Is It Time For Kansas City Home Buyers To Get Off The Fence?

Checking The Pulse Of The Kansas City Real Estate Market

At least one economist believes that “every major price index points to a housing market that has hit bottom”. If true, that would be music to Kansas City home seller’s ears. But it would also mean that prices would likely start trending up at that point. When they do – and they will eventually – then lookers who didn’t buy will have missed out on some great deals. Buying at the bottom of a down market is going to make a lot of people money but buying at the perfect time involves as much luck as skill, mainly because we’ll already be well into a recovery by the time it’s reported.

Even though it will take history to show us whether this was the perfect time to buy, indications are present that now could be the time to get off the fence. I pay close attention to the economists who study our real estate markets daily and to hear a reputable economist’s assessment that we’re now at the bottom of the real estate market is promising news. If more economists jump on board touting that we’re indeed at the bottom, it will be PAST home buyers who bought at the perfect time.

The above quote from William Wheaton, Professor of Economics and Real Estate at MIT in Boston Massachusetts certainly got my attention and Professor Wheaton further points out that home prices have stabilized in nearly every United States region and that median U.S. home price increased from $164,000 in February of 2010 to $182,600 in August of 2010 — which is a HUGE 11% increase in just 6 months time!