Kansas and Missouri Are 2 Of The Top 5 States For Lowest Mortgage Closing Costs

Checking The Pulse Of The Kansas City Real Estate Market

Interest rates are still at historical lows, the market in the metro area is as solid as it’s been in nearly decade and there’s yet another reason to buy a home in Kansas City, Johnson County KS, Overland Park and the surrounding area… Mortgage loan closing costs associated with home purchases in the metro area are some of the lowest in the country.

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Bankrate.com has published the results of its 2013 survey on closing costs by state, looking for which states had the lowest fees for items such as loan origination charges, credit report charges, etc. Kansas and Missouri were two of the top 5 states in the country, with Missouri coming in 2nd at an average of $2,188 per transaction and Kansas coming in 3rd at $2,193 per transaction. The national average was $2,402 in closing costs and Wisconsin had the lowest closing costs at $2,119. 


Posted by Jason Brown

Kansas City Real Estate News, Trends And Lifestyles Of The Rich And Famous… June 2013

Checking The Pulse Of The Kansas City Real Estate Market

 

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Posted by Jason Brown

10 Straight Months Of A Balanced Real Estate Market In Kansas And Inching Towards A Seller’s Market

Checking The Pulse Of The Kansas City Real Estate Market


The most recently released state-wide real estate housing stats (December’s stats) show the state of Kansas had continued improvements in both average sales prices and volume of homes sold (closed). Home sales increased 15.9% in December compared to December 2011. This is another huge jump in sales and follows up last month’s 23.2% increase.

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Average home sale price rose 6.5% compared to December of last year. This jump in homes sold follows up last month’s 5.0% increase. December’s sales rate compared to the volume of homes for sale calculates to 5.3 months of inventory on the market. This is a slight improvement on last month’s 5.4 months of inventory. Both calculations represent a balanced real estate market and show a further trend towards a seller’s market. This is the tenth straight month that Kansas has been in a balanced real estate market.

Locally here in Johnson County Kansas, the real estate market remains solid and in the past 30 days there were 408 homes were sold. Comparing this sales rate against the current volume of homes for sale, there’s 5.0 months of inventory on the market. This is higher than last months 3.7 months of inventory yet not surprising given the homes sale stats include the holiday season. The current amount of inventory in Johnson County represents a balanced market and very nearly a seller’s market. 


Posted by Jason Brown

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Reduced Volume Of Shadow Inventory Is Good News For Kansas City Home Sellers

Checking The Pulse Of The Kansas City Real Estate Market

Shadow inventory is a combination of foreclosure listings that haven’t yet hit the market and seller’s who are behind 90+ days on their mortgage payments. In other words, these are the distressed homes that are VERY likely to be on the market in the near future. As such, they need to be factored into the equation when evaluating how the housing market is doing. While home sellers may view shadow inventory as a good thing in the short-term (because it’s fewer homes on the market now), overall these listings are bad news because most of them WILL eventually hit the market. 

A report by CoreLogic shows that shadow inventory stands at a 5 month supply, down from 6 months of shadow inventory a year ago and the current figure is well below the 8.4 months of shadow inventory at the January 2010 peak. Despite the improvements in shadow inventory, home prices have continued to decline nationally, according to the CoreLogic report. But that is sure to change if improvements like the reduction in shadow inventory continue.


Posted by Jason Brown

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Prairie Village Kansas Real Estate Market Stats – June 2012 Update

Checking The Pulse Of The Kansas City Real Estate Market

Real Estate Statistics On Prairie Village Kansas
15 Day Glance At The Prairie Village KS Real Estate Market

After calculating the absorption rate over the past 15 days in Prairie Village Kansas, we find the city has 3.1 months of inventory currently on the market. This amount of inventory is considered a seller’s market and things are looking great at this time for Prairie Village Kansas home sellers. The average sales price the past 15 days in Prairie Village was about $189,000 with the average priced new listing coming on the market at nearly $200,000.

Type # Average $ Avg DOM
Listings Past 15 Days 32 $199,750
Total Active Listings 142
Newest Contracts Written 24 $265,059 90
Newest Sold (Closed) 23 $189,387 125

* 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 most recent 24 listings to hit the market in Prairie Village had an average sales price of just over $265,000. The last 15 homes sold in Prairie Village Kansas took an average of 125 days to do so. If you are making plans to buy or sell a home in Prairie Village Kansas, my group looks forward to guiding you through the real estate process. Here’s information on how we can assist you with selling your Prairie Village Kansas home and with buying a Prairie Village Kansas home. Please contact us, we look forward to assisting you!

Prairie Village Kansas Relocation Information

Search Prairie Village Kansas Homes For Sale

View Additional Real Estate Stats On Prairie Village Kansas

Our Prairie Village Kansas Buyer’s Agent Services

Our Prairie Village Kansas Listing Agent Services

Posted by Jason Brown

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Kansas Real Estate Market Sees Continued Improvement And Johnson County KS Achieves A Balanced Real Estate Market

Checking The Pulse Of The Kansas City Real Estate Market


The March housing market stats for Kansas have been posted by the KS Association of Realtors and they show a continuation of the improvement we saw when the February stats were released last month. State-wide, home sales rose 11.6% compared to March of 2011, following up on last month’s 18.6% surge. Nationally, home sales increased an average of a 5.9% showing that Kansas continues to far outpace much of the rest of the nation in the stability of our local housing market.

Even more impressive was the average sales price in March. Recently we’d seen home sales increasing (a great sign) but average sales prices had remained flat. But in March the continued increase in homes sales finally had an affect on sales prices with the average sales price rising an impressive 10.5% compared to March of last year. Using the March sales rate to compare against the volume of homes on the market, there’s approximately 6.8 months of real estate inventory. This is a big improvement over last month’s 8.9 months of inventory. The current amount of inventory is still a buyer’s market but pushing ever closer towards a balanced real estate market for home buyers and home sellers.

Locally in Johnson County Kansas, the March stats were also solid. There were 665 homes sold during the month and comparing that sales rate to the 3,108 homes currently for sale in Johnson County Kansas calculates to 4.7 months of inventory on the market. That amount of inventory indicates a balanced real estate market in Johnson County Kansas and that’s great news for Johnson County Kansas home sellers. It appears were headed towards a solid spring real estate market in Johnson County Kansas and many of the surrounding Kansas City metro ares that we serve.


Posted by Jason Brown

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Short Sales Surpass Foreclosures… What It Means When Buying A Kansas City Home

Checking The Pulse Of The Kansas City Real Estate Market

Many lenders holding notes on homeowners who are about to default on their loans have realized it makes sense to try to work out the best possible deal BEFORE the homeowners move out of the home and/or give up and move on with their lives. Doing so can help keep the lender from having to deal with yet another REO asset on their books. It’s really not a matter of whether the lender is going to lose or not, because they ARE going to lose. Rather, it’s about accepting the lesser of the two evils and that’s led to Short Sales surpassing foreclosures as it relates to distressed home sales.

Bloomberg reported that nearly 24% of distressed sales today are Short Sales, while nearly 20% are foreclosures. The Bloomberg report shows that the average Foreclosure listing sold for 29% less than non-distressed comparable homes, while the average Short Sale sold for 23 percent less, so you can see the advantages some lenders are realizing by accepting Short Sales in today’s real estate market. Given this info, Short Sales are sure to be a prevalent type of listing for the foreseeable future.

While more Short Sales are getting approved, it doesn’t mean the process is easy. In fact, it’s just the opposite. The Short Sale process is NOTHING like buying a bank property because with bank properties, more or less, they can be closed in a predictable time fashion (once you’re able to get the home under contract). But a Short Sale requires getting the seller’s lender to approve of the Short Sale and that’s no easy task. A lender accepting a Short Sale means the lender accepting less than the full amount the seller owes on the home… and no lender is required to accept ANY Short Sale. They have the right to foreclosure on a property if a seller stops paying back their loan and they will exercise that right if they feel it best serves the lender’s interests. 

I’ve seen estimates vary greatly but it’s generally accepted that more than half of Short Sale listings never make it to the closing table. Think about that for a moment before you consider engaging in purchasing a Short Sale. Home sellers NEED a patient buyer who is willing to wait it out for as long as necessary to see if a Short Sale can be obtained. From the buyer’s perspective, there’s really no reason to mess with a Short Sale if you’re not patient because Short Sales are never closed in any predictable time-frame. I network with many top agents and the consensus is the average Short Sale listing that closes takes more than 4 months to do so… And that’s the Short Sales that DO close.


Posted by Jason Brown

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Be Sure Your Kansas City Real Estate Contract Is Clear Regarding Which Items In The Home Are Fixtures

Checking The Pulse Of The Kansas City Real Estate Market

Sometimes there are items in a home that the buyer expects to stay but which a home seller believes are personal property. Our local base contract does a good job of covering the most common disputes seen over the years and a good listing agent and a good buyer’s agent can also help prevent many disputes by explaining early on in the process the difference between fixtures and personal property items that a seller can – and probably will – take with them at closing. 


But every once in a while a buyer shows up to their final walk-through and finds an item they expected to still be there is missing. Probably the most common item are curtains. Most believe accept that the brackets holding the curtains up are a fixture (because they’re screwed into the wall) but the curtains, which are simply hanging on the curtain rod, are personal property items. No matter what side of the fence you are on, the best thing for seller’s to do to avoid such a dispute is to write into the contract that the curtains do NOT stay with the home.

Conversely, should a home buyer covet the curtains, they can write into the contract that all blinds and window treatments stay with the home. Whether or not they will stay with the home can be a part of the contract negotiations and one way or another that is sure to clear up expectations and hopefully eliminate surprises at closing. Another item that I’ve seen buyers and sellers dispute is half bath mirrors. In my opinion… If the mirror is screwed into the wall, I believe it’s a fixture and if the mirror is hanging on a screw, it’s personal property. The real estate contract defines a fixture as items that are “buried, nailed, bolted, screwed or glued” to the property. But you’re better off not assuming anything and simply writing specific important items into the contract so there’s no misunderstandings.

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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Getting Pre-Approved Before Shopping For An Overland Park Home Is More Important Than Ever

Checking The Pulse Of The Kansas City Real Estate Market

Even with a solid down payment and good credit scores, home buyers are being grilled by mortgage lenders before their home loan are finalized. If you haven’t purchase a home in Kansas City, Johnson County Kansas, Overland Park or the surrounding area the past couple of years, the process is sure to be unlike the process you last went through. Liar loans, among many other “creative financing” tactics, have become a thing of the past.

If you are credit score challenged, you may not get that loan. If you do, there’s a good chance you’re going to have to jump through some hoops and wait to hear if you qualify to purchase an area home. This is why Kansas City Realtors won’t start working with a buyer until the buyer has gotten Pre-Approved with a quality local lender. Thinking of working with that online loan officer/company who competed for your business? Not if you work with my group. The last two home buyers who were Pre-Approved through companies like that ended up getting turned down for their loan AFTER we went under contract. Those lenders whipped out weak pre-approval letter without doing any legit research into those buyers qualifications.

So you can see that, not only is it critical that you get Pre-Approved, but you should do so with a loan officer who has an actual office here locally. A lender who knows our market and has a reputation to uphold is much more likely to do their due diligence in providing a valid Pre-Approval letter to home buyers. Thinking about making an offer on one of our listings and doing it without submitting a legitimate Pre-Approval letter? We advise our sellers to not consider any offer that doesn’t come in with a Pre-Approval letter where the lender has run the buyer’s credit and verified the buyer’s income and debt ratios.


Posted by Jason Brown

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