Overland Park Home Sellers

misconception about the local real estate market

The Misconception about the Local Real Estate Market

There is a huge misconception about the local real estate market that should be addressed if you are selling or buying a home. The word on the street is that houses are flying off the market. Everyone says to me, “you must be really swamped right now with the way houses are selling!”

Whoa, wait just a minute. First of all, the average days on the market for a house in Johnson County is 35. We currently have a 2.1 month supply of inventory which is higher than it has been. There are 9,785 houses for sale in the metropolitan Multiple Listing Service area with 2,569 of those in Johnson County. As of today, there were 274 houses for sale in Johnson County between $150,000-$250,000. 274 is a lot of houses for sale.

What’s the Problem?

The misconception about the local real estate market stems from the lack of houses people want to buy. Sellers think everything is selling so fast, they don’t have to be their Sunday best. Buyers have looked at so many crappy houses, that when a halfway good one comes along, they are willing to pay whatever it takes to make it theirs. Buyers and their agents are so excited to find something, they are both overlooking what’s really blatantly wrong with the house. Are they all in denial?

Here’s Proof!

For example, I showed a house the other day that the listing agent raved about. For 3 days prior to it coming on the market, he was going on and on about how great it was. I was sure this was the one for my buyer. I was so sure, I had the contract filled out, ready for her to sign on the hood of my car like we used to do, so she could get back to work. The house had some nice updates but had some major flaws with the exterior of the house, needed new carpet and smelled like dog. We passed but the house went under contract that day. It wasn’t worth paying $10,000 or more over asking price to get this one. Plus, sorry, I don’t want to smell your dog in my house.

While I don’t work with a lot of buyers, my job as a buyer’s agent is to spot what the buyer may not see. My buyer has bought and sold many homes with me over the years so she isn’t a first timer. She’s eager to buy but she also understands there are also inspections to get through and is not willing to throw money away by not getting inspections worked out.

When a House Flips

Many homes will go under contract and then come back on the market because the home inspections turn up so many imperfections that the buyer ends up walking away from the transaction. After the inspections, the seller and buyer must come to terms with repairs or either seller or buyer can walk away.  All the things the buyer and their agent didn’t see while being excited about finally finding the perfect home just went down the drain. The home inspector has taken the emotion out of the deal and is telling you what’s wrong with the house you just bought. After spending somewhere between $500-$750 on inspections, that dream home is now the money pit. Back to square one.

The Misconception about the Local Real Estate Market

The misconception about the local real estate market is that every house that comes on the market is to die for. Believe me, in the lower end houses under $250,000, there is maybe a good one every 25 houses or so. Remember, as of today, there were 274 houses for sale in Johnson County between $150,000-$250,000. Does that tell you anything? You never know when a good one is going to be there. So you have to see them all.

Make it Shine!

Home sellers in this market must understand that their house isn’t going to sell and close unless they do the work to make it happen. This is Home Selling 101. Doing just enough to get by might get you the offer but keeping the transaction together through inspections is the hard part. That home inspector is going to nitpick every little thing starting with the peeling paint at the threshold of your front door. By the time you receive a 63 page report complete with photos of every little thing wrong with your house, you’re going to have a heart attack. Stop thinking the market is so hot you can get away with not detailing and staging your house. Putting your house in the Multiple Listing Service doesn’t mean it will sell. Having your house on the market is showtime. You’re on the red carpet and you’ve got one chance to make a first impression. It’s your money you’re going to lose – no one else’s. If you think you probably need to fix something, you’re probably right. Do it now before you put your house up for sale.

Green Light, Yellow Light, Red Light

There are a lot of new, inexperienced and experienced real estate agents out there listing houses for sale and telling you how hot the market is (how many houses are for sale between $150,000-$250,000)? Does that scream HOT MARKET?  There again, you can’t believe everything you hear. You need numbers…what’s your competition? Do you have a green light to go? 274 houses for sale should tell you that’s a yellow light and be a reminder to let you know that if your house is clean, well maintained and staged to sell, you should be good to go. If it’s anything less than perfect, that’s a red light to stop right there. Deal with it now, after inspections will only eat up your equity.

Bottom Line

No one thinks their house won’t sell…after all isn’t your house the best there is? Quit getting caught up in the emotion of it and treat it like a business transaction. That’s what I do as a listing agent. It’s my job to tell you what you don’t want to hear. Do what you would want done if you were buying your house before you bring it on the market. Selling quickly the first time is much more profitable than trying to sell it the second time around after it “flips” over inspections. That will cost you time and money you will never recoup. And don’t think it won’t happen to you!

If you are thinking of selling this fall, I’d love to talk to you about how I sell houses faster and for more money! Call me direct 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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