Q2 Real Estate Market Stats for Kansas City

The second quarter real estate market stats for Kansas City and the surrounding areas is now available.  Brought to you by the Kansas City Regional Association of Realtors and the Heartland Multiple Listing Services.

Like most of the country, Kansas City real estate values are increasing across the board.  Inventory is down and prices are up!

Here is a quick rundown of your 2015 second quarter real estate market stats for Kansas City:

 

Q2 Pending Sales for The Kansas City Real Estate Market

  • Current pending sales are at 11,753
  • 14.5% increase over Q2 2014

Q2 Active Listing Inventory for the Kansas City Real Estate Market

  • 10.791 currently listed For Sale
  • 21.2% decrease over Q2 2014

Q2 Housing Supply for the Kansas City Real Estate Market

  • 3.8 Month Supply
  • 25.5% decrease over Q2 2014

Q2 Closed Sales for the Kansas City Real Estate Market

  • Current closed sales are at 10,788
  • 10.7% increase over Q2 2014

Q2 Median Sales Price for the Kansas City Real Estate Market

  • Median sales price of $176,500
  • 7.0% increase over Q2 2014

To summarize these results, the real estate market is RED HOT in Kansas City!  Inventory is down, prices are up, and interest rates are still low.  If you have been thinking about selling your home, now is the time.

Talk to an Arrow Realty agent and find out what we can do to help you buy or sell your next home.

Call us now at 816-956-5003 or email us at info@arrowrealtykc.com

13 Things You Can Do To Increase The Value of Your Kansas City Home, Even On A Budget!

Summer is winding down and you’re planning on selling your Kansas City Home now is the right time to get your home ready for sale, and increase its value, so you can sell your home for the most money.

In this article we will provide you with 13 things you can do to increase the value of your home even if you are on a budget!

#1 – Improve Your Homes Curb Appeal

Remove all dead brush, trees, shrubs and vegetation from your property then replant new trees and flowers plus repaint wood fences and either repaint or replace your mail box.

#2 – Paint Your Kansas City Home

Consider painting the outside of your home if it’s been a while since you painted it. You should also paint your front door and all walls inside your home as well.

#3 – Remove Carpeting from Bathrooms

Since most buyers hate carpeting in bathrooms you should replace carpeting in the bathrooms of your Kansas City Home with vinyl, tile or wood flooring.

#4 – Replace Dated Hardware & Decor in Your Home

Remove and replace knobs and handles from your cabinetry plus any outdated light fixtures.

#5 – Check and Replace Burned Out Light Bulbs

Check lights in every room of your home, including the garage, and replace burned out bulbs with new energy efficient bulbs.

#6 – Clean Your Home Thoroughly

As you are cleaning your home you should also clean your closets, refrigerator and medicine cabinets.

Besides cleaning your home thoroughly you should also remove any traces of pets from your home because some home buyers may not like pets and this could affect your home sale.

#7 – De-clutter Your Home

Start packing up your excess, or unused items NOW, because you’re moving, and place those boxes neatly in your garage or in a local storage facility.

#8 – Hire a Designer for At Least One Hour

When you hire a professional designer for at least one hour you will be able to get ideas for more things you can do to renovate and improve your home.

#9 – Add Energy Efficient Appliances

Remove your old, outdated, appliances and replace with matching, energy efficient appliances.

#10 – Make Sure All Light Switches Are Working

Check all light switches to confirm that they are working properly because, non-working light switches may cause buyers to wonder what else is wrong with your home.

#11 – Power Wash the Exterior of Your Home and Driveway

Use a power washer to wash the exterior of your Kansas City Home including your driveway and sidewalk.

#12 – Remove All Trash and Debris from Your Property

This includes removing old, non-working vehicles, trash and debris which may have been left over from animals that you previously had on your property.

As you are cleaning your property you should also connect with your neighbors to make sure that they keep their dogs inside their homes as well since you don’t want to let barking dogs affect the sale of your home.

Sell Your Kansas City Home

When you’re ready to sell your Kansas City home contact Arrow Realty by calling us at (816) 956-5003 or CLICK HERE to contact us online.

Should You Buy A New Or Older Kansas City Home?

By Arrow Realty

One of the most difficult decisions that you will have to face as a home buyer is if you should purchase an older home or a newer Kansas City Home.

In this post we will break down the pros and cons of buying a new home or an older home to help you make the right decision when it comes to purchasing a home which is right for you.

Pros and Cons of Buying a New Home

Let’s face it, buying a new Kansas City home does come many benefits including the following:

  • Newer homes are built in many contemporary styles and designs.
  • Living in a new home is many times more affordable than an older home thanks to energy efficient materials used during construction.
  • A new home will be inexpensive for you to maintain compared to an older home because you will be purchasing a home which has new appliances including a new heating / air conditioning unit.

Yes, new homes are great but it’s also important to keep in mind some of the negatives, or cons, which come with buying an older home including:

  • When you purchase a newer home it’s likely that the design can be considered to be “cookie cutter” and there will most likely be a similar Kansas City Home out there with the same floor plan as yours.
  • Newer homes most often are part of Homeowners Associations so you can expect to pay an HOA fee.
  • Most new homes don’t have as much character as older homes and you could be asked to pay extra for upgrades like built-ins.

What Are The Pros And Cons Of Buying An Older Home?

If you’re dreaming about owning a home with character or timeless features which you may have grown up with as a child then an older Kansas City home may be for you.

Some of the many benefits from owning an older home in KC include:

Affordability – You may be able to purchase an older home for less than a newer home since some older homes may require renovations or repairs before you move in.

Desirable Neighborhood – One of the biggest benefits which comes with purchasing older homes is that you can have confidence that the home will be in an established neighborhood and you won’t have to worry about more homes being built with neighbors moving in that you won’t know.

Lot Size – Many older homes were built on larger lots than they were today and this means you will be able to enjoy more space in your front or back yard for your family to grow.

Points To Keep In Mind before Buying New or Used Homes

Don’t get settled on buying that Victorian home or new craftsman style home just yet because, there are some points you should keep in mind before purchasing a home:

  • Get a home inspection – This is important regardless if you plan on buying a new or used home.
  • Choose the right location – Regardless if your home is new or used it should be in a desirable location, especially in a great school district, since this will also help the resale value of your home.
  • Think about your budget – Last of all, but most important, you should choose a home which will fit within your budget because, it doesn’t make sense to overpay for a home if you will be struggling to pay your mortgage each month.

Search for a Kansas City Home

If you’re ready to start searching for a Kansas City home let Arrow Realty be your guide.

Contact us today at (816) 956-5003 or CLICK HERE to connect with us online.

7 Signs it’s the Right Time to Sell Your Kansas City Home

By Arrow Realty

Are you thinking about selling your Kansas City Home but don’t know if right now is the right time to list your home on the market?

In this article we will provide you with 7 signs that it’s the right time for you to sell your home, especially so you don’t miss out on the huge demand for homes during the 2015 Real Estate market.

#1 – Longer Days Mean More Buyers

One of the best things about summer is that longer days mean you will enjoy the benefit of having more buyers come out to see your property, and they won’t have the stress or pressure that they might have during the fall or winter months.

#2 – Low Mortgage Interest Rates Will Bring Out Buyers

During the 2015 Real Estate market one of the biggest things that’s brought out buyers in search of the perfect Kansas City home is low mortgage interest rates which have hovered near 4 % all year long.

As we approach the end of summer it’s likely that mortgage interest rates will increase to at least 5% soon and this means more buyers will be lured by low mortgage interest rates to buy a home now while they can while they qualify for a great low rate.

#3 – The Demand for Homes Is Intense

Across the United States one common factor in most Real Estate markets is that the demand for homes is intense because, home inventory is so low right now.

Low inventory and a huge demand for homes are two ideal factors for any Kansas City Homeowner because, this means that they may receive multiple offers on their home and the possibility of selling quickly after they list it.

#3 – Your Finances Have Improved Dramatically

If you’ve paid off your non-mortgage debts and have at least 3-6 months of reserve cash saved, these are both signs that you’ve mastered your finances, learned from previous financial experiences, and are now ready to move up to the commitment of buying a bigger home.

#4 – You’ve Built Equity in Your Home

Thanks to data from CoreLogic we know that 89%, or most homes across the United States ended 2014 on a high note with positive equity.

Your goal as a homeowner should be to have at least 20% equity in your home now because, if you can put down at least 20% on your next home you will be able to avoid the hassle of paying Private Mortgage Insurance (PMI).

#5 – Your Kansas City Home No Longer Meets Your Needs

As a homeowner one of the biggest reasons for moving up to another home is when your current home no longer meets the needs of your growing family.

If you’ve found yourself in the position of maybe needing another bedroom, or extra space for an office, it’s time to sell and move up to a bigger home.

On the opposite side of the spectrum it’s also a great time to downsize to a smaller home, especially if you’re retired because, you could pay cash for a smaller home then invest the rest of the proceeds from the sale of your home into your retirement account.

Tip – Regardless if you’re moving up to a bigger home, or downsizing to a smaller home, make sure that you keep your mortgage payment to no more than 25% of your take home pay.

#6 – You’ve Saved Up For Your Next Move

Regardless if you plan on moving across town to buy another Kansas City Home, or you plan on moving out of state, the reality that comes with buying another home is that there will be moving expenses to pay and it’s important to save up the cash to pay for those expenses BEFORE you move.

#7 – You Have Finally Renovated Your Home

Last of all, but most important, one of the best signs that it’s time for you to sell your home is if you recently invested money in renovating your kitchen, bathrooms or you’ve improved the curb appeal of your home.

Investing money in your home shows potential home buyers that you’ve taken the time to do right by your home and that it’s worth the money you are asking for it.

Tip – Before listing your home make sure you remove the clutter, including the closets, because, a clutter-free home shows potential home buyers that you’ve taken good care of your home and it will be the right property for them.

Search for a Kansas City Home

To get started with searching for a Kansas City Home contact Arrow Realty, LLC by calling us at (816) 956-5003.

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CoreLogic Report Shows Huge Growth In Nationwide Real Estate Market In May

CoreLogic released their Price Index Report this week and it showed that the nationwide Real Estate market saw huge growth during the month of May and 6.3 percent, year-over-year growth from the same period last year.

What are the leading factors we can thank for the booming Real Estate market? Some of the factors include: low unemployment nationwide, high demand for homes, low inventory and best of all, low mortgage interest rates which have hovered between 4 and 4.5 percent all year.

More Growth Predicted This Summer

One of the great things about the CoreLogic report is that they predict more month-over-month growth in the Real Estate market during the coming months.

In a recent interview with housingwire.com Frank Nothaft, Chief Economist with CoreLogic said this about their housing data: “Mortgage rates on 30-year fixed-rate loans remained below 4% through May, helping to fuel home-purchase activity, our homes-for-sale listing data shows that markets with high demand and limited supply, such as San Francisco, are recording double-digit appreciation rates over the past year.”

After the July 4th holiday we typically see more families coming back from their vacations and if they are planning on buying or selling a home the next 30 to 60 days will typically be a busy time in the Real Estate word as many people will either be buying or selling homes.

New Construction Increases By 23 Percent

Besides the good news about the Real Estate market, the CoreLogic report also shows us that new construction has also increased nationwide by 23 percent in the last 12 months.

Yes new construction is great but it’s also fabulous for the Real Estate market because it helps to increase inventory and newer homes on the market will draw out homeowners who have been thinking about selling their existing homes so they can move up to new homes.

“With the unemployment rate at a low of 4.3 percent and mortgage rates remaining at present affordable levels, we expect the housing market to continue to be strong into the coming months.” – Frank Nothaft – CoreLogic

Now Is A Great Time To Buy A Home

If you plan on buying a Kansas City Home now is a great time to make your move because, you will find more homes for sale during this time of year, eager sellers and great mortgage interest rates that you don’t want to miss out on.

Before heading out to search for homes make sure you do the following:

  1. Define what you’re searching for in a home like: square footage, location, bedrooms and bathrooms.
  2. Get pre-approved for a mortgage loan.
  3. Hire a great Kansas City Realtor
  4. Be ready to start searching for homes as soon as they come to market because, some listings may go quickly.
  5. Use creativity if you face multiple offers by offering something in return to the seller like: 60 days free rent back or some other incentive for them to consider your offer.

Contact Us

To get started with buying a Kansas City home EMAIL US today or call (816) 956-5003.