Move Quickly to Buy Favorite Houses in Kansas City
Competition for Kansas City homes is creating bidding wars
and some disappointed buyers. That is
why it is important for serious buyers to get preapproval, view the favored
homes, and be ready to place offers quickly.
There is no time for procrastination or indecision! Desirable properties in the Kansas City area
are being snatched up in the blink of an eye.
Offers even come in before homes are officially on the market and during
open houses.
Here are some ways buyers can get a surer foothold in the Kansas
City home market:
1.
Get a preapproval letter from your lender.
2.
Write a personalized cover letter to show
buyer’s motivation.
3.
Make strong offer.
a.
Increase the price or earnest money deposit.
b.
Pay cash.
c.
Wave contingencies such as inspections and other
liabilities.
4.
Request accelerated acceptance date.
Most especially, those homebuyers looking for homes at
medium price points in good Kansas City neighborhoods need to be prepared. Today’s Kansas City real estate market is
experiencing a short supply of homes for sale.
In March 2012 there were 7.1 months of existing homes available and
today there are only enough homes on the market to last for 4.8 months.
Sellers have it pretty good with many of them entertaining
multiple offers. They can choose the
cream of the crop. This is not the
market for low-ball offers. Most homes
are selling for amounts close to the asking price or more. In March 2014, the average sales price for an
existing home was up 5.5 percent to almost $160,000.
The supply of new homes is a bit better. The Home Builders Association of Greater
Kansas City announced a 4-percent increase in building permits for
single-family homes during the first quarter for a total of 863. According to a recent article in The Kansas
City Star Newspaper by Kevin Collison, “The supply of new homes was 26 percent
higher in March than a year ago, with 1339 on the market.” The average new home sales prices have
increased year over year approximately 1 percent to almost $341,000.
Several elements are at play. Continuing low interest rates, new jobs relocating
to Kansas City, and affordable cost of living are a few of them. Kansas City was ranked as the 7th
Most Affordable Market among metropolitan areas with more than 1 million people
in the United States, according to Collison.
The information came from nerdwallet.com, a San Francisco-based consumer
finance website.
Shelly O'Boynick
Realtor, Broker Associate
RE/MAX Realty Suburban
12701 W. 87th Street
Shawnee Mission, KS 66215
cell-816.830.3370
www.ShellyOBoynick.com
email ShellySellsRealEstate@gmail.com
Shelly O'Boynick
Realtor, Broker Associate
RE/MAX Realty Suburban
12701 W. 87th Street
Shawnee Mission, KS 66215
cell-816.830.3370
www.ShellyOBoynick.com
email ShellySellsRealEstate@gmail.com