Mixed Signals On What To Expect With Future Kansas City Real Estate Foreclosures

Posted on July 15, 2011 by Jason Brown

Checking The Pulse Of The Kansas City Real Estate Market

I was surprised to hear the volume of foreclosures nationally has slowed significantly. These are credible year-over-year stats as reported by RealtyTrac. Indications are that foreclosure activity has dropped 1/3 May 2011 compared to May of last year. This puts foreclosures at a four-year low. In May, about 1 in 600 homeowners received some sort of foreclosure filing, which could include a default notification, scheduling of an auction date, finalized repossession, etc.

Still, most experts agree there’s 2 to 3 years worth of distressed property inventory to eat up across the U.S. Additionally, I’ve seen estimates that for every current REO foreclosure listing, there’s two more listings yet to hit the market. If true, that’s going to significantly impact the promising reports of falling foreclosure activity nationally. I wonder if the build-up is due more to banks having trouble getting properties ready to go on the market, banks using discretion to not flood the real estate market with more distressed properties or if a lot of its to do with lenders being forced to change how they handle the process and thus having to re-start many foreclosure proceedings.

Posted by Jason Brown

Kensington Manor Market Stats ~ Kensington Manor Homes For Sale In Overland Park KS

Posted on July 14, 2011 by Jason Brown

Checking The Pulse Of The Kansas City Real Estate Market

Kensington Manor Real Estate Market Stats
Kensington Manor Is A Home Community In Overland Park KS

Looking over the Kensington Manor market stats dating back a year to July 2010, 22 homes were put on the market and 18 homes were sold over the same year period. The average sales price in Kensington Manor was $253,561 and the home community had sales prices ranging from $207,000 to $314,000.

Comparing the 3 Active homes for sale in Kensington Manor to the 12-month sales rate in the subdivision, there’s 2.0 months of inventory currently on the market. That is excellent and this amount of inventory represents a rare seller’s market in the Kansas City area. The average current list price of $269,933 is also well in line with the average sales price ($253,561) during the past year in the community. Kensington Manor is popular Overland Park Kansas subdivision and located near parks, shopping and dining amenities and near access to 69 and I-435 highways in Overland Park.

Kensington Manor In Overland Park KS

Kensington Manor is located in southern Overland Park KS and served by the Blue Valley School District. There’s approximately 412 homes in Kensington Manor and many of the homes in the community were built from 1984 to 1990. If you’re considering buying or selling a home in Kensington Manor or in the surrounding Overland Park area, we can represent your best interests all the way through the process.

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Overland Park Kansas Real Estate Update – July 2011

Posted on July 13, 2011 by Jason Brown

Checking The Pulse Of The Kansas City Real Estate Market

Real Estate Statistics On Overland Park Kansas
15 Day Glance At The Overland Park KS Real Estate Market

After calculating the absorption rate over the past 15 days in Overland Park Kansas, we find the city has 6.2 months of inventory currently on the market. This is a little higher than the 5.1 months of inventory we found during our look at Overland Park’s June real estate stats. The average sales price was around $260,000 and higher than the average priced new listing to hit the market during the same 15-day period. The average price of the last 96 homes to go under contract in Overland Park was a solid $272,429.

Type	#	Average $	Avg DOM
Listings Past 15 Days	159	$251,998	–
Total Active Listings	1,146	–	–
Newest Contracts Written	96	$272,429	99
Newest Sold (Closed)	93	$260,811	102

* The Average $ of Newest Contracts Written considers the list price when the homes went under contract. Data pulled from Heartland MLS and deemed reliable but not guaranteed. Low samplings in a category can skew results. Stats cover approximately 15 days from post date. DOM = Days On Market.

It’s taking about 3 to 4 months to sell a well priced Overland Park home. If you will be selling or buying an Overland Park home, we’re ready to go to work as your Overland Park listing agent, Overland Park buyer’s agent… or both! Here’s information on how we can assist you with selling an Overland Park home and with buying an Overland Park home. Please contact us with any questions you may have and we look forward to assisting you.

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Posted by Jason Brown

Overland Park Home Sellers Need To Price Their Homes Ahead Of The Market

Posted on July 12, 2011 by Jason Brown

Checking The Pulse Of The Kansas City Real Estate Market

In today’s buyer’s market, it’s important that home sellers in Kansas City, Johnson County, Overland Park and our surrounding areas price their homes ahead of the market. Many sellers want to price their homes at a price that would have been appropriate 12 to 24 months ago and what they’re not seeing is that strategy is likely cause them to languish on the market. Homes that languish on the market almost always sell for much less than if they had been priced appropriately and went under contract quickly. Sellers must understand that buyer’s are looking for a deal like never before. This can mean that what appears to be a fair market value may not be enough.

Home sellers willing to price their home at market value still have a good chance of selling. But if you have a great need for your home to sell quicker than average, you’ll need to price your home AHEAD of the market. What does pricing your home ahead of the market mean? It means staying one step ahead of your competition. Let’s say there’s three homes on the market in your subdivision and they’re all very similar and all on desirable lots. Let’s say they’re priced at $200,000, $210,000 and $220,000. If you list your home at $220,000 you and your other $220,000 neighbor are just going to help push buyers to choose the lower priced homes. If you price your home at $200,000, you’ve now got a great shot at being the next home to sell in your subdivision.

Pricing your home AHEAD of the market can certainly get your home sold quickly and for top dollar. If the other home priced at $200,000 had an initial list price of $225,000 and has now languished on the market for 120 days, it’s likely they’re about to take another price drop. So, rather than list your home at $200,000 and be behind in this buyer’s market when that home seller drops their price to $195,000 tomorrow, why not price your home at $195,000 out of the gate and make your home the most desirable home in the subdivision?

If you think this strategy is underpricing your home, consider that homes that receive quick offers often sell for near full price. So if you list at $195,000 and go under contract quickly at $193,000, it could be much better than listing at $210,000, languishing on the market for 120 days and eventually selling for $185,000… Or even worse if we’re in a declining market and the home is worth significantly less several months down the road. Ask yourself, do you want to sell for the maximum price NOW (quickly and at top dollar) or for absolute top dollar no matter how long it takes? Then consider that pricing AHEAD of the market will often accomplish BOTH goals.

Posted by Jason Brown

Deerfield Trace Market Stats ~ Deerfield Trace Homes For Sale In Shawnee KS

Posted on July 11, 2011 by Jason Brown

Checking The Pulse Of The Kansas City Real Estate Market

Deerfield Trace Real Estate Market Stats
Deerfield Trace Is A Home Community In Shawnee KS

Looking over the Deerfield Trace market stats dating back a year to July 2010, 15 homes were put on the market and 10 homes were sold over the same year period. The average sales price in Deerfield Trace was $186,765 and the home community had sales prices ranging from $170,000 to $213,000.

Comparing the 4 Active homes for sale in Deerfield Trace to the 12-month sales rate in the subdivision, there’s 4.8 months of inventory currently on the market. This amount of inventory represents a stable real estate market in the Deerfield Trace community. The average current list price of $215,488 is higher than the average sales price ($186,765) during the past 12 months in the subdivision. Deerfield Trace is a popular Shawnee Kansas home community and located near parks, shopping and dining amenities and near access to K-7 Highway in Shawnee.

Deerfield Trace In Shawnee Kansas

Deerfield Trace is located in western Shawnee Kansas and served by the De Soto School District. There’s approximately 215 homes in Deerfield Trace and many of the homes in the community were built from 1995 through 2002. If you are considering buying or selling a home in Deerfield Trace or in the surrounding Shawnee area, please let us know how we can assist you.

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Is Now The Right Time To Buy A Home In Kansas City or Johnson County Kansas?

Posted on July 8, 2011 by Jason Brown

Checking The Pulse Of The Kansas City Real Estate Market

No doubt about it, most of the news we’re hearing on the real estate market is bad news. But here in Kansas City, Johnson County Kansas, Overland Park and the surrounding areas, we’re MUCH better off than many metro area real estate markets. This can be hard to see because even a 5% loss is a big loss — especially on an investment you count on appreciating. But things could be much worse as many cities have lost 10%, 20%, 30% or more of their property values… it’s been reported that property values in Merced California’s have fallen more than 50%. Whether you’ve lost 5% or 50% in property values, at some point the market is going to turn around and those who buy now, in a down market, are likely to make a LOT of equity (i.e. money).

Unfortunately, knowing the perfect time to buy is nearly impossible. We’ll be well into the recovery before you or I know it and before the media is reporting it. That’s why I’m always interested to hear what the “experts” are saying. Consider this… Economist Paul Dales estimates that housing prices are UNDERVALUED by 24%! Whether or not home prices fall next month, anyone with a long-term real estate strategy stands to make huge gains if Dale’s estimate is remotely accurate. Dales goes on to compare the historical relationship between income and home prices housing and finds home prices are as UNDERVALUED as they’ve been since the 1970’s.

Posted by Jason Brown

Royse Community Market Stats ~ Royse Homes For Sale In Leawood KS

Posted on July 7, 2011 by Jason Brown

Checking The Pulse Of The Kansas City Real Estate Market

Royse Real Estate Market Stats
Royse Is A Home Community In Leawood KS

Looking over the Royse market stats dating back a year to July 2010, 10 homes were put on the market and 5 homes were sold over the same year period. The average sales price in Royse was $552,800 and the home community had sales prices ranging from $459,000 to $675,000.

Comparing the 4 Active homes for sale in Royse to the 12-month sales rate in the subdivision, there’s 9.6 months of inventory currently on the market. This amount of inventory indicates it remains a buyer’s market in the Royse community. The average current list price of $526,625 is actually below the average sales price the past year in the community, so there are some excellent possibilities for buyers to consider. Royse is a popular Leawood Kansas subdivision and located near parks, shopping and dining amenities and near access to I-435 Highway in Leawood.

Royse In Leawood Kansas

Royse is located in southern Leawood Kansas and served by the Blue Valley School District. There’s approximately 193 homes in Royse and many of the homes in the community were built from 1980 through 1995. If you are considering buying or selling a home in Royse or in the surrounding Leawood area, we’ll help you achieve your real estate goals.

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Lenexa Kansas Real Estate Update – July 2011

Posted on July 6, 2011 by Jason Brown

Checking The Pulse Of The Kansas City Real Estate Market

Real Estate Statistics On Lenexa Kansas
15 Day Glance At The Lenexa KS Real Estate Market

After calculating the absorption rate over the past 15 days in Lenexa Kansas, we find the city has 7.3 months of inventory currently on the market. While still a buyer’s market in Lenexa, 7.3 months of inventory is quite an improvement over the 11.1 months of inventory when we took a look at Lenexa’s June market stats.

Type	#	Average $	Avg DOM
Listings Past 15 Days	35	$278,262	–
Total Active Listings	321	–	–
Newest Contracts Written	36	$253,695	148
Newest Sold (Closed)	22	$227,439	69

If you’re exploring the possibility of buying or selling a home in Lenexa, please contact us to discuss your situation. Here’s additional information on how we can assist you with selling your Lenexa home or with buying a Lenexa home. Please contact us with questions.

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Lowering Of Conventional Loan Limits Should Have Minimal Effect On Kansas City Real Estate Market

Posted on July 5, 2011 by Jason Brown

Checking The Pulse Of The Kansas City Real Estate Market

Fannie Mae is planning to be less involved in future upper bracket home purchases. Currently, most counties across the U.S., including all of our Kansas City metro counties, have a $417,000 maximum loan amount that Fannie Mae will back. This means if you need a $450,000 loan, you don’t qualify for a conventional loan backed by Fannie Mae and will need to search for a lender willing to deal with this price range loan. That would likely mean higher loan costs, a higher interest rate, etc. Since it doesn’t appear there will be any change to the $417,000 level, it appears our Kansas City real estate market is mostly insulated from the coming changes.

More expensive real estate markets across the country are sure to be effected however. During the mortgage lending crises of the past several years, Fannie Mae stepped in raising the maximum price on loans it would back. This was designed to help stabilize counties with the most fragile and expensive real estate markets (i.e. few lenders around who were willing to make loans on the homes). But now Fannie Mae is reeling things back in by lowering limits back closer to the lowest $417,000 figure.

While Kansas City appears mostly insulated from these changes, any adverse affect on our delicate national real estate market threatens to have a trickle down effect. With some reports indicating that national home prices have fallen back to 2002 levels, let’s hope the effects of these changes are minimal here in Kansas City, Johnson County Kansas, Overland Park and the surrounding areas.

Posted by Jason Brown

Kansas City’s 2011 Independence Day Fireworks Celebrations

Posted on July 4, 2011 by Jason Brown

Checking The Pulse Of The Kansas City Real Estate Market

If you’re looking for a list of the major fireworks celebrations in Kansas City, here’s one covering Kansas City, Overland Park, Lenexa, Olathe, Leawood, Shawnee and many of our nearby surrounding areas…

Corporate Woods Star Spangled Spectacular

DeSoto’s July 4th Celebration

Gardner’s Fireworks Display

Independence’s Fourth of July Fireworks Display

Leawood’s Fourth of July Celebration

Lee’s Summit Legacy Blast

Olathe’s Great Mall of The Great Plans Celebration

Parkville 4th of July Fireworks and Festival

Powell Gardens Booms and Blooms Fest

Worlds of Fun Fireworks Display

Have a fun and safe 4th of July holiday!

Posted by Jason Brown