Kansas City Real Estate Market
People often ask me how the real estate market is doing and I never quite know how to answer that question because it depends on your perspective and the top 3 rules of real estate: location, location, location. Locally, the Kansas City metro housing market reached its peak around May of 2006 with an average price of approximately $192,000. Today, roughly 3 years later, our average price is around $164,000. This nearly 15% drop has many homeowners in over their heads. However, buyers and realtors are presented with a unique opportunity. Especially when considering the $8,000 tax credit, which certain buyer's will get if they close on their house on or before November 30, 2009. The tax credit will not only help buyers, but also help many sellers by allowing them to sell their current home and perhaps make a move up to a more expensive house, helping to ease liquidity in the higher end market. Buyers may never see prices this low again.
The Johnson County housing market has weathered the storm well and is near an equilibrium market. Unemployment in Johnson County is the lowest in the metro area, staying around 6.2%. The average house price in Johnson County is considerably more than the rest of the metro area at around $246,000. Johnson County includes the following cities: Bonner Springs. De Soto, Edgerton, Fairway, Gardner, Leawood, Lenexa, Merriam, Mission, Mission Hills, Olathe, Prairie Village, Roeland Park, Shawnee, Spring Hill, Westwood, and Westwood Hills.
The Jackson County housing market, which includes Kansas City, Lee's Summit, Raytown, Blue Springs MO, continues to be a buyer's market. Unemployment in Jackson County is hovering around 9.7%. The average house price is close to $145,000.
As I write this, on September 16, rates on a 30 year fixed mortgage are around 5.25% and are expected to rise in the coming years. With these historically low interest rates, lower real estate values and potential tax incentives, it is a great time to consider getting into a house.
Talk to a realtor today or visit http://www.jocohomesmls.com to find more information. Overland Park Realtor.
Authors: Daniel Bennisona and Laura Byram of the Bennison Byram Team
Daniel Bennison
(816) 507-5932
Reece & Nichols Mission Hills
Bennison Byram Team with Laura Byram
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