Archive for the ‘Overland Park’ Category

The Best Time and The Best Place To Buy A Home

Wednesday, August 25th, 2010

I have some good advice for all of us who live or are planning to move to the Kansas City area; this is the best time to buy a home in the best place to live in the country.

I say this, neither because I live in Overland Park nor because I am a Real Estate Broker doing business in the Kansas City area. My advice is based on the following:

  • Money Magazine recently published their list of the best cities (population 50,000 to 300,000) and ranked Overland Park #7, Shawnee #17 and Lee’s Summit came in as #27  (is there any significance in the fact that all three end in 7 as in lucky 7?). The study took into account a number of factors, which included housing affordability, school quality, arts and leisure, safety, health care, diversity, and several ease-of-living criteria.
  • Housing prices have dropped a great deal in the past two years although there are beginning to stabilize, which means that if you want a good deal on a house, don’t wait because prices are about to start going up.
  • Home mortgage loans are at an all time low, with 30 yr mortgages below 4.5%. This means that your monthly payment for a $200,000 home (and there are many available for sale at this price in the above mentioned cities) would be approximately $1014 @ 4.5% interest on a 30 year note (insurance and taxes extra and would depend on where you purchase the home.)

 

How long will these prices and low interest rates be around? Hard to say, but if you are remotely thinking about home ownership, now is the best time and the Kansas City area is the best place to buy a home. As the saying goes; if you snooze…you lose!

Overland Park Home Sales After The Tax Credit

Friday, June 4th, 2010

While many of us Brokers, Agents and industry experts expected home sales to drop dramatically after the Homebuyer Tax Rebate ended on April 30th, homes in Overland Park and other areas of Johnson County have continued to sell at a good pace. In fact, this is also true of home sales throughout the entire Kansas City Metro area.

April Contracts                        May Contracts

Overland Park                                207                                                160

Kansas City Metro                       2,049                                            1,670

Olathe                                              164                                                 107

Leawood                                           35                                                  41

Lee’s Summit                                   94                                                  75

With home prices and interest rates lower than they have been for many years, buyers realize that this may be the best time ever to purchase a home, even when a tax rebate is not available.

It makes sense. With interest rates hovering around 5% on 30 yr. mortgages and the price of existing homes as low as they are; do buyers want to take a chance of waiting for rates to go up even 1%,  on a $200,000 loan that 1% will add $45,000 in additional interest over 30 years? I’d say no way!