Third quarter closes with strong sales

The temperature has cooled as fall entered the region, but like our Royals, the local real estate market has remained hot. In fact, sales are up more than 12 percent year to date, with pending sales showing a 15 percent increase over last year.

While we anticipate the gradual sales decreases that are typical of the winter season, it appears that sales will remain healthy throughout the coming months. According to Lawrence Yun, chief economist for the National Association of Realtors, “A slight moderation in home prices mixed with mortgage rates remaining below 4 percent is giving a boost to home sales.”

Sellers in our area will be happy to know that average sale prices are up more than 5 percent year to date and the average days on market are down 7 percent … in other words, homes are selling faster and for more money.

Buyers remain pleased with attractive interest rates; however, inventory challenges have slowed the process for some. Currently, inventory is down 26 percent versus last September. The pent up demand created by this lack of homes on the market will likely help steady sales throughout the winter months ahead.

This seller’s market has created a competitive sales environment for much of 2015, making it even more crucial to connect with a knowledgeable Realtor early in the process. The more prepared you are, the more successful and seamless the process is likely to be in the long run.

Realtors have instant access to information about new properties as they enter the market, providing their clients a clear competitive advantage in the home search process. Realtors can also provide expert guidance to buyers on ways to streamline the buying process and increase the chances of finding the ideal home within the desired timeline.

With a strong buyer base out there searching for their ideal home, today’s market conditions provide distinct opportunities for homeowners who have been considering listing their home. Whether you are ready to put your home on the market now, or simply want to know more about the home selling process, your first step is to contact an experienced Realtor who can provide you detailed insight to help you make the most informed decisions about your home.

If you don’t already have a trusted Realtor, connect with one at www.KCRealtorLink.com. There are more than 8,000 Realtors in Kansas City and surrounding areas who stand ready to serve the local market.

This story was originally published October 30, 2015 at 7:00 PM with the headline "Third quarter closes with strong sales."