Happy Holidays from Our Team

Kansas City Real Estate Market Recap

Looking to buy or sell a home in Kansas City? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at 1-800-686-5088 for a FREE home buying or selling consultation to answer any of your real estate questions. 

Today, we take a look back at the third quarter home market report. This report makes it easy to take a look at trends in specific Kansas City areas because it's broken down by ZIP code. Let's take a look at a few areas of note:

Clay County, Missouri:

• Median sales price: $161,700 (increase of 6.7%)
• Average sale price: $182,700 (increase of 7.5%)
• Inventory: 1,545 available homes (down about 9.2%)
• Closed sales: 1,160 (4.8 month supply)
• Days on market: 81 days 

Johnson County, Kansas:

• Median sales price: $225,000 (increase of 3.6%)
• Average sale price: $274,300 (increase of 3.2%)
• Inventory: 2,850 available homes
• Closed sales: 2,928 (3.4 month supply)
• Days on market: 53 days

Platte County, Missouri:

• Median sales price: $198,250 (up 1.7%)
• Average sale price: $244,211 (up 7.9%)
• Inventory: 685 available homes
• Closed sales: 448 (5.5 month supply)
• Days on market: 88 days

If you want to take a look at the whole report, you can see it here. There, you'll be able to take a look at conditions in your specific area or the area you're interested in. Overall, this report looks great. In Johnson and Clay counties, sellers have a slight advantage, while it's more a balanced market in Platte County.

The most important thing to take away from this report is that conditions vary by area. If you need help navigating a specific market, don't hesitate to reach out to us. We'll align you with an expert adviser who can help you understand where prices might be in the future, rather than looking back at past trends. We hope this information will serve you well!

Chip Glennon Reviews John Kern

How we helped John sell his home with our great marketing of his house

"We sold the house in a day. They did a very good job of marketing the house and getting in the front of every page. We had our first showing and basically had an offer the same day. They whole team did a very good job of keeping me updated on all the information and they just did an exceptional job for me. I would refer them and absolutely used the again."

- John Kern, Home Seller

Are You Struggling to Find the Right Home?

Looking to buy or sell a home in Kansas City? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at 1-800-686-5088 for a FREE home buying or selling consultation to answer any of your real estate questions. 

As the fall season swings into full gear we're starting to see the pace of home sales slow down. Inventory has been low all year, and we are starting to see both prices and interest rates inch up. With these conditions, many people are having trouble finding that perfect home. 

Luckily, there is hope. New construction is always a great option, especially if you're in the market for large single-family or luxury homes. Properties in those price ranges are booming around the country, particularly here in Kansas City Northland. There are many fantastic builders out there that can make your dream home a reality and make the process a pleasant one.

There are many sellers who were unsuccessful in the summer market, who are now waiting and making preparations for the spring selling season. We can put you in contact with these sellers and sellers working with other agents as well. If you have specific requirements for your new home, we can help match you with the one your looking for. Additionally, we've knocked on doors and sent out mailers to find people who may be interested in selling their home if they know there are buyers looking to purchase in the area. 

Low inventory helps sellers - if you have a home to sell before buying your next one, you can benefit on the front end. You'll have more to put down on your next home and will be able to secure a lower monthly payment. 

Our goal is to match sellers and buyers in a way that benefits both sides. We have the resources to do just that, so give us a call or shoot us an email. We would love to hear from you!

Chip Glennon Reviews Eric Crawford

How we helped Eric with his real estate needs by keeping up with all the paperwork

"Everything was really good and better than I thought. The paperwork was excellent, she did all the paperwork and was very quick about it. I feel that she represented us well and I think they did a great job. They even provided me with a moving truck and that was amazing!"

- Eric Crawford, Home Buyer

What Does the Zillow and Trulia Merger Mean for You in the Kansas City Metro?

Looking to buy or sell a home in Kansas City? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at 1-800-686-5088 for a FREE home buying or selling consultation to answer any of your real estate questions. 

A few months ago, Zillow announced that it was going to buy Trulia for $3.5 billion. Many of our clients use these sites to start their home search - now they're coming to us and asking us what it all means.

These sites support themselves by selling ad space to agents like us. In fact, we spend thousands of dollars to make sure our clients' homes are as high on those sites as possible, so they get maximum exposure. Some think that the merger signals that traditional real estate is done for, while others think perhaps Zillow is just another Myspace - that it will be the 'big thing' until the next thing comes along. In reality, it's likely that neither of these scenarios are true. 

Let's take a look at the numbers for some perspective. Zillow gets 80 million unique visitors a month, despite the fact that only around 6 million homes are sold a year. This confirms the fact that Zillow serves primarily as a place for casual lookers, not serious buyers. 

It's likely that nothing will come of the merger. The sites will still be used as they are now - a place to start or to browse, but not to buy. The sites will still be full of inaccurate and outdated information - and they still won't have access to the necessary resources to give accurate estimates.

The best place to go for information still is, and always will be, a real estate professional. Our websites for the Kansas City area, SearchKansasCityNorthHomes.com and ChipGlennon.com, allows you to search data that is directly linked to our MLS, so you never have to worry about finding a perfect home only to find out it's no longer available.  

As always, feel free to give us a call, or shoot us a text or email, with all of your real estate needs. We would be pleased to assist you!

Kansas City Real Estate Market Snapshot

Looking to buy or sell a home in Kansas City? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at 1-800-686-5088 for a FREE home buying or selling consultation to answer any of your real estate questions. 

The National Association of Realtors recently put out a report on the state of the national real estate market. Home sales are up 2.6% since June and 4.3% since last summer nationally. With inventory jumping 2.2%, the nation as a whole is heading toward a balanced market.

As you probably know, real estate is hyper-local; different trends could be going on in different suburbs, school districts, and price ranges. This is what we're seeing here in Clay County:

• Average sale price: up 7.4%
• List-to-sale price: up 1.4%
• Homes for sale: up 3.8%
• Closed sales: up 7.9%
• Inventory: 5.3 months of supply
• Days on market: 89, down 6.9%

You can take a closer look at the numbers here. 

What do these numbers mean for you? For one, we take these numbers into consideration when we try to gauge how much a property is worth in a given market. We can help you make sense of the market in your area in order to determine whether you want to make an aggressive offer if you're buying, or price your home aggressively if you're selling.

The inventory of available homes tells us a lot about the market - in some areas inventory is under 4 months, which is extremely beneficial for sellers. When inventory reaches 8 or more months, the market favors buyers. Conditions are changing all the time, so it's important to stay informed so you can make smart real estate decisions. 

As we get deeper into summer and there are more available homes, buyers are going to get more selective. This means if you are a seller, you need to make your home stand out. A real estate professional can take a look at market conditions and help you price it right, market it aggressively, and make it look its best so you can attract the best buyer - one that will give you the maximum value for your home.

If you have any questions about conditions in your specific area, don't hesitate to reach out to us. We would love to be your Kansas City real estate resource!

Check Out Our Latest Testimonials

Chip Glennon Reviews Frederick Prewitt

How we helped Frederick buy his home by going above and beyond

"We worked with Jim Kennedy from the Chip Glennon Group for 2 transactions, buying and selling, and we just thought he was a real professional. With the buy, the market kind of broke loose and we lost out on some of the houses on our list because we were low-balling them. We found a house that we had to see and didn’t want to miss out on during Memorial Day weekend so I texted Jim and without hesitation, he booked a showing for 1 o’clock the Sunday of Memorial Day weekend. He just went above and beyond multiple times, not the least of which was giving up a part of his holiday weekend to help us find the home we ultimately bought."


Chip Glennon Reviews Jerry Barr
How we helped Jerry with his commercial property needs by working hard and getting the necessary expertise involved

"He is the point man for me on the commercial property and he’s getting it developed with the procedure through the city, engineering, and all things associated with the current markets in commercial property. We’re really making progress and he’s bringing in extra people with the necessary expertise so we don’t make any mistakes, which I appreciate the cautious approach. I think he’s a sharp young man and he works really hard."



Chip Glennon Reviews Stephen Murray
How we helped Stephen buy his home by holding the deal together

"The house I ended up looking at happened to be an acquaintance of mine and Chip was the listing agent. He worked directly with me and the seller and all around just did a great job for us. I think he jumped through some hoops too. We had some bumps in the road as far as wrapping the loan up, but each time we had to push the closing back a week, Chip held the deal together and made it work."



Chip Glennon Reviews Wendy Kelley
How we helped Wendy with her long distance real estate transaction by being very responsive

"They were just fabulous to work with. Our agent Will, was very prompt in returning calls especially since we were here in California and they were in Missouri. He was extremely courteous, professional, and knew the answers. If he didn’t know the answers, he would find out and get back to be in a very timely manner. Their staff was helpful, informative, and we’ve been very happy in working with them!"

The Pros and Cons of Using Real Estate Websites

Looking to buy or sell a home in Kansas City? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at 1-800-686-5088 for a FREE home buying or selling consultation to answer any of your real estate questions. 

Real Estate Websites: the Pros and Cons

 

Today I wanted to discuss real estate websites like Zillow and Trulia. They have become popular with consumers as well as real estate agents, but they have their fair share of advantages and disadvantages.

A few years ago, www.realtor.com used to be the #1 place to list homes. It is owned by the National Association of Realtors, but it also charges us money to list properties on the website. This used to be the only national portal available, but then other websites like homes.com came along, but these still did not have accurate, updated information.

Zillow and Trulia are now the respective #1 and #2 real estate websites. Zillow has past property information and tax assessor data, as well as pricing information. However, the pricing information on both of these websites is usually not reliable.

These websites don't use accurate or updated information like the MLS does. You might see properties on these websites that have been sold or are in the process of being closed. This can cost you time, as well as money.

Although these websites might help you to find the type of home you're looking for, they will not do a whole to get you the property that you want. You should always refer to a realtor when you're looking for a home because only a realtor will have access to updated listing information and accurate market data.

If you need any assistance finding a home in the Kansas City area, then please do not hesitate to give me a call. I would be more than happy to arrange a time for us to sit down and speak about these things.

Save Yourself Money & Unnecessary Stress by Pricing Your Home Correctly

Looking to buy or sell a home in Kansas City? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at 1-800-686-5088 for a FREE home buying or selling consultation to answer any of your real estate questions. 
 

The Importance of Pricing Your Kansas City Home Correctly

 

A lot of clients have been asking me about how important it is to price a home correctly. Out of all the variables that we encounter when selling a home, pricing has to be just about the most important part of selling a home.

I have noticed that there are 4 main variables that are encountered when you go to price your home. This includes the location of your property, the condition that it is in, how it is marketed, and pricing. Out of these 4 things, you have 3 of them in your control as a seller. As a real estate agent, I can only control how well the home is marketed and give you advice on the other three.

One way I can explain the importance of pricing a home correctly is by using an analogy. Let's say you're in the market to buy a 1963 Corvette. You know that most Corvettes are worth $100K-$115K, and the best one in the universe is worth $200K. Let's say that someone across Kansas City wants to sell one for $150,000. Most potential buyers would scratch their heads and assume that the market will work its magic and bring this price down.

It's the same thing with our housing market here in Kansas City. If you price your home in the sweet spot, you should be in great shape to sell. However, you will have to figure out what that sweet spot is for your type of property, and then get within 5-7% of that in your home price.

Buyers today are more savvy than ever and they will know immediately if your home is priced inappropriately. They spend countless hours on the internet looking at homes, and if they see yours and it is overpriced, then they will skip over it and keep searching.

We want to make sure that you are getting the right information and using it to price your home correctly. The best price will attract buyers and make them compete over your property, where market competition over your home will then increase the sale price for your property. You have to entice buyers enough so that they are willing to spend a little extra on your home because they see such a great value in it. Also, when your home is priced correctly it will sell much quicker, which will save you a lot of money.

Hopefully this information has been helpful to you. If you are in the market to sell your home in Kansas City or Kearney, then please contact me and I can give you a free market analysis to help determine the best price for your home.

Give me a call at 1-800-686-5088 or shoot me an email at Chip@ChipGlennon.com

It's a Great Time to Sell in Kansas City

Looking to buy or sell a home in Kansas City? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at 1-800-686-5088 for a FREE home buying or selling consultation to answer any of your real estate questions.  

A lot of clients and friends have been contacting me and asking about what our market looks like here in Kansas City. Last year was great year compared to the four or five years prior, and I'm expecting another positive year for real estate in our city.

What's Happening in Kansas City:

• There is a shortage of homes for sale: A tough winter, especially in February, initially slowed the market down.
• The upside to this is that there will be some pent-up demand soon and sellers will swarmed with potential buyers that were stopped from participating in the market during the rough winter months.
• We need more sellers, and our goal here at the Glennon Group is to educate our sellers in order to make their real estate experience as smooth and profitable as possible. It's much easier to sell if you know the market well.
• With the large amount of buyers competing for properties, home values will likely be driven higher.
• Buyers will have a tougher time finding homes that they're looking for with a lack of inventory.
• New Home sales will surge because of a lack of inventory.
• The foreclosure market has been cut in half.
• There are a lot of foreclosed properties out there that are not on the market, which I refer to as zombie foreclosures or phantom inventory.

Hopefully this information has been helpful. The one thing to take away is that inventory is low, but there are homes to buy if you know where to look for them.

If you have any questions, concerns, or inquiries regarding Kansas City real estate, then please give me a call at 1-800-686-5088 or shoot me an email at chip@chipglennon.com 

Should I Sell My House or Buy the Next One First?

Click here to find out what your home is worth or to search all area homes for sale.

A lot of my clients want to know how to buy. Should you sell your current home first and then make an offer? Or should you buy and pay two mortgages until you sell your current home?

There's a few different things you should consider to find out what's best for your situation. If you want to buy your new home before you sell, you will have to pay two mortgages. Are you willing and able? Even if you are, lenders do have some requirements.

Lenders look at debt to income ratio, debt to equity ratio and cash flow. Some lenders also require 20% equity in both the homes combined. If you buy a home for $100,000 and your current home is $100,000, you will need $40,000 in equity.

You should also consider whether you are making a logical or emotional decision. Do you need this home or did you just fall in love with it during the walk-through?

If you have questions about whether to buy or sell first and which is best for your situation, please give me a call. We can set up a time to talk!