Quarterly Skinny – Q1 2024

by Greg Weis

Market Highlights Kansas City Metro Area Q1 24′ vs Q1 23′

Pending Sales ⏫ 4.9%
Closed Sales 🔻 2.6%
Available Homes for Sale 🔻1.8%
Sales Prices ⏫ 4.2%
Percent of Original Price Received 🔻to 97.3%

If you have more questions about this information, feel free to reach out for more information.

Have a great day,
Gregory Weis
913-579-4106 Cell
913-631-2900 Office
gweis@cbregan.com
www.GregWeis.com

Oh, by the way^®… if you know of someone who would appreciate the level of service I provide, please call me with their name and contact information. I’ll be happy to follow up and take great care of them.

Market Stats • Real Estate • Tips for Buyers • Tips for Sellers • April 19, 2024

Myths About the 2024 Housing Market

by Greg Weis

Some Highlights

When it comes to the current housing market, there are some myths circling around right now.
Some of the more common ones are that it’s better to wait for mortgage rates to fall or prices to crash. But there are others about the supply of homes for sale and down payments.
Lean on a real estate professional to help separate fact from fiction in today’s housing market.

This post was first published on Keeping Current Matters.

Market Stats • Real Estate • Tips for Buyers • Tips for Sellers • April 16, 2024

Avoid Wire Fraud – Personal Email Rules

by Greg Weis

Fraud attempts happen when individuals (Buyers & Sellers) have provided email credentials in a phishing attack at some point in the past. These may have happened 5-20+ year ago without your knowledge but could effect you today.

Scammers set rules in your email account to forward legit emails and then delete the forward automatically. This allows the scammer to spoof parties to the transaction (Lender, Title Company, Realtor, etc.) and insert fraudulent wire instructions or fraudulent pay off instructions that seem legit. The scammers will intercept actual emails and replace them with the fraudulent instructions and make it look like it’s being sent by a party to the transaction.

To help avoid this from happening to you, I’m providing some flash cards with step by step instructions to help you eliminate scammers who might already have access to your inbox. (Need to do these on a computer NOT your phone).

Funds being targeted in real estate transactions: Buyer’s funds for closing, Seller’s proceeds, Payoff letters.

Nearly 1 in 4 are targeted with suspicious communications.
More than 1 in 10 become targets of fraud.
More than 1 in 20 become victims of fraud.

Take these tips to protect your email to help avoid becoming a victim of wire fraud.

Market Stats • Real Estate • April 11, 2024

Greater KC area Fast Stats – March 2024

by Greg Weis

Market Highlights Kansas City Metro Area March 24′ vs March 23′

Home sales are ↘️ 0.5% to 2,712 closed sales.
Home prices are ↗️ 3.4% to $341,117 average sales price.
Home inventory ↘️ 1.8%% to 5,115 total homes available.
Home monthly supplies are ↗️ 12.5% to 1.8 months supply.
Average days on market ↗️ 19% to 50 days on market.
Percent of original list price ↘️ 0.6% to 98.3% of price received.

If you have more questions about this information, feel free to reach out for more information.

Have a great day,
Gregory Weis
913-579-4106 Cell
913-631-2900 Office
gweis@cbregan.com
www.GregWeis.com

Market Stats • Real Estate • Tips for Buyers • Tips for Sellers • April 10, 2024

Top 5 Reasons To Hire an Agent When Buying a Home

by Greg Weis

Some Highlights

Hiring an agent when buying a home helps you understand the buying process and the local market.
They’ll also go over contracts and fine print with you, so you understand what you’re agreeing to. Plus, they’re good at negotiating, making sure you get the best deal.
Expert advice from a trusted real estate professional is priceless. Connect with a local agent today.

This post was first published on Keeping Current Matters.

Market Stats • Real Estate • Tips for Buyers • April 8, 2024

909 S. Broadway St., Leavenworth, KS 66048

by Greg Weis

Completely Renovated – $245,000
1.5 Story🏡 – 4 Bed 🛏️ – 2 Bath🛁
Fences Yard – Parking in Back

Schedule a showing today!

Have a great day,
Gregory Weis
913-579-4106 Cell
913-631-2900 Office
gweis@cbregan.com
www.GregWeis.com

Market Stats • Real Estate • Tips for Buyers • Tips for Sellers • April 8, 2024

4 Tips To Make Your Strongest Offer on a Home

by Greg Weis

Are you thinking about buying a home soon? If so, you should know today’s market is competitive in many areas because the number of homes for sale is still low – and that’s leading to multiple-offer scenarios. And moving into the peak homebuying season this spring, this is only expected to ramp up more.

Remember these four tips to make your best offer.

1. Partner with a Real Estate Agent

Rely on a real estate agent who can support your goals. As PODS notes:

“Making an offer on a home without an agent is certainly possible, but having a pro by your side gives you a massive advantage in figuring out what to offer on a house.”

Agents are local market experts. They know what’s worked for other buyers in your area and what sellers may be looking for. That advice can be game changing when you’re deciding what offer to bring to the table.

2. Understand Your Budget

Knowing your numbers is even more important right now. The best way to understand your budget is to work with a lender so you can get pre-approved for a home loan. Doing so helps you be more financially confident and shows sellers you’re serious. That gives you a competitive edge. As Investopedia says:

“. . . sellers have an advantage because of intense buyer demand and a limited number of homes for sale; they may be less likely to consider offers without pre-approval letters.”

3. Make a Strong, but Fair Offer

It’s only natural to want the best deal you can get on a home, especially when affordability is tight. However, submitting an offer that’s too low does have some risks. You don’t want to make an offer that’ll be tossed out as soon as it’s received just to see if it sticks. As Realtor.com explains:

“. . . an offer price that’s significantly lower than the listing price, is often rejected by sellers who feel insulted . . . Most listing agents try to get their sellers to at least enter negotiations with buyers, to counteroffer with a number a little closer to the list price. However, if a seller is offended by a buyer or isn’t taking the buyer seriously, there’s not much you, or the real estate agent, can do.”

The expertise your agent brings to this part of the process will help you stay competitive and find a price that’s fair to you and the seller.

4. Trust Your Agent During Negotiations

After you submit your offer, the seller may decide to counter it. When negotiating, it’s smart to understand what matters to the seller. Once you do, being as flexible as you can on things like moving dates or the condition of the house can make your offer more attractive.

Your real estate agent is your partner in navigating these details. Trust them to lead you through negotiations and help you figure out the best plan. As an article from the National Association of Realtors (NAR) explains:

“There are many factors up for discussion in any real estate transaction—from price to repairs to possession date. A real estate professional who’s representing you will look at the transaction from your perspective, helping you negotiate a purchase agreement that meets your needs . . .”

Bottom Line

In today’s competitive market, be sure to work with a local real estate agent to find you a home you love and craft a strong offer that stands out.

This post was first published on Keeping Current Matters.

Market Stats • Real Estate • April 4, 2024

366 N. Ferrel St., Olathe, KS 66061

by Greg Weis

NEW Listing – $475,000
2 Story🏡 – 4 Bed 🛏️ – 2.1 Bath🛁
3 Car – Fences Yard – Sprinkler

Schedule a showing today!

Have a great day,
Gregory Weis
913-579-4106 Cell
913-631-2900 Office
gweis@cbregan.com
www.GregWeis.com

Market Stats • Real Estate • Tips for Buyers • March 21, 2024

Does it Make Sense to Buy a Home Right Now?

by Greg Weis

Thinking about buying a home? If so, you’re probably wondering: should I buy now or wait? Nobody can make that decision for you, but here’s some information that can help you decide.

What’s Next for Home Prices?

Each quarter, Fannie Mae and Pulsenomics publish the results of the Home Price Expectations Survey (HPES). It asks more than 100 experts—economists, real estate professionals, and investment and market strategists—what they think will happen with home prices.

In the latest survey, those experts say home prices are going to keep going up for the next five years (see graph below):

Here’s what all the green on this chart should tell you. They’re not expecting any price declines. Instead, they’re saying we’ll see a 3-4% rise each year.

And even though home prices aren’t expected to climb by as much in 2025 as they are 2024, keep in mind these increases can really add up over time. If these experts are right, your home’s value goes up by 3.78% this year, grows another 3.36% next year and 3.87% the year after that.

What Does This Mean for You?

Knowing that prices are forecasted to keep going up should make you feel good about buying a home. That’s because it means your home is an asset that’s projected to grow in value in the years ahead.

If you’re not convinced yet, maybe these numbers will get your attention. They show how a typical home’s value could change over the next few years using expert projections from the HPES. Check out the graph below:

In this example, imagine you bought a home for $400,000 at the start of this year. Based on these projections, you could end up gaining over $83,000 in household wealth over the next five years.

Of course, you could also wait – but if you do, buying a home is just going to end up costing you more.

Bottom Line

If you’re thinking it’s time to get your own place, and you’re ready and able to do so, buying now might make sense. Your home is expected to keep getting more valuable as prices go up. Teaming up with a local real estate agent is a good first step to start looking for your next home today.

This post was first published on Keeping Current Matters.

Market Stats • Real Estate • Tips for Sellers • March 19, 2024

Why Spring Is the Best Time To Sell Your Home

by Greg Weis

Selling this Spring

As winter ends, a burst of activity takes over the property market and potential buyers come calling. During this time, the housing market can also just look more appealing, accented with emerging greenery and the start of colorful blooms. Learn why spring is the best time to sell your home, and why this is prime time in […]

As winter ends, a burst of activity takes over the property market and potential buyers come calling. During this time, the housing market can also just look more appealing, accented with emerging greenery and the start of colorful blooms. Learn why spring is the best time to sell your home, and why this is prime time in the real estate world.

Peak Real Estate Activity

Traditionally, spring brings an influx of eager home buyers into the market, and that isn’t likely to change in 2024. With the holidays behind them and tax refunds in hand, people can be ready to make significant life changes – including finding a new home. This convenient timing can also give those new homeowners the summer to settle in before the kids start back at school. Plus, the increased housing demand in March, April and May often leads to quicker sales and more favorable offers – another big pro for home sellers in the coming months.

Spring is Open House Season

The less extreme weather also provides the perfect backdrop to showcase your home in its best light. With the milder temperatures kicking in for a lot of the country by mid-March and longer days ramping up everywhere, potential buyers can be more inclined to attend an open house, spotlighting your home’s warm and inviting atmosphere in-person.

Perfect Time for Home Improvements

The spring months are also ideal for touching up the exterior with a fresh coat of paint or fixing the roof if winter was a little rough on it. First impressions are super important to home buyers, and they’re more likely to fall in love with a home that looks well-kept and inviting. Nothing scares off a buyer faster than the thought of high-cost repairs down the line. So, start planning those tweaks and updates now.

Yards Look Their Best

Never underestimate the power of a picture-perfect home exterior. And that means curb appeal! Trimming the hedges, cleaning walkways or setting up a cozy front porch seating area can go a long way in convincing potential buyers to envision themselves living in and loving your home. This is also a fabulous time to consider all outdoor spaces. Landscaped yards and unique outdoor entertaining areas can make a lasting impact that will make them want to act fast.

Advantages of Listing with an Agent

If you do sell this spring, consider the benefits of working with a professional – specifically a Coldwell Banker® affiliated agent. From understanding the intricacies of your local real estate market to navigating the hyper-competitive spring selling season, they’ll have you covered. Plus, their expert marketing includes professional photography, targeted online advertising and more. Interested? Connect with an agent today to get started.

It’s true! Spring is the best time to sell your home. But here’s an insider tip – don’t wait for the rush to kick in. Dive in now, get ahead of the game and be ready to show when the market heats up.

This post was first published by Michelle Abendschan

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