The housing industry may have been the strongest industry going into the current economic meltdown and according to the current trends, it looks like it will be the first industry out. That’s great news because our local Kansas City housing market has a $63,000 average economic impact whenever a home is sold! The fact is that there are many reasons why the Kansas City real estate market is looking good despite a global pandemic.
Reasons for Optimism
Our inventory levels before the shelter in place order went down was 1.8 months. The heavy showing activity up till March 17th was indicating a strong spring market notwithstanding a pandemic. Yes the initial shock slowed us all down, but it by no means stopped the real estate market. Think about it, the government mandated that we stay in the most essential of our needs. Food and shelter is it. Shelter will always be essential and as we’ve all experienced, where you live matters. There is nothing that translates to peace of mind than owning your own home.
Big cities may not look as appealing anymore. All the economic forecasters and industry leaders say a shift will be coming from the big cities like New York, Seattle and LA. These large cities have been devastated by the pandemic. It’s said that people will begin to rethink living in heavily populated cities and look at smaller cities in the South and yes, the Midwest.
Kansas City strong! Pre-pandemic our area development council was responsible for bringing in some pretty sizable payroll to the city. Stay tuned because it hasn’t stopped. Expect to hear more great news on that front. The push to bring jobs to an affordable and livable city is looking better and better all the time.