While the Missouri housing market has been on the decline, there are sure signs of recovery in the past few years. Even during the hard times, the housing prices did not drop significantly. While the recession was quite uncompromising in other states, Missouri was quite lucky. The housing market never suffered and the home sales and values remained stable. Both buyers and sellers have been active in the real estate market, and that is one of the reasons why the market has recovered quickly. The average home prices of the homes in Missouri are more than the national average.
The Missouri housing market
The single-family homes, townhomes, and condominiums make up above 60% of the listings on the housing market. Since the family homes are more popular than any other property type, home-buyers are looking for the places that are more desirable for the families.
The Missouri real estate market is beginning to show some signs of recovery and several players have already set up the necessary structures to get back to business. For example, the banks have adjusted their interest rates and are now offering the mortgages at a meager 3.5%. In addition, the mortgage attorneys are gearing up to weed out the dishonest lenders, reduce the foreclosures, and eliminate the possibility of defaulting.
Now, Missouri is starting to experience an increase in home prices. Such appreciation is attributed to the high rates of employment, thriving economy, and confidence among the investors. While other parts of the U.S are showing the signs of rapid appreciation, Missouri’s home values are rising at a slower pace. Fortunately, Missouri is also slow when it comes to depreciation as a result of its stable housing market. Another reason why people love Missouri is the low cost of living. As a result of the low rents and low cost of homes, Missouri is one of the greatest places to live, especially for the first-time home-buyers.
Five Largest Cities in Missouri
While choosing the best places to live depends on personal tastes and preferences, a large city wins as a result of the vast array of amenities available. While livability is a subjective term, the following cities stand out when it comes to choosing the ideal places to raise a family in Missouri:
- Kansas City
Kansas City stands out among the crowds when it comes to livability. With lots of attractions, local amenities, and a low cost of living, there are plentiful reasons to live in Kansas City. Kansas City is also known for the diverse lifestyles that include barbecuing, jazz, and water sports. Kansas City is the biggest city in Missouri and the 23rd largest in the United States.
Columbia is the best college city with three major institutions of higher learning. These institutions include Stephens College, the University of Missouri, and Columbia College. These colleges are in downtown Columbia. The excellent health-care, high-quality amenities, and great school neighborhoods attract a vast array of immigrants from all parts of the world.
Farmington is one of the ideal places to raise a family. Farmington is renowned for affordable housing and excellent medical facilities, such as the Parkland Health Center.
Kimmswick is one of the best, small Towns in the U.S. Kimmswick has lots of great getaways, low crime rates, and low cost of living.
Missouri mortgage laws
The thriving Missouri housing market attracts families that are searching for affordable shelter. However, the booming economy has also attracted a host of dishonest players who take advantage of the oblivious buyers. The following mortgage laws are meant to protect the real estate investors:
- Lenders should not lure the people with bad credit to accept high interest rates that exceed 3.5%.
- Bankers should charge fair processing and insurance fees for the loan as an act of good faith. Any hidden charges can breach the Good Faith Statement.
- Buyers should not exaggerate their income to qualify for larger loans that they cannot afford to pay. Dishonest lenders encourage people to falsify such details so that they can foreclose the property.