Overland Park KS Homes for sale & Johnson County Real Estate Blog: Kansas City Real Estate Market Report, Is it really that ugly?

Yesterdays KC Star described the 2007 real estate market as ugly. They spewed off a bunch of sales that showed some sellers taking a real beating on the sale of their home. The question I want to ask is this truly what is happening in our market? or is it more isolated? Perhaps there is a side of this story that you are not seeing or haven't thought about.

By reading yesterdays article you would think that 50% of the homes in the area are in foreclosure and the other 50% have lost over 10% of their value. Let the truth be known that homes are selling and selling everyday and not everyone is losing money. The sellers who are losing money have generally bought in the last 2 years. If you don't believe that look at the 4 year percentage change listed in the Stars article 80 of the 96 zip codes saw an increase. While most people focus on the short term, you might want to think about your long term gain.

For homeowners who have been thinking about a larger home, why would you not take advantage now? Are you waiting for the more expensive home's price to go back up? or maybe for the interest rate to go back to up?

The paper said ugly but what I read was opportunity. Let's busts some myths

Myth #1- Now is not a good time to sell.

              Now is a great time, houses are selling and if you listen to an experienced realtor we will get you sold

              quickly and for a fair price.

Myth #2- Now is not a good time to buy.

              There are oppotunities in every market. The biggest one is low interest rates, the second is choice.

              During the boom years all I heard about was how all of the good house get taken before we can even

              look at them. Well, now is your chance.

Myth #3- There is no mortgage money available.

              There is plenty of money. FHA has stepped in to help alleviate the sub prime gap and banks have

              plenty of money to lend. That's what bank do lend money.

The reality is that everyones situation is different from the next. Don't let media, the internet, Mom & Dad or anyone else tell you that now is a bad time. Be smart, get professional advise and make the decision for yourself. Real Estate is still the best long term investment you will ever make and now might be a great time to improve your situation.

2008 The Russell Home Team 913-681-1383 www.MikeRussellHomes.com