Bad news for Kansas City house hunters: home values will keep rising and so will interest rates
The Kansas City housing market outlook favors sellers and properties are still going quickly, despite inflation.
The latest housing forecast from the Wichita State University Center for Real Estate says Kansas City home values will finish the year up 13.8% and go up another 6.5% in 2023.
Factor in another expected increase in interest rates by the Federal Reserve and it adds up tough news for first-time buyers.
"You may have to buy farther out," says financial planner Sandi Weaver, adding that those who are looking to buy a home may have to consider "more of a fixer upper."
Kelly Arias with Cetera Advisors LLC, recommends that prospective buyers plan their financing ahead, get pre-qualified and compare mortgage brokers and banks before selecting one to work with.
"You don't want to be pressured into making poor decisions. That could be expensive if things move quickly, which they could," Arias says.