In 2020 the unexpected arrival of the COVID-19 pandemic reshaped how businesses act and consumers behave in the United States and globally. Although the Coronavirus pandemic has had severe consequences in many industries nationwide, the Kansas City real estate market is not one of them.
Despite the pandemic-induced recession, the Kansas City housing market has been on fire this year with record-low interest rates and a sudden wave of relocations enabled by the lure of work from home orders. Besides a lack of housing inventory, higher home prices, and increased competition, the COVID-19 pandemic has also increased the demand for cheaper, old houses.
Whether you want to buy a fixer-upper or sell your house as-is, this blog will cover everything you need to know about this new real estate market trend.
A fixer-upper is a property that can usually be lived in but needs maintenance, redecoration, redesign, or reconstruction.
Before the pandemic, houses in poor condition would hardly grab the attention of potential buyers. However, Millennials, who account for over 30% of home buyers out there, are changing the game rules.
Real estate agents have adapted to this new demand and now advertise ugly, old houses through Instagram and other popular social media platforms.
All prospective buyers go into the market with specific expectations regarding the house's location, condition size, and price. Right now, many house hunters are sacrificing property's condition and prioritizing other factors such as low prices and good locations.
Whether you're on a budget, want to live in a better neighborhood, or have a passion for restoring historic homes, buying a fixer-upper can be a great way to buy a house at a better price in Kansas City's competitive market.
Buying a fixer-upper involves, without a doubt, more work than purchasing a move-in-ready home. If you decide to buy a fixer-upper, you must consider your mortgage options, the necessary renovations, your budget, added supervisions and appraisals, and the house's location and features.
When looking for a new home, you want to ensure that your investment will not cost you a fortune in the long run. The convenient fixer-uppers are those that need mostly cosmetic improvement, such as painting jobs and floor refinishing. Depending on the prices, houses with further structural damage may not have much return in market value.
There are more fixer-uppers available in Kansas City's increasingly competitive and inventory-shorted real estate market than ever before. If you're trying to sell an old house in poor conditions, now might be the best time to do it.
Current real market trends indicate that these are your best ways of selling your home in poor condition: