We’re selling homes and we’re going to share the secret sauce of selling a home in a buyer's market - Kansas City Real Estate Market

“My home is priced right, looking good...and I get no offers....What’s up?”

If you’re looking for a luxury home in Kansas City, it’s a buyer’s market.



Kansas City home prices have dropped to 2000 levels and more homes are within the average Kansas City home buyer’s reach; however, if you’re trying to sell your Kansas City house, it’s no secret that it’s hard to compete with so many distressed homes like foreclosures and short sales.



We’re selling homes and we’re going to share the secret sauce of selling a home in a buyer's market. 

We just had a home buyer get an offer accepted on a pristine $290,000 5 bedroom, 3 car garage home. The home 7 years ago sold over $425,000. These buyers are getting a great deal and the home is not a foreclosure or short sale.



This home home represents a small portion of the luxury homes in Kansas City. These luxury homes are not foreclosure properties nor are they homeowners that have been forced to do a short sale, selling below market value because they're upside down on their mortgage....



Nope.



We have been selling homes in Kansas City for over 20 years. We can’t remember a real estate market that has ever been like this. Homeowners are moving into luxury homes with nearly the same monthly payments as the homes they are moving from.



When homeowners are selling, they can compete with distressed  properties like foreclosures and short sales, but they must be willing to sell their house for what it's really worth in today’s Kansas City real estate market. Homeowners need to carefully review comparable sales in their neighborhood.



Who determines the list price of your home? You?



The Buyer determines the market value of your home.



What home sellers need to understand is that most home buyers want  a “turn key” property”. A “turn key property” is a property where the home buyer can move into in quickly and with few hassles. Home buyers don’t want to take care of the home sellers deferred maintenance like replacing carpet, installing a new furnace or painting. It is important for the home to be appealing, something very few distressed homes are good at dazzling the buyer except for price.



“On a foreclosure, home buyers think they can get a better deal, yet they have to spend $10,000, $15,000 or $25,000 just to get it the home up to the buyers taste. We had one buyer who bought an Olathe home this past spring. She thought she could put $12,000 into getting the home up to her standards, although I was telling her that it would take at least $25,000. According to my conversation with her on Tuesday, she has spent $23,000 and still has a laundry list of items to compete. She told me she would never buyer a foreclosure again.



Another concern for some home buyers is time.



"The general market is getting tired of waiting to get the final word from the bank on a distressed home. Some short sales are taking 1+ years to just get an approval from the bank.



Investors may also have to wait to make an offer on a foreclosed property. Many lenders open the bidding first to owner occupied homeowners. If no offers, the lender will open to investors.



The secret sauce in selling a home in a buyer’s market is hire a professional who will listen to your needs and will guide you through the process. A well priced luxury home in show condition will sell in this market.  After hiring a real estate profession, research the market, paying special attention to the sold inventory for the past 180 days. After reviewing the comparable solds, prepare your home to outshine the competition. Clean the carpets, hire a handyman to take care of the deferred maintenance, and update your home to today’s decor. When completed, stage the rooms so that they emotionally appeal to the buyer.



Need help or have a question? We’re a phone call away.

Buyers will buy the foreclosure over your home if they see value. When selling, prepare your home so it outshines the foreclosures.


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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