you’re really able to afford to be a homeowner before you jump into it.

Will 2018 Be the Year You Buy Your Dream Home?

The 2018 Kansas housing market might favor the sellers, but that doesn’t mean that buyers won’t be able to find the home of their dreams.

Home prices might slowly and steadily rise over the year. However, they’re still at fairly affordable prices depending on what you’re looking for.

With some careful planning, you might very well be on your path to homeownership.

Stick to your budget, keep saving, and keep your eye on real estate sites. Before you know it, you might just find the home you’ve been waiting for.

Featured Image: CC0 Public Domain JakeWilliamHeckey via Pixabay