Across the state of Kansas, the real estate market has seen an unprecedented seller’s market. While this is great news for those wanting to sell, first time home buyers are feeling the sting.
Homes ranging from $100-$200,000 are in such high demand that they are selling within days, even hours of being put on the market. They are selling faster than ever before, and you might receive 20 or more offers on one home. Real estate professionals are seeing offers $20,000 over the list price and the buyer is STILL not getting the home. In fact, houses are selling so quickly, buyers often find themselves in a bidding war. Experts are saying to up your chances at snagging your dream home, you basically must be ready to make an offer immediately.
If you are looking to sell your first home and move up to a larger one, you are in a perfect spot. The number of homes available increases the higher the price point. So, if you’re thinking about putting that ‘for sale’ sign up, now is the time!
The big picture problem that seems to be causing the drought in homes is possible sellers are not seeing anything they want to move into, so they are hesitant to put their home on the market. A solution to this problem would be new construction. However, there are new homes being built and even those are selling quickly.
Currently, in Kansas City, there is a 1.5 month supply of inventory. For buyers and sellers, this means if nothing else went on the market it would take only 1.5 months to sell every home for sale. It’s a great time to sell but a difficult and exhausting time to buy. While agents must be on their toes and ready to be run ragged, looking at 40+ properties, and writing up offers on 4,5, or 6 homes, they are also seeing more $$$.