If you want to sell your home in Kansas City, there’s never been a better time than now.
The real estate market in Kansas City is an unprecedented seller’s market, according to the Kansas City Regional Association of Realtors.
In fact, if the KC real estate market were any hotter, the Missouri River would be flowing with lava instead of water. Ok, well, maybe that’s a stretch, but when there’s only a 1.5- or 2-month supply of available homes from Johnson County, Kansas, to the Northland, you know the competition is fierce and the market is on fire.
According to recent report on local real estate trends from The Kansas City Star:
- Starter homes ranging from $100,000-200,000 are in such high demand they are only staying on the market for days or hours, depending on the area. Some are selling within 30 minutes of being listed in the local Multiple Listing Service (MLS).
- Real estate agents report that some homes may get up to 20 offers.
- Many homes in popular neighborhoods are selling for well above their listing prices. Buyers are making offers of $20,000 above list price and are still getting outbid by another offer.
- According to real estate stats, Kansas City has about 1.5 months of inventory, meaning if nothing else went on the market it would only take 1.5 months to sell every home for sale in the area. A balanced market favoring buyers and sellers equally typically has a 5-6-month supply.
This all means that it’s a terrific time to sell your home in Kansas City, but a challenging time to buy. If you want to sell your starter home and move up to a larger one, this market works in your favor. Inventory increases at higher price points. But for those first-time buyers looking to buy a starter home, it may take time, a little luck and a lot of patience. In the current market, you should be prepared to make an offer immediately – and that offer likely will need to be above asking price if you want the sellers to seriously consider it.
A recent study of 16,000 U.S. zip codes by Realtor.com revealed that, overwhelmingly, the ZIP codes experiencing the quickest sale of homes are in the West. According to the report, the biggest surprise was Overland Park, Kansas, which ranked 10th overall. Homes there sold an average of 25 days after being put on the market in the first quarter.
“The Kansas City metropolitan area itself has been hot this spring,” the report stated. “Overland Park is leading the pack in a new set of boiling hot neighborhoods in the Midwest.”
If you want to sell your home in Kansas City, take advantage of the “boiling hot” market right now. Whether you’re buying or selling in this competitive environment, you’ll need a team of experts on your side. Call on Team RE to help with all your buying and selling needs, 913. 451.5711 or www.teamre.com.