Woodsonia Community Market Stats ~ Woodsonia Homes In Shawnee KS

Posted on February 28, 2011 by Jason Brown

Checking The Pulse Of The Kansas City Real Estate Market

Woodsonia Real Estate Market Stats
Woodsonia Is A Subdivision In Shawnee Kansas

Looking over the Woodsonia market statistics dating back a year to February 2010, 16 homes were put on the market and 15 homes were sold over the same year period. The average sales price in Woodsonia was $211,937 and the subdivision saw a price range ranging from $154,000 to $240,500.

Comparing the 4 Active listings in Woodsonia to the 12-month sales rate in the community, there’s 3.2 months of inventory currently on the market. This is excellent, especially in our current real estate market. This amount of inventory on the market in Woodsonia represents a stable real estate market and the average current list price of $215,000 is in line with the average sales price the past year in the community. Woodsonia is a popular Shawnee Kansas subdivision and located near parks, shopping and dining amenities and near access to K-7 Highway in Shawnee.

Woodsonia In Shawnee Kansas

Woodsonia is located in western Shawnee Kansas and is served by the De Soto School District. There’s approximately 454 homes in Woodsonia and many of the homes in the community were built from 1986 through 2000. If you’re interested in selling or buying a home in Woodsonia, please contact me to discuss your home buying or home selling situation.

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Posted by Jason A. Brown

How Would Elimination Of 30 Year Fixed Rate Loans Affect Kansas City Home Buyers?

Posted on February 26, 2011 by Jason Brown

Checking The Pulse Of The Kansas City Real Estate Market

The other day a Realtor told me she didn’t care if Fannie Mae never backed another loan. Her argument was that Fannie Mae is backed by the government and government shouldn’t be meddling in the mortgage business. She added that the failed loans that Fannie Mae provided are a large reason for the downturn in the real estate market. There is some truth to that but the problems we’re faced with run deeper. But even if you agree 100% with this agent’s assessment, consider this… Fannie Mae is the major reason the majority of home loans were made during recent decades. Without Fannie Mae many Americans would not have a home and those who still would wouldn’t have mortgage loans as we know them today.

Without Fannie Mae, there would likely be no more 30 year fixes rate loans made. Why is this you ask? Because many private lenders aren’t willing to guarantee an interest rate for 30 months, much less 30 YEARS. And that’s exactly what Fannie Mae promotes. You go to your local bank to get a loan, your local bank runs a combination of you and your home through the Fannie Mae underwriting system and, if things look good, Fannie Mae will guarantee a 30 year fixed rate loan… and you get your loan. If interest rates jump from 5% to 10% over the coming years, there’s no worries because your interest rate is locked and guaranteed.

But if Fannie Mae wasn’t standing there to back the loan, do you think your local bank would lock and guarantee an interest rate for 30 years? Most banks wouldn’t do it when times were great, so most surely won’t do it today. What does all this mean to us as home buyers? If Fannie Mae goes out of business, the available loan types that our local lenders will make will be MUCH more conservative. Start thinking about 3 years ARMS which put the interest rate risk on you as the buyer and takes long-term interest rate risk off the banks making the loans. Yes, I’m talking about those same 3 year ARMS that caused tons of foreclosures when the interest rates starting re-setting in year 4.

Posted by Jason A. Brown

Wyngate Community Market Stats ~ Wyngate Homes In Overland Park Kansas

Posted on February 25, 2011 by Jason Brown

Checking The Pulse Of The Kansas City Real Estate Market

Wyngate Real Estate Market Stats
Wyngate Is A Subdivision In Overland Park Kansas

Looking over the Wyngate market statistics dating back a year to February 2010, 26 homes were put on the market and 18 homes were sold over the same year period. The average sales price in Wyngate was $490,763 and the subdivision experienced sales prices from a low of $425,000 to a high of $695,000.

Comparing the 13 Active listings in Wyngate to the 12-month sales rate in the community, there’s 8.7 months of inventory currently on the market. This is high but not unusually so for the price range and our current real estate market. The average current list price of $463,538 is lower than the average sales price the past year, so it looks like there’s some great options for homes buyers to consider. Wyngate is a popular Overland Park subdivision and located near parks, shopping and dining amenities and near access 69 Highway in Overland Park.

Wyngate In Overland Park Kansas

Wyngate is located in southern Overland Park Kansas and is served by the Blue Valley School District. There’s approximately 50 homes in Wyngate plus additional development lots. Many of the homes in the community were built from 2006 to homes currently under construction. If you’re considering selling or buying a home in Wyngate or in the surrounding Overland Park area, please contact me and we’ll discuss your situation in detail.

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Posted by Jason A. Brown

Overland Park Kansas Real Estate Update – February 2011

Posted on February 24, 2011 by Jason Brown

Checking The Pulse Of The Kansas City Real Estate Market

Real Estate Info for The City of Overland Park KS
Recent 15 Days of Overland Park Kansas Market Activity

After looking over the past 15 days of Overland Park Kansas real estate activity, I used the figures to calculate the city’s short-term absorption rate. After taking into account the 946 homes for sale in Overland Park, we find there’s 10.8 months of inventory on the market. This is high and Overland Park home sellers need an improvement on an 88 home sale a month pace to eat into the 900+ homes for sale in Overland Park.

Type	#	Average $	Avg DOM
Listings Past 15 Days	158	$297,623	–
Total Active Listings	946	–	–
Newest Contracts Written	93	$260,111	157
Newest Sold (Closed)	44	$240,785	132

* The Average $ of Newest Contracts considers the price the homes were listed at when they went under contract. Data pulled from Heartland MLS and deemed reliable but not guaranteed. Low samplings in any category can skew results. Stats may not be an exact 15 days from date of this post. DOM = Days On Market.

There’s great news in the 94 homes that went under contract during the same 15-day period — that’s more than double the number of homes that closed. If we were to assume all those 94 homes under contract will close (and use that figure to calculate the absorption rate), we’d find there’s 5.1 months of real estate inventory in Overland Park. 5 to 7 seven months of inventory is considered a stable market, so let’s hope the sales trend continues. Still, average prices are a concern with the average home coming on the market around $297,000 but the average home selling for about $240,000.

When buying and selling real estate in Overland Park, you’ll want an agent who is on top of the area’s market conditions. Factoring in the current market conditions is the only way to ensure you are making a sound home purchase or sale. Please contact me when you’re ready for personalized real estate service.

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Overland Park Kansas

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Posted by Jason A. Brown

My Overland Park Keller Williams Office Was The #2 Producing Office In Kansas City During 2010

Posted on February 22, 2011 by Jason Brown

Checking The Pulse Of The Kansas City Real Estate Market

Of all the individual offices within all of the real estate brokerages in Kansas City, my Overland Park Keller Williams office ranked #2 in production in the entire metro area. My office had to be up and running very early most days because we helped 1,200+ clients buy and sell a home in Kansas City, Johnson County Kansas, Overland Park and the surrounding area in 2010.

Now that’s a lot of closings! As one of the top producers in my office the past 6 years, I take pride in those figures. If you’re looking for a Kansas City real estate agent who takes helping you seriously and has systems in place that are followed time after time, please let me know more about your buying or selling situation. I look forward to making you my next satisfied client.

Posted by Jason A. Brown

Woodland Manor Community Market Stats ~ Woodland Manor Homes In Olathe KS

Posted on February 21, 2011 by Jason Brown

Checking The Pulse Of The Kansas City Real Estate Market

Woodland Manor Real Estate Market Stats
Woodland Manor Is A Subdivision In Olathe Kansas

Looking over the Woodland Manor market statistics dating back a year to February 2010, 6 homes were put on the market and 5 homes were sold over the same year period. The average sales price in Woodland Manor was $317,600 and the subdivision saw a low sales price of $295,000 and a high sales price $350,000.

Comparing the 3 Active listings in Woodland Manor to the 12-month sales rate in the community, there’s 7.2 months of inventory currently on the market. This is typical in our current market and the average current list price of $310,801 is below the average sales price the past 12 months in the community. Woodland Manor is a popular Olathe Kansas subdivision and located near parks, shopping and dining amenities and near access to K-10 Highway in Olathe Kansas.

Woodland Manor In Olathe Kansas

Woodland Manor is located in northwest Olathe Kansas and is served by the Olathe School District. There’s approximately 30 homes in Woodland Manor and more possible in future phases of the community. Homes in the community were built from 2006 to homes currently under construction. If you’re interested in buying or selling a home in Woodland Manor or in the surrounding Olathe area, please contact me to discuss the details of buying or selling.

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Posted by Jason A. Brown

No Amount Of Marketing Will Overcome a Grossly Overpriced Kansas City Real Estate Listing

Posted on February 18, 2011 by Jason Brown

Checking The Pulse Of The Kansas City Real Estate Market

There’s no amount of marketing I can do to overcome a grossly over-priced home. In the past 15 years as a land developer and Kansas City real estate agent I’ve sold more than 1,000 properties. In all of those home sales, I don’t recall ever saying to myself, wow that marketing just got us an extra $10,000 out of that home! I’ve heard agents claim that their marketing generated such excitement in a home that it led to multiple offers, a higher sales price, etc… OK, maybe. But I’ll debate that the multiple offers were made because the home was perceived to be a great deal once the buyer’s viewed the home, rather than because of the home’s marketing plan.

I’m not saying marketing is unimportant. It’s critical in getting buyers interested in a home and I believe less than 5% of Kansas City real estate agents can compete with the marketing I do for my sellers. So I obviously find it important. But I’m not so naive as to think that knowing the how, when and where to market a home is going to get the home sold. It can get a buyer interested but from there buyers will be analyzing several critical factors in determining whether it’s the right home for them. The first thing most buyers ask themselves is whether the location is great. By location I mean the part of the city the home is located, the part of the home community the home is located, the direction the home is facing, what’s behind the home, etc.

From there, buyers start looking closely at the functionality of the home… by that I mean the size, layout and curb appeal of the home. If all of the works, buyers start eying the condition of the home more closely. Usually a home has to be in poor condition for a buyer to rule the home out if it’s met all the other factors. Besides, that can be overcome by the factor I’ve yet to mention… the most important factor of all… price. Pricing of a home is absolutely THE most important in getting your home sold. Price must factor in everything I’ve mentioned plus the current market conditions. You see, if a home is priced 15% above comparable homes in the area, it won’t matter if the home is located on a cul-de-sac lot, if it’s the largest home in the neighborhood, if the home is completely updated with appealing decor, etc.

So, the progression most buyers will go through in buying their home is…
1. Marketing.
2. Location.
3. Condition.
4. Functionality.
5. Price.

But, if you asked me to rank them in order of importance, the first and last factor are flipped…
1. Price.
2. Location.
3. Condition.
4. Functionality.
5. Marketing.

Posted by Jason A. Brown

Timber’s Edge Community Market Stats ~ Timber’s Edge Homes In Overland Park KS

Posted on February 17, 2011 by Jason Brown

Checking The Pulse Of The Kansas City Real Estate Market

Timber’s Edge Real Estate Market Stats
Timber’s Edge Is A Subdivision In Overland Park Kansas

Looking over the Timber’s Edge market statistics dating back a year to February 2010, 10 homes were put on the market and 9 homes were sold over the same year period. The average sales price in Timber’s Edge was $272,591 and the subdivision saw sales prices that ranged from $242,500 to $301,400.

Comparing the 2 Active listings in Timber’s Edge to the 12-month sales rate in the community, there’s 2.7 months of inventory currently on the market. This is excellent, especially in our current real estate market. The average current list price of $254,975 is lower than the average sales price the past year in the community. Timbers Edge is a popular Overland Park Kansas subdivision and located near parks, shopping and dining amenities.

Timber's Edge In Overland Park KS

Timber’s Edge is located in southeast Overland Park Kansas and is served by the Blue Valley School District. There’s approximately 245 homes in Timber’s Edge and many of the homes in the community were built from 1992 through 1999. If you would like the assistance of a buyer’s agent or listing agent in buying or selling a home in Timber’s Edge, please contact me to discuss your real estate goals.

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Posted by Jason A. Brown

Shawnee Kansas Real Estate Update – February 2011

Posted on February 16, 2011 by Jason Brown

Checking The Pulse Of The Kansas City Real Estate Market

Real Estate Info for The City of Shawnee Kansas
Recent 15 Days of Shawnee KS Market Activity

I calculated the city of Shawnee’s real estate absorption rate using the past 15 days of market stats. I then compared that absorption rate against the current volume of homes for sale in Shawnee Kansas. What I found is a very high 19.5 months of inventory currently on the market. The sales rate we saw the past 15 days – of just 4.5 closing a week for the entire city – is very slow. The sales pace needs to pick up to eat more quickly into the 350+ homes for sale in Shawnee.

Type	#	Average $	Avg DOM
Listings Past 15 Days	35	$215,737	–
Total Active Listings	352	–	–
Newest Contracts Written	20	$222,676	112
Newest Sold (Closed)	9	$214,394	102

The Pending sales over the same 15 day period was better, with 20 homes going under contract. But even if we assume all those homes will make it to the closing table (and used that figure to calculate the absorption rate), there’s still 8.8 months of inventory on the market in Shawnee KS. If you are planning to buy or sell a home in Shawnee, please contact me to discuss your buying or selling situation. I look forward to learning about your real estate objectives and helping you make it happen.

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Posted by Jason A. Brown

Kansas City Home Buyers Getting FHA Loans To Face Higher Monthly Mortgage Payments

Posted on February 15, 2011 by Jason Brown

Checking The Pulse Of The Kansas City Real Estate Market

So in addition to the possibility of Fannie Mae being put out of her misery (and ending conventional loans as we know it), now it’s announced that FHA loans will have 1/4 percent higher annual mortgage insurance premiums. This is guaranteed to lower the volume of FHA loans once the increase is put into effect in April. The FHA change directly affects borrowers getting an FHA loan while making less than a 5% down payment. Of course, that’s the majority of borrowers who often choose a FHA loan because it only requires a 3.5% down payment. If you’re already approved for a FHA loan but have yet to go under contract, I suggest you get up and shake a leg.

The 1/4 percent increase comes from a jump from a 0.90% mortgage insurance premium (MIP) on these loans to 1.15% MIP. The jump is based on the loan amount. These changes are designed to keep FHA loans alive during a time when the agency is battling foreclosures on the books. The change is expected to generate more than $2 billion in funds for FHA and help the agency meet the congressional mandate to have 2% cash in reserves. While the news is certainly not good, allowing the FHA loan program to fail would have terrible consequences on our real estate market. Keep in mind that more than half of the loans being provided to home buyers today are FHA loans.

I ran some rough calculations and this change would increase the payment on a $150,000 loan about $30 or so per month. That may not seem like a lot but it’s $360 year, so it will have an affect. If the loan amount were $300,000 the figure would double. Despite the changes, FHA is still a cost-effective loan for borrowers and will continue to be a leading loan options for first time buyers, buyers with lower incomes and buyer’s who have less than the 5% down payment required on conventional loans. Another note I found interesting was that FHA will not provide a refinance loan if the refinance does not reduce the borrowers monthly mortgage obligations by at least 5%. That seems like a solid, common-sense rule to me.

Checking The Pulse Of The Kansas City Real Estate Market

Woodsonia Real Estate Market Stats Woodsonia Is A Subdivision In Shawnee Kansas

Posted by Jason A. Brown

Checking The Pulse Of The Kansas City Real Estate Market

Posted by Jason A. Brown

Checking The Pulse Of The Kansas City Real Estate Market

Wyngate Real Estate Market Stats Wyngate Is A Subdivision In Overland Park Kansas

Posted by Jason A. Brown

Checking The Pulse Of The Kansas City Real Estate Market

Real Estate Info for The City of Overland Park KS Recent 15 Days of Overland Park Kansas Market Activity

Featured Overland Park Kansas Link… Overland Park Farmer’s Market

Posted by Jason A. Brown

Checking The Pulse Of The Kansas City Real Estate Market

Posted by Jason A. Brown

Checking The Pulse Of The Kansas City Real Estate Market

Woodland Manor Real Estate Market Stats Woodland Manor Is A Subdivision In Olathe Kansas

Posted by Jason A. Brown

Checking The Pulse Of The Kansas City Real Estate Market

Posted by Jason A. Brown

Checking The Pulse Of The Kansas City Real Estate Market

Timber’s Edge Real Estate Market Stats Timber’s Edge Is A Subdivision In Overland Park Kansas

Posted by Jason A. Brown

Checking The Pulse Of The Kansas City Real Estate Market

Real Estate Info for The City of Shawnee Kansas Recent 15 Days of Shawnee KS Market Activity

Featured Shawnee Kansas Link… Shawnee Parks & Recreation Brochure

Posted by Jason A. Brown

Checking The Pulse Of The Kansas City Real Estate Market

Posted by Jason A. Brown

Woodsonia Real Estate Market Stats
Woodsonia Is A Subdivision In Shawnee Kansas

Wyngate Real Estate Market Stats
Wyngate Is A Subdivision In Overland Park Kansas

Real Estate Info for The City of Overland Park KS
Recent 15 Days of Overland Park Kansas Market Activity

Featured Overland Park Kansas Link…
Overland Park Farmer’s Market

Woodland Manor Real Estate Market Stats
Woodland Manor Is A Subdivision In Olathe Kansas

Timber’s Edge Real Estate Market Stats
Timber’s Edge Is A Subdivision In Overland Park Kansas

Real Estate Info for The City of Shawnee Kansas
Recent 15 Days of Shawnee KS Market Activity

Featured Shawnee Kansas Link…
Shawnee Parks & Recreation Brochure