Rent to Own Homes in Overland Park
It’s no accident that Overland Park is routinely recognized as one of the best cities to live in the United States; it’s the result of concerted efforts by Overland Park city planners and community leaders to continue the city’s original goal. The result is a prosperous, well-kept town that makes the most of its proximity to Kansas City without sacrificing its own small-town charm. Industry and commerce have taken notice, locating many corporate offices within Overland Park city limits, including Spring’s world headquarters.
Buying a Home in Overland Park?
Overland Park’s median home price jumped from about $350,000 last year to the current $425,000, bringing the per-square-foot price to $133. About 40 percent of properties currently on the market have experienced a price decrease, and houses are selling within an average of 78 days on the market. The median Overland Park home sold is 3,213 square feet on a median lot size of one-quarter to one-half acre. Distressed properties have decreased 65 percent over the past year, but there are 352 properties in Overland Park that are in one of the foreclosure stages.
Popular Neighborhoods in Overland Park?
Couples, families and young professionals appreciate the mix of turn-of-the-century homes and mid-century ranch homes of the Historic Overland Park District. The neighborhood is close to downtown, parks and other recreation, and it has a friendly and active neighborhood association. Well-off families enjoy the upscale amenities of Brookwood Estates; homes are 3,500 to 6,00-plus square feet; residents have access to walking trails and a neighborhood pool, and kids attend the nationally recognized Blue Valley schools. There are also a number of new master-planned communities like Chapel Hill and Wilshire by the Lake in the south part of town.
Buying vs. Rent to Own Homes?
Buying into a strong housing market like Overland Park’s can be tough, but rent to own homes provide a more accessible process. That’s because rent to own homes place less importance on perfect credit scores and large down payments. Instead, rent-to-own arrangements just call for a one-time option fee and monthly rent payments plus a small premium. Oftentimes, the option fee and monthly premiums are credited toward the down payment that is due at the end of the contract. This gives home buyers a consistent way to save for a down payment.
Cost of Living in Overland Park?
Overland Park is one of the region’s most affluent cities, and its cost of living reflects that status. In general, residents pay 17 percent more for living expenses than the national average, with housing coming in at 52 percent above average. Other necessities are closer to the national average. Groceries and health care are both 2 percent less expensive than the rest of the nation, and utilities and transportation are 1 to 5 percent costlier.
Named the No. 1 Best City for Families by WalletHub, one of Forbes’ top 25 cities for retirement and a top 10 soccer community, Overland Park is a city for all ages. Part of Overland Park’s appeal is its beautiful homes and neighborhoods, ranging from the historic cottages to brand-new homes. There’s a cost to these amenities, though, and that cost is shown in the city’s housing market. The city’s $425,000 median home price is far higher than the national median, which pushes the region’s total cost of living to 17 percent above the national average.
Summary
Named the No. 1 Best City for Families by WalletHub, one of Forbes’ top 25 cities for retirement and a top 10 soccer community, Overland Park is a city for all ages. Part of Overland Park’s appeal is its beautiful homes and neighborhoods, ranging from the historic cottages to brand-new homes. There’s a cost to these amenities, though, and that cost is shown in the city’s housing market. The city’s $425,000 median home price is far higher than the national median, which pushes the region’s total cost of living to 17 percent above the national average.
Rent to Own Realtors
Realtors are highly skilled at informing potential buyers and prospective sellers about rent to own. A realtor can help find the second half of the deal you have been searching for.
Unfortunately, not many realtors are interested in rent to own because there isn’t a lot of money for them in the process. In the past, that would constitute a serious roadblock to rent to own; however, there are plenty of websites available for buyers and sellers to find each other.
Completing your rent to own deal without a realtor could save the seller a lot of money on commission. That gives the seller some wiggle room on the sale price, which attracts even more buyers.
About Our Listings
Listing properties for traditional sale eliminates a big chunk of the buyer market. People with bad credit are left out of the traditional home buying process. Nonetheless, buyers who don’t qualify for mortgages are still in the market for apartments and houses.
Rent to own by owner programs with no credit check are an easy way for a seller to start earning money from their townhouse or condo in a market that isn’t viable, which appeals to new groups of buyers.
Through rent to buy and lease to purchase, sellers rent a property to potential buyers for a set lease term. During which, the seller earns profit through the rent buyers pay as a tenants. At the end of the lease, the buyer has the option to buy the property, or if they signed a lease-purchase agreement, they must buy it.
With a little patience, sellers can make rent money and the true value of their home from its eventual sale. Which is better than selling the home cheap and competing with bank-owned foreclosed homes that sell for less than market value.
Sign up for one of our free listings so that potential buyers can find you when they look for rent to own homes near me online.
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