Median SOLD Price of Lawrence KS
Single Family Homes 2000 to 2016
Have you noticed house prices have gone up since last year? The median SOLD price of Lawrence KS single family homes went from $180,000 in 2015 to $193,750 presently in 2016.
A $180,000 home purchased in 2015 with 3% down payment with 4% interest rate would result in a $1,193.82 monthly payment.
A $193,750 home purchased in 2016 with 3% down payment with 4% interest rate would result in a $1,277.37 monthly payment.
This is an $83.55 per month payment increase or an increase of 6.54% in 1 year.
(NOTE: 30 year loan, PMI, 1.25% property taxes, and $1200 insurance was used for both examples.)
So what caused this 6.54% increase in a buyer’s monthly payment for a median priced home in 2016?
The main reason has been a steady decrease in available single family homes for sale going from 1,620 at the peak in June 2007 to 219 homes at present. Fewer homes for sale with the same demand for about 1,000 single family homes per year drives the prices higher.
Following the elections there will also be interest rate increases. Both of these factors mean it will cost even more to buy a house in 2017 than in 2016.
Between 2015 and 2016, buyers were kept from being able to buy a house because they didn’t qualify for the monthly payment. Even more buyers will be prevented from buying a house in 2017.
Therefore, if buyers needed a reason to get off the fence and buy now vs buying later, I have given two.
Text call Rob Lang, At Home Kansas, 785-393-2274 to start receiving email alerts of homes within YOUR search criteria. Be the FIRST to know when a listing hits the market! Provide your search criteria (city or cities, minimum bedrooms and baths, is garage or basement required, and price range). Rob will set up a self updating website that shows just your property matches and you can mark them “Favorite”, “Possibility”, or “Reject” for easier viewing. You will love the advantage this gives you over other buyers for the same property!!
Once you have your favorites in mind, schedule your showings. Rob Lang will share with you any issues about the home that might make it difficult to re-sell the home as well as point out the pros of buying that property.