THE INDEXKC- JOHNSON COUNTY KANSAS MARKET UPDATE
Weekly KC Metro Market Update
Fear and uncertainty are keeping regular people, like you and I, from making good decisions based on facts. Let’s look at what we have in front of us….
Johnson County Buyers in the past month days on market have jumped from 22 to 38 days….While homes sold have trended downward only slightly from 250 homes per week to 239 homes last week. Inventory numbers added are trended downward from from 146 homes per week to 129 homes listed per week. Let’s make sense of this together.
To add context, as mortgage rates have risen, listed homes are staying on the market a bit longer as many buyers have sought shelter on the sidelines. Understand, waiting on falling rates will only put your home search in the path of more competition. This, in turn, has made some sellers head for the sidelines as well….Again, a poor strategy for 2 reasons….1-Inventory is still at an all time low, keeping the value of your home high against rising mortgage rates, and 2-a wait for lower rates will only make it harder for sellers to find their dreamhome in the face of greater competition.
Johnson County Sellers as you consider your go to market strategy, take notes…1-you are seeing homes sit on market a bit, but sales values haven’t dropped appreciably; price your home on a trending line consistent with TODAY’S sales values, forget about last summer’s trending lines. 2-Homes in best condition are selling much more quickly than those requiring work….Tackle the “honey-dos” and reap the rewards, and 3-Appraisers and agents have far more data than you do….They are tuned in and hyper aware of trending price lines for sold properties. Price your home in line with TODAY’S market.
Pro tip for Johnson County Sellers….The market shift has impacted lending practices; do not expect lenders to allow the same leeway (i.e. appraisal waivers, cash provided in addition to loan to cover appraisal shortfalls, etc.) while negotiating. Expect to sell your home for appraised values.
If you’ve got questions regarding the impact of the shift on your search or the value of your home, we’ve got answers! Click the button below and let’s get you the information you need to be successful!