Sandy Herrick – Local Market Update for June 2021

Believe you’ll find that perfect home? Let’s make it happen and see how we can get you there.

June-2021
Closed Sales – 1,263
Average Sales Price – $435,116
Median Sales Price – $370,000
Days on Market Until Sale – 16
Percentage of Original List Price Received – 105.0%
Pending Sales – 1,150
Inventory – 847
Supply – 0.8

Sandy Herrick
ReeceNichols
8001 College Blvd
Overland Park, KS 66210
913-205-4333
sherrick@reecenichols.com

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House Cleaning – Ask about our July special!!

Home Cleaning: Maid-n-Heaven cleaning Service offers an array of options for our customers. You might rent, be selling your home, buying your home, have rental properties, need regular cleaning maintenance or Commercial property needs. Reasonable and dependable. We will give you a bid right over the phone and can be there the next day.

Call Sandy at ( 913)205-4333 to setup your clean sweep today.

The New Normal of Selling a Home Today!!

The New Normal of Selling a Home Today, Explained!!

If you’re selling your home right now—or thinking about doing it soon—you should know that today’s housing market is unlike anything we’ve seen or experienced lately, maybe ever.
In the past, home sellers might have waited weeks or months to get an offer that might not be as high as they’d hoped. Buyers may have lowballed, or driven a hard bargain asking sellers to make certain repairs or other concessions before closing the deal.

Today, however, many of these realities are no more: In many areas of the country, homes are getting snapped up fast, sometimes within days of going on the market. Buyers mired in bidding wars are pushing their offers over asking price, and often waiving inspections and other demands to sweeten their offer.

In general, this is all good news for sellers—but it also means that it’s more important than ever to understand the market and play your cards carefully to fetch the best offer and terms for you. Here’s what sellers need to know about the real estate landscape today.

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Owning a home is a keystone of wealth…both financial affluence and emotional security.”

Owning a home is a keystone of wealth…both financial affluence and emotional security.” – Suze Orman
Having a home of one’s own is a dream everyone should be able to realize. If you maybe thinking, “Is it a good time to buy a home”, let me help you make that decision. Rent is going up each year and interest rates are at all time low.
Call or email anytime for a quick, no obligation assessment of where you are, and where you want to go.
Sandy Herrick – ReeceNichols – 913-205-4333 or email me at sherrick@reecenichols.com

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What’s the Market Like in your neighborhood?

Are you curious abou the real estate market in your neighborhood?
I can help you stay up-to-date on the latest market trends in your neck of the woods. Sign up for our new and improved MyNeighborhood Report and learn more detailed information about your area, like new homes on the market, recently sold homes, median sold price and day on the market. You cann arrange to get these details in yoru inbox as often as you’d like.

Give me a call at 913-205-4333 or you can email me at sherrick@reecenichols.com

HOUSING MARKET FORECAST: WHAT’S AHEAD IN 2021?

HOUSING MARKET FORECAST: WHAT’S AHEAD IN 2021!!
While 2020 has faced its fair share of ups and downs, we know one thing to be true: the real estate market not only met expert predictions, it surpassed them, breaking reords along the way.
With that in mind, there’s one big blaring question right now: will the housing market in 2021 follow the same trajectory or are we facing a possible downturn?
Let’s take a deep dive into what leading real estate experts are projeting for 2021.
INTEREST RATES ARE PROJECTED TO STAY LOW:
One of the biggest drivers for this year’s booming real estate market were record-low mortgage rates. Because of this, affordability reached one of the highest levels it has in last 30 years. The good news is, experts are prediting that mortgage rates will remain low for the foreseeable future.
HOME SALES ARE PROJECTED TO GROW BY 7%.
Experts are predicting a 7% increase in home sales compared to last year.
This signifies one big piece of news: we will likely see an increase in inventory for 2021.
If you are someone you know is thinking about selling or buying a home this year, I’m here for you. Let me help you through the real estate process. I can be reached at 913-205-4333 or email me at sherrick@reecenichols.com
Sandy Herrick
ReeceNichols

Distressed Properties May Soon Hit the Market!!

Distressed properties may soon hit the market!!

Although housing inventory is low—which is bad news for buyers—experts say this shortage could improve under certain conditions. For one, if coronavirus rates remain low in a community, sellers who’ve been leery about inviting buyers into their home might decide it’s safe enough to give it a try.

“Even though inventory will remain low, we could see a slight improvement as sellers gain more confidence in the housing market,” Hale says.

Another factor to consider is the economy. If unemployment rises, more people may be forced to sell their homes. And according to the Mortgage Bankers Association, more than 3 million homeowners, or 7.1%, missed their mortgage payment in September.

“Could this possibly mean we could start to see distressed properties hitting the market in the future?” says Tracy Jones, a real estate agent with Re/Max Platinum Realty in Sarasota, FL. “That could be helpful to buyers struggling to find something affordable.”

Mortgage interest rates are low
2020 has been a year full of challenges, but one upside is that mortgage interest rates have remained at historic lows for several months. As of Oct. 22, interest on a 30-year fixed-rate loan was 2.8%, according to Freddie Mac.

I’m one call away for all your real estate needs.
Sandy Herrick
ReeceNichols
8001 College Blvd
Overland Park, KS 66210
913-205-4333

Real Estate News!!

Real Estate News:
Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling.
Closed sales increased 22.0 percent for existing homes and 46.0 percent for new homes. Pending sales increased 21.7 percent for existing homes and 65.0 percent for new homes. Inventory decreased 52.3 percent for existing homes and 45.4 percent for new homes.
While mortgage rates remain near record lows. Buyers are out in full force this fall, showing amazing resilience in the middle of a pandemic.

To see what your home is worth in today’s market, please reach out to me at 913-205-4333. ReeceNichols – Sandy Herrick

5 Home Staging Trends to Watch….

According to the latest Realtor Magazine….there are 5 Home Staging Trends to Watch….
1) Buyers now want their homes to feel more….COZY is the new Luxury.
2) Buyers want this or at least space for it….HOME OFFICE
3) This is important to Buyers when looking for a home and they consider it their new “bonus” room…what is it? Outdoor Living Space
4) Buyers are craving this in their homes….what do they want more of…..Natural Light
5) While we practice physical distancing, sellers still have the need for staging when putting their homes on the market….to offer this you have to think outside of the box.. what is the newest staging tool? Offer Contactless Staging Services Staging in a Box – Deliver pillows, rugs, wall art, Tabletop accessories with detailed instructions on where to place.
When it comes time to sell your home, please include me in the mix.

I’m also offering a home cleaning and my expertise in staging your home. I’m a phone call away. Sandy Herrick – ReeceNichols – 913-205-4333.

Homebuyer Demand Is Far Above Last Year’s Pace!!

HOMEBUYER DEMAND IS FAR ABOVE LAST YEAR’S PACE!!
If I can help you with your real estate needs, I’m a phone call away.
Sandy Herrick – 913-205-4333 ReeceNichols…
Homebuying has been on the rise over the past few months, with record-breaking sales powering through the market in June and July. Buyers are actively purchasing homes, and the momentum is continuing into the fall. It is, however, becoming harder for buyers to find homes to purchase. If you’ve been thinking about selling your house, the coming weeks might just be the timing you’ve been waiting for. According to the Pending Home Sales Report from the National Association of Realtors (NAR):
“Pending home sales in July achieved another month of positive contract activity, marking three consecutive months of growth. The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, rose 5.9% to 122.1 in July. Year-over-year, contract signings rose 15.5%. An index of 100 is equal to the level of contract activity in 2001.”This means that for the past several months, buyers have signed an increasing number of contracts to purchase homes – well above where the market was at this time last year. Lawrence Yun, Chief Economist at NAR notes:
“We are witnessing a true V-shaped sales recovery as homebuyers continue their strong return to the housing market…Home sellers are seeing their homes go under contract in record time, with nine new contracts for every 10 new listings.” Below is a graph that shows the impressive recovery of homes sales compared to previous years. The deep blue v marks the slowdown from this spring that turned into an exponential jump in sales that followed through the summer, skyrocketing above years past: What Does This Mean for Sellers?
If you were thinking about putting your house on the market in the spring, but decided to wait due to the health crisis, it may be time to make your move. Buyers are in the market right now. With so few homes available to purchase, homeowners today are experiencing more bidding wars, creating an optimal time to sell. Is This Trend Going to Continue?
As CNBC notes, there are no signs of slowing buyer demand this fall:
“The usual summer slowdown in the housing market is not happening this year. Buyers continue to show strong demand, spurred by the new stay-at-home world of the coronavirus and by record low mortgage rates.” Danielle Hale, Chief Economist at realtor.com, concurred:
“In a typical year in the housing market, buyer interest begins to wane before seller interest causing the usual seasonal slowdown as we move into the fall. Due to a delayed spring season and low mortgage rates, we could see buyer interest extend longer than usual into the typically quieter fall. Whether this means more home sales will depend on whether sellers participate or decide to stay on the sidelines.” As Hale mentioned, homeowners who are willing to sell their houses right now will play a big role in whether the trend continues. The market needs more homes to satisfy ongoing buyer demand. Maybe it’s time to leverage your equity and move up while eager home shoppers are ready to purchase a house just like yours.

2020 stats shows current health crisis isn’t slowing down buyers!!!

A recent study from Harris shows the current health crisis isn’t slowing down todays homebuyers. Consumers are still optimistic about buying a home in the current environment.

If I can offer you my real estate services, I’m a phone call away.

Sandy Herrick
ReeceNichols – 8001 College Blvd OP, KS 66210
913-205-4333
sherrick@reecenichols.com

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Help….Housing Shortage!!

We are in a housing shortage, I have buyers and not enough homes for them. If you would like a no obligation market analysis of your home, you can email me at www.sherrick@ReeceNichols.com or give me a call at 913-205-4333
Sandy Herrick
ReeceNichols Real Estate
8001 College Blvd
Overland Park, KS 66210

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Kansas City Regional Association of Realtors April stats

The April 2020 Kansas City Housing Market Report from the Kansas City Regional Association of REALTORS® and Heartland Multiple Listing Service. Highlights from the April data include:
April 2020 average sales price for new & existing homes combined ($258,213) is 4.1 percent higher than April 2019.
There were 3,130 home sales (new & existing combined) for April 2020, which is 6.8 percent lower than last April (3,357).
Home inventory (new & existing combined) for April 2020 (5,834) is 30.2 percent lower compared to April 2019 (8,361).
The supply of new and existing homes for April 2020 is currently 1.7 months.