Dwell Kansas City, LLC's blog

Last December, when the Federal Reserve projected a series of benchmark rate cuts in the coming year, some analysts speculated that mortgage rates

From Finding a House to Feeling at Home

The peak moving season is upon us. In fact, according to Move.com, almost 70% of U.S. moves occur between May and September.¹ And while the percentage of Kansas Citians who move each year has declined, the desire to relocate remains strong.^2,3

by Valerie Swearingen

Backstory:
Since Jay and I first met in 2004, I knew we were a good match. In lots of ways of course, but one of the things I loved is that he had built the most perfect patio off the back of his 1920s bungalow. It matched the style of the house, yet it was updated enough to be inviting.

A growing share of Kansas City home buyers and sellers sat on the sidelines last year as the pace of home sales continued its downward trajectory.¹ In fact, since the Federal Reserve began its series of interest rate hikes in 2022, the combination of higher borrowing costs and record-high home prices has fostered the steepest real estate market slowdown since the 2008 recession.²

Keeping a clean and orderly home is a challenge for many of us. Between busy work schedules, social obligations, and family commitments, it’s tough to keep up with daily chores—let alone larger seasonal tasks.

Over the past few years, many of us have spent extra time at home—and that means we appreciate the personal design touches that make a house cozy and comfortable more than ever. Some of us have adapted our dwellings in new ways, from creating functional home offices to upgrading the appliances we use most.

Last year in Kansas City, one factor drove the real estate market more than any other: rising mortgage rates.

In March 2022, the Federal Reserve began a series of interest rate hikes in an effort to pump the brakes on inflation.¹ And while some market sectors have been slow to respond, the housing market has reacted accordingly.

You don't have to break the bank to celebrate the holidays in style—even in this season of inflation. Prices may be higher on everything from food to gifts to decorations, but there are still plenty of opportunities to eke out extra savings.

Over the past few years, a real estate buying frenzy bid up Kansas City home prices to eye-popping amounts. However, as mortgage rates have risen, buyer demand has cooled.¹ Consequently, home sellers who enter the market today may need to reset their expectations.