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Kansas City Realtor anticipates strong housing market despite COVID-19

Existing Home Sales And Prices Hit Record High
Posted at 6:44 PM, Mar 23, 2020
and last updated 2020-03-23 23:49:51-04

KANSAS CITY, MO — Despite job losses and orders for people to stay home, the Kansas City housing market is still a seller's market, according to one local realtor.

On Monday, 150 homes hit the market in the Kansas City metro, which provides about two months of inventory, according to Gary Kerley, a Realtor with RE/MAX Heritage.

"It's a really good time to sell because inventory is so low, so buyers don't have as many options," Kerley said.

At the end of last week, the average 30-year fixed interest rate increased to 3.65% from an all-time low of 3.13%.

However, the rates fluctuate on a daily basis.

While it's still a seller's market, Kerley said the interest rates are low enough to appeal to buyers.

"It's a good time to buy because interest rates are low," Kerley said. "Even though they're (interest rates) going up and down, even when they're up, they're historically low."

On Tuesday, people will be ordered to stay home, in an effort to stop the spread of COVID-19.

Realtors and moving companies are considered essential employees and are exempt from the order.

Kerley said that while it's too soon to tell, he doesn't anticipate COVID-19 will cause the housing market to crash.

"From the stats that I have seen from past recessions, minus '08, even in recessions, the housing market has still actually increased," Kerley said. "I don't foresee anything that's going to slow it down."

Kerley said it's business as usual but added his company is taking more precautions.

"I go in, turn on all the lights, I wear gloves and I sanitize everything," Kerley said.

After sanitizing the home, Kerley said he brings his clients inside and tries to keep a safe distance.

For people who want to buy a home but don't want to leave their home, Kerley has another option.

"What I've done is FaceTime showings," Kerley said. "They may not get 100% the experience of being in the home, but you can get pretty close."

When it comes to moving, U-Haul has a mobile pickup option that allows people to rent a vehicle without coming face to face with an employee.

U-Haul customers can make a reservation online and select the mobile pickup options, which provides a code for the user to pick up their key from a lockbox at the U-Haul facility.