KC Condo Tracker

We’ve been reading for weeks about the proposed tax bill and as REALTORS, concerned for our clients, we’ve been reaching out to lawmakers to hopefully save some of the tax benefits for homeowners. Today, we learned that while we didn’t get everything we were hoping for, we were able to impact some of the provisions in the bill positively. Below are some positive points for homeowners and prospective homeowners from the President of the National Association of REALTORS, Elizabeth Mendenhall:

• Capital gains exclusion. In a huge win for current and prospective homeowners, current law is left in place on the capital gains exclusion of $250,000 for an individual and $500,000 for married couples on the sale of a home. Both the House and the Senate had sought to make it much harder to qualify for the exclusion.
• Mortgage interest deduction. The maximum mortgage amount for households deducting their mortgage interest has been decreased to $750,000 from the current $1 million limit. The House bill sought a reduction to $500,000.
• State and local tax deductions. Both property taxes and state and local income taxes remain deductible, although with a combined limit of $10,000. Both the House and Senate bills seek to eliminate the state and local income tax deduction altogether.

It appeared for some time that the original tax bill may take away some of the value of owning a home. Something which collectively could have been a disaster for the housing market, which in recent years has been overall a strong market. After more than a year of seller’s market conditions in the greater Kansas City metro area, the market has somewhat evened out. Though inventory levels have remained around the 2-month level (meaning if no new homes were added to the market, we would run out of homes to sell in two months), buyers have still been out shopping fairly consistently. New home construction has not really slowed and even developments that stalled after the not-so-great bursting of the real estate market bubble of 2008, those developments have not only picked back up but some have even been completed.

2018 might be another great year to buy or sell a home and if you are thinking about exploring your options, our network of lenders, inspectors, and appraisers are some of the best in the business. Let us connect you with someone who can make your real estate transaction seamless. Our clients can attest that the more enjoyable and efficient their search, the more success they have in finding the right home at the right price. Let our team at Urban KC Living and KC Condo Source help you reach your goals. Give us a call at 816.699.0084 or drop us an email at Team@UrbanKCLiving.com today!

Show of hands, who thinks KC needs a new airport?

On November 7, 2017, Kansas Citians overwhelmingly voted to move forward with a new, single-terminal version of Kansas City International Airport (MCI). Opponents of the project feared some hidden taxpayer burden, though, as of now airlines and concessions in the airport will take care of the cost (https://www.usatoday.com/story/travel/flights/todayinthesky/2017/11/08/they-voted-yes-kansas-city-get-new-1-billion-airport-terminal/844622001/), but we’ve seen how taxpayers have had to help cover the cost of attractions like Power and Light and the KC Streetcar. In reality, does it matter who foots the bill? Don't we all ultimately gain something from a new, state-of-the-art single terminal airport?

The airport of the future looks incredible, and you can see for yourself here: http://www.flykci.com/newsroom/terminal-master-plan/.

The potential to have more direct flights both domestically and internationally is a huge bonus and the one I am most excited about, personally. For business travelers, having an airport where a delayed flight doesn’t equate to extreme boredom or starvation is also a bonus. Who's arrived at the airport at the last minute with a Starbucks craving only to find out once you are through security, there is NO STARBUCKS and your only choice is a basic coffee which tastes like it was made last week? Or, better yet, you just want to grab a quick burger only to discover your only options are a sit-down meal with slow service and subpar food/drink?

Whatever your thoughts are on the new airport, one thing is for sure: a new MCI is going to attract more revenue for the city, more businesses like Amazon’s HQ2 may find relevance and interest in our city and other large nationwide companies may give us a second look. More revenue means a better Kansas City for all of us. Whether you live in Brookside or Overland Park, a state of the art airport will make your travel life better and possibly more efficient, just wait and see.

If you’ve got comments or thoughts on the new MCI – share them below in our comment section.

Have you looked around Kansas City? Construction abounds. It’s everywhere. From South of the Plaza where a new Whole Foods store will soon open to the River Market where there is a new apartment building in the works, things are happening in our city. People are coming downtown in droves! We’ve had the KC Streetcar now for almost 18 months, and more than 3,000,000 people have taken a ride. Google Fiber launched, and KC is one of the smartest Smart Cities in the US. It’s an exciting time to be here watching our city blossom.

In the last few years, KC has received accolades from several great sources:

Fodor’s: https://www.fodors.com/news/5-reasons-to-visit-kansas-city-11521

Huffington Post: https://www.huffingtonpost.com/entry/6-reasons-kansas-city-is-the-most-lovable-of-cities_us_57ad15eae4b0e7935e0487b8

And CNN: http://www.cnn.com/travel/article/kansas-city-royals-winners/index.html

Our baseball team has won the World Series, and our KC Chiefs have even seen some better days, as of late.

All great reasons to appreciate a city. But there’s so much more to love!

While we don’t rank top in public transportation or environmentally friendly transportation modes like cycling, our city is quite easy to maneuver in a car. And while during rush hour traffic, we do experience traffic that sits still, our traffic is NOTHING compared to traffic in cities similar in size. And even in the worst traffic, you can get from Downtown Kansas City, MO to Overland Park, KS in 15-20 minutes, maybe 30 minutes on a bad day.

If you or someone you know is thinking about a move to the Kansas City metro area, this blog post and the included links provide a great resource. Especially this one: https://realestate.usnews.com/places/missouri/kansas-city

Feel free to share and comment below on any other links that can help someone make the RIGHT decision by moving to KC. Also, feel free to drop us an email or a phone call if you have any real estate related questions. Our team of experts is ready to answer your questions.

Don’t forget to check out www.UrbanKCLiving.com or www.KCCondoSource.com for more information and to start a FREE home search.

Team@UrbanKCLiving.com

816.699.0084

These last two years in Kansas City have been pretty amazing if you follow Major League Baseball. Well, even if you don't follow MLB, you probably still have caught a game and been impressed by our Kansas City Royals. 

Last night's game was the conclusion baseball season and the Royals are the new World Champions. As if that weren't enough of an achievement, the Royals have shown the WORLD what a real team looks like. Throughout the playoffs and the World Series games, the Royals always conducted themselves in a respectable manner - even when times were bleak, the boys in blue pulled it together and gave the fans the 'W' they were looking for.

What's even more interesting to me, as a REALTOR and a lifelong resident of the greater metro area, is how the Royals almost single handedly, created a buzz that united this great city we call home. It doesn't matter if you live in Leavenworth, Liberty, Gardner, Oak Grove, Brookside, or Waldo - you've been touched in some way by the excitement our town has experienced. For years KC has been called out by pubs like Travel and Leisure and the Huffington Post for a variety of things from great BBQ to great vacation spot to best places to live - but it's seeing our Kansas City Royals in action and seeing the excitement from young and old that has really been incredible to me and reminded me of just how special our Kansas City truly is!

The Royals have somewhat become symbolic of this city. Regardless of where each individual player comes from, the same midwestern values we take pride in daily got shown on that field. It's really almost impossible to NOT like our Royals, unless of course, you are a Mets fan - and really even then, you have to admire how relentless our Royals are. These same types of values can be experienced throughout our amazing city. 

And now, if you'd like to see us party and celebrate, you should make plans to come to the parade downtown it starts at the Sprint Center and ends at Union Station where KC will rally with the Royals like no other city can.

Now, more than ever, is the right time to call Kansas City home.

You read that correctly. The Real Estate Market in Kansas City is ON FIRE! With a lower than normal inventory of homes on the market for sale, competition is heating up. If you are currently shopping for a home in the metro area, you need to be prepared.

What does preparation look like, in this market?

• Having a Buyer's Agent represent you in your side of the transaction is VITAL. Listing agents work for the seller, they cannot legally represent you as their client also. To do so would mean they would need to serve you as a TRANSACTION BROKER, and that will not help you in negotiations. So NEVER call the number on the sign in the yard - you should consult your Buyer's Agent for any and all questions. If you Buyer's Agent is not available when you need him / her, you are working with the wrong Buyer's Agent. It's imperative in this market that you have an attentive and professional Buyer's Agent who is familiar with the area in which you are shopping. For example, using a Buyer's Agent who sells 95% of their properties in Overland Park is not beneficial for you if you are buying a River Market Condo.
• Have your pre-approval letter in your hand and ready to go. That means as soon as you are ready to shop, you should know how much you are approved to spend. The best homes at the best prices are selling the day they hit the market. And sometimes, there are multiple people putting in offers on homes at the same time. The ones who don't have all of their documentation together are the ones who won't win in a  bidding war. It's a sad but true fact in this market. For a list of lenders, check out our website.
• Be prepared to NOT get everything you want. It's a sellers market and there are more people wanting the same house you want. That means negotiations are extremely challenging. Again, it's important to have a Buyer's Agent who can present you a full picture of the situation and help you understand the pros and cons of the home and the negotiation process. A great Buyer's Agent will make sure you don't lose a home to another buyer over something that is trivial in the grand scheme of the home buying process.

KCRAR / Heartland MLS prepares information each month that shows current market conditions and here is the most recent snapshot:

• April 2015 average sales price for new & existing homes combined ($197,737) is 4.5 percent higher than April 2014.
• There were 3,084 homes sales (new & existing combined) for April 2015  - 12.4 percent higher than April 2014.
• Home inventory (new & existing combined) for April 2015 (12,374) is 6.9 percent lower compared to April 2014.
• The supply of new and existing homes for April 2015 is 4.5 months - representing a home market slightly favoring sellers. 

The holidays are upon us. Thanksgiving is less than a week away and the Christmas, Hanukkah, and Kwanzaa seasons are right behind it. During this time of the year, many sellers and some REALTORS determine that it's not busy enough to keep homes on the market. The cold weather and snow prevent buyers from looking and surely no one will purchase a home in the winter?

Quite the contrary, because some people do remove their homes from the market and some REALTORS take off mid-November through early January, the on-market inventory gets tighter. As most of you know the market has been tight in KC all year, making this holiday season a huge opportunity for sellers!

Capture the shoppers who are out looking for their next home while you can. There IS still a captive audience as we close out the year. Whether you are a condo or single family home seller, the buyer for your home is out there. If you take your listing off the market now, you might miss that buyer who needs to make a move in December or early January. Removing your home from the market now and waiting to relist in the Spring, is not always the best decision. Making sure your home is priced effectively going into the home stretch of the fourth quarter is the best thing you can do to help sell your home. Partner with your REALTOR to be sure your current price is the right one. Review the last six months in your area and be sure you know what has sold AND what has been listed that hasn't sold - which will help position you for success prior to the end of 2014.

Our featured listings in Lake Winnebago, Independence, Shawnee, North KC, Downtown, the Plaza and surrounding parts of the metro have sellers committed to selling their homes. Many of the folks are ready to work with buyers who have interest. Are you one of those buyers?

Check out these featured listings today: http://idxpro.cisdata.net/AR259227/Search/mylistings.