The lack of available real estate inventory results in a “seller’s market,” posing a challenge for buyers. It can be a good thing, depending on what side of the transaction you find yourself! The Kansas City real estate market has been very hot, often resulting in multiple offers on Day 1. Many sellers find themselves receiving OVER asking price with no contingencies attached. A hot market is typically good news for sellers: inventory is low, and competition is high.
This process can be sped up even MORE if your house has some or all of the following:
- Custom/upgraded finishes
- Priced right, under the guidance of a real estate expert
- Desirable school district
- Finished lower level
- Fresh, clean paint and floor coverings
- Desirable neighborhood with nearby amenities
- Location near schools, highway access, shopping, restaurants
On the flip side, buyers will be up against a lot of other people vying for the same piece of property, and up against a short supply of existing homes. Also, first-time buyers in high demand areas may find that their best offer is beaten out by cash buyers and investors. Use an experienced real estate agent (like any one of us on the Cami Jones & Company Team!) to help you get a handle on the market and look over what’s available. You will need to decide where you can or can’t (or aren’t willing to) compromise. Remember, finishes and appliances and paint colors are easy to change, location isn’t. (Read our previous post on HOT neighborhoods in south Johnson County!)
As a buyer, you’ll want to get your financing lined up so you don’t waste any time in a hot market. Once you find the house…be ready to pull the trigger with your offer! And be ready to offer without contingencies. In a hot market, sellers will likely take the cleanest offer: the one with no contingencies, the one with the most money down and the one offering the quickest (or most preferable) closing date.
How Our Team Helps Buyers:
New Buyer Consultation
We want to meet with you! Contact a Cami Jones & Company agent to schedule a new buyer consultation. We’ll sit down and discuss your wants, needs, and timeline.
Determine How Much House You Can Afford
During your consultation, we’ll put you in touch with our trusted loan officers for a free pre-approval. Knowing you’re pre-approved not only helps you narrow your search but shows sellers you’re a motivated buyer.
Set Up a Home Match Account
This is an exclusive tool that Cami Jones & Company offers you through our partnership with ReeceNichols. With the help of your Cami Jones & Co. agent (or on your own), set up a custom Home Match account to begin researching available homes in your desired community.
Preview Homes and Tour Different Areas
Now it’s time to see your choices up close, and start to gauge the market. Your agent can quickly set up showings of homes you’re interested in. And since we are partners with ReeceNichols, you’ll have the chance to view hundreds of open houses in just a few days at their special Open House Celebration weekend each month.
Make and Negotiate an Offer
Once you’ve found THE one, your Cami Jones & Co. agent will prepare the offer to purchase and review all the details. No stone will go unturned to make sure everything is on the up-and-up. After the contract is submitted, your agent will use her expertise to negotiate the purchase of the home with your best interests in mind, while continuing to communicate with you every step of the way.
Finalize the Contract and Mortgage Paperwork
Now that the seller has agreed to all of the terms, the paperwork, inspections, appraisals, and mortgage will be finalized. Begin packing and planning for your big move!
Closing Day & Move In!
Pop the champagne, the big day has come. Your agent will be by your side on closing day as you sign the paperwork to purchase your new home. Celebrate accordingly!! Your Cami Jones & Co. team is never finished. While your home purchase is complete, we will continue to be a resource for any and all home-related questions.
Above all, be flexible and be patient! Your dream house awaits, it’s just a matter of time. Good luck! Contact us today and let us help you sell and find your next home!
*image from ReeceNichols; based on Heartland MLS Statistics