Leawood Kansas real estate stats ~ February 2019: Info on the buyer’s market & Leawood homes for sale

The Jason Brown Group

Leawood Kansas Real Estate Update

There were 10 homes sold (closed) in Leawood Kansas the past 15 days. Comparing that sales volume to the 161 homes currently for sale in Leawood, the city has 8.0 months of inventory on the market. This volume of real estate inventory indicates a buyer’s market in Leawood and is a higher volume of inventory than we’ve seen in a few years. The average new listing the past 15 days in Leawood Kansas came on the market around a $543,000 list price and the average sales price of homesclosed during the same time period was nearly $499,000.

Type # Average $ Avg DOM
Listings Past 15 Days 34 $543,725
Total Active Listings 161
Newest Contracts Written 18 $488,903 78
Sold (closed) Past 15 Days 10 $498,965 141

* 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.

The last 10 homes sold in Leawood Kansas were on the market an average of 141 days, while the most recent 18 homes to go under contract did so in 78 days on average. We look forward to helping you assess the effect these market stats have on your real estate investment and the decisions you make when buying or selling a Leawood Kansas home.

The Jason Brown Group provides expert home seller representation, helping home sellers maximize their real estate investments by selling quickly and for top dollar. We provide expert home buyer representation, helping home buyers locate the best available homes on the market, while providing guidance all the way through the real estate process. Learn more about how we can help you with selling a Leawood home or buying a Leawood home.

We look forward to helping you achieve your real estate goals… Contact Jason Brown today!

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Posted by Jason Brown

Only You Can Truly Decide How Much Kansas City Home You Can Afford

Hands On The Heartland
Checking The Pulse Of The Kansas City Real Estate Market

As a Kansas City home buyer, the Golden Rule for how much you can afford is to simply ask yourself. No one is more qualified than YOU to decide what YOU can afford. Now a mortgage lender is going to tell you the max amount they’ll let you borrow. But that amount may be much more than you can or want to truly afford. And by afford, I mean how much you can “afford” to sacrifice other things in your life. It’s one thing to afford a $2000 a month house payment and another completely to be able to do so without compromising your favorite boat or expensive dining habits.

So when the lender says here’s your Pre-Approval Letter and you can buy up to a $290,000 home, the better question is “how much will my payments be? Once you know that you’ll know if buying a $290,000 works into your master plan. If it doesn’t, then maybe you should be looking at $200,000 or $250,000 homes. It’s up to you and this is not something than any loan officer, Kansas City Realtor, friend or family member can decide for you. When a lender pre-approves you, the underwriting guidelines are designed to minimize the lender’s losses and are not in place to protect your  future finances. A good loan officer will certainly help you with that, but the underwriting guidelines that spit out a Pre-Approval Letter don’t factor it into the equation.

So what are some good rules of thumb when deciding what’s the right amount of mortgage payment? A good general rule of thumb is that your house (including principal, interest, taxes, insurance and PMI on the loan and also including your HOA dues) should not take up more than 25% of your gross income. But if you use this rule of them then you’ve already broken the Golden Rule in  the first paragraph. I know that I’m seeing buyers purchase homes at double to quadruple the amount they make per year.  In other words you could use as a general rule of them that someone who makes $50,000 may be able to purchase a $200,000 home — of course that’s making a whole lot of assumptions. But you would never use a rule of thumb anyhow when making such an important decision, would you?

Posted by Jason A. Brown
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