Riss Lake Real Estate Blog

Autumn Market Update

2011-11-26T08:46:00.000-08:00

The winter winds are beginning to blow and the holiday lights are shining brightly! Riss Lake is a wonderful place to live during the holidays with a light show on nearly every street. Curry Management also does a fantastic job of decorating our subdivision entrances with lights and holiday decor!

Fall sales in Riss Lake have definitely been the strongest of the year. As of the end of November total inventory of homes for sale stands at 37. The low list price is $280,000 and the high is $1,200,000. The average home price at $575,000 is a little misleading as there are a number of very nicely appointed homes in the $280,000-$350,000 range right now.

There have been eight sales since August 1 with the low sale price at $251,250 (An REO property) and the highest at $1,465,000 (A Julian custom build job on the 12th plat with a spectacular lake view!)

There are currently ten more PENDING and SHOW FOR BACKUP listings, all but one of which is listed at $450,000 and higher. Among the pending listings are several Julian built models and custom 12th Plat new homes.

The takeaway is that we have seen elevated levels of buying activity since August and are on track for a good year of sales in Riss Lake. Prices remain below recent year averages, but the sales activity remains healthy. Interest rates are still at record low levels and buyers are able to chose from a host of well appointed homes.

I am excited to announce that I am working on a high definition Utube video of the Riss Lake community that will be available to help market my neighborhood listings. I have contracted with a local production company to help me create a fun and informative clip which gives out-of-state buyers a chance to experience Riss Lake.

Also new for 2011, I have introduced QR Code sign riders on each of my listings where prospective buyers can use a smart phone to quickly access photos, room dimensions, price and home features right from the yard sign!

Remember that I am always available to answer your real estate questions and that I have extensive resources to help you get your home SOLD FAST!

Wishing you and each of your families a very Happy Holiday Season!

Summer Sales Update

2011-08-16T06:59:00.000-07:00

It is certainly hard to believe that school has already started and that the Summer of 2011 is drawing to a close! Riss Laker's have enjoyed all of the neighborhood amenities this summer and gotten a lot of use from our three community pools as temperatures soared in July!

As of August 16th, there are 39 homes for sale in Riss Lake. Summer sales of 14 since June 1, indicate a relatively stable market and comparable rate of sales to 2010. Total neighborhood sales since January 1, 2011 tally 27 homes. This does include a number of newly constructed homes that are being built by Don Julian Builders on the 12th Plat.

Our market has experienced pricing pressure (as has the entire U.S. residential market). Several homes have touched prices not seen since the early 2000's. It is important to note that these are the typical bargains which include REO (Bank Owned) and foreclosures. We have had relatively few of these.

Interest rates continue to drop and this has encouraged many who were on the sidelines to go ahead and buy. The 30 year fixed mortgage is now around 4.25%-4.5% which is amazingly low. For move-up buyers, Riss Lake presents a compelling opportunity to own in a great community with a variety of fun amenities.

If you would like to discuss your options for selling your Riss Lake home, or have questions about Riss Lake, please don't hesitate to call me. I would be happy to share my insider perspective with you!

First Time Ever Neighborhood Wide OPEN HOUSE! April 10th 1-3 PM

2011-04-08T05:37:00.000-07:00

Don't miss an opportunity to view more than twenty Open Houses this weekend at Riss Lake. Ken Smith and I have coordinated with nearly every listing agent in Riss Lake to host what we hope will be a HUGE SUCCESS! Prices in Riss Lake are lower than they have been in years and the inventory has increased significantly with the warm Spring weather. This is your best opportunity to own in the premier Northland neighborhood. Buy while interest rates are still low and purchase many of these homes for less than rebuild costs. Make sure to visit my personal listings at 8104 Forest Park Drive, 8325 Shoreline Drive, 5525 Sleepy Hollow and 5812 Hickory Lane. I will be at the Forest Park Drive home from 1-3 pm if you'd like to come by to say "hello!"

Spring is on the way....

2011-02-15T07:55:00.000-08:00

With sub-zero temperatures and endless snowstorms, this winter has been one of the worst in recent memory. Buyer traffic has been down for much of the winter across the Mid-West as weather has slowed just about all economic activity.

The good news is that home buyers who may have been considering a move but postponing the purchase are watching interest rates that are beginning to climb from a low that was reached in 2010. Inventories of distressed (short-sale and REO or Bank Owned) properties have also been cleared from the market- at least for now. This has resulted in an abnormally low number of properties for sale in Riss Lake for this time of year.

The strongest market segment in Riss Lake is currently the entry level home priced from $300-$350K. "Move-up" buyers are interested in 1.5 Story or 2 Story homes that are well maintained and offer more room (and neighborhood amenities) than their current home. At the time of this writing there are very few listings that meet this criteria.

Moving up in price to homes listed between $350-$450K inventories are a bit healthier. There have been some recent contracts in this segment which is encouraging as well. With a shortfall of inventory at the entry level in Riss Lake, the higher price points could definitely benefit in 2011. Buyers will view these homes (because they make up a larger share of the inventory) and decide that they can justify the higher purchase prices as they represent even more compelling value proposition than the entry level home. Combined with interest rates which remain at historical lows and the cost of new construction rising along with commodity prices many homebuyers will find good reasons to buy in 2011.

The consensus among economists is that the overall U.S. housing market will continue to struggle throughout 2011. What is always important to remember that the housing market is an extremely localized market. Kansas City, Platte County, and even Riss Lake can and should be evaluated independently of the broader market. In this context, I believe there is a likelihood that 2011 is a year which brings price stability, lower inventories and maybe, just maybe slight price appreciation within the Riss Lake community.

Many economic indicators like GDP, household incomes, consumer debt and even the stubborn unemployment numbers have shown positive signs recently. All of this should encourage sentiment and lead to a busy selling season this Spring.

If you have specific questions about Riss Lake or any Kansas City real estate I am available by phone or email. Remember that I offer confidential no obligation consultations for sellers and well-informed local market expertise for buyers.

Holiday Market Update

2010-11-28T15:27:00.001-08:00

The winter winds are upon us and the market has slowed considerably in Riss Lake.

As of November 28th, there are 34 homes listed for sale, 10 "Pending" (Three of which are custom build jobs on the final plat) and 1 home in "Show for Backup offer" status.

The number of homes SOLD in Riss lake from January 1 to November 28th, 2010 is 30. The average sale price is $437,833, but the Median Sale price was $357,750.

Comparing 2010 sales to a full year of sales in 2009 yields some interesting results. In 2009 a total of 23 homes were sold with an average sale price of $404,322. The median sale price was $350,500 only slightly less than the current year. Average days on market for 2010 is 114 versus 125 for 2009. 2010 was marginally better overall, both in volume and price, but well off of our "normal" market.

While Riss Lake has held up remarkably well through the "Great Recession" our neighborhood has not been immune to price weakness. It is not uncommon to find drastic price reductions resulting in homes that are selling for less than they were purchased for during the "boom" years 2000-2006. Often sellers are making financial concessions to buyers in the form of seller paid closing costs and costly repairs (roof replacements, etc.)

Smaller inventory levels and competitive pricing make this a buyer's market. Combined with interest rates on 30 year fixed mortgage products at around 4.25-4.5% (Lower by 1/2 point on 15 year fixed) make this a great time to "move up".

In my own analysis, and as a Riss Lake homeowner, I believe that Riss Lake will stabilize and present some compelling price appreciation going forward. No other Northland neighborhood offers a wider array of amenities, quality schools, picturesque setting and, of course, a 125 acre private lake!

If you would like to know more about listing or purchasing a property in Riss Lake, I am here to help. Having closed four of the 30 sales in Riss Lake in 2010, I am one of the more active Realtors in our neighborhood. I look forward to hearing from you!

Happy Holidays!

Fall Market Update

2010-09-14T07:20:00.000-07:00

The leaves have yet to turn, but the beautiful Fall weather is upon us! Riss Lake is definitely one of the best neighborhoods to enjoy all of the colors of this season!

The end of the Summer season brought a surge of buyer traffic and nearly fifty percent of the this year's Sold homes have closed since July. As of 9/14/10 there were 43 homes on the market ranging from $266,000 to $1,200,000. There is a nearly even distribution of homes for sale across the $300K, $400K, $500+K price categories.

With another 6 homes in Pending status (Under Contract), Riss Lake will continue to be one of the more stable Northland neighborhoods, weathering the housing correction better than most. Prices continue to be attractive for buyers in all price categories. Sales of lots and custom built homes on the Twelfth (Final) Plat are also strong.

The stability of the Riss Lake market can be attributed to the size, location and amenities provided by our neighborhood. Riss Lake is diverse in its demographic composition and offers homeowners unique amenities not found in other neighborhoods. I expect that the pace of sales will continue while prices remain competitive through the end of the year.

More detailed Kansas City sales commentary is available on my website www.TalkToMarty.com and I am always available by phone to answer your specific real estate related questions!

Summertime Sales Report

2010-07-26T09:26:00.000-07:00

Summer is in full swing at Riss Lake and the swimming pools are the popular spot to be as temperatures have climbed well into the 90's!

Our First Annual Riss Lake Block Party was a HUGE success in June with well over 400 neighbors in attendance. Be sure to check out the new photos and video clips on Facebook!

Sales of new construction on the 12th Plat have continued to stay strong while existing home sales have lost some of their momentum from the Spring.

As of July 26, 2010 there are a total of 44 homes for sale in Riss Lake. Prices range from $275,000 (A Short Sale) to $1,200,000.

On average, homes that are currently listed have experienced a fair amount of showing appointments. My listings are averaging 1-2 showings per week with better numbers in the lower price ranges.

In working with buyers within Riss Lake I have noticed a definite slow down since the expiration of the home buyer tax credit in April. The likely effect of this stimulus was that sales were "brought forward" or "borrowed" from the summer months and thus the lag that we are now experiencing. Lending continues to be a struggle for buyers who are experiencing more scrutiny from the banks and mortgage lenders.

On a positive note, there has simply never been a better time to purchase a home in Riss Lake than right now!

The combination of choice, price and interest rates are better than at any time since I have been following this market since 1997. The entry level homes in Riss Lake (Homes priced between $300k-$400k) represent some outstanding values. Given the broad diversity of amenities, the incredible location and the cost to rebuild, I am convinced that this is a perfect time to purchase within Riss Lake.

Nationally we have experienced a severe correction in home prices and Riss Lake home prices have only very recently reflected this. I believe that in the near term the market will begin to more accurately reflect the cost to rebuild a home and this should lend support to home prices.

Please feel free to contact me directly for a more detailed market analysis of Riss Lake home prices and marketing strategies.

Homebuyer Tax Credit Expires NOW WHAT???

2010-05-07T22:54:00.000-07:00

April 30, 2010 has come and gone and the Kansas City Regional market benefited from a flurry of first-time and move-up activity. Many buyers were scrambling to take advantage of the $8000 refundable tax credit and we watched as homes in the 100K-200K price range were snapped up!

The Riss Lake market, although considerably more busy than last year at this time, did not experience a big bump from this incentive. Buyer traffic has been brisk and some low offers have been forthcoming, but sales volume as measured by PENDING and SOLD listings is still sub par.

I anticipate that families with young children may be waiting to make a final purchase decision once school is out for the summer. I am still thrilled with the number of showings that my listings are getting (especially the newest one) and with the positive feedback that we have received recently from buyer's agents. I know that solid marketing and realistic pricing has helped a great deal.

The truest measure of the market, however, is the volume of closed sales. If the first four months of 2010 are any indication of things to come, we are still in recovery mode. Good inventory levels and an array of housing choices makes for a challenging market. I am cautiously optimistic that stability will return and sales will continue to pick up.

Busiest Market in Nearly Three Years!

2010-04-14T21:37:00.000-07:00

I am happy to report that there is a ton of buyer traffic in Riss Lake currently. In the past week, sign calls and showings have continued to ramp up with the warmer weather. Interest in my listings has increased significantly and offers have been forthcoming. Confidence has returned as transferees and current residents look to move up.

All signs point to stabilizing prices and good re-sale traffic. Now is the very best time to list a home for sale in Riss Lake with interest rates on the rise and the first-time and existing home owner's tax credit nearing its expiration date of April 30, 2010. It does not appear that the federal government will even consider a second extension of the tax credit.

Finally...First Riss Lake Contract of 2010.

2010-04-07T05:30:00.000-07:00

After many, many showings and a total of three offers, I am happy to report that 7721 Quail Ridge is under contract. This goes to show how difficult the market can be, even around the entry level price. The key is to make sure the home ALWAYS presents well and is priced at or very close to market.

Pricing, Condition and Marketting are so very critical to the real estate sale. All areas must constantly be monitored to insure that the home gets the exposure that it needs.

Still a great time to consider listing and SELLING your home in Riss Lake!

Market Heats Up!

2010-03-30T20:13:00.001-07:00

Showings and sign calls are WAY UP this week. Inventory numbers remain low in relation to years past. I remain very optimistic that the number of transactions will continue to rebound albeit at lower overall prices. The homes that are selling well in Riss Lake, and the broader Kansas City market for that matter, are in great condition and well priced. The buyers still have the upper hand as the market correction has continued its painful course.

Most mortgage experts and economists agree that mortgage rates will rise at some point later this year. Federal Treasury support of the secondary mortgage market cannot and will not continue indefinitely. We all know that 30 year fixed mortgages in the 5% range will not last forever. The rise will be hastened once inflation begins it's inevitable uptick.

If you are considering a sale, this Spring presents your best opportunity to get it done! Buyers have shown their willingness to "pull the trigger" and the Kansas City market is in rebound mode. Be conscious of the fact that Riss Lake represents a move-up market and is dominated by luxury homes. Market forces are still at work as lenders have tightened lending standards and are requiring higher credit scores and more down payment for loans affecting our price bracket.

This may sound like a mixed message and it reflects what is going on within our economy as a whole. While we are in a "healing" phase for the housing market, we still have a ways to go before we arrive at the new normal.

One disclaimer: I don't have a crystal ball; niether does any other Realtor for that matter. But I do pay very close attention to the inner workings of our economy and our local housing market. Your best chance for (selling or purchasing) a home in Riss Lake is right here, right now!

Supply and Demand above $300K

2010-03-21T06:42:00.001-07:00

Undoubtedly, home sales above the 300K mark have been most affected by the protracted housing market correction. The origins of this problem are two-fold: too much inventory and too few qualified buyers. During the "boom" years for housing from the late 1990's right through 2007, builders concentrated their efforts on building larger houses that represented more potential profit. This has resulted in a national (as well as local) excess of homes in the 300K+ price bracket.

The second component that determines price any market is demand. In simple terms, the recession has washed out many potential homeowners who were expected to own larger homes. Banks have also tightened lending standards putting further pressure on the availabilty of loans to purchase homes.

In order for prices to recover, one of two things needs to happen. Either supply must be diminished (lower number of homes built, less homes listed for sale) or demand must increase (more qualified buyers must enter the market, more money must be available to loan). Housing prices cannot recover without one of these two conditions being met. Most likely we will see a very protracted combination of recovery in demand and a diminishing of supply.

I am optimistic for the Kansas City regional area and for Platte county more specifically. A careful survey of the KCRAR Market Commentary and transaction numbers shows a definate shrinking of supply, an increase in number of sales, albeit it lower sales prices. As our economy regains its footing, we can reasonable expect a slow return to a new "normal" in both house prices and volume of sales transactions.

Market Heats up with Warmer Weather....

2010-03-19T06:50:00.000-07:00

I am confident that the warmer weather and the impending deadline for the first-time and existing home buyer tax-credit has helped to energize our local housing market. Showings, open houses, sign calls and Internet traffic are all way up during the last several weeks. Inventory levels within Riss Lake are low relative to historical numbers. With only 35 homes currently listed on the MLS (Multiple Listing Service) there is a limited range of choice for would-be buyers.

My experience representing buyers here in Riss Lake (and my own personal experience) demonstrates that the typical "move-up" buyer or relocation buyer has a very specific set of requirements for their new Riss Lake home. They often have a floor plan that is a favorite or require a particular type of lot or location. For this reason, listing your home for sale during the peak selling season may well result in a contract. Make sure that you "set the stage" by following tried and true pre-listing activities and using a local market expert to properly market your home.

A Market on the Mend.

2010-02-25T08:42:00.001-08:00

After three years of slow sales and significant price reductions, buyer traffic and interest appears to be rebounding at Riss Lake. The inventory of resale homes in Riss Lake had been in steady decline for nearly 2 years with sellers being reluctant to list and sell a home in what was perceived as very challenging market.

I am happy to report that showings are extremely brisk on my newest listings and I am optimistic that we have seen a "bottoming out" of prices our neighborhood. Consequently, many homeowners have chosen to get a "jump" on the Spring buyers by listing their properties for sale in January and February. Not a bad idea, but there are a number of important consideration to make when positioning your home for a timely sale at the highest possible market price....