To buy or not to buy - is that the question? With so many opportunities and obstacles in the market many of you are trying to figure out if now is better than later. Locally, we see that last year's tax credit stimulus was picking up full steam in the month of April before peaking last May. This year, we are seeing investors coming out of the woodwork snatching up those undervalued foreclosures because the smart money knows that value in 5-7 years is going to be strong. In the meantime, people who are thinking about a major remodel of their current home are looking at homes for sale and seeing the house they really want already has the update and is within their budget. Now is the best time to buy improved Location, Lot, and Floorplan. If you have a home to sell, call us and let us strategize a success plan so you too don't miss out on the current housing opportunities.
Click here to see the market numbers for April
Tuesday, June 7, 2011
Wednesday, June 1, 2011
May Market Update
Hello Springtime! In Kansas City, March seems to be the official start of the Springtime real estate market. While we try to determine if this year's Spring market is anywhere near "normal" it is interesting to compare it to last year's figures where the tax credit stimulus was in full swing.
How did the figures of last March compare to this year? With the rush for sellers to try to get their homes sold last year during the stimulus there were 11% more homes on the market last year compared to this March. The incentive for cash definitely drove more sales to the tune of 15% more sales last year. The average sales price last year was 13% higher than March 2011. Sellers also fared better in the discounting of their homes last year with a Sales Price to List Price ratio slightly higher (last year) at 95.1% compared to 94.6% in 2011.
Did the stimulus work? You can be the judge of that. There will always continue to be sellers who need to sell and buyers who need to buy. We continue to look for clients who need professional guidance whether they are selling or buying. If you know anyone who is trying to decipher current market conditions, we'd love the opportunity to talk to them and offer them the same level of service you've received in the past.
Click Here to See the latest #'s
How did the figures of last March compare to this year? With the rush for sellers to try to get their homes sold last year during the stimulus there were 11% more homes on the market last year compared to this March. The incentive for cash definitely drove more sales to the tune of 15% more sales last year. The average sales price last year was 13% higher than March 2011. Sellers also fared better in the discounting of their homes last year with a Sales Price to List Price ratio slightly higher (last year) at 95.1% compared to 94.6% in 2011.
Did the stimulus work? You can be the judge of that. There will always continue to be sellers who need to sell and buyers who need to buy. We continue to look for clients who need professional guidance whether they are selling or buying. If you know anyone who is trying to decipher current market conditions, we'd love the opportunity to talk to them and offer them the same level of service you've received in the past.
Click Here to See the latest #'s
Tuesday, March 1, 2011
March Market Update
The 2010 4th quarter reports that nationally home sales rose 6.1% in November and surged to 12.3% in December as fence sitters moved to get ahead of rising mortgage rates. The inventory of homes slipped by 3.8% and 4.2% over the same time frame. The drop in supply and rise in demand helped drive the months supply down from 10.5 months in October to 8.1 months in December, a trend that helps to ease downward pressure on home prices.
In Kansas City, the supply for combined new and existing homes was 7.9 months of supply in January which is slightly lower than December’s 8 months of supply. Kansas City Home sales in January saw: Average Sales Price was $163,883, 104 Average Days on Market, and an average discount off the list price of 4.1%.
At Group O'Dell, we've witnessed more momentum going into 2011 than we've seen in the past 3 years. People are preparing themselves for the move up buy or preparing to take jobs out of town leaving them with homes to sell. Another good trend that seems to be creating the momentum - jobs! More companies around town seem to be hiring and relocating people to Kansas City. We have over 100 clients right now that are in some phase of preparation to sell a home, preparing to enter the buying market this year, or both. We are also seeing a shortage of "good inventory" in the market. If you are contemplating putting your home on the market this Spring and want to know what it is going to take to beat the Kansas City averages, you will want to attend our "How to Sell your Home in the New Market" on March 23rd at 6:30, here at our office. We will share techniques on staging your home, current market inventory levels and what you can expect to get out of your home. Call us at 913.599.6363 for more details!
In Kansas City, the supply for combined new and existing homes was 7.9 months of supply in January which is slightly lower than December’s 8 months of supply. Kansas City Home sales in January saw: Average Sales Price was $163,883, 104 Average Days on Market, and an average discount off the list price of 4.1%.
At Group O'Dell, we've witnessed more momentum going into 2011 than we've seen in the past 3 years. People are preparing themselves for the move up buy or preparing to take jobs out of town leaving them with homes to sell. Another good trend that seems to be creating the momentum - jobs! More companies around town seem to be hiring and relocating people to Kansas City. We have over 100 clients right now that are in some phase of preparation to sell a home, preparing to enter the buying market this year, or both. We are also seeing a shortage of "good inventory" in the market. If you are contemplating putting your home on the market this Spring and want to know what it is going to take to beat the Kansas City averages, you will want to attend our "How to Sell your Home in the New Market" on March 23rd at 6:30, here at our office. We will share techniques on staging your home, current market inventory levels and what you can expect to get out of your home. Call us at 913.599.6363 for more details!
Tuesday, February 8, 2011
Market Update February 2011
As the recovery is expected to bounce up slowly through 2011, conditions remain strong for buyers. However, sellers are starting to see some positive signs as well. Notice how prices are holding firm with shrinking inventories and in some cases, slowly recovering. Cities like Kansas City will be among the first housing markets to get it's legs back. We just returned from a national conference of top Realtors and from an antidotal standpoint, we've seen more momentum going into the new year than we have in the last 3. We are hearing similar stories across the country. The housing market recovery appears to be underway but the expectation is that full recovery will take awhile. So whether you or someone you know is thinking about buying or selling - an well thought out strategy is as critical now than it has ever been. We would be glad to consult with you. Click here to view the numbers.
Tuesday, January 4, 2011
The year has ended...see where the Kansas City housing market stacked up from month end November and Year-to-Date solds. Click here to view the numbers
Friday, December 3, 2010
3rd Quarter Reports
3rd quarter reports for Kansas City reveal that home prices continue to be under stress. While sales surged in April and May of this year due to the tax credit, July's 25% drop sent panic creating a gap in year over year sales that continued in August and September.
Even bigger news is that the average price concession in Kansas City increased from 8.5% in July to 9.7% in September. This figure accounts for the sales price to list price ratio as well as other concessions seller's make through the re-negotiation process of a contract. In the month of October, the average sales price to list price ratio was 94.5% - almost identical to September while the number of sales in October was off 38% compared to last year. The expansion of the ratio suggests that home prices may track downward this fall.
This market is a very difficult one for seller's to maneuver. If you must sell your home in this market, you have three choices. First, you can hire a discounted broker who will list the home for a lower commission fee. Little effort will be put into the presentation and marketing of the home and little effort or experience will be given throughout the negotiation and renegotiation process but you can save money on the commission. The second choice, is that you can sell the home by owner and try to save the entire listing side (and sometimes the selling side) of the commission. A seller with time and fortitude can figure out what to do and hope that all the pieces fall together for a successful sale. Lastly, you can seek a full commissioned broker like Group O'Dell. We bring all the resources of top presentation and marketing, continued reporting and updates of market conditions and feedback, top negotiation skills and experience in knowing when and how to hold on to the bottom line, and transaction support so that all the details of bringing the buyer to the table with no surprises is handled for you.
Many of our clients often tell us, "that's great but I'm not going to be moving now". Please remember, if someone you know has to sell their home, the greatest support you can give us is to have them interview us. We will give the the straight scoop and prepare them for a successful sale.
Even bigger news is that the average price concession in Kansas City increased from 8.5% in July to 9.7% in September. This figure accounts for the sales price to list price ratio as well as other concessions seller's make through the re-negotiation process of a contract. In the month of October, the average sales price to list price ratio was 94.5% - almost identical to September while the number of sales in October was off 38% compared to last year. The expansion of the ratio suggests that home prices may track downward this fall.
This market is a very difficult one for seller's to maneuver. If you must sell your home in this market, you have three choices. First, you can hire a discounted broker who will list the home for a lower commission fee. Little effort will be put into the presentation and marketing of the home and little effort or experience will be given throughout the negotiation and renegotiation process but you can save money on the commission. The second choice, is that you can sell the home by owner and try to save the entire listing side (and sometimes the selling side) of the commission. A seller with time and fortitude can figure out what to do and hope that all the pieces fall together for a successful sale. Lastly, you can seek a full commissioned broker like Group O'Dell. We bring all the resources of top presentation and marketing, continued reporting and updates of market conditions and feedback, top negotiation skills and experience in knowing when and how to hold on to the bottom line, and transaction support so that all the details of bringing the buyer to the table with no surprises is handled for you.
Many of our clients often tell us, "that's great but I'm not going to be moving now". Please remember, if someone you know has to sell their home, the greatest support you can give us is to have them interview us. We will give the the straight scoop and prepare them for a successful sale.
Tuesday, November 16, 2010
November Market Update
National headlines last week...New home sales were up over 6% in September! In Kansas City, we actually experienced the opposite. In fact, Johnson County took the biggest hit with a -40% dip in new home sales compared to September of 2009. Other counties reported for September (compared to 2009) differences of -18% in Jackson County, -20% in Clay Co, -8% in Platte County and -2% in Cass County.
It appears one of the reasons for the lack of activity across the counties has to do with pricing. Johnson County also has the highest average price for a new home at $379,637 compared to $282,132 in Jackson, $295,875 in Clay, $266,541 in Platte and $283,120 in Cass Counties. New construction prices are indeed inching up ever so slightly with the exception of Jackson and Wyandotte counties whose prices are down -5% YTD compared to last year.
So where are the deals in this market?
As housing new starts dropped off significantly over the past 3 years in Kansas City, there just isn't a lot of new home inventory readily available for purchase. If you are interested in purchasing new construction, chances are you will have to contract with a builder to start from scratch, obtain your own financing for the project, and pay a premium for the finished product. This stands in stark contrast to a few years ago when spec homes were abundant in all stages and in every price range.
Meanwhile, sellers of resale inventory are experiencing an average of 6% discount off the list prices and if they are dealing with our Buyer's Agents, they are also conceding to thousands of dollars of other concessions on top of that.
With the onset of Winter, there are always people who will HAVE to sell their homes. Our experience shows us that only the serious buyers and sellers come out in the Winter which is why this season could be one of the best to capitalize on a real estate investment. When you factor in the cost of money at all time lows, it seems the perfect Winter storm is upon us for creating long-term wealth. Call us today if you'd like to prepare yourself to purchase over the next few months and get in on the chance of a lifetime.
Selling this season? Call us for a complete market analysis and home audit for equity protection and find out why the agent you hire can make all the difference.
It appears one of the reasons for the lack of activity across the counties has to do with pricing. Johnson County also has the highest average price for a new home at $379,637 compared to $282,132 in Jackson, $295,875 in Clay, $266,541 in Platte and $283,120 in Cass Counties. New construction prices are indeed inching up ever so slightly with the exception of Jackson and Wyandotte counties whose prices are down -5% YTD compared to last year.
So where are the deals in this market?
As housing new starts dropped off significantly over the past 3 years in Kansas City, there just isn't a lot of new home inventory readily available for purchase. If you are interested in purchasing new construction, chances are you will have to contract with a builder to start from scratch, obtain your own financing for the project, and pay a premium for the finished product. This stands in stark contrast to a few years ago when spec homes were abundant in all stages and in every price range.
Meanwhile, sellers of resale inventory are experiencing an average of 6% discount off the list prices and if they are dealing with our Buyer's Agents, they are also conceding to thousands of dollars of other concessions on top of that.
With the onset of Winter, there are always people who will HAVE to sell their homes. Our experience shows us that only the serious buyers and sellers come out in the Winter which is why this season could be one of the best to capitalize on a real estate investment. When you factor in the cost of money at all time lows, it seems the perfect Winter storm is upon us for creating long-term wealth. Call us today if you'd like to prepare yourself to purchase over the next few months and get in on the chance of a lifetime.
Selling this season? Call us for a complete market analysis and home audit for equity protection and find out why the agent you hire can make all the difference.
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