As a full time REALTOR in the greater Kansas City area, I have seen a change in what a large percent of my clients are looking for in their new home. New home sales were high in numbers in years past. Now, some new home subdivisions are seeing an impact as trends change. What are Kansas City buyer's looking for?
When I first got into real estate, the majority of my clients were looking for a common search criteria to include: granite, stainless steel, and amenities galore. Now I am seeing a new trend. My clients seem to be looking for the 'best deal' and are buying homes that need little to ALOT of work. Buyers of today have a more 'do it themselves' attitude. They are not afraid of a little hard work to make a home what they truly want in the end and really can take pride in ownership.
Where does this place some of the KC new home subdivisions? Some promised pools, walking trails, etc. Now, with new home sales down, some developers have pulled out temporarily or permanently (for some, the bank gave them little choice). This is leaving a few subdivisions looking unfinished. For some buyers, they wanted great finishes and what I like to call 'turn key' homes. Now they are living next to an empty lot with weeds growing up in them (the truth hurts).
The moving trend in buyers to buy more 'as is' and wanting to get a GREAT deal is becoming more common, especially with people moving to urban areas. Even when dealing with clients buying condos and lofts, if given the option, the majority are buying 'as is' which may include apartment grade updates.
I want to express many new home subdivisions are doing very well and are keeping promises to their buyers. There are only a select few that may have let their buyers down - not on purpose. Also noted, I bought a fully updated condo with all of the 'fixings' because I am not handy and my condominium complex has done very well.
But if you are ready for the adventure, I think this new trend of 'fixing it up yourself' is fantastic. As the KC Urban Core is my passion, I love to see homes and even entire areas being brought back to life. This is not without a lot of sweat and tears - good job buyers!!!
I look forward to your comments!
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