JOHNSON COUNTY, Kan. — Residential property owners in Johnson County, Kansas, will receive their 2022 property valuations in the mail this week, and for some, the jump could be in the double digits.
This week the appraiser's office is sending out notices letting them how much their property is valued at.
It comes as house hunting in the Kansas City area is as competitive as ever.
"The goal is, are you lucky enough to even be chosen?" Emily Vogt, a real estate agent with Better Homes and Gardens Real Estate Kansas City Homes, said.
Vogt navigates her clients thru intense bidding wars.
"So, houses that used to be five and 10 over, 15 over listing price and you would get it — it is now 50, 75 [or] 100," Vogt said.
High demand and low inventory are driving up property values in Johnson County.
"We haven't seen an increase like this since the early 2000s," David Boisvert, county appraiser for Johnson County, Kansas, said.
This year the average increase across the county is around 11%, which is far more than the 6.5% they were anticipating.
Boisvert said a robust real estate market led to roughly 95% of the county’s residential property values to increase.
The southern portion of the county around Spring Hill experienced about a 20% jump while areas closer to the state line had increases below 11%.
"I encourage the people, don’t just look at the quote percentage of increase, but actually get the dollar amount increase," Boisvert said. "20% increase on $250,000 versus a 20% off $600,000. There's a big dollar difference."
Values wouldn't have jumped as much if there was a balance of supply and demand.
"But at the same time, many sellers are super hesitant because they don't know where to go," Vogt said. "They can't find another house. The renters’ market is tough. So, it's a very extreme market."
It's causing fatiguing for buyers, but Vogt has this advice for them.
"Unless you really want to wait it out, you need to pay what sellers are demanding because somebody else will," she said.
The county has established a website for homeowners to learn more about property valuations and how to appeal.
