Category Archives: Prairie Village Real Estate

Prairie Village KS Real Estate, Prairie Village Homes For Sale, Prairie Village Kansas Realtors

Johnson County Kansas Real Estate Market Update – January 2013 Update

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Johnson County Kansas Real Estate Update
Recent Real Estate Market Activity In Johnson County KS

Looking at the past 15 days of real estate activity in Johnson County Kansas and comparing it to the current volume of homes for sale, we find there’s 6.5 months of inventory in the county. This amount of inventory indicates a balanced real estate market in the Johnson County Kansas area. The average new listing the past 15 days came on the market around $273,000 and the average sales price during the same period was nearly $246,000.

Type # Average $ Avg DOM
Listings Past 15 Days 412 $272,512 —
Total Active Listings 2077 — —
Newest Contracts Written 360 $247,896 105
Sold (closed) Past 15 Days 160 $245,796 126

* 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 160 homes sold in Johnson County Kansas were on the market an average of 126 days. If you’re planning to buy or sell a home in Johnson County Kansas, contact us to discuss your real estate plans in detail. Find details on our website regarding selling a Johnson County Kansas home and with buying a Johnson County Kansas home.

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29% Of U.S. Homeowners Have Their Home Paid Off

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If someone had asked me to guess what percent of homeowners have their home paid off, I’d probably have tossed out somewhere in the 15% range. So I was surprised to see a Zillow report that indicates 29% of homeowners in the U.S. have their home completely paid off. It really does surprise me in today’s indebted society that such a large portion of homeowners have positioned themselves so strongly with their real estate investments. 

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At a time when an estimated 20% of U.S homeowners are either upside down on their home, selling their home in a Short Sale or currently behind on their mortgage payments, it’s good to know that 29% of homeowners are free of any mortgage debt. The stability of these homeowners is helping counteract the distressed sales in the market-place and is a big reason why areas like Johnson County Kansas have been out of a buyer’s market and in a balanced real estate market for more than a year now. 


Posted by Jason Brown

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No Slow Down Present With The Kansas Real Estate Market

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The most recently released real estate market stats (covering the month of November) show the state of Kansas had further improvements in both average sales prices and volume of home sold across the state. The volume of homes sold rose 23.2% in November in comparison to November 2011. This is another big jump that follows up last month’s 20.5% increase in the number of homes sold state-wide in Kansas.

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Average home sale price rose 5.0% compared to November of last year. This jump in home sale prices follows up last month’s 3.8% increase. Comparing November’s sales rate against the volume of homes for sale, there’s 5.4 months of inventory on the market — an improvement on last month’s 5.6 months of inventory. Both calculations represent a balanced real estate market and trending towards a seller’s market. This makes nine straight months that Kansas has been in a balanced market.

Here locally in Johnson County Kansas, the real estate market remains in a seller’s market. In the past 30 days there were 554  homes sold in Johnson County Kansas. Comparing this sales rate against the current volume of homes for sale, there’s 3.7 months of inventory on the market. This is identical to the 3.7 months of inventory at last month’s check. All of this is excellent news for our local real estate market. 


Posted by Jason Brown

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Important Effects Of The Fiscal Cliff Deal On The Kansas City Real Estate Market

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2012 was a much improved year for the Kansas City real estate market. Even through the slower fall months, supply, demand and housing prices remained steady and the housing market continued its rebound. The months of inventory on the market in most local areas was at the lowest points seen in years. All together, home prices in most price ranges had stabilized and that’s been music to many weary home seller’s ears. But all of that was threatened by the Fiscal Cliff and if a deal hadn’t been struck by Congress the housing market could have quickly fallen into turmoil.

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A critical factor in the Fiscal Cliff deal is the extension of the tax relief offered to Short Sale home sellers. For at least the next year, sellers who achieve a successful Short Sale with their lender will continue to NOT have to treat the forgiven debt as taxable income. This is huge because without it a lot of sellers would have lost motivation to try to work out a short sale… And that would have meant a whole lot more foreclosures on the market and ultimately lower sales prices in most areas.

Just as importantly, the mortgage interest deduction for homeowners will continue untouched. The mortgage interest deduction is one of the most important factors in owning a home versus renting, so this part of the legislation was extremely critical. All together, the Fiscal Cliff deal will help prevent an influx of new listings on the market and thus allow the real estate market to (hopefully) continue on the path of recovery.


Posted by Jason Brown

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Foreclosure Evictions Postponed By Major Players During The Holiday Season

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Delaying foreclosures on someone who’s stopped making their mortgage payments comes to the disdain of many homeowners who continue to meet their financial obligations during tough times. The whole foreclosure mess is frustrating to tax payers who feel they’re footing the bill in many cases, while a neighbor continues to live in their home for “free” while awaiting completion of the foreclosure process. Yet when looked at more closely, this has merit and is clearly the compassionate thing to do, since it gives families a chance to get through the holiday season.

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It doesn’t stop the banks from taking all the other steps they go through to keep the foreclosure process moving along — it just temporarily stops the sheriff from showing up at the door and evicting people from the home. From what I’ve read to this point, Freddie Mac, Fannie Mae and Bank of America – three of the major financial institutions involved in today’s foreclosures – have all halted foreclosures for approximately two weeks beginning this week.


Posted by Jason Brown

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Kansas Real Estate Market Stats Remain Solid As We Head Into Slower Winter Season

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The recently released real estate market stats for October show the state of Kansas had further improvements in both average sales prices and volume of home sold across the state. The number of homes sold rose 20.5% in October in comparison to October 2011. This is one of the largest increases I’ve seen in some time and follows up last month’s modest 0.2% increase in volume of homes sold.

Average home sales price rose 3.8% compared to October of last year. This jump in home sale prices follows up last month’s 6.6% increase. Comparing October’s sales rate against the volume of homes for sale, there’s 5.6 months of inventory on the market. The stats a month ago showed Kansas with 6.5 months of real estate inventory. Both calculations represent a balanced real estate market in the state of Kansas and that makes eight straight months that Kansas has been in a balanced market.

More locally here in Johnson County Kansas, the market remains exceptionally strong. Home sales have been solid and there hasn’t been an overwhelming influx of new listings hitting the market. The past 30 days there were 605 homes sold and using that sales rate (compared to the volume of homes for sale in Johnson County Kansas), there’s 3.7 months of inventory on the market. This is an improvement over the 3.9 months of inventory at last month’s check. This is a great trend as we head into what’s traditionally a slower time of year for homes sales.


Posted by Jason Brown

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Prairie Village Kansas Real Estate Market Update – December 2012 Update

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Prairie Village Kansas Real Estate Update
Recent Real Estate Activity In Prairie Village KS

Using the past 15 days of real estate sales activity in Prairie Village Kansas to calculate the city’s absorption rate, we find there’s 3.6 months of inventory currently on the market. This amount of inventory is considered a seller’s real estate market in the city of Prairie Village. The last 12 homes sold (closed) in Prairie Village Kansas were on the market an average of 103 days and had an average sales price of nearly $158,000.

Type # Average $ Avg DOM
Listings Past 15 Days 14 $225,554 —
Total Active Listings 87 — —
Newest Contracts Written 14 $249,807 72
Sold (closed) Past 15 Days 12 $157,642 103

* 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 price of the 14 newest listings on the market in Prairie Village is nearly $226,000. If you are considering buying or selling a home in Prairie Village Kansas, my real estate group can help you locate the homes that fit need your needs and complete the real estate transaction. Find more details on selling a Prairie Village Kansas home and with buying a Prairie Village Kansas home. If you have any questions, please contact us for assistance.

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Posted by Jason Brown

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Short Sales Surpass Foreclosure Sales As We Near The End Of The IRS Tax Break On Short Sales

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The volume of Short Sales continues to rise as under-water homeowners and the lender’s who hold the loans understand the benefits of avoiding foreclosure. In almost all situations, a lender does not want a foreclosure on the books as it causes many direct and indirect problems for a lender. Seller’s don’t want a foreclosure on their credit history and can rebound in most cases to buy a home within a year or two of a successful Short Sale.

A Short Sale means a homeowner selling their home for “short” of what they owe the lender on the home. For this to occur, the seller has to locate a buyer, get the buyer under contract and then submit the contract (along with a detailed short sale package on the homeowner) to the lender… From there the lender begins considering whether they’ll accept the Short Sale — i.e. whether it’s better for the lender to accept the Short Sale or whether the lender will come out ahead by simply foreclosing on the property.

Currently homeowners don’t have to pay federal tax on the unpaid mortgage amount that was forgiven. This unpaid amount (viewed by the IRS as a form of “income”) has received a tax break since the Mortgage Debt Forgiveness Act went into effect several years ago. The potential end of this tax break is part of the reason for the increase in Short Sales. In fact, Short Sales have become so prevalent that they have surpassed the volume of distressed bank-owned REO homes.

For buyers, Short Sale listings are almost always in better condition than bank-owned properties. This is because the homeowners are often in the home up until the closing occurs, making the sale similar to a traditional home sale, in that regards. This means the homes are usually maintained to some degree and is one of the main reasons that Short Sales have been selling on average for about 15% more than bank-owned properties.


Posted by Jason Brown

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Do You Know Someone In Johnson County Who’s Faced With Losing Their Home To Foreclosure?

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If you know anyone who’s struggling to make their mortgage payments, they’re surely pondering the options for selling their home. If they don’t have the money to pay the real estate commission or are upside down even more than that amount on their home, then this often leaves homeowners in a paralyzed state. What a LOT of homeowners don’t realize is that they can try selling their home in a Short Sale and the seller would NOT be responsible for paying the resulting real estate commissions.

If you’re unfamiliar with the process, a Short Sale means a seller sells their home to a buyer at an amount that nets “short” of how much is needed to pay of the outstanding mortgage balance(s). While selling in a Short Sale will likely put a hit on the seller’s credit, it’s nothing like the hit a foreclosure will do. In fact, many people who sell their homes in a short sale are able to regroup their finances and purchase another home within a couple of years. That’s not going to happen for someone who loses their home in foreclosure.

You may be wondering how a seller gets out of paying the real estate commissions… It’s because the seller’s lender pays it. Why and how? Any lender who will consider a Short Sale understands the seller doesn’t have the ability to pay it themselves (remember, the seller can’t even afford to continue making their mortgage payments). Once a buyer makes an offer and the seller accepts (with the understanding the deal won’t happen if the seller’s lender doesn’t accept a short sale), then the offer is submitted to the seller’s lender… and the lender will factor the real estate commissions into the equation for whether they’ll accept the Short Sale offer.

As far as the process, it’s complicated for real estate agents, no doubt about it. It can easily take 10 times the work – and sometimes triple or longer the time – to get a Short Sale completed. Sometimes a lender will doom the process… they’re often disorganized, sometimes difficult and occasionally non-responsive. But this is what we agree to take on when we take a Short Sale listing. I don’t think 90% of agents understand what they’re getting into when they list a Short Sale. We do… And it’s certainly a process that requires organization and persistence.

Our Short Sale listings get the same attention to detail and care that all our listings get. So if you know someone who… owns a home that’s lost value… doesn’t have the money to pay a real estate commission… has lost their job… can’t afford their home due to a divorce… Or something similar, then there’s a good chance we can help them. Have them email me and we’re happy to go over their situation in detail to see how we can help.


Posted by Jason Brown

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Real Estate Market Is Balanced Statewide, While Locally In Johnson County We’re In A Seller’s Market

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The most recently released real estate market stats for the state of Kansas show further improvements in average sales prices and volume of home sold across the state. Home sales rose 0.2% in September compared with September 2011 and the modest increase follows up last month’s impressive 12.3% increase in volume of homes sold.

Average home sales price rose 6.6% compared to September of last year. This is a huge jump in sales prices and follows up a 3.8% improvement last month. Comparing September sales rate against the volume of homes for sale, there’s 6.5 months of inventory on the market. The stats a month ago showed Kansas with 5.2 months of real estate inventory. Both represent a balanced real estate market in the state of Kansas and that makes seven straight months that Kansas has been in a balanced market. The recent increase in months of inventory is worth keeping an eye on as this months jump in inventory nearly pushed the state out of a balanced real estate market and into a buyer’s market.

The local real estate market here in Johnson County KS is exceptionally strong. Home sales have remained firm while new listings have hit the market at a reasonable pace in recent months. In September there were 662 homes sold and using that sales rate (compared to the current volume of homes for sale in Johnson County Kansas), there’s 3.9 months of inventory on the market. This is a jump from last months 3.0 months of inventory yet still indicates a continuation of the buyer’s market in Johnson County Kansas.  


Posted by Jason Brown

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