Structural property threats are elevated this season.
Along many of Missouri’s riverbanks, we’re seeing waterfront homes being swept away by the swift force of rising water. All that remains are the crumbling concrete foundations.
In river cities like Kansas City, spring rainstorms can cause significant real estate damage. This is true for properties in flood zones, neighborhoods with flood risk, low-lying homes and those with on-site ground problems.
My company, Foundation Recovery Systems, has operated in the Kansas City market since 1992, and because we focus primarily on basements and foundations, we have seen quite a bit of flooding over the past 25+ years. A home with a broken foundation generally cannot get a mortgage, so spreading information on the issues with flooding and water damage is helpful for most homeowners and the real estate market.
This year, the property threat is at an elevated risk. The COVID-19 pandemic is already stretching the community response thin, and both Kansas and Missouri face an above-average flood risk this spring.
As the national real estate market faces uncertainty, let’s take a look at how Kansas City will fare if heavy spring rains pile on during COVID-19, as well as how flood damage impacts property sales.
How is the Kansas City real estate market doing during COVID-19?
Some real estate markets in the United States have remained insulated from the widespread market uncertainty that was caused by the public health crisis of COVID-19 and the resulting stay-at-home orders.
In Kansas City, real estate was hot before the crisis and we’re already seeing how this could protect property values from the downturn that other locations may face.
Even while the Kansas City Association of Realtors reports slower activity in April, the overall strength of the local market is expected to persevere. The number of listed homes as home-selling plans were delayed. However, compared to last year, the average sale price in April increased by 4.1%.
The real estate market in Kansas City has been shaped by high demand and low inventory.
