Real estate has had a bumpy ride over the past couple of years. Lawrence City Lifestyle decided to check in with Holly Garber, owner and broker of American Dream Reality, to check out the situation from someone on the inside.
LCL: Overall, how is the real estate market doing in Lawrence?
Garber: The real estate market for the coming year will continue to be active since Lawrence and the Greater Kansas City area are growing and becoming increasingly attractive places to live and work. Despite the continued housing shortage both locally and nationally (of existing and new homes), buyers have maintained a strong interest in purchasing homes, while sellers are also looking to maximize the appreciation they've experienced in their properties.
LCL: Are there a lot of homes on the market?
Garber: Although inventories of homes for sale have risen over the past year, they remain far below the four to six months' supply needed for a balanced market. As a result, we see that quality homes that are correctly positioned in the market continue to sell quickly, often with multiple offers. Home prices continue to rise at a steady clip due to the shortage of inventory. There are also a significant number of buyers who were waiting out the market and are now realizing that timing the market is never a good strategy, so they are entering the arena as well, often aggressively.
LCL: I hear interest rates are coming down.
Garber: The National Association of REALTORS® August Economic Outlook projects that the 30-year fixed mortgage rate will fall to six percent by the end of 2024. The Fed has indicated that rates might slowly decline, but no one can be certain by how much.
LCL: Anything else you'd like our readers to know?
Garber: Make sure you thoroughly consider where you are in life, why you are moving, and your finances. As with any type of business market, ensuring you are getting the best guidance and assistance possible, whether buying or selling, has never been more critical. An experienced and knowledgeable advisor can be the difference between your offer as a buyer being accepted or rejected - it can also mean making or losing tens, even hundreds, of thousands of dollars when selling.