Kansas City, Missouri Real Estate Podcast with Chip Glennon

10 Tips for Getting the Most Out of Your Home Sale, Part 1

noreply@blogger.com (Chip Glennon) — Mon, 25 Mar 2019 09:55:00 -0700

Here's part one of my two-part series on tips to ensure that you acquire the most money from your home sale this year.

Want to sell your Kansas City Home? Get a home value report here

Want to buy a Kansas City home? Search all homes for sale here

If you’re selling your home this year, here are five of the 10 steps to follow:

1. Recognize that every real estate market is different. By having a deeper knowledge of the market itself, you’ll make well-informed decisions that other sellers won’t. Setting yourself apart in this way will allow you to maximize your equity and dollars acquired from the sale. Your agent should be constantly putting this information in front of you to assist you in your decision making.

2. Be sure to get your home inspected. Have a pre-inspection done on your home before it goes onto the market. This can be likened to a scenario where you’re buying a vehicle and you're trying to decide between two—are you more likely to purchase the road-ready, mechanic-certified car or the one that’s recently been traded in and has yet to be looked at by the mechanic? It’s no contest, right? The fact is a home that’s been pre-inspected is more apt to attract a higher offer.

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By having a deeper knowledge of the market itself, you’ll make well-informed decisions that other sellers won’t.

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3. Shape up before marketing. Simply put, be certain that your home is in tiptop shape before buyers view it. Using the car analogy above, a vehicle that sparkles inside and out, smells great, and would be a point of pride to own is sure to attract a higher offer than a dust- and dirt-coated car sitting on the lot. The same goes for your house. Some tips for preparing your home for sale include:

A fresh coat of paint in areas such as the front door

Maintain a super clean entryway

Clean your windows and glass

Replace any burnt out lightbulbs

If possible, plant some flowers

4. Devise a great marketing plan. This is where an expert advisor comes in—their job is to guide you through the decision-making process to help you capture the highest price on your home sale.

5. Check into a company relocation assistance. If you work for a corporation or larger company, there may be some of this available to you.

Don’t forget to check back in a few weeks for part two! If you have any questions related to real estate, please get in touch with me. I look forward to talking to you!

5 More Tips for When Your Home Isn’t Selling

noreply@blogger.com (Chip Glennon) — Wed, 2 Jan 2019 12:39:00 -0800

Welcome back to the second part of our series discussing what to do if your home just won’t sell.

Want to sell your Kansas City Home? Get a home value report here

Want to buy a Kansas City home? Search all homes for sale here

If you missed our first installment, you can check it out here.

In continuation of my video last time, here are a few more tips if you’ve found it hard to get your home sold:

5. Offer your home on a lease option. There are a couple ways to do this: If you own your home outright, you can do an owner finance where, if you don’t have a mortgage on it, you can record that note at the county courthouse. This allows you to be the bank, so to speak, for the people buying your home. If your mortgage company allows it and your insurance company has been notified that your home is non-owner occupied, this can be a good option for those who aren’t able to sell

6. Ask your employer about relocation. There are a lot of corporate employer packages where relocation is an option. These can help with the expenses of selling your home.

7. Lower the price of your home. This will help make your home more competitive. For this to work, we need to do an analysis on the environment of your home’s price point and be sure that the condition, location, and marketing package you’ve chosen are competitive. This way, your home will be a clear pick for the buyers in your market.

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Our guaranteed sales plan for clients says that if we haven’t sold your home in 90 days, we will step in and buy your house from you so that you can go on to buy the next one without contingencies.

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8. Consider a real estate auction. My team does what’s called accelerated marketing, and there are four kinds of auctions that fit different strategies. The great thing about conventional marketing is that you can gauge the market and take your time to draw buyers in—there’s a lot of negotiation in a balanced market. With an auction, you set the terms up front, meaning you get to tell the buyer exactly what day the home is going to close, what terms are attached, and what inspection rights and financing rights the buyer has. The buyer who purchases your home will have to live with whatever terms you’ve set, and then they’ll pay commission. This option isn’t appropriate for every situation, but it is a conversation worth having.

9. Consider our guaranteed sale plan. We guarantee to clients that if we haven’t sold your home in 90 days, we will step in and buy your house from you so that you can go on to buy the next one without contingencies.

If you have any additional questions about what you can do to sell your home in a difficult market, feel free to reach out to me. I’d be glad to speak with you.

What to Do When Your Home Won’t Sell: Part 1

noreply@blogger.com (Chip Glennon) — Mon, 17 Dec 2018 14:04:00 -0800

Are you having trouble trying to sell your home? If so, you may want to try one of these four alternatives.

Want to sell your Kansas City Home? Get a home value report here

Want to buy a Kansas City home? Search all homes for sale here

Listing your home can be a stressful experience in and of itself, but this is especially true if you’re having a difficult time attracting buyers. To help address this common problem, our team is launching a two-part series on what to do when your home won’t sell. And today marks the first episode.

We’ll be covering the first four solutions in this installment, so let’s dive right in:

1. List again in the future. Sometimes the reason your home won’t sell is simply that the timing’s wrong. Sellers must consider current market conditions, as well as their own personal circumstances, before putting their home on the market. If you’ve been struggling to sell, sometimes the best solution is to try again at a more opportune time.

2. Refinance your mortgage instead of selling. If your motivation to sell is largely financial, then perhaps a home sale is not the right solution at all. This isn’t to say that a sale is entirely out of the question, but you should consider other options if this is your reason for listing. Speaking with a lender is a great first step. They will be able to inform you of your options based on your individual situation.

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If you’ve been struggling to sell, sometimes the best solution is to try again at a more opportune time.

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3. Turn your home into a rental. This isn’t always the best solution for those who lack experience in acting as a landlord, but it can be a decent alternative to selling for those ready to accept this (often hefty) responsibility. There are renters out there who will take great care of your home, but you must be prepared for less favorable outcomes before you decide to rent out your property. You should also check with your mortgage company to ensure that this option is within your legal right.

4. Pursue a short sale. This option isn’t as common right now as it was in years past, but it is still available for those who need it. Still, like the other options we’ve listed, sellers must think carefully about their situation before pursuing a short sale. Having an attorney by your side when you do so may also be a smart move.

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

Thinking of Subdividing? Here Are the Factors You Need to Consider First

noreply@blogger.com (Chip Glennon) — Fri, 30 Nov 2018 12:47:00 -0800

If you’re thinking of subdividing or developing a piece of property, there are several factors you need to consider to determine whether or not that will be economically feasible.

Want to sell your Kansas City Home? Get a home value report here

Want to buy a Kansas City home? Search all homes for sale here

If you’re thinking about subdividing a piece of property or developing it and then selling it, you first need to determine whether taking this step is economically feasible.

Some parcels of land can be used for high-density development, but a lot of them can’t. This means you need to consider factors like how close your land is in proximity to the nearest city limits, whether your water lines and utilities are available and strong enough to service the number of rooftops you plan on building, how the land slopes in relation to the nearest sewer, etc.

Another factor to consider if your property is somewhat larger (50 acres or so) is whether the road accessing the property can handle the type of traffic that comes from being near the city limits. By and large, you can fit two and a half to three homes per acre on a developable property. By “developable”, I mean that the roads, sidewalks, and infrastructure can allow the fire and police departments to service the community properly.

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When a developer invests in a property, the most affordable part is the land, itself.

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It’s important for you to remember that when a developer invests in a property, the most affordable part is the land, itself. The expensive part is building the infrastructure and adding all the off-site improvements (i.e., water lines, sewer lines, gas lines, sidewalks).

On a 50-acre property, you can build anywhere from 100 to 150 homes. If you add that much traffic—say, two cars per household—to a county road that doesn’t have curbs, gutters, and proper stormwater planning, that can create a plethora of problems. Adding stoplights and turning lanes can cost up to $250,000, so that alone can make a property economically unfeasible for development.

Every property is different, and there are many other things to consider before you decide to subdivide and/or develop yours, but these are just a few factors to educate yourself about before moving forward.

If you have any other questions about this topic or you’re curious about what’s going on in our market, don’t hesitate to reach out to me. I’d be glad to help you.

How to Buy and Sell at the Same Time

noreply@blogger.com (Chip Glennon) — Mon, 12 Nov 2018 13:53:00 -0800

If you’d like to buy a house but you also need to sell your current house, you need to design a smart buying and selling strategy. Here’s how you can do that.

Want to sell your Kansas City Home? Get a home value report here

Want to buy a Kansas City home? Search all homes for sale here

If you need to sell your current home to buy another home you’re interested in, there are several strategies you can use.

To design a smart home buying and selling strategy, you should first look at your overall goals and what your financial situation is. What kind of equity will you be rolling into the new home? What kind of mortgage payments are you looking for?

You should also consider implementing contingencies. In this type of situation, we oftentimes work with clients who buy a home that’s contingent on the closing of their current home. You can also use bridge and swing loans that will give you more time between buying one home and selling the other and help you avoid the crunch of a simultaneous closing.

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You have a much better chance at influencing all of these moving parts if you put together a great team behind you.

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Whether you’re buying or selling, there are about 75 people who are either directly or indirectly involved in the transaction, and you have a much better chance at influencing all of these moving parts if you put together a great team behind you. With everything that’s happening, coordinating both transactions can seem like threading a needle. This is why, when we work with homeowners in this situation, we sit down with them, go over every possible strategy, review their financial situation, and look at the market itself. Whether we’re in a buyer’s market or a seller’s market will affect your strategy.

As long as you take the time to put together a plan with your real estate agent and put together a great team behind you, you can make buying and selling at the same time a stress-free situation.

If you have any questions about this topic or you have a topic you’d like us to discuss in a future video, don’t hesitate to reach out to us. We’d love to speak to you.

How to Optimize Your Success in a Multiple Offer Situation

noreply@blogger.com (Chip Glennon) — Wed, 26 Sep 2018 13:17:00 -0700

How are today’s buyers and sellers approaching multiple offer situations, and which approach is the most effective? Let’s discuss some common tactics.

Want to sell your Kansas City Home? Get a home value report here

Want to buy a Kansas City home? Search all homes for sale here

Whenever a market is swayed to considerably favor either buyers or sellers, multiple offer situations tend to become more common. And when a listing meets certain additional criteria, like being aggressively priced, the likelihood that it will receive a high level of interest becomes even stronger.

With this in mind, what’s the best way for buyers to tackle such situations and what kinds of offers should sellers prioritize?

Back during the recession, sellers would choose a buyer based on which offer was “highest and best.” They would often also impose a deadline for a given offer, which put a lot of pressure on those looking to purchase the home. Having an expert advisor to guide you through scenarios like this was extremely valuable during that time and is actually still valuable today.

Although seller expectations have changed since the recession, most people who have listed their homes still hope to earn the best deal possible.

One common way today’s buyers navigate multiple offer situations is by including an escalation clause in the offer. An escalation clause allows buyers to surpass competing offers up to a certain dollar amount. This allows buyers who find themselves in a bidding war to retain the upper hand (within a particular threshold).

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Carefully reviewing all offers with the help of a real estate professional is the most effective way for sellers to achieve optimal price, terms, and conditions.

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Sellers should also realize that price isn’t everything. Selecting the offer that is highest and best is not the best way to maximize equity. Independently negotiating with each buyer is a far better approach. Carefully reviewing all offers with the help of a real estate professional is the most effective way for sellers to achieve optimal price, terms, and conditions.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Why an Auction May Be Your Best Bet to Sell a Unique Property

noreply@blogger.com (Chip Glennon) — Wed, 5 Sep 2018 10:42:00 -0700

Selling a unique property isn’t the same as selling a conventional property, which is why an auction is a great way to sell them.

Want to sell your Kansas City Home? Get a home value report here

Want to buy a Kansas City home? Search all homes for sale here

Over the years, I’ve been fortunate enough to have been involved in a lot of sales of unique properties. What’s the best way to sell a unique property, though?

First, you should know that every property will sell, but there are four main components of that sale that have to be dialed in:

Location: Location is crucial to maximizing the value of a property.
Condition: If a property is in good condition, it will sell.
Marketing: A property has to be exposed to the total buyer pool who might be interested in it.
Price: A home has to be priced correctly for what it is, where it is, and what condition it’s in.

That being said, one selling method that I’ve always found works extremely well with a unique property is an auction. This is because an auction brings together all the competing buyers in one place and bids the property’s price up to what the market says it’s worth.

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An auction brings together all the competing buyers in one place and bids the property’s price up to what the market says it’s worth.

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Think of it this way: If you inherited a rare, prized piece of art, you’d never think of putting a price tag on it and seeing if a buyer comes along to buy it. We sell a lot of conventional properties that way through normal marketing avenues, but not with unique properties. An auction isn’t the only way to sell a unique property, but it’s a way that can create maximum demand and maximum exposure in a time frame you can dictate.

If you’d rather sell a unique property through conventional marketing avenues, there are different strategies you need to take. Some of these strategies, for example, involve using social media platforms geared toward the type of buyers you want to attract.

If you have any more questions about selling unique properties or you have any other real estate needs I can assist you with, feel free to give me a call or shoot me an email. I’d be happy to help you.

Will These Home Improvements Improve Your Home’s Value?

noreply@blogger.com (Chip Glennon) — Fri, 3 Aug 2018 10:32:00 -0700

There are certain home improvements that won’t add much, if any, value to your home. Here are four of them.

Want to sell your Kansas City Home? Get a home value report here

Want to buy a Kansas City home? Search all homes for sale here

Today we’re beginning a two-part series that details seven things that do not increase the value of your home, whether you’re planning to sell soon or down the road. Here are the first few:

1. Extensive professional landscaping. If you go over the top with landscaping, you will typically not get a full return on your investment when you sell. A good landscaping update will give you more curb appeal and help your home sell faster when buyers are comparison shopping. However, it doesn’t necessarily increase its value.

2. Upgrading electrical or plumbing systems in an older home. Just like a car would, an older home needs maintenance. It’s an integral part of protecting your property. Make no mistake that if these are things your home needs, you should do them in order to maintain its current value. However, don’t expect the home’s value to increase because of them.

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Stay tuned for part two, which will be coming in a few weeks.

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3. New roof, gutters, sprinklers, or HVAC unit. These are also maintenance items like the plumbing and electrical systems. It will maintain the home’s value and buyers appreciate a home that is updated and well-maintained.

4. Swimming pools or hot tubs. I get questions about these from homeowners all the time. The truth is that appraisers won’t give you very much credit for it. If you want a pool and want to enjoy it, you should go for it. If it’s well-kept and maintained over the years, it can sell faster and attract a higher offer. However, it won’t increase the value by much.

Stay tuned for part two of the series when I will discuss the final three home improvements that do not provide value to your home. If you have any questions for me in the meantime about any of these items or about anything else related to real estate, give us a call or send us an email. We look forward to hearing from you soon.

The Hidden Magic of Kansas City

noreply@blogger.com (Chip Glennon) — Mon, 23 Jul 2018 11:38:00 -0700

Though Missouri is a flyover state to many, Kansas City is a place with a rich history and something for everyone.

Want to sell your Kansas City Home? Get a home value report here

Want to buy a Kansas City home? Search all homes for sale here

What’s so great about Kansas City? Why should people want to move here?

If you have family members or friends who are thinking about moving to Kansas City or transferring here to work and live, you might want to forward them this email. I want to show them the flavor and neat parts of this historic city that we have come to love.

Having been born and raised in the area, I know that there are so many things that are great about Kansas City, even though Missouri is often considered a “flyover” state, and Kansas City itself is often thought of as a “cow town.”

In recent years, Kansas City has come to be a very cosmopolitan community, and there are a lot of amazing aspects to the city that many don’t consider.

In recent years, Kansas City has become a very cosmopolitan community. There are many aspects of the city that people do not consider such as the great schools, many places to worship, and the great shopping districts like Country Club Plaza and Crown Center.

In addition to all the great venues available, we also are a huge sports town. We have the Kansas City Chiefs, one of the best NFL franchises in the world. We also are home to the Royals, who of course won the World Series in 2015. For soccer fans, Sporting Kansas City is a professional soccer club based here in town.

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There is always something to do in Kansas City, no matter who you are or what you enjoy.

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The Power and Light District downtown is a popular nightlife destination for people from all over. National acts are constantly filling up the Sprint Center with fans of all different forms of entertainment.

Kansas City is home to three casinos: Harrahs, Argosy, and Ameristar.

Kansas City, along with all of its great attractions, is also a city with a rich history. In the late 1800s, Kansas City was the end of the western frontier, serving as the place where everybody stopped before they continued their journey west. This history has inspired many artists, and you are encouraged to check out the art in the Freight House District if you want to take a step back in time.

There is always something to do in Kansas City, no matter who you are or what you enjoy.

If you have any questions or topics you’d like me to address in the future, please feel free to reach out to me. I’d love to hear from you.

How Buying New Construction Differs From Buying a Resale Home

noreply@blogger.com (Chip Glennon) — Mon, 9 Jul 2018 10:34:00 -0700

Buying new construction allows you to customize the home to your specific needs, and there are different kinds of builds to choose from.

Want to sell your Kansas City Home? Get a home value report here

Want to buy a Kansas City home? Search all homes for sale here

Depending on the market you are buying in, new construction can be a great option, particularly when the marketplace overall is short on inventory (as it is now). Buying new construction allows you the opportunity to buy a home that is 30, 60, 90, or 120 days from completion and customize it to your needs.

What are some of the differences between new construction homes and resale homes, though?

First, the most important part of buying new construction is having an expert real estate advisor to work alongside you and guide you through the whole process.

Another important part of the process is the builder you choose, so when you are putting a team together for your new construction purchase, make sure you choose a builder who cares about the people he is building a home for. We work with many builders in the Kansas City area, so we would be glad to match you up with the right builder who can get you across the finish line on time with the exact home you want.

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Not all real estate agents are accustomed to handling new construction transactions.

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When it comes to the differences between buying new construction and buying a resale home, with a resale property, there has already been a lot of upgrades done to it. This means you get the benefit of already having something like a finished basement with a bar attached. These kinds of things are not always included in a new construction spec home (more on that below).

When purchasing new construction, there are a few different kinds of builds you can choose from. These include custom build homes, semi-custom build homes, and spec homes. Spec homes are when a builder builds a home with the intent to sell it for a profit. Sometimes they will pick one that is very desirable and sell it before it is finished. Other times, they will wait and let people pick things out. In that way, they are different from the other two options.

Not all real estate agents are accustomed to handling new construction transactions, which is why, again, you need to choose an agent with a lot of expertise in this area. Even though there are a lot of great builders out there, at the end of the day, you are buying from someone who is a professional home seller. Their job is to build a home they will make a profit on; your agent’s job is to make sure you are protected and you get what you want out of the home.

As always, if you have any questions about this or any other real estate-related topic, please feel free to call or email me anytime. I would love to help you.

Where to Start Your Search for a New Home

noreply@blogger.com (Chip Glennon) — Tue, 12 Jun 2018 10:04:00 -0700

If you know you need a different home but are unsure where to start, we can help.

Want to sell your Kansas City Home? Get a home value report here

Want to buy a Kansas City home? Search all homes for sale here

Are you thinking of moving and buying another home but are unsure what exactly you want? It is fairly common for people to contact me and tell me that they have either outgrown their home or want to downsize but do not know what type of home they want next. My advice to them is that it is a great idea to sit down and begin with some sort of plan. If you have a general idea of what you want to accomplish but you are not sure where to begin, you can start there. There are multiple types of living options to choose from: lofts, apartments, country estates, townhomes, patio villas, suburban subdivisions, etc., which all offer different things for the buyer. The first step to deciding which is right for you is deciding what you must have. Do you have to have a gourmet kitchen? Do your kids need a flat backyard to throw around a football? Or, maybe space for a third garage is a must? Start with the things you are certain about.

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You need to make a plan to figure out what you absolutely need to have in a new home.

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Next, look at what your budget will be. What do you want your mortgage payment to be per month? To do this, we figure out how much you can qualify for in terms of a loan and how much you need to set aside for a down payment. Also, do you want a fixer-upper home? Or do you prefer a home which is totally maintenance-free? After we know all of the certainties, then we start the process of refining. We can build on what we know to find you your dream home. The key is to have an expert advisor that can help you work through the process. If you have any questions or would like to work with me to help you decide what you want and need in a home, please feel free to contact me. I look forward to speaking with you soon.

Be On Guard For Real Estate Scams

noreply@blogger.com (Chip Glennon) — Thu, 17 May 2018 09:36:00 -0700

A client of mine recently received a scam letter in the mail. They are designed to look official, so here is what you need to know.

Want to sell your Kansas City Home? Get a home value report here

Want to buy a Kansas City home? Search all homes for sale here

There are many scams in the world of real estate. If you don’t know what to look for, you could lose out big time. Today I will go over what you need to know. One of my past clients received a scam letter in the mail the other day. The letter was something that was pulled straight out of the public record, asking my client to pay for the validation of some information on their property and to pay for records from closing their property. I can tell you that the title companies and vendors that we use are never going to charge you for that information. If you get a letter like this, it is a scam letter. Make sure you either call me or the title company to ask them if this is something that is necessary for you to pay.

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A scam letter has all the information on it for it to seem official, but I assure you it isn’t.

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The letter my client received looks extremely official. It is called “Records Recovery Services,” and they are located near Jefferson City. It has the actual client’s name in front of the address of the property they bought, the date they bought it, the parcel number, the square footage, and the assessed value. It has all the information on it for it to seem official, but I assure you it isn’t. As I said, everything on there is a matter of public record. We do everything we can to protect your private information; if you see something like this, be sure to throw it away and give us a call. If you have any questions, please feel free to reach out to me. Additionally, we would love to hear your suggestions for topics of future videos. I hope to hear from you soon!

Kansas City Area Market Update for Spring 2018

noreply@blogger.com (Chip Glennon) — Mon, 23 Apr 2018 14:45:00 -0700

The real estate market is complicated. That’s why we’re breaking down some of the latest numbers today.

Want to sell your Kansas City Home? Get a home value report here

Want to buy a Kansas City home? Search all homes for sale here

We’re already into the second quarter of 2018, so we wanted to take a look at some statistics for the different counties around the Kansas City Metro and look a bit deeper at the monthly numbers to see exactly what’s happening. Let’s start off in Johnson County. For the first quarter of 2018, our median sale price went up about 5.2% to $273,450 from the first quarter of 2017. The average sale price during this time period was also up 4.1% to $324,000. Those are all encouraging statistics. The percentage of asking price received is also up to 98.5%. Homes are staying on the market for an average of 51 days, which is down 5%. Now let’s look at Clay County, Missouri. The median sale price here is up 12% and the average sale price is up 10.7%. Those are some pretty big jumps. The 54 average days on market is down 10.2% as well. Over to the west in Platte County, Missouri, we’re seeing a median sale price of $252,000 which is up 1.6%. The average sale price stayed flat at $276,000. The average days on market here has dropped to 58 days, down 13.1% from last quarter. In Jackson County, Missouri, the average sale price is up 10.5% to $190,049 and the median sale price is up 2.4% to $150,000. The average days on market here is down 13.2% to 59 days. That’s what we’re seeing through the first quarter, but let’s take a quick look at how things panned out last month.

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We want to make you the most educated buyer in the marketplace.

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For the March 2018 real estate market in Kansas City, here are some quick facts. Our change in combined closed sales is down 5.3% and our change in combined average sale price is up 8%. The most concerning statistic, however, is the change in combined supply in new and existing home sales. It’s down by 20.8%. There are far more buyers in the market right now than sellers, making things more competitive for everyone. Inventory is down across the metro by 24.5%, leaving us with just 1.5 months of inventory As far as new homes are concerned, here’s what we’re seeing; Closed sales are up 12% Average sale price is up 3.7% Days on market are up 3.8% Pending sales are down 2% Inventory is up 4.2%, but we’re still in a seller’s market. Here’s the key: If you’re going to be a buyer or seller in the months ahead, make sure you have all the right data and facts pertaining to not only the real estate market, but also the lending environment, the school district, the neighborhood, and even the floor plan that you are looking at. We want to make sure you’re the most educated buyer or seller in the marketplace. For a full breakdown of all the latest numbers in and around the Kansas City Metro, see the graphs here.

If you have any other questions at all about the real estate market or real estate in general, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.

The Key Steps of a Mortgage Pre-Approval

noreply@blogger.com (Chip Glennon) — Tue, 27 Mar 2018 10:13:00 -0700

If you’re buying a home with a mortgage, you absolutely need to get a pre-approval first. Here’s why.

Want to sell your Kansas City Home? Get a home value report here

Want to buy a Kansas City home? Search all homes for sale here

There's no doubt about it. It's a very competitive market today if you are looking to buy a home. Inventory is near record lows, and more and more homebuyers are entering the market. This means you need every advantage to grab that perfect home when you do find it. One no-brainer is to get pre-approved for a mortgage. A pre-approval informs you of how much you can borrow and it's something you will need to do at a later point anyway. A pre-approval can mean the difference between having your offer accepted or having to watch your dream home go to somebody else in a crazy market like this. In spite of all these good reasons, less than 10% of buyers who got a mortgage get pre-approved by the lender who originated the loan. In other words, you can definitely get a leg up on the competition by starting your home search at the loan office rather than at the open house.

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A pre-approval definitely gives you a leg up on the competition.

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Here are a few things that you will need: 1. Proof of income. At a minimum, lenders will want to see pay stubs from the past 30 days showing your year-to-date income, two years of federal tax returns, and two years of W2 forms from your employer. 2. Proof of assets. You will need to present statements from your checking, savings, or investment accounts to prove that you have funds for the down payment and closing costs. 3. Good credit. Most lenders reserve the best rates for homebuyers with a credit score of 740 or above. You can still qualify for a mortgage with a lower credit score, but a good lender will also recommend ways that you can improve your credit and qualify for a better loan. These are the biggest and most common things you will need to get pre-approved, though your lender might want to see some other documents as well. Once you are pre-approved, the buying process will be faster, more convenient, and less stressful. Most importantly, it will make it more likely that your offer for that perfect home gets accepted. If you have any questions for me or need any additional assistance, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.

Should You Try Your Hand at Home Flipping?

noreply@blogger.com (Chip Glennon) — Thu, 8 Mar 2018 13:58:00 -0800

Thanks to popular television shows, the idea of home flipping has attracted a lot of attention recently. But, it isn’t for everyone.

Want to sell your Kansas City Home? Get a home value report here

Want to buy a Kansas City home? Search all homes for sale here

There are a lot of really entertaining shows on television about the idea of flipping homes, but the reality is a different story. Flipping could reap the results you see on television, but it isn’t as easy as it looks.

The level of success you might see on these shows really comes down to timing the market, and timing the market is hard.

That said, if you’re interested in making money in real estate, the most successful people I’ve seen have been long-term buy and hold investors. The get-rich-quick flipping methods you see on TV just aren’t that realistic.

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Home flipping isn’t for everyone.

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It isn’t that you shouldn’t or can’t try your hand at home flipping, but that you should be careful doing so. If you choose to try it, make sure you’ve got the right professionals backing you up. Home flipping isn’t for everyone.

Having been involved in 2,600 real estate transactions, I know how unpredictable the market can be.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

The Trick to Attracting Online Homebuyers

noreply@blogger.com (Chip Glennon) — Thu, 8 Feb 2018 14:52:00 -0800

If you’re a home seller, your home needs to have a top-notch online presence in order to attract all the online home viewers out there in our market.

Want to sell your Kansas City Home? Get a home value report here

Want to buy a Kansas City home? Search all homes for sale here

Did you know that 95% of all people who buy a home in this day and age first find their home online?

Naturally, if you’re a home seller, your home’s online photos need to be top notch. I recommend using professional photography for your home and having it professionally staged. This means decluttering, cleaning the countertops, having the lighting dialed in, etc. All of that needs to show up to have top-notch pictures.

When a buyer begins their search, that might be anywhere from six to 18 months before they actually starting walking inside of homes, so you need to capture their attention on the internet and compel them to make a phone call or send an email detailing their interest in getting more information about your property. It’s extremely important that you’re able to deliver that information in a timely manner so we can reach out and speak with buyers about their situation and how we can get them situated in your home.

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If someone is looking at your home online over and over again, there’s a good chance they would like to see the inside of it.

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Not everybody who looks at houses online wants to talk to a Realtor or see the inside of a particular house, though, which is why we train our team to notice the difference between these people and serious buyers. Obviously, if someone is looking at your home online over and over again, there’s a good chance they would like to see the inside of it.

We have a proven, repeatable system we use to nurture a lead like that so we can get them to take a look at your home and, hopefully, make an offer on it.

If you have any questions about attracting online buyers or you have any other real estate needs, don’t hesitate to reach out to us. We’d be happy to help you.

A Quick Update on Kansas City Winter Home Prices in 2018

noreply@blogger.com (Chip Glennon) — Fri, 26 Jan 2018 10:32:00 -0800

This winter is shaping up to be a huge moment for area homeowners who are looking to sell. Here are a few reasons why.

Want to sell your Kansas City Home? Get a home value report here

Want to buy a Kansas City home? Search all homes for sale here

This winter is likely to be a very important moment for many home sellers. That’s because three big trends are coming together to affect Kansas City home prices right now:

1. Housing inventory remains extremely tight. The total number of homes on the market fell 10% year over year in the last quarter. This is the biggest drop since 2013, and it's part of a consistent pattern of very limited and decreasing housing supply. Of course, the fewer homes there are on the market, the easier it is to sell, and the higher the price you can expect to get. Home prices have increased almost 6.5% nationally since last year.

2. Buyers are increasingly optimistic. Despite the tight inventory, homebuyers are increasingly optimistic and continue to look for homes. Some of this has to do with the recent growth in income and job stability. Loosening lending standards are also making many home buyers eager to take advantage of current mortgage rates, which slipped under 4% recently.

3. The new tax reform bill will impact the market. The federal government recently passed the Tax Cuts and Jobs Act, which majorly overhauled our tax code. While it’s unclear how this will affect the real estate market as a whole, there are some changes that do not favor home sellers. As a result of the changes made to the tax code, the National Association of Realtors now projects slower growth for home prices in 2018, with an appreciation rate of 1% to 3%. By doubling the standard deduction, Congress has significantly reduced the value of mortgage interest and property deductions as tax incentives for homeownership. On the bright side, no changes were made in the rules surrounding capital gains for home sales, which is good news for home sellers.

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It’s the perfect time to get in the real estate market.

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When you put all three of these trends together, two big conclusions emerge. First, now is a very favorable moment for home sellers, thanks to the shortage in the market, the many eager buyers, and the high and rising prices. On the other hand, higher cost, higher tax areas will likely see prices decline as the result of new restrictions on mortgage interest and state and local taxes.

If you are looking to take advantage of the present moment to sell your home, please reach out by giving us a call or sending us an email. We look forward to hearing from you soon.

Should You Hire Your Friend or Family Member as Your Agent?

noreply@blogger.com (Chip Glennon) — Tue, 16 Jan 2018 08:05:00 -0800

These days, just about everyone has a friend or family member with a real estate license. Should you hire them to help buy or sell your house?

Want to sell your Kansas City Home? Get a home value report here

Want to buy a Kansas City home? Search all homes for sale here

When you’re thinking about buying or selling one of the largest assets in your life, should you hire your friend or family member who has a real estate license?

Many people feel obligated to hire a friend or family member as their agent. Whether they’ve had their license for two weeks or 20 years, there are some things to consider in order when determining whether this person is the right one to serve you and your family during this huge financial decision.

For one, sharing private financial information with someone that close to you can be a little uncomfortable at times.

You also want to work with someone who will offer you unbiased opinions and advice. One of the nice things about working with someone who is more objective is that you can get advice and look at things from different angles in order to make sure that you are doing what’s in your best interest for the long run. If you work with a friend or family member, they may be inclined to inject their own personal opinions into your decisions since they know you so well.

As expert real estate advisors, we are able to advise you through a real estate transaction better than most Realtors. I use the term Realtor very loosely. You can go and get a real estate license online in two weeks and pass the test with no actual real estate experience whatsoever.

Truck drivers, nail technicians, and beauticians all have considerably more training and hours than someone who is a Realtor.

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Sharing your financial situation with a friend or family member can be uncomfortable.

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If you are thinking of hiring a friend or family member as your Realtor, I recommend asking the following questions:

How many homes do you sell per month?
How many homes do you sell a year?
How much experience do you have in this particular area?
What is your list-to-sale price ratio?
What is your average days on market?

It’s important that you know this information before you decide whether or not they are the right person to represent you. One wrong decision or mishandling a really delicate inspection negotiation can cost you $5,000 to $10,000 in the blink of an eye.

I often have clients say, “We really want to hire you, but we feel like we have to hire our Aunt Betty.”

In this situation, we can give Aunt Betty part of the deal and still give you great representation. I think this is a great option for those of you who have a strong sense of obligation to hire your friend or family member.
If you have any questions about this topic, just give me a call or send me an email. I can help you make sure that you are properly represented in your real estate transaction. I look forward to hearing from you.

Are Zestimates Really a Good Way to Value Your Home?

noreply@blogger.com (Chip Glennon) — Thu, 28 Dec 2017 11:19:00 -0800

Even though a lot of people think that the value Zestimates place on their home is accurate, the truth is that this is one area that computers can’t replace people.

Want to sell your Kansas City Home? Get a home value report here

Want to buy a Kansas City home? Search all homes for sale here

What exactly is Zillow’s Zestimate? A lot of clients have called me with questions about them, so I thought I’d relay my overall feelings about them.

Zestimates are what we call an AVM, an automated valuation model. They use algorithms to pull data from the county public tax records and they look at legacy MLS sold, pending, active, expired, and cancelled data. They take that data and apply to each one of our homes.

The problem with the methods that Zestimates use to value your home is that a computer algorithm has never walked inside of your home. Zillow doesn’t know if your home smells like a pet, if your carpet needs replaced, if the roof needs to be replaced, or if your backyard is steep or gentle graded. The website can’t take into account various factors about your home’s upgrades, the neighborhood, the general traffic, or public events that may take place near the property.

Zestimates can be off when they value your home by as much as 20%. This is problematic because a lot of the public thinks that these are accurate, and they end up leaving a lot of money on the table or potentially overpaying for a home in certain situations.

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A Zestimate cannot walk into your home and check out the condition of the property.

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This is what I recommend: If you’re thinking very seriously about the value of your home or what a potential house might be worth, call Glennon Real Estate Experts and get a trusted professional who can do a real, thorough market analysis to make sure that you’re not leaving any money on the table.

I’ve found often that, oftentimes, the fees for our services more than compensate for the amount of money that people sometimes leave on the table when they sell their home as For Sale By Owner (FSBO). Most real estate agents sell fewer than seven homes a year. They really aren’t getting enough experience and practice selling homes to really know how to advise you on the 50-page contracts we have to deal with or to get you through the inspection process and make sure that the lender is properly doing their job, along with supplying the appraiser with the information they need to properly value a property.

I’ve found often that, oftentimes, the fees for our services more than compensate for the amount of money that people sometimes leave on the table when they sell their home as For Sale By Owner (FSBO). Most real estate agents sell fewer than seven homes a year. They really aren’t getting enough experience and practice selling homes to really know how to advise you on the 50-page contracts we have to deal with or to get you through the inspection process and make sure that the lender is properly doing their job, along with supplying the appraiser with the information they need to properly value a property.

If you want expert advice and solid legal protection, you wouldn’t go to sites like WebMd or LegalZoom, and it’s the same thing with real estate—to really know where you stand, you’d need to contact a professional who’s trained and experienced in these matters to give you their take. If you have further questions or are in need of expert advice on real estate topics, give us a shout. Feel free to give us a call or send us an email. There’s no obligation or cost, and we’d love to help you figure out what the actual market value of your home is.

4 Reasons Winter Is the Prime Time to Buy

noreply@blogger.com (Chip Glennon) — Tue, 10 Oct 2017 15:21:00 -0700

Even though it’s not the peak of the market, it's still a great time to sell your home.

Want to sell your Kansas City Home? Get a home value report here

Want to buy a Kansas City home? Search all homes for sale here

Often when I meet with clients, we talk about the timing and seasonality of the year to buy and sell a home. Though it’s a fact that maybe upwards of 80% of homes are purchased and sold from the time school gets out til the time school starts in late summer, there are plenty of homes that sell during the non-peak season of the year—fall, winter, and early spring.

One of the things that I think is important to keep in mind is that there’s always a real estate market. There are always people looking to move and buy, and there are always people looking to move and sell.

The velocity in the market, though it may not be quite as strong during the non-peak season, doesn’t really have the effect on pricing that you might think it does. When you’re thinking about selling a home—if you position it correctly through pricing, marketing, and location—that home can demand just as high a price, sometimes higher.

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When buyers are out shopping during the holiday season, they have a strong motivation to move if they’re moving that time of year.

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Here’s the reason: When buyers are out shopping during the holiday season, they have a strong motivation to move if they’re moving that time of year. Their house has sold and they must find something, because no one wants to be out and about and working; if they’re shopping during the holiday season, then they’re pretty doggone serious about it. The same could be said of those who are looking to sell.

I don’t worry much about the season affecting the price of your home. Unlike things like boats, a house is a high-value investment that doesn’t really fluctuate because of seasonality.

If you’re thinking about selling your home, click on the free home market valuation link, and it will get you instant information about the potential price of your home in today’s market. We’ll come out there and do one of two things: we can get you exact pricing by coming to look at your home, or we can give you a free, no-obligation internet market evaluation.

If you’re thinking about buying a home, click on the link that indicates you’re interested in buying, and we’ll give you a backstage pass to the MLS. You’ll be able to search for information on homes just like Realtors do. It will give you current pricing information that’s updated every five minutes.

If you have other topics or questions you’d like to discuss, please email, call, or text us. I’d be happy to talk with you.

Is Kansas City Really Headed for a Bubble?

noreply@blogger.com (Chip Glennon) — Tue, 19 Sep 2017 13:19:00 -0700

Is Kansas City in a bubble? To give you a short answer: I don’t think so.

Want to sell your Kansas City Home? Get a home value report here

Want to buy a Kansas City home? Search all homes for sale here

Is Kansas City in a real estate bubble right now? The short answer is no. This time last year we had about 25% more inventory than there currently is on the market.

Though this statistic varies by price point, prices are up between 5% and 7% across the metro area and buyer demand is strong. In fact, there are between five and six times more buyers in the market than there are sellers.

Baby boomers have been deciding to stay in their homes a little longer and millennials are starting to come on the market, so appreciation is likely going to slow over the next three or four years.

Assuming geopolitical influences stay calm and no major events occur, I believe our market will continue to stay in good shape. I also believe that inventory will start to balance out eventually.

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Inventory is scarce, but it is still a great time to buy.

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With between two to three months of inventory available in recent times, our market heavily favors sellers. It’s a tough time to be a buyer, but waiting out the market isn’t the answer.

If appreciation continues, there isn’t going to be a better time to buy than now. If rates go up even as much as 1%, you’ll really struggle to find as good a deal on monthly payments as is available right now.

Inventory is scarce, but it is still a great time to buy. A lot of the responsibility falls on builders right now, who need to make sure that there is plenty of new construction on the market.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

What Essential Things Do You Need to Buy a Home?

noreply@blogger.com (Chip Glennon) — Thu, 31 Aug 2017 09:35:00 -0700

Buying a home involves having a smart home buying strategy and a few other crucial components that need to be handled with planning and care.

Want to sell your Kansas City Home? Get a home value report here

Want to buy a Kansas City home? Search all homes for sale here

What do you need to purchase a home?

Remember, buying a home is a process—not an event. Very few purchases in life take as long as buying a home. Most people think about their home purchase for many months before they actually do it, and you may spend some time searching before you find the right home.

This is why the first thing you need is a smart home buying strategy. This is something we develop with all of our buyer clients. There are several reasons this benefits you because there are some important things along the way you need to know about buying a home.

Sit down, develop a plan, and put a dream team together of people who will be involved in this transaction. This team should involve a buyer specialist, a great lender (of which we have many we can refer you to), a great title company, and a great inspector.

Make sure you hire a firm that represents you and your interests in this process. In many cases, buyers simply call the number listed on the ‘For Sale’ sign and whoever picks up gets their business. It’s important you don’t do this, because that listing agent has a legal fiduciary responsibility to tell the seller everything they find out about you, including how much you qualify to buy, how much down payment money you have, and what your current housing situation is. A buyer specialist, on the other hand, represents you and keeps all your information confidential.

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Buying a home is a process—not an event.

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After that, you’ll need a loan approval letter. For our clients, always secure their loan approval letters through one of our preferred lenders.

Once these things are in place, the home search begins. Your agent and their team should help you make sure the home you fall in love with matches the type of mortgage loan you have and all your finances look right. After you’ve found your home, you’ll write an offer for it and enter a period of negotiation. Once the property is under contract, you’re about halfway done.

At this point, you’ll need an earnest deposit check and enough money saved for a down payment and for your closing costs.

Finally, you’ll need the services of a great title company. In Kansas City, there’s not a better title company that I know of than Thompson Affinity Title. They close many of our clients’ transactions and they’re extremely competitive on their rates.

If you have any questions about the home buying process or you’re thinking about buying or selling a home in the Kansas City area, don’t hesitate to reach out to us. We’d be happy to help you.

How Overpricing Could Cost You Offers

noreply@blogger.com (Chip Glennon) — Thu, 10 Aug 2017 09:00:00 -0700

How can you be sure you’re pricing your home correctly?
There are four key items you should consider.

Want to sell your Kansas City Home? Get a home value report here

Want to buy a Kansas City home? Search all homes for sale here

Some of the questions I most often receive are about sale prices.

Specifically, people tend to wonder if and when they should raise their sale price. The truth is, it depends.

For a listing in an average price point, 400 views online will typically translate to one buyer physically coming through your door. If this isn’t the case, there may be an issue with the listing’s price.

Also, if no offer has been placed within eight to 10 showings, this could also point to a potential pricing problem.

Ultimately, there are four key areas we should focus on. Each of the 181 steps in our full marketing plan revolves around these things.

The first significant factor is location. The better the location, the more valuable the property. Condition, too, is critical. Buyer’s will always pay more for a well-tended home.

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In today’s seller’s market, there’s no such thing as under-pricing.

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Of course, these first two items can only go so far without our third point: marketing. Today, there are many ways to market a home. Excellent marketing will be essential to attracting the most buyers and the most offers possible.

Once you have generated interest, it all comes down to price. If a home is overpriced, even by just 5%, it may not sell.

If each of these four things are up-to-par, your home should attract at least one offer after eight to 10 showings or after it has had 400 views online.

When a listing is priced just below or right at the “sweet spot” in the market, it will likely receive multiple offers. In fact, in today’s seller’s market there’s no such thing as under-pricing. With the amount of competition between buyers, buyer demand will drive up the price without you having to overprice your listing in the first place.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you.

3 Major Home Buying Mistakes & How You Can Avoid Them

noreply@blogger.com (Chip Glennon) — Wed, 21 Jun 2017 15:07:00 -0700

There are three major mistakes that you must avoid when buying a new home.

Want to sell your Kansas City Home? Get a home value report here

Want to buy a Kansas City home? Search all homes for sale here

If you plan on buying a home soon, there are three major mistakes that you must avoid.

The first is refusing to confide in a trusted advisor. Experienced real estate professionals handle a large number of transactions with different types of people and different personalities. There is very little they haven’t heard before, and your advisor represents your best interests and has a fiduciary legal obligation to get you the best price, terms, and conditions available for your home, depending on the agency that you pick. In our office, we don’t practice dual agency—we only represent one party per designated agent.

A trusted advisor can help you make smart decisions by giving you a lot of options and providing you all the information you need regarding the outcomes of each possible decision. This way, you can think through what will happen in the negotiation process, the closing and possession process, the inspections, etc. When your agent has a pulse on what the market’s doing, they can present you with different scenarios so you can explore whichever one will help you achieve your real estate goals.

The second major mistake is altering your financial situation prior to closing. You don’t want to buy anything on credit once you’ve completed a loan application. For example, a major purchase like a new car can change your debt-to-income ratio and push you out of being able to qualify for a home. Large appliances (washers, dryers, refrigerators), outdoor and gardening equipment, electronics or computers, or furniture for your new home are also purchases you should avoid.

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A trusted advisor can help you make smart decisions.

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The third and final major mistake is buying the wrong house. The very first thing all homebuyers should do is make a list of priorities to define their home purchase objectives. Figure out what features and benefits will be most important to you in this process and what you can and can’t live without. Before you close escrow, review that list. It’s easy to overlook a major factor that can come back to haunt you later on.

It’s also easy to fall in love with a house and feel a sense of urgency to buy it as soon as possible. A house is a big purchase, though, and the cost of acquiring and liquidating real estate is so high that you must be absolutely certain that this is the house you want to live in for an extended period of time. I always tell first-time homebuyers that they should plan on living in their house for a minimum of five years to get the real benefits of homeownership and equity. We’re in a market that’s producing 3% to 5% equity growth per year, so if you can meet that five-year standard, you should come out pretty well.

If you have any questions about this topic or have a topic in mind you’d like to see us cover in a future video, just shoot me a text or send me an email and I’d be glad to help. I look forward to hearing from you!

Navigating Your Housing Situation Following a Divorce

noreply@blogger.com (Chip Glennon) — Wed, 3 May 2017 08:36:00 -0700

Figuring out your housing situation after a divorce can be overwhelming. We have a few tips to help you get through it as smoothly as possible.

Want to sell your Kansas City Home? Get a home value report here

Want to buy a Kansas City home? Search all homes for sale here

If you're buying a home after a divorce, you'll want to go through the process a bit differently. Your financial situation might be very different, so we have some tips to buy a home as a single person as painlessly as possible. First, check your budget and check it again. A loan pre-approval or pre-qualification gives you the maximum amount you can spend on monthly house payments and includes a good faith estimate which includes property taxes and insurance. You don't need to spend the maximum amount you qualify for, and as a newly single person, you don't want to end up house poor. Secondly, you need to consider what's really important. Moving down because of new financial realities might not sound like a picnic, but overextending your finances just to stay in one area or a similarly sized house can be worse. You'll probably have less buying power, which will limit your options, so you have to be realistic about what you can have. Be realistic with yourself about what you want and what you need, like being in a certain school district or living a certain distance from your work.

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Removing your name from your current mortgage drastically improves your creditworthiness.

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If you're in the divorce situation, consider getting your name off of your current mortgage. This helps improve creditworthiness because in a mortgage lender's eyes, you're still liable for that mortgage unless you sell the house or refinance. This helps provide stability when you go to purchase another home. Being newly divorced, you might not be ready from a savings standpoint and you might have financial obligations like credit cards or investments. These things can keep you from rushing into a new home, even if you want to. Many lenders also won't let a divorced person receiving alimony as evidence of income until there's a solid history of those alimony payments being made on time. Remember to keep in mind that buying a home is a big maintenance undertaking, which is amplified when you're the only owner. Feeling an urgent need to move can be very real, but you don't want to bite off more than you can chew, especially after the emotional turmoil of divorce. I hope you find this information helpful if you're going through a rough spot in life. If you'd like to have a further conversation about your unique situation or you need some guidance, don't hesitate to reach out to me. I'm here to help.