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?

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By Rob Lang

Thank you for visiting my blog, www.lawrence-kansas-homes-for-sale-real-estate.com is my website with free property searches of Lawrence, KS area Houses For Sale.
 
You can sign up for email alerts of homes within YOUR search criteria.  Be the FIRST to know when a listing hits the market!
 
Call, email, or text me with your search criteria (city or cities, minimum bedrooms and baths, is garage or basement required, and price range).
 
I will set up a self updating website that shows just your property matches and you can mark them "Favorite", "Possibility", or "Reject" for easier viewing.
 
You will love the advantage this gives you over other buyers for the same property!!
 
When you are ready, please feel free to ask me for more information on properties that interest you.  
 
I can find out how much the seller paid for the house and when, the county appraisal and the county building material quality.  
 
I can send you the seller disclosure, get plats, aerials, flood plain info, covenants, etc.  
 
I'm all about information to help you make the wisest decision you can.  
 
Please know I am here to help when you need me!
 
Do you have a house to sell?  
 
I have lots of listing options to choose from,
I am the ONLY local Realtor who lists on all 3 MLS's (Lawrence, Kansas City, and Topeka),
has a seller narrated video, has a virtual tour, and who lists your house on more than 10,000 websites.  
 
This means you will not receive better marketing anywhere else.  
 
I am also known as the toughest negotiator in the area for my clients.  
 
Let me show you how your house compares with other comparable houses "Active" on the MLS
right now and how long it should take to sell based on comparable SOLD's in the past year.
 
Thanks and "Don't keep me a secret--I'm never too busy for your referrals!"

Rob Lang
CRS, ABR, ePro, GRI, CFPS REALTOR®
At Home Kansas
Lawrence KS 66049
United States

Sellers 
www.MLSPlease.com 

(Marketing homes to 3 MLS's, to over 10,000 websites, seller narrated videos and virtual tours, 
and a $3,200 full service listing side option to save home owners with average priced homes and higher, thousands of dollars when they sell their home) 
Buyers: Property Searches www.AskRobLang.com 

Blog www.ActiveRob.com 

At Home Kansas (Serving Lawrence, Eudora, Baldwin, Topeka, Olathe, Tonganoxie, Leavenworth,
Kansas City, McLouth, Wellsville, Ottawa, Berryton, Tecumseh, more)

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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Topic:
Home Buying
Location:
Kansas Douglas County Lawrence
Groups:
Lawrence Kansas Real Estate
Topeka Kansas Real Estate
Eudora Kansas Real Estate
KU Student Housing
Baldwin Kansas Real Estate
Tags:
ks
properties
preapproval letter
lender
homes for sale
kansas
lawrence
housing shortage

Comments 4 New Comment

Ambassador
864,420
Debbie Reynolds
Your Dedicated Clarksville TN Real Estate Agent
Prudential PenFed Realty, "The Real Debbie Reynolds" Your Clarksville Real Estate Professional, 931-920-6730

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.

August 22, 2012 07:02 PM
Ambassador
723,513
Debbie Laity
Your Real Estate Resource for Delta County, CO
Cedaredge Land Company

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.

August 23, 2012 05:35 AM
Rainmaker
1,758,638
Roy Kelley
Retired Real Estate Broker, Maryland Blogger

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

Enjoy the days of summer with your camera in hand.

August 25, 2012 01:02 PM
Ambassador
723,513
Debbie Laity
Your Real Estate Resource for Delta County, CO
Cedaredge Land Company

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.

September 07, 2012 06:02 AM
Ambassador
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Rob Lang

Local Expert in Lawrence Kansas Real Estate Homes
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Additional Information

What kind of a home are you looking for? Fenced yard? Wood Deck? So many DOM (Days On Market)? Wood Burning Fireplace?

By Rob Lang