THE INDEXKC- OVERLAND PARK OLATHE SHAWNEE MARKET UPDATE
Weekly KC Metro Market Update
Oh the difference a month can make….
Buyers average days on market tripled for Olathe and Shawnee over the past month, while Overland Park days on market fell, demonstrating more resilience in Overland Park home values as well as desirability. Homes listed, (i.e. inventory) has increased by roughly 50% week over week, while homes sold have remained relatively unchanged. To summarize, inventories are rising as mortgage rates rise sending some buyers back to square one as they wait for rates to fall. Run against the crowd here; write your offers while there is less competition.
Sellers as you watch the days on market rise, keep in mind two key points…1-Homes requiring the least amount of repairs by buyers are attracting far more offers than homes requiring work to become move-in ready and 2-buyers, agents, appraisers and lenders are well aware of market trends; attempting to market your home to the small subset of buyers who AREN’T AWARE OF CURRENT MARKET TRENDS will simply result in your home sitting on the market longer.
Prices won’t be returning to last summer’s numbers for years to come. Accepting the “new normal” is your best course of action.
Pro tip…. Mortgage rates still have room to rise; if you’re waiting for rates to fall to refresh your home search, you’re likly to face higher rates sooner than lower rates.
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!