Overland Park Home Sales After The Tax Credit
While many of us Brokers, Agents and industry experts expected home sales to drop dramatically after the Homebuyer Tax Rebate ended on April 30th, homes in Overland Park and other areas of Johnson County have continued to sell at a good pace. In fact, this is also true of home sales throughout the entire Kansas City Metro area.
April Contracts May Contracts
Overland Park 207 160
Kansas City Metro 2,049 1,670
Olathe 164 107
Leawood 35 41
Lee’s Summit 94 75
With home prices and interest rates lower than they have been for many years, buyers realize that this may be the best time ever to purchase a home, even when a tax rebate is not available.
It makes sense. With interest rates hovering around 5% on 30 yr. mortgages and the price of existing homes as low as they are; do buyers want to take a chance of waiting for rates to go up even 1%, on a $200,000 loan that 1% will add $45,000 in additional interest over 30 years? I’d say no way!