OVERLAND PARK, Kan. — Home builders in the Kansas City area believe their supply is catching up with demand in the market.
Evidence is in the number of entries in the spring 2023 version of the Parade of Homes — the semi-annual event happening now features more than 340 homes, about 100 more than 2022’s spring event.
“Builders are starting to catch up a little bit,” said Jeff Robinson of J.S. Robinson Fine Homes, which entered 11 homes in this spring’s event.
The Home Builders Association of Greater Kansas City (KCHBA) said permits to build new homes dipped in January 2023 because buyers worried interest rates would continue to push mortgage rates higher.
Robinson reminds buyers the average mortgage rate today of 6.43% is still lower than the 50-year average of 7.75% for a 30-year fixed-rate mortgage, according to Freddie Mac.
“I expect to see the number of permits gradually increase as the year progresses,” said Will Ruder, executive vice president of KCHBA. “It’s understandable that a buyer would want to wait in order to get the best deal possible. But given the huge pent-up demand for housing competing for limited supply, the sooner a buyer takes the necessary steps to secure their future home, the more likely they will beat the rush when conditions stabilize.”
Guests can tour newly built houses for free during the Parade of Homes. The event runs from April 29 through May 14. Homes are open from 11 a.m. to 6 p.m. daily.
KCHBA lists participating homes on its website. Houses range in value from $270,000 to more than $2 million.
The homes are located in eight counties in and around Kansas City.
Robinson said outdoor space, exposed wood, clean lines and textured walls are popular right now.
“The trend has definitely moved towards outdoor spaces,” Robinson said. “We’re doing big barbecue centers, fireplaces, TVs, music, fire pits and just all kinds of things — even outdoor kitchens, we’re designing an outdoor kitchen right now.”
KCHBA has an app for Android and Apple users to guide them through the Parade of Homes.
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