THE INSIDE SCOOP BLOG

Homes for Sale in Overland Park – Are They Overpriced?

The current real estate market in Overland Park has a huge supply of overpriced homes for sale. And to add insult to injury, many of these overpriced homes, don’t show well. Last week, I spend a week with a couple that was motivated in buying a home. Their home had sold and they had to give possession in less than 30 days. We were on a mission to see every house on the market in their price range. So, we set out to do just that. Last week we narrowed our search down and found one home my buyers wanted to make an offer on. It was $20,000 higher than other similar homes in the neighborhood but we looked at it anyway because my buyers really liked the area. Making an offer on a house that is way overpriced is usually frivolous but you never know until you try.

I called the listing agent of the house for sale and had a conversation about the house, his seller’s situation so I could gather as much information as I could before making an offer. He told me they were moving out of town to be closer to their grandchildren and he encouraged me to write an offer. He was sure they could accommodate our quick close as well as a lower offer. He said he knew they overpriced the house but that’s where the sellers wanted to price it. Naturally the sellers always control the price of the house but it’s the agent’s job to provide their client with the comparables of what other buyers have paid for similar homes in the neighborhood.

Needless to say, the sellers countered our offer and came back with a much later closing date which meant my buyers would have to make two moves. While that could have been a possibility on our end, the price they countered back at was still way too high. There is a process to pricing a home for sale in Overland Park and overpricing it usually won’t get it sold. We moved on.

What is it that sellers don’t understand? This home was $20,000 over anything else like it in the neighborhood. The house was very Plain Jane – no granite, hardwoods, deck or finished basement. The carpet was older and dirty and needed to be replaced. Who’s fault is it when a home is overpriced by $20,000? Are these sellers – I’ll sell if I can get my price?

Personally, I wouldn’t take a listing that was obviously $20,000 higher than the other homes in the neighborhood. Maybe that’s one of the reasons why when my houses come on the market for sale in Overland Park and when they are not overpriced and we’re ready to be sold, these homes sell faster and for more money! Ready? Call me at (913) 515-3250 or get started here.

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