Kansas City, Missouri Real Estate Video Blog with Chip Glennon

Showing posts with label market update. Show all posts

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!

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

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

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!

It's a Great Time to Sell in Kansas City

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

Subscribe to: Posts ( Atom )

Why Hire Chip Glennon Real Estate Experts?

Chip Glennon has the highest level of expertise in the real estate indsutry. As a Kearney resident since 1970, Chip has seen everything when it comes to real estate on both sides of the state line in Kansas or Missouri. Chip has been a licensed agent and auctioneer since 1988. He specializes in new homes, horse property, farms, ranches, REO foreclosures, and bank owned properties.

With the average real estate agent only selling around 6 homes per year, it's time for a new breed of real estate agent. Chip has emerged as the leader in specialized knowledge, skills, and advisory services in the real estate industry. Chip Glennon is the real estate agent of choice of professionals, business owners, and community leaders who understand that to run a real estate business you must have the highest level of specialized knowledge, a solid track record of success and the systems and resources to execute a proven plan.

Chip Glennon
Keller Williams
All Kansas City Areas

Kansas City Office
310 Englewood Rd. Suite 200
Kansas City, Missouri 64118

Kearney Office
100 W. Highway 92 PO Box 167
Kearney, Missouri 64060

Overland Park Office
11005 Metcalf Ave.
Overland Park, Kansas 66210

Lees Summit Office
1201 NE Windsor Dr.
Lee's Summit, Missouri 64086

Phone:1-800-686-5088
Fax:(816) 326-3656
chip@chipglennon.com

What our happy Kansas City clients have to say

"I give Chip 5 stars across the board. He is an expert in the housing market. He explains very thoroughly how the real estate process works whether you are buying or selling. He stays engaged in the sale of your home and is consistent with bi-monthly updates on the market. He kept us informed and offered sound, unbiased advice. We really appreciated all his time and would highly recommend him to anyone we know that is selling a home. We thank Chip for doing a fantastic job!"

-----

"Chip has sold two rental homes for us in two years. We currently have our personal home listed with him as well. We've always had excellent service from him. He has been quick to respond when we had questions or issues. He provides great statistical info about how your property compares to others on the market as well as how it's doing on internet searches. I would recommend Chip to anyone looking for an excellent real estate broker."

Click here to read more reviews

Chip Glennon Testimonials

Click to hear recent
testimonials from happy clients

Frederick - "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."

Jerry - "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."

Stephen - "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 has 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"

Wendy - "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!"

Eric - "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!"

John - "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."

Don -"They were good! We sold the house in less than two weeks. The customer service was good. The agent, Will Ward, was really good. It was an easy sale for us with him. Any time I text him, he texted me right back. His communication was pretty impressive. I think as whole, the entire team did well!"

Scott - "Actually I just kind of clicked on a house one evening and my wife was looking over my shoulder and said "I want to look at that house" and I think we were on Zillow or some internet and contacted the Glennon Realty via the real estate ad. Its been easy and essentially helpful, informative. Good service. That's why we're selling our house via the same entity."

Pages

Kansas City Real Estate Market Recap

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

Kansas City Real Estate Market Snapshot

It's a Great Time to Sell in Kansas City

What's Happening in Kansas City: