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Kansas Real Estate Market – Overview and Cons

Thursday, May 3rd, 2012

The state of Kansas fits well into the “Midwestern” label. Life is just more simple and slowed down in this area, which can be refreshing for those that live in more fast-paced environments. It is highly agricultural, with plentiful farm land and scenic hiking trails. In addition, the state is known for it’s famous football, baseball and basketball programs that often produce national champions.

One of the major appeals of Kansas real estate is the low cost of ownership. Outside of Overland Park, housing is affordable (single family homes under $200,000) and there’s plenty of it available. In many cites, houses can average $140,000-185,000, which are some of the most affordable prices in the country.

Within the state, there are several major cities with their own distinct economies, cultures, and of course, housing prices.

In Overland Park, you’ll find the most expensive housing in the entire state, with prices averaging over $250,000. This city is close to Kansas City, MO and derives most of it’s jobs from this area.

There is actually a Kansas City in both Kansas and Missouri, with the Missouri version being much larger. In total, these two cities are called home by over 500,000 residents.

Topeka, Kansas is the capital of the state and enjoys a fairly strong housing market due to the large government influence on jobs (employing over 9,000).

Finally in Wichita, you’ll find the most populated city within the state of Kansas. In this large city, there is a great nightlife, economy boosted by tourism and more, and housing is fairly affordable with many single family homes averaging under $200,000.

With its Midwestern charm and down-to-earth appeal, it’s easy to see why Kansas is one of the best places to live. And the housing, as we have seen, is some of the most affordable in the country, it’s no wonder that so many people move to “The Sunflower State” every year.

Kansas Real Estate – Should or Not?

Monday, April 23rd, 2012

One of the reasons is because Overland Park is one of the main areas for call centers and distribution centers in the Midwest. This means there are a number of large employers that help to form a strong and stable job market in the area. Currently the greatest activity this areas Kansas real estate market is coming from single-family homes this of course goes along with the increase in job market stability in the job market and the growth of the area.

The nearest metropolitan area to Overland Park, Kansas is actually Kansas City. This city also holds a lot of the job market for the Overland Park area and has a number of large employers as well. The average time for homes to sit on the market in Overland Kansas is currently only 30 to 60 days. However, there are more sellers than buyers in the currently in this area of the Kansas real estate market. The market trend has not changed and is holding steady, and the housing inventory holds a good supply of homes and property in all price ranges. Either if you are looking to purchase property for investment purposes or if you are planning to move to the Overland Park Kansas area, the average price for a home is around $325,000, compared to last year. Housing prices are down between 0 and 5%. Unfortunately, there are multiple offers on homes in this area of the Kansas real estate market. This means that there is less opportunity for buyers to negotiate as the current sale price is set to between 95 and 100% of the initial asking price.

If you are looking at new construction in the Kansas real estate market, this is one of the areas to consider. There are a number of new communities that either are currently under construction or have just been completed. These communities may offer a hit in gem of an investment possibility as they are currently offering move-in specials in order to attract buyers.

While the real estate in this area of the Kansas real estate market may be slightly more expensive than other areas of Kansas. It is an excellent investment opportunity. The reason for this is the ever increasing and large number of employers, Overland Park, in the Kansas City area is home to some of the larger distribution centers for stores like Sears and Kmart. There are also a number of call centers, which hire and maintain a large number of employees if you are looking to invest in rental properties this may be a market to consider. Other things to consider when moving to or investing in this area is the weather. Kansas is located in the plains area of the Midwest winters are dry, and there are often blizzards and other heavy snows and summers can be excessively warm.