Kansas City Real Estate » Johnson County

If Your Kansas City House is On Fire this Will Help Firefighters

Terry — Mon, 11 Jan 2010 15:36:00 +0000

Image this, your house is on fire and the fire department arrives only to find or in this case can’t find your water hydrant without wasting precious time because it is buried with snow. According to a Kansas City Star article, fire officials across the Kansas City Metro area are worried that critical minutes could be lost trying to locate hydrants to hook up water hoses.

Bryan Dehner, Overland Park fire chief, said it would help fireman if homeowners would check on the hydrants near their house and dig them out if they have been buried. Dean Cull a fire Marshall and an official of the Heart of America Metro Fire Chiefs Council said “Being able to access water quickly can mean the difference of saving a life or a structure.” The council urges residents who decide to dig out their neighborhood hydrants to also shovel a one foot path from the street to the hydrant.

According to Dehner, Overland Park fire trucks have systems that tell firefighter that a hydrant is in front of a particular address. Dehner also said that some Kansas City metro departments DO NOT have hydrant locator systems.

Important Details of Changes in Real Estate Tax Credit

Terry — Fri, 06 Nov 2009 17:28:16 +0000

Victory – Victory – Victory! As the expiration looms for the end of the original homebuyer tax credit (Nov 30th), Congress has agreed to extend and expand the real estate homebuyer tax credit. NAR (The National Association of Realtors), has published a comparison chart you may find very helpful to understand and explain this new version of the real estate tax credit. Read the Tax Credit Comparison document on line or Download the Real Estate Tax Credit Comparison by Clicking HERE and save to your computer now. President Obama may sign as early as today! Please call or comment with questions.

Great News-Possible for Extension of Real Estate Tax Credit and New Tax credit for ALL*!

Terry — Thu, 29 Oct 2009 19:04:30 +0000

The Senate reached a compromise on the extension and expansion of the 1^st time buyer tax credit. According to an article on RISMedia’s web page today, if approved the agreement could extend the existing credit to June 30, 2010. The current credit is scheduled to expire November 30 of this year. A new credit of up to $6,500. could be available to ALL homebuyers who have owned and resided in their current residence for a consecutive five-year period in the past eight years. The agreements additionally raised the income limits to $125,000 for single taxpayers and $250,000 for joint taxpayers. The limits are currently $75,000 and $150,000. Under the Senate compromise ratified contracts must be approved by no later than April 30, 2010.

For more details about the Possible Tax Credit Extension click HERE.

$8000 Tax Credit Possibly Extended For Military in Kansas City and Elsewhere!

Terry — Wed, 28 Oct 2009 19:21:33 +0000

According to Active Rain the House of Representatives has voted unanimously to extend the the 1^st time buyer tax credit to active military personnel, foreign service and intelligence officers. The bill (HR3950) would extend the existing tax credit to this group only until November 30th, 2010. The bill must still be passed by the Senate

Kansas City Youth Covers a lot of Real Estate with Touchdown!

Terry — Fri, 18 Sep 2009 16:55:14 +0000

It's Not Always About Winning

Benton High School (St. Joseph, Missouri) freshman football player Matt Ziesel was all smiles at the attention on his touchdown run on Monday evening in St. Joseph. Ziesel, who has Down’s Syndrome, ran for a score and a video on YouTube is turning Matt into a celebrity. The complete story in the Kansas City Star may be found by CLICKING HERE.

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Psst – Attention Kansas City – $8,000 Tax Credit – No Payback!

Terry — Mon, 31 Aug 2009 17:57:49 +0000

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Tick tock, tick tock, tick tock…. Time is running out. If you count the days left until the federal government’s tax credit is scheduled to expire on November 30^th, if not extended, there are 91 days left counting today. Those qualified real estate buyers who plan to close by the aforementioned date (which is a requirement of the program) might want to take a long look at the calendar.

There may not be a worse day to close on a house in greater Kansas City or anywhere else in these United States. Consider this: Everybody and their dog so to speak will aim to close on November 30^th. November 30^th is the Monday after Thanksgiving; November 28^th and 29^th are weekend days (probably no closings); November 27^th is the Friday after Thanksgiving an unofficial holiday for many.

Monday, November 23^rd or Tuesday, November 24^th are more practical dates, however if something goes wrong which often happens, one might have a heck of a time rescheduling by November 30^th. Its my opinion the best time to schedule closing if it is not already scheduled is the week of November 16^th.

It is not unusual for loans to require 45-60 days of processing time. A 30 day closing is considered quick. So worse case let us say your loan process will take 60 days. If you want to close by November 16^th, you need to have an approved, fully ratified contract by no later than September 16^th or a little over two weeks from today.

Whether you’re thinking about buying or selling or seeking information, rely on RE/MAX Best Associates 800-391-BEST(2378) X106 or 913-339-0615 to provide accurate up to date information about the marketplace email to: tfarrell@remax.net or visit http://www.kansascityerealestate.com/

Why are the Kansas City Royals for the Birds and Cat

Terry — Thu, 06 Aug 2009 14:54:57 +0000

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What was the movie line – We’re mad as hell and not going to take it any more*? Earlier this year the Kansas City Royals lost a game in Cleveland when a ball hit by the opposition struck a seagull and the winning run may have scored as a result. During yesterday’s loss a cat nearly made a trip around the bases and was at one point headed for home plate. The cat veered into foul territory and was summarily dismissed along with the Royals who lost their 68th game – Only one team in all of baseball has a worse record.

We deserve better and need to demand it. The Kansas City Metropolitan Areais a fifteen county metropolitan area straddling the border between the states of Missouri and Kansas that is anchored by Kansas City, Missouri. In 2008, it was estimated to have a population numbering just over 2 million according to Wikipedia. Our Easterly neighbor’s team the St. Louis Cardinals are tied for 1st place and are perennial contenders. Yes St. Louis has a slightly higher population (2.8) but we deserve better.

Having grown up in Chicago which currently has not one but two contending teams, (the Cubs are tied for 1st and the White Sox are a game out of first), I have experienced how a contending baseball team can change the psyche of a city. If the Kansas City Royals were contenders, wouldn’t we all be a little happier? Wouldn’t our property values seem a little higher? Wouldn’t our schools be a little better? Our children better behaved? The sun a little brighter? The winters a little milder? Send your ideas on how we can make our Royals a better team? Not next year but NOW! We want and deserve a better team.

*The memorable quote of Peter Finch in the movie “Network” which debuted in 1976 went on to say “…So, I want you to get up now. I want all of you to get up out of your chairs. I want you to get up right now and go to the window, open it, and stick your head out and yell, “I’m as mad as hell, and I’m not going to take this anymore!!”

Whether you’re thinking about buying or selling or seeking information or buying Kansas City Royals tickets, rely on RE/MAX Best Associates 800-391-BEST(2378) X106 or 913-339-0615 to provide accurate up to date information about the marketplace email to: tfarrell@remax.net or visit http://www.kansascityerealestate.com/

Get Qualified in Kansas City or Your Hometown

Terry — Wed, 10 Jun 2009 16:17:00 +0000

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It is most frustrating to find the perfect place, negotiate an offer everybody’s happy with and not qualify for the needed financing. The best way to avoid frustration is to qualify for a mortgage through a lender before you begin to look at houses.

Use a lender

Qualification through a lender doesn’t have to commit you to finance your home through that same lender. It is simply a chance for the lending company to market its services. If you want, you can continue to shop for the best mortgage deal while you’re house hunting. Your real estate agent can provide you the names of reputable lenders and set up a qualification
meeting.

After you’re qualified, it’s worth moving forward with the loan application process as early in your house hunting as possible. The process can be lengthy, with lenders requesting highly detailed information about your debts, assets and credit history. By starting early, everything can be in place when you find the right home.

Sellers know you’re serious

In addition to clearly letting you know how much home you can afford, qualifying shows sellers know how serious you are. One of the first concerns a seller or listing agent has when an offer is submitted is: “Is the buyer qualified?”

When it’s a seller’s market with multiple offers and quick sales, qualification through a lender is vital. And regardless of market conditions, qualification always increases a buyer’s standing in comparison to buyers who aren’t qualified. Sellers don’t like having a property tied up in negotiations – only to have the transaction disintegrate in the 11th hour because the buyers don’t qualify for the necessary financing.

Get qualified

If you’re not ready to talk to an agent or lender, you can qualify yourself using the same basic formulas used by the mortgage industry. This will give you a good idea of your price range. But when it’s time for serious shopping, it’s worth knowing exactly what a lender thinks. And it’s worth confirming that your credit history doesn’t hold any surprises. An experienced real estate agent can help you through this process.

How much do I Need

There is no strict formula used by all lenders to determine a home loan amount, but a good working rule of thumb is that you can afford a home equal in price to three times your gross annual income. This formula, of course, needs to be adjusted to a number of factors:

•Amount of available cash for a downpayment.

•Closing costs and cash reserves required by the lender

•Your outstanding debts (your total debt to income ratio should be under 40 percent)

•Your credit history

•The type of mortgage you select

Place Your Best Foot Forward in Kansas City

Terry — Wed, 06 May 2009 16:21:00 +0000

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Buying a house, whether your first or your fiftieth, can be an exhilarating process. A house must stand on it’s ‘own two feet’ in a marketplace that is always competing for customers. You make a house a home. Unless your plan is to build a house designed for you, there will be trade offs or concessions you’ll make in the house you purchase.

The KC marketplace in the last twenty has had its share of ‘buyer’s & seller’s markets’. A buyer’s market is one where there are more products available than there are customers to buy. The opposite market is a seller’s market where there are more buyers than products available. In a seller’s market you might have multiple offers on your property. In a buyer’s market you have plenty of products to choose from.

The marketplace is always competing for buyers. Therefore sellers who offer their products at the most competitive price compared to other similar products usually sell quicker and closer to the asking price. If you have a product to sell before you can buy, you are both a seller and a buyer.

Many sellers in today’s marketplace are reluctant to accept contingency offers. A contingency offer is an offer where something must happen before something else can happen. Most generally, this ’something’ is a house must sell before a buyer can buy. Most of us can’t afford to own two residences. A buyer making an offer to purchase subject to the sale of their residence has no negotiating strength. Even if you find a seller willing to accept a contingency offer, the seller almost always insists on the right to continue to show the property to other buyers while you try to sell yours. If the seller finds another buyer whose offer is not subject to the sale of a house you generally are given one to three days to remove the contingency or the other buyer buys the property.

Whether you’re thinking about buying or selling or seeking information, rely on RE/MAX Best Associates 800-391-BEST(2378) 
X106 or 913-339-0615 to provide accurate up to date information about the marketplace email to: tfarrell@remax.net
or visit  www.kansascityerealestate.com

Interest Rates in Kansas City

Terry — Thu, 30 Apr 2009 16:10:00 +0000

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Recent unemployment and price reports have fueled inflation fear and consequently talk of new interest rate hikes by the federal reserve have surfaced in the media. Higher interests affect the economy in many ways not the least of which is the affordability of housing. Both new home starts and existing home sales exhibit an inverse correlation with interest rates. When interest rates rise housing starts and existing home sales tend to fall. When rates fall, the opposite effect is generally seen. Then there is the old political business cycle model to consider. This model says that incumbent political parties generally pursue a policy of easy money before an election.

What does this all mean to you the buyer or seller? The answer depends on what side of the fence you are on and when. Over the last several weeks interest rates have creeped up an eighth to a quarter percent. If you are a buyer the sooner you can lock in your rate the better off you may be, assuming rates continue to increase. If you’re a seller, your reservoir of buyers may shrink. As a seller, I’d take a serious look at the price of my home and make sure it is priced correctly. If you’ve marketed your property for more than forty-five days and the condition and location are good, reduce the price.

As a buyer, less market activity means more motivated sellers. The marketplace functions on supply and demand. The availability, condition and location of homes in a specific price range determine how close to the asking price a particular house sells. Interest rates in and of themselves shouldn’t dissuade sellers from selling or buyers from buying. The market adjusts to whatever direction the market heads. Buyers and sellers today need to seek as much information as possible before entering the marketplace.