Time to Buy, Sell...Wait in Kansas City?
Nick asks me....”Do you think we are finally starting to see some burn off of the surplus home inventory or do you think that there is still more shadow inventory waiting to flood the market?”
He goes on, “I tried to sell my home, Realtor did a good job driving traffic, but I couldn’t get an offer near my minimum number....I have a little bit of equity...”
Nick, as to the first question....It depends...sounds like I'm "weaseling", but hang on a second....Gardner inventory is selling faster, so prices are stabilizing. North Kansas City Missouri Luxury homes inventory is backed up, sales are slowing, prices are still very soft. The prevailing thought, (based on conversation with Realtors that primarily focus on Kansas City foreclosure properties) is that "shadow inventories" in some areas in Kansas City are going to be a plague that drops home values still further. “Shadow inventories” will not affect all of Kansas City. If you have a specific area in mine, we can research the area for you.
As to the “equity” statement....Tough call. Equity is the difference between what you owe, and the market’s perception of the value of your home. “Fair Market Value” is defined as the market determining the value of our homes.
When Buyers show up to look at your home, the price isn’t that far out of line....Yet being close doesn’t count. At the end of the day, either you can get your sales number, or your options are limited to holding on to your home, or looking at a short sale.
Nick asks me....”Do you think we are finally starting to see some burn off of the surplus home inventory or do you think that there is still more shadow inventory waiting to flood the market?”
He goes on, “I tried to sell my home, Realtor did a good job driving traffic, but I couldn’t get an offer near my minimum number....I have a little bit of equity...”
Nick, as to the first question....It depends...sounds like I'm "weaseling", but hang on a second....Gardner inventory is selling faster, so prices are stabilizing. North Kansas City Missouri Luxury homes inventory is backed up, sales are slowing, prices are still very soft. The prevailing thought, (based on conversation with Realtors that primarily focus on Kansas City foreclosure properties) is that "shadow inventories" in some areas in Kansas City are going to be a plague that drops home values still further. “Shadow inventories” will not affect all of Kansas City. If you have a specific area in mine, we can research the area for you.
As to the “equity” statement....Tough call. Equity is the difference between what you owe, and the market’s perception of the value of your home. “Fair Market Value” is defined as the market determining the value of our homes.
When Buyers show up to look at your home, the price isn’t that far out of line....Yet being close doesn’t count. At the end of the day, either you can get your sales number, or your options are limited to holding on to your home, or looking at a short sale.
RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?
Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty
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