Why Are We Running Out of Houses?

By
Real Estate Broker/Owner with At Home Kansas / www.AskRobLang.com BR00225772

Why Are We Running Out of Houses?  In July of 2011 we SOLD 86 houses of Lawrence Kansas Real Estate.  In July of 2012 we SOLD 121 houses of Lawrence Kansas Real Estate.  There was also a 38% increase in houses going under contract in July 2012 over July 2011.  Overall, there were area sales of 752 properties for sale from Jan 1 through Aug 15 2011 and 833 properties for sale from Jan 1 through Aug 15 2012 or a 10.7% increase in units SOLD and a 10.9% increase in volume SOLD.

Why Are We Running Out of Houses?  Sellers have not been replacing houses onto the market fast enough and so we have a housing shortage in several price ranges.  Where a buyer may have had 4 to 6 homes for sale to choose from in 2011, in 2012 there may only be 1 or 2 in a given price range.

The average DOM (Days on Market) is down to 60 which is down from about 100 DOM just a couple years ago.

Buyers need to keep in close contact with their buyer agent so they know what the market is doing at any given time.

The biggest mistakes I have seen buyers make in today's market is 1) "Sleeping" on it and then being told that the house has already gone under contract after they slept on it, 2) Offering too low a price and another buyer out bids them, and 3) Not having a pre-approval letter in hand before going to see their first house.  Buyers have set up an appointment for their first house, fall in love with it, go to get a pre-approval letter, and while they are waiting on it, the house goes under contract.

If you need a pre-approval letter, call John Ketchum (contact info below).

John KetchumMortgage Banker, NMLS# 505638

Commerce Title Building  1420 Wakarusa Dr, Suite 203, Lawrence, Kansas 66049

913.827.2187                   | Cell

jketchum@bankofkansascity.com


Why Are We Running Out of Houses?  Sellers don't know we have a housing shortage and can get more for their house than they have been able to get for the past 6 years.  Once sellers discover they can get a higher price and they all start listing their homes for sale, the inventory will fill up and we won't be asking the question Why Are We Running Out of Houses?

Posted by

Rob Lang, At Home Kansas, Selling Lawrence Kansas Real Estate, 785-393-2274

By Rob Lang

 
At Home Kansas
785-393-2274
300 Rockfence Pl
Lawrence KS 66049
United States
This communication is provided to you for informational purposes only and should not be relied 

upon by you. At Home Kansas is not a mortgage lender and you should contact a mortgage lender

directly to learn more about specific mortgage loan products and your respective eligibility for such

mortgage loan products.

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NOTE: This blog was written in the past about properties on the market at the time

of the blog being written and should not be considered as active listings beyond the

date of this blog.

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Debbie Reynolds
Prudential PenFed Realty, "The Real Debbie Reynolds" Your Clarksville Real Estate Professional, 931-920-6730 - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Rob, The inventory is shrinking and buyers haven't quite caught on that it's not like it was last year. It is quickly becoming a sellers' market.

Aug 22, 2012 07:02 PM #1
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Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

Our inventory is down and we aren't seeing the low end fixers that the investors love to snatch up. This is going to help pricing. We are also seeing the same buyer issues. If you find a house you like, don't hesitate. It will be gone.

Aug 23, 2012 05:35 AM #2
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Many home buyers are shocked to find themselves in multiple contract competition.

Enjoy the days of summer with your camera in hand.

Aug 25, 2012 01:02 PM #3
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Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

I just thought I would stop in and say Hi. I'm missing hearing all about Lawrence, KS and the area. I hope you are busy.

Sep 07, 2012 06:02 AM #4
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Rob Lang

Local Expert in Lawrence Kansas Real Estate Homes
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