The Real Estate Market in Kansas City has been a little sheltered from the news that is going on around the country. Where other markets are losing values, the average price in the Kansas City area has just flattened out. I have personally met with over 2 dozen people who bought their homes since the end of 2005, and we are finding that they can proabably sell their home for the same price they paid. Our market typically increases 3% to 5% every year..year in, year out...until Oct. 2005. Our Inventory was coming on at a steady pace, however the homes started selling at half the pace.
As the inventory built up over the next year our market began to have an oversupply of homes, and putting pressure on New Construction. By 2007 most builders had quit building homes, and the resale homes began to sell at a steady pace. In fact, one month in July '07 we sold 25 properties. November, 2008 we sold 21 properties putting The Korn Team in the Top 15 most productive agents (for the month) in the entire Keller Williams System and 70,000 agents.
Kansas City is a great, stable market. The best news for any homeowners thinking of selling is that even though you have not gotten any appreciation for the last 4-5 years...you do get to keep all your appreciation prior to 2005 (as long as you didn't pay too much!). We consider ourselves to be a great information source for homeowners. We can give you a realistic look at what is happening in your area, and what your equity position truly looks like. Our clients over the past 5 years have, on average recived 98% of their asking price, and many of those homeowners sold their home in 1/2 the time of most properties selling.
If you want to find out your equity position, and just want someone to be honest with you, give us a call. Our direct office number is 818-224-KORN