Welcome back to the latest BONUS episode of The Main Mike Podcast, you can stream the podcast on your favorite listening platform anywhere in the world. Adam Escoto, Dustin Davidson and our host of the bi-weekly Monday episode: Kaleb Foster, sit down with Kim Flanagan, leader in luxury real estate in the four state area.

The Evolution of Joplin’s Luxury Market

In the latest bonus episode of The Main Mic Podcast, hosts Caleb Foster and Dustin Davidson sit down with Kim Flanagan, one of Joplin’s leading voices in luxury real estate. With over a decade of experience, Kim reflects on how Joplin’s housing market — and the city itself — has transformed dramatically since she first earned her license back in 2011.

From the Tornado to Today

Kim’s path with real estate was during the time when one of the most significant events in Joplin’s history was happening just before the 2011 tornado. “It was a really interesting time to jump into real estate, you just kind of learn by fire because everybody was so busy because of what had happened.”

That time for rebuilding, she adds, did more than just rebuild the city, it also created momentum. “The biggest changes would be the growth that the tornado brought. It put us on the map in a way, and there were some positive things that came from it.” Joplin’s progress has been very consistent and quite impressive since then, starting with new industries and going all the way to an expanded medical presence. “Actually, we’re the smallest city in the U.S. to have a university, a medical school, and a dental school,” Kim notes.

The Rise of the Luxury Market

In the past ten years, Kim has pretty much been the face of upscale residential real estate in Joplin, a market that has evolved in such a way that it was hardly recognizable a few years back. “I feel very thankful that I’ve been able to break into that upper-end price point of homes,” 

One of the main factors for her success has been her association with institutions like Freeman Health System. “I’ve worked closely with Freeman on recruiting and helping bring in physicians, and that’s helped form a lot of connections.” The bulk of her listings are off-market a characteristic that defines the discreetness of luxury real estate. “There’s a lot of houses that I sell that don’t hit the market. It’s knowing the people who, for the right price, might raise their hand and say, ‘I’d let this go.’”

A Market Reimagined After COVID

Maybe the most surprising thing was when Kim revealed the extent the local housing market changed after COVID just by talking about it. According to her, prices have gone up exponentially.

“If I sold a house in 2019 for $400,000, there’s a good chance that same home is now selling for $650,000 or even $700,000.” That’s roughly a 50% increase in just a few years — a surge few could have predicted.

The numbers tell the story : “In 2020, there were 23 homes on the market over $500,000. Right now, we’ve got 109 active listings in that price range.” Sales volume has kept pace, “23 luxury homes sold in 2020 compared to 92 this year,” she adds.

It’s proof, she says, that “we’re in a good market. It’s a good time to sell strong and active, with more buyers who can spend more.”

Prepping Luxury Listings for Success

Kim focuses on the significance of how a luxury home is being presented when it is sold. However, this doesn't always imply a comprehensive remodeling. “A lot of times, when people are going to sell, they’re not up for a big project. So the question becomes: what are the minimal things we can do to get this home presentable?”

Her main line of work is to suggest easy yet effective changes: cleaning up the landscape, power washing, painting the front door, decluttering, and refreshing the paint inside. “It’s all about how it shows and the impression it gives. I’ve seen homes get top dollar simply because they were decorated so beautifully.”

On some occasions, buyers are so infatuated with the appearance of a house that they decide to purchase it the way it is including the furniture. “I’ve seen homes sell fully furnished every rug, every piece of furniture, every picture on the wall because the buyer wanted it exactly as it was.”

What Joplin’s Luxury Market Still Needs

In her opinion, the local real estate expert Kim, noted a big difference in Joplin's housing market besides there is a strong demand, that is single-level luxury homes.

“A lot of buyers in that $800,000 to $1 million range are older couples who don’t want multiple levels or stairs anymore, there’s a huge missing piece: high-quality, one-level homes around 4,000 square feet, with large rooms and great finishes.”

It’s an opportunity for developers and builders to capitalize on. “That size of home is so versatile and it can work for an older couple or a young family. If someone were looking to develop, that’s what to focus on.”

A City on the Move

The talk ends on a positive note about Joplin's development moving forward. Kim puts the credit of the city's healthcare industry growth to the changes at Freeman as the main reason for the large number of buyers coming. “They’ve been recruiting heavily, and I think that’s exciting for both the health system and the housing market. There are more buyers coming.”

Kim has straightforward advice for homeowners who have been in their homes for several years and wonder what their home's value is: just get in touch. “Even if you’re not quite ready, I love going to people’s homes, giving them an idea of what they can get for it, and suggesting things to do before selling.”

Catch the full conversation on The Main Mike Podcast, available on all major platforms. If you’re interested in learning more about real estate give us a call at 417.540.5799 or click HERE to get in touch.