Market Trends

I am licensed in Kansas and Missouri and I mainly sell in Johnson County (Kansas) and Kansas City, Missouri. In Johnson County for the month of March (2008) 131 new homes sold with an average sale price of $372,438. In comparison to the same time last year, 162 new homes sold with an average sale price of $391,355. That is a 19.7% drop in sales and a 4.8% drop in average sale price. In the resale market there was a 14.28% drop in number of homes sold in March 2008 as compared to March 2007 but a 2.45% increase in the average sales price. So, when combining the new home sales and the resale, there was a 15.26% drop in sales and a .38% drop in average sale price.

Looking at Kansas City, for the month of March (2008) 60 new homes sold with an average sale price of $310,767. In comparison to the same time last year, 113 new homes sold with an average sale price of $245,061. That is a 46.9% drop in sales but a 26.8% increase in average sale price. In the resale market there was a 17.73% drop in number of homes sold in March 2008 as compared to March 2007 and a 9.2% drop in the average sales price.

To checkout homes for sale in my area please go to http://www.searchhomeskansascity.com/

4 Ways To Add Value To Your Home

With resale in mind, there is a right way and a wrong way to add value to your home.

1. In an increasingly energy conscious world, going solar for electricity can save money while you live in the home and be more desirable when you go to sell.
   
2. When comparing to otherwise equal homes, a multi-room audio systems may make your home more preferable.
   
3. Adding or updating a home security system is often a good way to increase your home's resale value.
   
4. While it may not add dollar value to a home, a home theater system can add a "coolness factor" that will make your home appeal to the right buyer at the right time.
   

Here's the caveat: Be careful not to go to techie. Too many expensive toys may create a home that is too far out of the typical price range of the neighborhood.

If you have questions, just give me a call (913.647.7162) or drop me an email.

http://www.searchhomeskansascity.com/

What About Foreclosures?

The following is an email I received from a client:

Dear Jacqueline,
I had a question, what about looking at foreclosed homes? What are your thoughts? Mary

Well Mary, when it comes to foreclosures there are pros and cons to these properties.

The pro is that the bank is not in the business of holding onto properties so often they are priced more reasonably.

Cons are that the person did not have money to keep up with the mortgage and most likely did not keep up with the care and maintenance of the property. Also, there are times that the people who had the home, being upset with the pressures of their failing finances, may have done damage to the property prior to leaving.

One more thing…banks sell these homes “as is” with no disclosures or warranties. Here is the but…But, you may have inspections and if you find that there is more there than you want to tackle then you may cancel the contract and get your earnest money back.

If you guys go in knowing that you are going to have to do work then let’s give it a shot.

http://www.jacquelineelbert.com/