Tag Archives: Prairie Village Real Estate

Seller’s Real Estate Market Gaining Steam In Johnson County Kansas And State-Wide

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Checking The Pulse Of The Kansas City Real Estate Market


The most recently released Kansas Association of Realtors real estate market stats (covering June) show a continued strengthening of the Kansas housing market. Both home sales volume and home sales price continued to rise in June. Home sales increased 5.5% compared during the month, which follows up a 14.2% jump in home sales the prior month.

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The stats released a month ago showed the state of Kansas had moved into a sellers market for the first time since the market downturn years ago (with 4.0 months of inventory on the market). This update shows a continued solid seller’s market in Kansas with 4.3 months of inventory currently for sale. Home sales price rose 4.9% compared to June of last year and that follows up a 9.5% increase at last month’s update.

The Johnson County Kansas seller’s real estate market also continues with 975 homes sold (closed) the past month. Factored against the current volume of homes for sale in Johnson County Kansas, there’s 2.4 months of inventory on the market. At last month’s check Johnson County KS had 2.6 months of inventory, thus indicating a further strengthening of the seller’s market present in Johnson County Kansas.


Posted by Jason Brown

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Home Sale Prices And Volume Of Sales In Kansas Continues To Favor Home Sellers

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Checking The Pulse Of The Kansas City Real Estate Market


The most recent Kansas Association of Realtors real estate stats (for the month of May) indicates further strengthening of the state-wide housing market. Home sales volume continue to rise, as does resulting home sale prices. During the month of May in Kansas, homes sales increased 14.2% compared to May of last year. This follows up last months reported 7.8% increase in home sales.

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At last months check, the state was in a balanced real estate market but nearing a seller’s market (with 5.2 months of inventory). This month there is 4.0 months of inventory on the market and thus the state  has moved into a seller’s market. The rise in home sale prices was just as impressive with average sale prices rising 9.5% compared to May of last year. This follows up last month’s huge 13.7% increase in sale prices in Kansas.

Locally in the Johnson County Kansas area, the real estate market continues to heavily favor home sellers. Over the past month there were 933 homes sold (closed) and comparing this sales rate against the current volume of homes for sale, it calculates to 2.6 months of inventory on the market. This is an increase over last month’s 2.1 months of inventory but still represents a very strong seller’s real estate market in Johnson County Kansas.


Posted by Jason Brown

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If You’ve Been Holding Off On Selling Your Johnson County KS Home, NOW Is The Time

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Checking The Pulse Of The Kansas City Real Estate Market

What kind of Kansas City real estate market are we heading into this spring? The demand for homes is high, the supply of homes is low and new home construction is returning to be a player in our local market. Homes are selling in Kansas City, Johnson County Kansas, Overland Park and the surrounding areas at prices not seen since 2007 and nationally homes sales are up more than 9% for the year.

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The supply of homes is low, so low in fact that we’re having trouble locating homes for many buyers. This is the reality of it, though I expect the typical influx of spring listings will go a long way towards satisfying home buyer demand. If you are thinking about selling, or if you’ve held off selling attempting to wait out the real estate downturn, now is the time to sit down with us, go over your situation, and let us get to work getting your home sold. Appropriately priced homes are selling within 30 days.

Nationally, the supply of homes is down more than 20% from this time last year and at a level not seen in EIGHT years.  I’ve seen new home starts sprouting up across the metro and we’re seeing brisk sales in new home communities that had struggled mightily the past several years. Something to consider for resale sellers, the more builders that get back in the market, the more competition it is when selling… And all things being equal, buyers will choose a new home over a resale home. With interest rates so low, now is truly a better time than any in recent memory to be selling a home and making a move.

Posted by Jason Brown

For The First Time In Years, Johnson County Kansas Is Settling Into A SELLER’S Real Estate Market

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Checking The Pulse Of The Kansas City Real Estate Market


The April housing market stats for Kansas have been posted by the Kansas Association of Realtors and indicate continued improvement in both the home sales rate and increasing home sale prices. State-wide, home sales rose 3.2% compared to April of 2011, which follows last month’s 11.6% jump. Nationally, home sales increased an average of a 10%, an indication the housing market is improving nationally as well. 

Average sales prices had another big jump, rising 8.7% in April… this coming after last months 10.5% increase. Using April’s sales rate compared against the volume of homes for sale, there’s 6.4 months of real estate inventory on the market across the state. This amount of inventory has moved the state of Kansas from a buyer’s market into a balanced real estate market for the first time in years.

Looking locally at the Johnson County Kansas real estate market stats, April was another solid month for home sellers. There were 747 homes sold during the month and comparing that sales rate to the current volume of homes for sale in Johnson County Kansas, there’s 4.1 months of inventory on the market. This is an improvement from 4.7 months of inventory on the market when we checked about a month ago in Johnson County KS. This amount of inventory continues last months jump into a seller’s real estate market in Johnson County.


Posted by Jason Brown

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Kansas City Home Buyers To Face Tougher Lending Guidelines On FHA Loans

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Checking The Pulse Of The Kansas City Real Estate Market

It’s estimated that 30% of mortgage loans on home purchases today – 50% in some real estate markets – are FHA loans. That’s incredible when you think that just 5 years ago FHA backed about 5% of home loans. FHA loans have become such a significant part of today’s real estate market that it’s noteworthy any time FHA lending guidelines are changing. Beginning 7-1-12, borrowers with debts that have gone into collection will have new lending guidelines that must be followed to secure a FHA loan and close on their home purchase.FHA borrowers with debt collections will be required to dispute and show proof the debt is not truly theirs (identify theft, credit card fraud, etc) or, if the debts total more than $1000, then a payment plan must be set up to deal with the undisputed debts showing up on the borrower’s credit report. At least three monthly payments on the payment plan will have to be made before FHA will allow the loan to close. This means any FHA borrowers with debt collections shouldn’t be looking to close on a home in 30 or 60 days, because it’s not going to happen that quickly.

The new guidelines are further measures to stabilize FHA from the foreclosure crisis experienced in recent years. Doing so is vital because keeping FHA on stable ground is a key to the real estate market recovery. It’s also important because FHA foreclosures have continued to rise at a time when most other types of loans have experience a reduced volume of foreclosures. Although much of the rise in FHA foreclosures can be attributed to loans made three or four years ago, these changes are still a good step towards ensuring today’s home buyers are prepared for the mortgage debt they’re about to undertake.


Posted by Jason Brown

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The Reality Of The 3.8% Real Estate “Sales Tax” That Goes Into Effect in 2013

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Checking The Pulse Of The Kansas City Real Estate Market

If you’ve heard about the new real estate tax scheduled to go in effect in 2013 and you’re wondering how it might affect you, you’ll be relieved to know the majority of home sellers will NOT be affected in any way by the new tax. If you hear it being called an across the board tax, that couldn’t be further from the truth. The 3.8% real estate tax would only apply IF there are capital gains on the sale, IF the capital gains are greater than $250,000 to the home seller AND the seller’s annual income is greater than $250,000.

While it will place a heavy burden on SOME home sellers, taking into consideration everything that would have to apply for the tax to be levied, you can see it’s going to affect very few home sellers in Kansas City, Johnson County, Overland Park and the surrounding area. The real estate tax law is actually rather complicated, so contact a CPA for tax advise on how it may affect your real estate investments. Generally speaking, this law will only affect home sellers with high annual incomes and who profit handsomely when selling high dollar properties. In reality, less than three percent of the U.S population make enough income to even trigger the tax.


Posted by Jason Brown

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Signs Of A Balanced And Stable Kansas City Area Real Estate Market On The Horizon

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Checking The Pulse Of The Kansas City Real Estate Market

Though our ever-volatile economy makes it impossible to say for sure what the future holds for the housing market,  I’m feeling confident that when we look back on 2012, it’s going to be one of the best we’ve seen in Kansas City, Johnson County Kansas, Overland Park and much of the metro area in more than 5 years. It’s possible the housing market has hit rock bottom, though I’m still seeing reports where more than 10 million homeowners in the U.S. are upside-down on their homes. But the Armageddon of foreclosures predicted to come on the market last year never occurred.

No doubt, most people involved in the housing market (buyers, sellers, investors, mortgage lenders, real estate agents, appraisers, government agencies, etc.) are going to be more cautious going forward. We’ve gone through a crisis that has cost most homeowners and real estate investors a lot of money (or equity) and the situation at times has been likened to the Great Depression… any situation that gets that type of comparison is sure to be etched in our minds forever.

But the real estate market will go up – it always has – and I’m betting that within a few years we’re going to be in a balanced and stable real estate market. It’s already happened in many localized areas where buyers are buying to meet their living needs and sellers are looking for a reasonable return on their investment. Things are certainly looking up as I’ve seen national stats that show there’s 1/5 fewer homes on the market today than last year, listing prices have jumped more than 5% year over year (mostly due to an increase in buyer demand), the average time on market has been reduced 10%, etc.


Posted by Jason Brown

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Changes Are Evident In The Johnson County Kansas Real Estate Market

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Checking The Pulse Of The Kansas City Real Estate Market

As I’ve pulled market stats for clients the past several weeks, there’s been a recurring theme of improved market stats for area home sellers. We’ve been in a buyer’s market for several years but we’ve definitely transitioned recently into a balanced real estate market in some areas. That’s giving confidence to many homeowners to get their homes on the market and make the move they’ve been postponing for several years. It will be interesting as we head into the spring market to see if the recent impressive volume of home sales can counteract the volume of new listings we’re sure to see the next couple of months.

The local real estate market has definitely been gaining momentum recently and while I don’t think we’re ever going to the crazy seller’s market that led up to the housing mess, I think it’s reasonable to expect a slow and steady recovery in Johnson County Kansas, Overland Park and much of the surrounding area. Though if the current real estate market shift continues, it’s going to leave more and more home buyers struggling to understand why there’s fewer homes from which to choose. 

Posted by Jason Brown

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Are We Nearing The End Of A Buyer’s Real Estate Market In The Kansas City Area?

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Checking The Pulse Of The Kansas City Real Estate Market

If you’ve been following my real estate updates on Kansas City, Johnson County, Overland Park and the surrounding area, you’ve probably noticed that the months of inventory in most areas has been improving for several months now. An improved home sale rate coupled with fewer listings hitting the market has cut the amount of inventory drastically. Just ask one of your friends or family members who’s been out shopping for homes and they’ll probably tell you there’s fewer options than they expected. It’s true that the past several years most buyers had so many options their heads would spin. But that trend has been changing in recent months.

Though home prices have still fallen slightly in the past year, the improved sales rate could be foretelling of what’s on the horizon. Before home sales prices begin an upward climb, an improved sales rate must first be established. Since it takes some time for a home to close and because it can take a while for buyers to comprehend that the market has changed, I think it will take at least 6 months after a recovery has begun before home sales prices follow suit. If we’re at that point now, waiting several months to buy a home could leave a buyer in a much more competitive market.

We’re already seeing some sellers pushing back more than they have in years. When a seller realizes there’s less competition on the market, they’re going to arch their backs more. They’ll begin providing fewer concessions to buyers and holding more firm on their price. A recent Bloomberg survey showed national home sales are at their highest level in two years. If these types of trends continue, it’s likely to lead us straight out of our current buyer’s market and into a balanced real estate market in the near future… And with interest rates sure to rise, there’s going to be a lot of home buyers regretting their missed opportunity.


Posted by Jason Brown

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Improvement In The Home Sales Rate In Kansas Far Outpaces The National Average

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Checking The Pulse Of The Kansas City Real Estate Market


The January real estate market stats have been posted by the Kansas Association of Realtors and they show a much improved sales rate state-wide. Home sales rose an astounding 15.5% in the state compared to January of 2011, far out-pacing the national average of a 0.7% increase. This increase continues the pattern of eating into the high inventory of homes experienced over the past several years in Kansas.

Despite the improving sales rate, the average sales price continues to be affected by the volume of distressed homes (foreclosures, short sales, etc.) on the market. The average sales price in January of this year was $138,180 compared to $144,552 in January 2011. This is a 4.4% decrease in the average home sales price in Kansas. There were 16,090 homes for sale in Kansas at the end of January. Compared against the January sales rate of 1,609 homes sold, that calculates to 10.0 months of inventory on the market.

Locally in Johnson County Kansas, the January stats were more impressive. There were 414 homes sold during the month and comparing that to the roughly 2,800 homes for sale in Johnson County Kansas, there’s 6.8 months of inventory on the market. This indicates a slight buyer’s market in Johnson County Kansas. With the spring market around the corner, we’ll see if the demand for homes outpaces the typical high volume of homes expected during the spring months.


Posted by Jason Brown

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