|
|
Kansas City real estate and community news blog featuring Olathe and Overland Park, Kansas.
Browse by Tags
All Tags » Ask a Question
-
Question: Is it a good time to sell my single family home in Olathe, Kansas? I've heard that the real estate market is changing? Is it changing in Olathe?Bobbi H. from Olathe
Answer: Without knowing what subdivision or what part of Olathe you live in, I will address selling a home in all of Olathe. I will break down parts of Olathe in the next couple of days.
First, there are 623 homes for sale on the Heartland MLS, which serves Olathe, Kansas. The past month has been a very productive month with 175 homes selling, according to the Heartland MLS. Currently there are 473 homes are under contract. Due to the month ending so close to the weekend and real estate agents having 14 days to update the real estate status on the MLS, the data is not 100% accurate. For this report, the data is sufficient.
Regarding the real estate market changing - According to the Heartland MLS, the stats show that there is just a little over a 3.5 months supply of real estate for sale.
What does this mean? A balanced market is considered a 6 months supply of real estate for sale. During the past couple of years when we saw a strong buyer's market, there has been over a 7 months supply of real estate for sale in Olathe. With a 3.5 months supply of real estate for sale, Olathe is starting to turn to a strong sellers market.
If the supply of real estate stays low and interest rates stay low, look for home values to increase.
Bottomline: The real estate market is turning to a Strong Seller's Market in Olathe, Kansas. If you're thinking of selling, consider getting a Real Estate Market Analysis on your Olathe home.
Checkout Olathe Connect - An Olathe Facebook Community
RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Another blog post written by:
Comments are appreciated! Go ahead and add your 2 cents . . .
|
-
Question: Why do real estate agents announce that a listing is a foreclosure property on their websites and on the Kansas City mls? Stating that it is a foreclosure would seem to invite and encourage low-ball offers. Is that the purpose?Dan S. from Overland Park, Kansas
Answer: The purpose is not to invite low-ball offers. The primary reasons are to disclose a major material fact with the property and to alert buyers that the property is a foreclosure property. Typically banks will not accept low-ball offers because they have had a recent appraisal completed on the property. Trying to buy a property during the foreclosure process can be frustrating. The process can take longer than buying a normal property. In addition, buying a foreclosure property can be more costly. Some buyers simply don’t have the time, money, or patience to try to buy a property in foreclosure. Real estate agents don;t want to work on a sale of a foreclosure property and have the buyer walk away a few days before closing because it is taking to long. Stating that the property is a foreclosure or short sale gives buyers fair notice as to what they can expect so that they can decide if they even want to consider an offer on the property.
Lately, the local Heartland MLS in Kansas City is requiring ownership of the property to be noted. When it is a bank, most agents expect the property to be a foreclosure.
If you're thinking about a foreclosure property, go for it. Not all foreclosure properties are good deals. The right foreclosure property can be a good deal and save a home buyer money.
Hope this helps, Dan.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:
Comments are appreciated! Go ahead and add your 2 cents . . .
|
-
Question: I read your post last week about barking dogs. I have a bigger problem. My new neighbors small dog climbs the fence and attacks my kids in my backyard. Almost daily my wife or I have to corral the dog and put it back in the neighbors yard. We have repeatedly spoken to the neighbor but nothing gets done. What can I do? I live in Olathe, Also.Kerry L. from Olathe, KS.
Answer: Sorry to hear about your problem, Kerry. Nobody wants to see their kids attacked.
First, I would talk to your neighbor once more and follow up with a letter. If the neighbor does not take care of the situation, contact the Olathe Animal Control when the dog leaves your neighbors yard. The Olathe Animal Control will talk to your neighbor and may issue warnings or fines if needed. Olathe Animal Control will also be happy to discuss with you your possible options.
Olathe Animal Control Ordinances
RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Another blog post written by:
Comments are appreciated! Go ahead and add your 2 cents . . .
|
-
How can I prevent a real estate commission charge to show up on the HUD?
Question: I am buying a home in Leawood, Kansas and my buyer's agent added a $500 fee on the HUD that she says her office charges. I have reviewed our contract and I don't see it. When I questioned her she said it must have been omitted and she wants to redo the buyer's agency contract. I don't agree with this and I told her. She said that her office will not allow the sale to go through without the fee being charged. Is this legal?Henry J. from Overland Park, Kansas
Answer: Henry, I would have a sit down talk with your agent and her broker. What she is doing is not a practice that is shared with most real estate agents in Kansas City. In addition, a real estate commission can't be charged unless agreed upon in writing beforehand. When you have the sit down meeting, take your paperwork including the buyers agency contract.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:
Comments are appreciated! Go ahead and add your 2 cents . . .
|
-
The home I was renting in Olathe, Kansas was foreclosed on - I lost much of my personal items and my security deposit
Question: I rented a home 3 months ago in Olathe, Kansas. I have not been late on any of my rent payments. I came home from work last week and found all belongings on the driveway and people rummaging through it. I found out that the bank foreclosed on the landlord. I also found out that the landlord moved out after being foreclosed by the bank and decided to get a few extra bucks by renting the home until the bank took it. The landlord never told me that the home was in or had been foreclosed on. To make matters worse the landlord said he would not return the security deposit because of the damages to the exterior doors. The damages were done by whoever removed my items. Many of the items placed on the driveway in the morning like my tv, couch, dining table and beds were stolen by the time I got home at night. What can I do?Janice G. from Olathe, Kansas
Answer: Don't take the time to read my response. Call an attorney, quickly. There are many issues that are plain wrong, here. If you need a referral for a good Olathe attorney, please contact me.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:
Comments are appreciated! Go ahead and add your 2 cents . . .
|
-
Question: We no longer trust our Kansas City real estate agent. We paid $500.00 upfront for the services of a Realtor to sell our Overland Park home. He never called us and we noticed last night that he took our home off the market, without our consent. How can we get our upfront money back and get out of this listing nightmare? He says our money is non-refundable. In 3 months we had 3 showings and two of them were on the same day from another Realtor. Any help would be appreciated. We are open to showings anytime and even lowered the price by $10,000 in the first three weeks.
Tammy K. from Overland Park, Kansas Answer: Sorry to hear about your listing nightmare. Using a full-time professional REALTOR is supposed to make your life easier and more pleasant. Without getting into specifics, it sounds like you're using the services of a "Limited Services REALTOR." That is ok, but you need to keep in mind that real estate listing contracts have ending dates. First, how do you know our listing has been removed? Are you talking about syndication sites, REALTOR.com or another REALTORS site? Look at your listing contract and see when it expires. Next, refer to your listing agreement which would detail the terms/conditions under which your binding contract could be terminated. If he indeed took your home off the market without your expressed written consent, then first talk to him with his broker. If that doesn't work, consult a real estate attorney who could better advise you on your possible courses of action. Best of luck, Tammy.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:
Comments are appreciated! Go ahead and add your 2 cents . . .
|
-
Question: My job is relocating my department to Kansas City. One of friends went to Kansas City and start looking at homes. He brought back some homes books and MLS listings. I'm surprised of the value you can get in Kansas City versus Seattle. He found a home in the Wyngate subdivision for the low 400's. Is this what homes are selling for in Wyngate or was a fluke?Jon H. from Seattle, WA.
Answer: Congratulations on your relocation move to Kansas City. Your friend didn't find a fluke in Kansas City. You can get more home for your money in Kansas City versus Seattle.
The Wyngate subdivision is in the City of Overland Park, Kansas. Overland Park is a highly desirable city for people relocating with great schools, awesome parks and wonderful amenities.
According to the Heartland MLS the average Wyngate subdivision home in Overland Park, Kansas
sold for 440,390 in 118 days during the past 180 days. So a home in the low 400's is no fluke.
The highest priced home sold for $565,993 during the past 180 days.
Again congratulations on your move and if we can assist feel free to contact us.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
|
-
Question: Our Leawood house has been listed for over a year with no showings other than the ones we show ourselves at open houses we hold! Our Realtor has offered no guidance on what we can do to prepare our home and buyers at our open houses say the home is spotless and looks great. Other homes in the area are selling within 90 days and our home is now priced below them. Our current REALTOR is our second REALTOR, both are from large are brokerages. It does not seem both REALTORS did much to market our home. Both relied on their companies name and offered no samples of marketing when requested. What else can we do? We are located close to schools in a wonderful subdivision and have great parks nearby. The house is two years old, has granite countertops, stainless steel appliances, a large custom deck, and a spacious finished basement with a media room. Our yard is professionally landscaped and the backyard is fenced. We hold open houses at least three weeks a month. What should we do now? Kenneth R. from Leawood, Kansas
Answer: Thanks for your question, Kenneth. I tried to look up your home on the MLS to offer some advice but I was not able to find your home, so I will be kind of generic on my advice.
First, you are experiencing what we call in the real estate community as "Worn". When a nice home is on the market for a long period of time and it doesn't sell, home buyers think that their is something wrong with the home. Although pricing is the number 1 reason for homes to not sell, home buyers figure that homes that have been on the market for a long period of time is probably because there is a structural, cosmetic or mechanical issue.
Typically, homes that are listed to high will eventually sell, but at a much lower priced than if they were listed at the correct price at the beginning.
I would suggest having a Salablity Checklist preformed on your home; as well as, an updated pricing analysis. We do this on all pf our listings. The 500 websites we choose to market our listings will not be effective if we have listed the home at the wrong price and have staged the home incorrectly.
Here is a copy of our Salability Checklist. This is why our listings sell for Top Dollar in 30 days.
Saleability Checklist
Perils Of Overpricing
When selling a home, the price you set is a critical factor in the return you'll receive. The correct price is determined by the size, condition and location of your home, what comparable homes are selling for at the time you list your home, and the balance of supply and demand in your area.
Overpricing your home is one of the biggest mistakes you could make. If you know what your home is truly worth, you should set your price no more than 5% higher. That gives you plenty of room for negotiation.
There are several reasons why overpricing won't work to your advantage, namely:
- Limits Buyers
Prospective buyers that you want to attract won't see your house because they are only looking at homes within their price range. Other buyers who may see your house realize that they can get more for their money elsewhere.
- Limits Showings
Other real estate agents may be reluctant to show your property if it is overpriced.
- Sells The Competition
Agents may use this home to sell against other homes that are more attractively priced. If your home is the highest priced in the area, it may sit unsold until all the similar homes have sold. Because new homes keep coming on the market, this could continue until you reduce your price.
- Lose The '30-Day' Advantage
A home sells best the first 30 days after it goes on the market. There is typically a backlog of buyers waiting to look at homes as they first come on the market. If your home is initially overpriced, you'll lose these buyers and the 30-day advantage.
- Listing Gets Stale
When a home is on the market beyond the average selling time, buyers may think that there's something wrong with the property.
- Difficult To Finance
Even if a buyer is willing to pay the high price, an appraisal at that price may be difficult to get and lenders may not be able to provide a loan.
- Lower Price
To eventually sell the home, you may have to reduce the price, sometimes, several times. In the end you lose twice, a lower sales price and a slower sale.
If 25 of the 33 criteria are checked it is almost certain that your property will sell.
Priced below the RealEstate.com estimated home value [ ] Yes [ ] No Priced below the Zillow Estimate [ ] Yes [ ] No Priced below the Yahoo Real Estate Estimate [ ] Yes [ ] No Priced below within the RPR estimate [ ] Yes [ ] No Priced below the average square foot pricing [ ] Yes [ ] No Priced below average for area [ ] Yes [ ] No Priced below county tax appraisal [ ] Yes [ ] No Condition of home is above average excluding distressed homes [ ] Yes [ ] No Owner financing is available [ ] Yes [ ] No Special financing available [ ] Yes [ ] No Seller to pay buyer normal buyers closing cost [ ] Yes [ ] No Postdated price reduction [ ] Yes [ ] No Even sales price [ ] Yes [ ] No Above average DOM listing agreement [ ] Yes [ ] No Above market commission [ ] Yes [ ] No Easy access to property- Go and Show [ ] Yes [ ] No Yard sign in front of home [ ] Yes [ ] No Immediate possession available [ ] Yes [ ] No Matching stainless steel appliances [ ] Yes [ ] No Refrigerator included [ ] Yes [ ] No Home has granite counter tops [ ] Yes [ ] No Home features a 2 story entry [ ] Yes [ ] No Home sits on a desirable cul-de-sac lot or similar lot [ ] Yes [ ] No Home has a finished basement [ ] Yes [ ] No Home has a walkout basement [ ] Yes [ ] No Home has neutral matching décor [ ] Yes [ ] No Home has great curb appeal [ ] Yes [ ] No Seller has pre-ordered an appraisal [ ] Yes [ ] No Seller has pre-ordered an inspection [ ] Yes [ ] No Seller is offering a Home Protection Plan [ ] Yes [ ] No No required contingencies are involved [ ] Yes [ ] No Seller will complete obvious repairs [ ] Yes [ ] No Seller has signed the Saleability Checklist [ ] Yes [ ] No
We just listed a ranch home in Olathe, Kansas that had been on the market for over a year with several real estate agents. After doing the Salability Checklist and sharing with the seller, we got an accepted contract within 30 days.
RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Another blog post written by:
Comments are appreciated! Go ahead and add your 2 cents . . .
|
-
Question: The REALTOR selling our home is also the Realtor for the new home subdivision where our new home is being built. Is the Realtor going to make commission off of both sales? The reason why I'm asking is they're doing nothing to sell my home other than placing a sign in the yard and placing it on MLS. Can we ask them to lower their real estate commission? Jerry T. from Overland Park, Kansas
Answer: Jerry, if you're under a contract with your Realtor for selling your home, you have already agreed to the commission. As for the purchase, the builder on that side is the one paying the commission so you don’t have the ability to change that one since you are the buyer. You can always ask for a change in the amount being paid – but if you signed a contract the Realtor may hold you to that.
It is common for new home real estate agents to not aggressively market their resale listings. They owe their time and marketing to the developer of the subdivision. When selling a home, I always recommend reviewing your options BEFORE you sign on the dotted line.
RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Another blog post written by:
Comments are appreciated! Go ahead and add your 2 cents . . .
|
-
Question: I have a 2 story home in the Palisade Park subdivision in Olathe, Kansas. I'm thinking about selling my home this summer. Is the real estate market active in the Palisade Subdivision?Stan B. from Olathe, Kansas
Answer: Thanks for asking Stan. Yes, the Palisade Park subdivision is active. There is actually 3 or 4 subdivisions that make up the Palisade Park area. With your address I can pinpoint the stats for you. For now I will group all of the Palisade Park subdivisions together.
Over the past 6 months there have been 33 homes for sale. 14 homes have sold, 8 homes are under contract and 11 homes are for sale.
According to the Heartland MLS the average Palisade Park home in Olathe, Kansas
sold for $186,333 in 152 days during the past 180 days. The highest priced home sold for $265,000.
Currently, it looks like the market is heating up for the Palisade Park subdivisions.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
|
-
Question: My husband's employer has offered a relocation to Kansas City. We visited Kansas City two weekends ago and we were impressed with the Overland Park subdivision of Wilshire Farms. Are you familiar with Wilshire Farms? Is it a good subdivision and what is the history?Lori G. from Cleveland, OH.
Answer: Congrats on your relocation to Kansas City, Lori. You'll love Overland Park and if you have school aged children, you'll like the Blue Valley School District also.
Wilshire Farms is a great subdivision in Overland Park, Kansas. It has been one of the hottest luxury subdivisions for the past 4 years and for the past 6 months it has been the hottest subdivision.
According to the Heartland MLS the average Wilshire Farms home in Overland Park, Kansas
sold for $527,363 in 147 days during the past 180 days.
The highest priced home sold for $793,352 and the lowest selling price was $405,000.
My real estate team has helped a few home buyers and sellers in the Wilshire Farms subdivision and they have all been extremely happy with the area.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
|
-
Question: Can you solve a debate that we're having at my office? Were are the most million dollar homes selling in Johnson County? I say Mission Hills, my secretary says Leawood and my boss says Overland Park. Who is right?Aaron C. from Kansas City
Answer: For the past 6 months, the most million dollar luxury homes have sold in Leawood. Overland Park is second and Mission Hills is third. By the way, these cities are also the top selling million dollar luxury home cities in Johnson County.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
|
-
Home buyer backs out of purchase of Leawood, Kansas home and causes home seller problems - What can be done?
Question: I sold my Leawood home with a contingency to close the buyer's home to a home buyer last month.The home buyer had their home sold, it just needed to close. The buyer had also done inspections on my home and requested repairs. I agreed to fix the repairs and I had hired a repairman to fix the requested repairs. Now here is the problem. The buyer backed out of our contract 12 hours before closing. I was told that their buyer backed out. In reality, I just found out during my sons soccer practice that that was not true. The buyers got cold feet and backed out of both deals. The buyer really put me in a bad situation because we had already paid the movers and closed on our home in Overland Park. Other than keeping the earnest deposit can I sue for damages? John M. from Overland Park, Kansas
Answer: Sorry for your real estate problems, John. In a normal situation, John, I would say get your home back on the market and try to sell it as quick as possible. In your situation, since there maybe some expensive damages, I would consult with a real estate attorney.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
|
-
Question: Is it a good time to sell a home in the Cedar Creek - Southglen subdivision in Olathe, Kansas?Anonymous from Olathe, Kansas
Answer: In the past 6 months, 10 homes have been on the real estate market in the Cedar Creek - Southglen subdivision. Although 2 homes have sold and closed during the past 6 months, the market as heated up with 4 homes going under contract. It appears that it is a good time to sell if your home is price correctly.
According to the Heartland MLS the average Cedar Creek - Southglen subdivision home in Olathe, Kansas sold for $353,500 in 13 days during the past 180 days. The highest priced home sold for $377,000.
We would be happy to help you determine if this is the right time for you to sell your home.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
|
-
Question: My husband and I drove through the Cedar Creek - Cedar Glen subdivision in Olathe last week and noticed that there are a lot of homes for sale. Are homes selling in the Cedar Creek - Cedar Glenn subdivision?Norma G. from Olathe, Kansas
Answer: After looking at the MLS stats for the Cedar Creek - Cedar Glenn subdivision, I also noticed that there are a lot of homes for sale. Thirteen in all.
In the past 6 months, 19 homes have been listed for sale, 2 have sold, 4 are currently under contract and 13 are available for sale.
With only 2 homes selling and closing, it appears that homes in the Cedar Creek - Cedar Glenn subdivision are not selling extremely quick.
According to the Heartland MLS the average Cedar Creek - Cedar Glenn home in Olathe, Kansas
sold for $347,450 in 67 days during the past 180 days. The highest priced home sold for $385.000.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
|
|
|
|