Hey Kansas Citians! It’s your gal, Rach the Realtor, back again with my treasure trove of local real estate knowledge. 🏡 You may have heard the news about the seemingly ever-increasing interest rates and be left wondering if now is a good time to buy or sell in KC. We’ve previously talked about buying. But what about selling? Does it make sense for you right now? Let’s dive deep!
How’s the Market Shaping Up?
There is no doubt the market has changed in the last year or so. Homes are sitting on the market longer and sellers are having to drop their price if they’ve priced too high. This is in stark contrast to the market of recent years when homes sold almost regardless of what they were priced at. Interestingly enough, the average sale price in the Kansas City Metro is actually up 5.4% from this time last year. It’s still a seller’s market with less than 6 months of inventory in almost every price point but the scales aren’t so tipped towards the sellers that you can just slap a house on the market and hope for the best like in days gone by.
Pricing: The Balancing Act
Setting an appropriate listing price is the absolute number one most important thing you do when selling your home in the current real estate market. The number of price reductions has dramatically increased across the Kansas City Metro because sellers are having a hard time coming to terms with how the market has changed. But if you and/or your agent have a solid understanding of your specific neighborhood’s dynamics and the uniqueness of your property, you can play this to your advantage. Starting too high will likely leave your house idling, but you almost can never go “too low”. Right now, the market will typically bring prices up where they should be with multiple offers over the list price if you price low and aggressively. Basically, it feels a little counterintuitive but by pricing lower, you will likely see more proceeds from your sale to move on to your next chapter of life!
Optimal Timing and Strategy: Leverage the Lull
Another way to pull in the best possible buyer is by conceding on things that aren’t related to the sale price. Things we are seeing a lot of in the KC real estate market lately are:
- Cover Some Closing Costs: Sellers covering closing costs can be a game changer for buyers who are tight on cash.
- Flexible Closing Dates: Adjusting the date to suit the buyer’s financial timeline could be an appealing proposition. Sometimes this looks like a super speedy close, sometimes it looks like a prolonged timeline!
- Interest Rate Buydowns: By chipping in on an interest rate buydown, you might sweeten the deal significantly. This can save buyers hundreds of dollars a month on their mortgage payments in the first couple of years.
The Final Pitch: Making Your Home Stand Out
But even if you do all of the above right… your home’s presentation is paramount. Now is the time to make sure every i is dotted and t is crossed in making sure you have the cutest home on the market. I have a Staging 101 Guide I use with my clients, I’d be happy to send over… hit me up! When I’m preparing my sellers’ homes to go on the market we do things like shape up landscaping, clear everything off counters and dressers, make sure the home is sparkling clean, and of course… ALWAYS bring in a professional photographer.
Let’s Wrap It Up!
KC, with its BBQs and boulevards, isn’t just another city—it’s where the heart is. If you’re looking to hand over the keys to another lucky dweller, I’m here to guide, advise, and ensure you get the best bang for your buck. Swing by my website at Rach the Realtor Kansas City for more insights, or just a good ol’ chat about your property aspirations. Let’s turn those for-sale signs into sold ones! 🎉
Cheers, and happy selling! đź’™
Rach
Rach Kilmer
Putting Down Roots in Kansas City
Learn about Putting Down Roots in Kansas City on a May airing of House Hunters on HGTV.