Overland Park KS Real Estate Market Update – November 2011

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 and comparing it the current volume of homes for sale, we find the city has 8.0 months of inventory on the market. This amount of inventory is considered a buyer’s market. When we checked the Overland Park real estate stats almost a month a go, there was 6 months of inventory on the market. Since there’s actually fewer homes on the market now, the higher months of inventory on the market is due to a slowing sales rate — 82 homes were sold during the 15 day period earlier this month, compared to 58 sales during this most recent 15 day period.

Type # Average $ Avg DOM
Listings Past 15 Days 80 $283,187
Total Active Listings 928
Newest Contracts Written 85 $238,154 133
Newest Sold (Closed) 58 $231,889 132

* 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 average new listing the past 15 days in Overland Park came on the market at more than $283,000. The average sales price over the same period was just under $232,000. If you are making plans to buy or sell a home in Overland Park KS, my group can provide you the market information you need to make an informed decision and we’ll guide you through the real estate process. Here’s info on how we can assist you with selling your Overland Park home or with buying an Overland Park home. Please contact us with any questions you may have!

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Posted by Jason Brown

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Would You Really Take The Gamble On A Contingent Contract When Selling Your Kansas City Home?

Checking The Pulse Of The Kansas City Real Estate Market

When selling a home in a buyer’s market, it can be easy for a home seller to become enamored with any offer they receive. But if that offer is a contingent offer, there’s a lot more to consider than just the price, close date and whether the buyer is asking the seller to play the buyer’s closing costs. A buyer could offer thousands over list price and it would mean nothing if the buyer is never able to get their current home under contract and closed. With few exceptions, this is why I advise Kansas City home sellers to pass on any offer to purchase that’s contingent upon the buyer locating a buyer for their current home. Sellers should ask themselves, why gamble the success of the home sale on a buyer who doesn’t even have their own home under contract?

Assuming you’re not a distressed seller and that your property is not so unusual that it may not see another offer for many months, it would be better to continue marketing your home to locate a better buyer. By “better buyer” I mean a non-contingent buyer. Another option is asking the buyer to come back once their current home is under contract. At that point, the deal would be contingent upon the CLOSING of the buyer’s current home, rather than contingent upon the buyer FINDING a buyer and CLOSING on the buyer’s current home. There’s quite a difference there to say the least.

A home seller can even require a buyer to provide a copy of the real estate contract on the buyer’s current home thus proving the buyer’s current home is under a bona-fide real estate contract. A seller could be even more strict, if they feel it’s necessary, and tell the buyer they won’t consider the contingent offer until the buyer’s current home is through the 10-day inspection process or even past the loan approval process — though that latter is so restrictive that most home buyers can’t meet that restriction quick enough to make a deal work.

The most important thing for home sellers to remember is the seller has control over all the important factors of the home sale, including pricing and condition. But once you accept a contingent offer (where the buyer’s current home is NOT already under contract), the BUYER has control over the same critical factors on their home sale and that could lead to a failed transaction. In other words, the seller has no control over how the buyer prices their current home, the condition of that home, the marketing being done on that home, etc. So consider asking a buyer to come back once their current home is under contract. Or better yet, if they want to negotiate a better price, come back with a completely non-contingent offer, which puts the risk on the buyer (risk of owning two homes if their home sale falls apart for some reason), rather than pushing the risk on to the buyer with a contingent offer.


Posted by Jason Brown

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Symphony Hills Community Stats ~ Symphony Hills Homes For Sale In Olathe Kansas

Checking The Pulse Of The Kansas City Real Estate Market

Symphony Hills Community Market Stats
Symphony Hills Is A Subdivision In Olathe KS

Looking over the Symphony Hills market stats dating back a year to November 2010, 24 homes were listed for sale and 16 homes were Sold (closed) over the same 12-month period. The average sales price in Symphony Hills was $194,635 and the home community had sales prices that ranged from a low of $156,000 to a high of $213,700.

Comparing the 6 Active homes for sale in Symphony Hills to the past year’s sales rate in the home community, there’s 4.5 months of inventory on the market. This amount of inventory indicates a balanced real estate market in Symphony Hills. The average current list price of $195,817 is in line with average sales prices the past year in the community so there’s some excellent options for area home buyers to consider. Symphony Hills is a popular Olathe Kansas home community and located near parks, dining and shopping amenities in Olathe.

Symphony Hills In Olathe Kansas

Symphony Hills is located in southeast Olathe Kansas and served by the Blue Valley School District. There’s approximately 292 homes in Symphony Hills and many of the homes in the community were built from 1998 to 2002.  If you are planning to buy or sell a home in Symphony Hills or in another community in the surrounding Olathe Kansas area, my group looks forward to guiding you through the process.

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 Posted by Jason Brown

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Blackthorne Estates Community Stats ~ Blackthorne Estates Homes For Sale In Overland Park Kansas

Checking The Pulse Of The Kansas City Real Estate Market

Blackthorne Estates Community Market Stats
Blackthorne Estates Is A Subdivision In Overland Park KS

Looking over the Blackthorne Estates market stats dating back a year to November 2010, 16 homes were listed for sale and 13 homes were Sold (closed) over the same 12-month period. The average sales price in Blackthorne Estates was $364,292 and the home community had sales prices that ranged from a low of $308,500 to a high of $450,000.

Comparing the 6 Active homes for sale in Blackthorne Estates to the past year’s sales rate in the home community, there’s 5.5 months of inventory on the market. This amount of inventory indicates a balanced real estate market in the Blackthorne Estates community. The average current list price of $359,058 is below the average sales price the past year in the subdivision and provides area home buyers with some excellent options to consider. Blackthorne Estates is a popular Overland Park Kansas home community and located near parks, dining and shopping amenities and near access to 69 Highway in Overland Park.

Blackthorne Estates In Overland Park KS

Blackthorne Estates In Overland Park KS

Blackthorne Estates is located in southern Overland Park Kansas and served by the Blue Valley School District. There’s more than 150 homes in Blackthorne Estates and many of the homes in the community were built from 2000 to homes currently under construction in the community. If you are planning to buy or sell a home in Blackthorne Estates or in another community in the surrounding Overland Park area, my group looks forward to assisting you through the real estate process.

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 Posted by Jason Brown

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Lenexa Kansas Real Estate Update – November 2011

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 7.7 months of inventory currently on the market. This amount of inventory indicates a continued buyer’s market in the city of Lenexa. The months of inventory however continues to be reduced. When we checked Lenexa’s October real estate stats, there was 11 months of inventory on the market. The improvement we’ve seen is due to fewer homes being on the market today and also on a slightly higher sales rate — both promising signs for Lenexa home sellers.

Type # Average $ Avg DOM
Listings Past 15 Days 16 $228,264
Total Active Listings 246
Newest Contracts Written 18 $231,252 134
Newest Sold (Closed) 16 $219,521 130

* 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 homes that sold (closed) the past 15 days did so in an average of 130 days on market. The average list price the past 15 days was close $228,000, while the average new listing during the same period came on the market at nearly $220,000. If you are making plans to buy or sell a home in Lenexa Kansas, we look forward to guiding you through the process. Here’s information on how we can assist you with selling your Lenexa home or with buying a Lenexa home. Please contact my group with any questions you may have and we look forward to assisting you!

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Posted by Jason Brown

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If You Think Signing A Kansas City Buyer’s Agency Agreement Is A Mistake, You Just Haven’t Found The Right Agent

Checking The Pulse Of The Kansas City Real Estate Market

Some Kansas City home buyers get nervous when asked to sign a Buyer’s Agency agreement. It’s human nature and part of the problem is many Kansas City real estate agents don’t do a good enough job of explaining why a buyer’s agency agreement benefits BOTH the buyer and the agent. Some agents are afraid to explain that, yes, it does protect the agent and should the buyer purchase a home they are shown, the agent will get compensated. Many agents also fail to properly explain the benefits to the buyer… Without a buyer’s agency agreement, a buyer is not being represented, the buyer has no idea how the buyer’s agent will be compensated (usually from the seller) and a buyer is unlikely to get buyer’s agents full attention until a buyer’s agency agreement is signed. When such things are left vague, a buyer could easily conclude that all buyer’s agents are the same.

But all buyer’s agents are NOT the same and the best buyer’s agents will work hard to explain things and ensure a relationship gets off on the right foot. Buyers should ask any questions that concern them and buyer’s agents should be educated enough to answer those questions. Remember, the BEST Kansas City buyer’s agents WILL ask/expect you to sign a buyer’s agency agreement… at some point. Some new inexperienced agents won’t ever get around to asking a buyer to sign a buyer’s agency agreement. They’ll instead show countless homes day after day and then wonder what happened when the buyer goes and buys a home without them.  

The difference with my group is that I advocate slowly building the relationship between buyer and buyer’s agent. We’re good with taking a buyer out once on a one-day buyer’s agency agreement, so a buyer can get to know us and be sure we’re a good fit to work together going forward. A one-day agreement covers JUST the homes shown that day. A longer buyer’s agency agreement can then be signed IF there’s a second trip out with the buyer. My group has helped countless home buyers purchase a home with a relationship built exactly this way.

Should you choose to get out and see homes with an agent without a buyer’s agency agreement signed, just be aware that the agent is nothing more than a door opener. They are NOT representing your best interests and they can NOT advise you whether one home is better than the next, advise you on an appropriate offer price, etc…. Factors such as this are exactly why you want a buyer’s agent working for you. So find a great buyer’s agent and be sure both sides are committed to each other before jumping knee deep into the home search. 


Posted by Jason Brown

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Pavilions Home Community Market Stats ~ Pavilions Homes For Sale In Leawood Kansas

Checking The Pulse Of The Kansas City Real Estate Market

Pavilions Community Market Stats
Pavilions Is A Subdivision In Leawood KS

Looking over the Pavilions market stats dating back a year to November 2010, 22 homes were listed for sale and 13 homes were Sold (closed) over the same 12-month period. The average sales price in Pavilions was $593,054 and the home community had sales prices that ranged from a low of $380,000 to a high of $1,300,000.

Comparing the 9 Active homes for sale in Pavilions to the past year’s sales rate in the home community, there’s 8.3 months of inventory on the market. This amount of inventory indicates a buyer’s market yet is a reasonable amount of inventory given the price range of homes. The average current list price of $859,604 is higher than the average sales price ($593,054) the past year in the community. The Pavilions is a popular Leawood Kansas subdivision and located near parks, dining and shopping amenities in Leawood.

Pavilions In Leawood Kansas

Pavilions In Leawood Kansas

The Pavilions is located in southern Leawood Kansas and served by the Blue Valley School District. There’s approximately 267 homes in the Pavilions and many of the homes in the community were built from 1995 through 2005. If you are planning to buy or sell a home in the Pavilions or in another community in the surrounding Leawood area, my group can guide you through the real estate process.

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 Posted by Jason Brown

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Buying A Prairie Village KS Home? Consider A Sewer Line Inspection Or Sewer Warranty

Checking The Pulse Of The Kansas City Real Estate Market

Older homes, like those found in Prairie Village Kansas, are wonderful homes often with lots of character and the appeal of mature tree-lined streets. While these features are precisely what draws many home buyers to the area, older homes on tree line streets are the homes that most often encounter sewer line problems. When buying a home, it’s important for your home inspector to run the sinks and tubs for a long period of time and be sure everything is draining properly in the home. If there’s any slow draining, it’s recommended that a home buyer have a professional company come out and complete a sewer line camera inspection.

Sewer lines don’t last forever and on homes that are 40, 50, 100 years old, someone is eventually going to get stuck with paying for sewer line repairs. And by sewer lines we aren’t just referring to the plumbing inside the home or under the basement concrete floor… We’re talking about the sewer line that runs from the home and through the yard to the street. But the homeowner’s responsibility doesn’t stop there either. Because main sewer lines run on one side of the street or the other, there’s a a 50-50 shot a homeowner’s sewer connects on the OTHER side of the street.  If your sewer line goes bad, imagine the costs involved if the repairs require replacement of the sewer line under the street, tearing up the street, etc. It can happen.

It’s possible that a slow drain can be dealt with by having the lines rootered out or hydrojetted out, but the simple fact that there’s any issues should put a home buyer on notice that more expensive repairs could be coming. A root of a tree may have penetrated the sewer line or maybe the ground has collapsed underground and caused a sewer line connection to separate. Some older sewer lines are made of clay and simply not designed to hold up 100 years. Cleaning out the lines could be a temporary fix and the permanent fix could cost a homeowner thousands of dollars.

To find out what’s truly needed, have an inspection done where a small camera is run through the plumbing lines and out to the main sewer line. If major repairs are required, a good rule of thumb is $100 per foot to repair or replace the damaged pipe. But it could certainly be much more or even less, so be sure to get a couple bids before proceeding. Though I have never recommended this company, here’s a Kansas City sewer repair company with a web site that does a good job of explaining a homeowner’s options. You may be able to re-line the existing sewer line without trenching the yard. If you have to excavate and install a new sewer line, $100 per foot is probably a minimum cost.

Prairie Village Kansas has recently begun promoting to its residents the option of purchasing a Sewer Line Warranty. According to a Kansas City Star article, 12% of Prairie Village residents have already done so. The warranty is provided by a third-party and the current cost of the warranty is $59 per year. If there’s a problem, the warranty company sends out a local plumber and the warranty will pay up to $4000 of repairs to repair a broken line. Should the job require cutting up the street, the warranty would also cover the first $4000 of that portion of the repair.


Posted by Jason Brown

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Woodland Reserve Market Stats ~ Woodland Reserve Homes For Sale In Lenexa Kansas

Checking The Pulse Of The Kansas City Real Estate Market

Woodland Reserve Community Market Stats
Woodland Reserve Is A Subdivision In Lenexa KS

Looking over the Woodland Reserve market stats dating back a year to November 2010, 26 homes were listed for sale and 15 homes were Sold (closed) over the same 12-month period. The average sales price in Woodland Reserve was $499,812 and the home community had sales prices that ranged from a low of $382,000 to a high of $624,900.

Comparing the 12 Active homes for sale in Woodland Reserve to the past year’s sales rate in the home community, there’s 9.6 months of inventory on the market. This amount of inventory indicates a buyer’s market in the area. The average current list price of $582,954 is higher than the average sales price ($499,812) the past 12 months in the subdivision. Woodland Reserve is a popular Lenexa Kansas home community and located near parks, dining and shopping amenities and near access to K-10 and K-7 highways in Lenexa.

Woodland Reserve In Lenexa Kansas

Woodland Reserve In Lenexa Kansas

Woodland Reserve is located in western Lenexa Kansas and served by the Olathe School District. There’s more than 200 homes in Woodland Reserve and many of the homes in the community were built from 2002 to homes currently under construction in the community. If you are planning to buy or sell a home in Woodland Reserve or in another community in the surrounding Lenexa Kansas area, please let my group know how we can assist you with the real estate process.

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 Posted by Jason Brown

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