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How to Win Real Estate March Madness in Overland Park
In case you hadn’t noticed, real estate March Madness in Overland Park is running rampant. Inventory is still at an all time low and there are many more buyers than houses available.
If only I could get my baby boomer friends to downsize. They need to sell their current homes and move on to be closer to their grandchildren or move to warmer weather. But they are all procrastinating and putting off the inevitable – their next move.
Contributing to the real estate March Madness in Overland Park is that houses come on the market and are under contract within hours. I listed a home last Friday morning that had a Man Cave and a She Shed. Sellers have to give buyers what they want and buyers have to give sellers what they want. When your house is ready, the buyers will come.
My home staging paid off and I presented multiple offers to my seller at a bar during the KU game Friday night. He was there to watch the game. I was there to get his signature on the paperwork.
I always feel bad for the buyers that don’t win the competition. But if you are in the market to buy a home this spring, you’ve got to understand the market and what it’s going to take to buy a house.
Here’s the current status of the local Overland Park real estate market:
- There is a huge shortage of great homes coming on the market for sale
- Obviously, there are more home buyers than there are homes for sale
- Remember, there is only one winning offer per home – there are no runner ups when buying a home
With that said, how do you stand a chance of getting a home in this market?
How to win at real estate March Madness in Overland Park:
- If the house just came on the market, it’s smokin’ hot and there are 6 other buyers there at the same time you are, you’d better step up to the plate and offer way over asking price.
- Be sure you have a preapproval letter from a well known and respected local lender that has a reputation for closing loans ON TIME. Using an online lender will usually not win the deal in a multiple offer situation.
- Make a substantial earnest deposit upfront. Don’t be stingy with your money.
- If you want the seller to pay your closing costs, add them on to the list price and then make your best offer from there.
- Bring a clean contract and don’t complicate things – don’t ask the seller to leave the refrigerator when he said it doesn’t stay.
- Be sure you have a buyer’s agent that thinks outside of the box. Real estate March Madness in Overland Park demands a strong, experienced agent who knows how to get things done. I always want to co-op with a strong buyer’s agent that is going to get to closing. Too many agents give up when the going gets tough. And in real estate, the going can always get tough. We’re in a challenging market and not all agents know how to play.
If you aren’t willing to step up, maybe you should wait for a different market. This is a time for buyers who are serious about buying a home.
The lesson learned in real estate March Madness in Overland Park is there is always someone willing to pay more than you for a house. Don’t let it happen. Remember, every thousand dollars that you borrow is about $4 a month on your payment.
Would you rather have a couple less coffees a month or the house of your dreams? This market is not the time to hold back and try to negotiate the first day a house is on the market. You’ll lose out every time.
My seller on Friday missed watching the KU game but won a more important game – real estate March madness in Overland Park and the home selling game. He scored big time and sold way over asking price!
If you’re thinking about selling, please call me to see how my selling system and home staging expertise attract more buyers and their agents so you net more money. You can reach me at (913) 515-3250 or contact me here.
Want to know the latest stats in your neighborhood? Don’t rely on the Zillow Zestimate. Here’s a quick tool that will research your subdivision and provide you with a report within minutes – direct from the local Multiple Listing Service. It’s fast and it’s FREE! Click here and insert your address.
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(all data current as of 8/24/2019)
Listing information deemed reliable but not guaranteed. Read full disclaimer.