Why is the House We Looked at Yesterday Under Contract Today?
There is an old saying that I heard when I first got my real estate license 26 years ago… the house you looked at today and want to think about until tomorrow was bought by the people who looked at it yesterday and wanted to think about it until today.
You snooze, you lose is the current mantra in the Overland Park real estate market we are in. If you’re in the market to buy a house in Overland Park, you can’t sit around and think whether a home is the right home for you. You are not the only home buyers out there. There could be dozens of other buyers looking for the same type of house you are looking for. When I met with some buyers last week for the first time, there were about 8 houses on the market for them to consider in their price range. And of the 8, they only wanted to see 3 of those. Just for fun, I ran another MLS search for homes that were pending in their price range and there were 43 houses under contract waiting to close. Someone else bought them before we had the opportunity to even see them.
Remember when we were in a buyer’s market in Overland Park? How quickly we went from a buyer’s market to a seller’s market and now there is such a shortage of inventory it’s heartbreaking. I have several buyers that need to buy right now and there is nothing out there in their price range. If you’re even thinking about selling, NOW is the time!
Last Saturday these buyers and I met to go see the 3 houses they wanted to see. Best, bad, and worst in that order. The first house was a great floor plan but had a very steep backyard that went straight up to a major street. The second house had NO PERSONALITY and needed some serious updating. The third house was their least favorite of the three. It also needed updating. The listing agent of this home described the house as “WOW!” Obviously his wow factor and my wow factor are on different planets. His idea of “move-in ready” is very different from what I consider move-in ready. I don’t believe a home with outdated flooring, worn carpet, original brass light fixtures and no upgrades in the kitchen priced over $275,000 should be called ready with “nothing to do but move in.” But then that’s just my opinion. But my buyers and I also agreed that a house that hadn’t sold after being on the market for 30 days, in this “hot” market should be proof enough that a very average looking house with no upgrades isn’t going to sell for top dollar… or maybe not sell at all. Come on people. Who is to blame here… the agent that listed the house and told the sellers what a great house they had or the seller for not understanding what is selling? Statistics show that even now 30% of the market still isn’t selling at all. Duh! Get with the plan and create a home that people will fall in love with and make an offer on. Right now, if you’re selling your home in Overland Park and are still on the market after a week, there is something very wrong with your house.
If you have an average house and would like to turn that wallflower into the belle of the ball, call me direct at (913) 515-3250 or get started here.