For my latest Facebook Live Q&A with Drew Tommelein, I’ll provide a quick market update and talk about where our market is headed in 2020.
Will we see a balanced market, a buyer’s market, or a seller’s market in 2020?
It depends on what interest rates will do. I don’t think they’ll change much. We’re still in a seller’s market, but I think conditions will balance out after the holiday season, which is a good thing.
Where is inventory headed? What other indicators do I look at to determine where the market is going?
We’ve seen inventory levels rise during the fourth quarter, and I expect them to keep rising in January and February. This ties in with my prediction that we’ll see a more balanced market. We’ve seen a lot of job growth, and unemployment is very low, and the development we’re seeing in the Kansas City area is bringing in more residents and jobs. This will lead to more buyers hitting the market.
We’re still in a seller’s market, but I think conditions will balance out after the holiday season.
Is there anything in particular—perhaps the Kansas City Chiefs’ season—that will affect the market in early 2020?
To put this into context, back in 2014 and 2015 when the Royals were doing extremely well, the entire town was on hold. Pro baseball is different from pro football in that their games are played daily instead of weekly, so I don’t think the Chiefs’ fortunes will have that big of an impact, but you never know.
Additionally, last year we had a particularly harsh winter that slowed down construction and delayed listings from hitting the market, and it kept a lot of buyers from entering the market as well. We’ll see what happens this year, but it’s possible that this trend could happen again.
If you’d like to know more about where our market is headed or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d love to help you.