UPDATED: February 9th, 2010

How is the Lawrence Kansas real estate market?

Graph: Homes & Properties Placed Under Contract - by Month, for Years 2002 - 2010

Is the The Lawrence, Kansas real estate market improving?

Contracts for properties in Lawrence, Kansas showed significant signs of improvement in January 2010 with a noticeable jump up from January 2009. First time home buyers rushing to close on a home before the Federal Home Buyers Tax Credit is credited for the noticeable increase in contracts for the months of August, September and October of last year (2009). The home buyer's credit was extended in November 2009 and now expires in April 2010 which may trigger a similar boost in sales contracts over the next 3 months as buyers return to the market to take advantage of the credit before it expires. A noticeable drop in contracts for the months of November 2009 and December 2009 appears to be caused by the anticipated expiration of the original buyers credit at the end of October 2009. It may me wise for sellers to anticipate a similar lull in buyer traffic when the revised tax credit for buyers expires in April 2010, as buyers willing (or able) to write contracts may dramatically decrease as witnessed at the end of 2009. I encourage both home sellers and qualified home buyers to take advantage of the boost the tax credit is giving to the real estate market. Spring 2010 may turn out to be one of the most exceptional sales seasons Lawrence will have for some time. Don't let this opportunity pass you by. More information on the home buyers tax credit can be found on my home buyers tax credit FAQ page or by calling me at (785)550-2585.

Are home prices in Lawrence, Kansas going up or down?

Local mortgage lender Bob Buchanan at Wells Fargo anticipates mortgage interest rate increases of 1% or more as soon as March 2010. Buyers should note that small increases in interest rates can dramatically reduce the afforadibility of a home, but interest rates in the anticipated %6 to %6.5 range are still considered historical low. To find out how changes in interest rates affect your monthly payments use a mortgage calculator.

Congress is also considering laws to increase both the down-payment requirements and minimum credit scores needed to qualify for a home loan. If enacted, these rules will prevent or delay many first time home buyers from achieveing their dreams of home ownership. It is unknown what effect, if any, these changes could have on home prices here in Lawrence, KS. I'm happy to provide buyers looking for a loan with referrals to great local lenders who still offer low 3.5% down FHA loans with great rates, just give me a call at (785)550-2585.

Is this the right time to sell my Lawrence home?

How to read this chart:

1. The x axis of the chart is the sales price in thousands of dollars. Find the group of bars above the price that equals or slightly exceeds the asking price of the target home. This set of active listing statistics will be the most closely related to your target propery based on asking price.
2. The BLUE bar indicates how many homes are listed and active in the same price range as your home.
3. The GREEN line indicates the average number of homes sold in your price range each month (averaged over the last 12 months).
4. The RED line indicates how many months it would take to sell all the inventory in that price group (active inventory divided by average number of sales each month).

A SHORT RED BAR is GOOD for you if you are a SELLER.
A TALL GREEN BAR is BAD for you if you are a BUYER.
For BUYERS, a TALL BLUE BAR means you have more options to choose from.
For SELLERS, a SHORT BLUE BAR means you have less competition.
OPTTIMAL SELLING CONDITIONS = SHORT BLUE & RED BAR / TALL GREEN BAR.
OPTIMAL BUYING CONDITIONS = TALL BLUE & RED BAR / SHORT GREEN BAR.

Data compiled from Lawrence MLS 2002 - 2010
Updated Feb.09, 2010