What is the Real Estate Market Really Like in Kansas City?
For the past 3 weeks I have been showing 8 groups of people homes for sale in Kansas City. At first I would show start by showing them homes for sale in a 4-5 hour period. After I got a grasp of what they were looking for, I would hunt the Kansas City MLS for homes that would fit their search criteria and e-mail them the new listings. When the buyers are available I would show them the new listings that fit their search criteria.
One of my buyers last night looked at me and said I didn't realize how bad the economy was. I asked what do you mean? They said we have looked at 32 homes in the Olathe, Lenexa, Shawnee and Overland Park area. Out of the 32 homes, 19 homes have either been a short sale, foreclosure or bank owned property. Another 5 homes have been so torn up that they'll never sell in the price range and 6 homes needed major work like foundation repaired or their roofs replaced. That leaves 2 homes out of 32 homes that were in good condition and ready to sell. Out of the two homes, this buyer made an offer on both. Both offers were over full price. One we have never heard back from the listing agent and the other we were out bidded by another home buyer.
I had another buyer who wrote an offer on a foreclosure home in Gardner. There were over 7 offers on the property according to the listing agent. We never heard back from the listing agent if our offer was accepted or rejected. I drove by the home the other day and noticed that someone had moved in.
Another buyer wrote an offer on a foreclosure in Olathe, Kansas. The home had been on the market 5 days. We wrote an offer over list price. We heard back within 24 hours that our offer had been rejected because the bank accepted another offer.
I can go on and on with all of the buyers I'm working with currently. They all have noticed that there are a lot of Kansas City distressed homes for sale and they are typically listed low. If they are in good enough condition and in a good area, they typically sell for over list price. Some distressed homes in Kansas City need at least carpet and paint. Some need some more minor repair while most need major repairs like new roofs, foundation repairs, new appliances, windows repaired and more work.
When a buyer makes an offer on their first distressed home, they worry too much about the list price. After they loose their first offer and realize that list price has nothing to do with the sales price, the home buyer will make an educated decision on the next offer. The Dowell Taggart Team helps buyers make educated offers by helping buyers do their research.
If you are looking for a home at a good value, do your research. Although there are some good values, not all of the distressed homes are a good value.
The Dowell Taggart Team can help you find and buy a distressed home in Kansas City. If you are looking for a distressed home, contact the Dowell Taggart Team at (913) 712-9313.
Bookmark on del.icio.us Bookmark on Digg Bookmark on Furl Bookmark on Google Bookmark on Netscape Bookmark on Stumbleupon Bookmark on Yahoo MyWeb
Comment Notification
Subscribe to this post's comments using
