**UPDATE (February 25, 2014)**Well of course that market is a tricky beast and we are in the official swing of Spring. While the thermometer may still say Winter, the Seller’s Market has picked up tremendously! Houses right now in Kansas City are selling for 99.2% of asking price! Which is huge if you are a seller, talk about a quick turn around. For buyers, however, be prepared for multiple offer situations. Some things that might help? Be pre-approved, make a realistic offer, write a handwritten note about your family, and ask for no closing costs. Your offer will look more attractive to the sellers and will hopefully leave you in a better position should anything arise in the inspections. Best of luck buyers and sellers, and of course if you need anything, just give me a call!
Whenever I meet someone new, after the initial introductions the next question is usually, “and what do you do?” After I say that I am a Realtor, inevitably the NEXT question is , “how is the market?” Sure I could just say it’s great, but that isn’t really what you want to know is it?
With that said, I don’t make the market, I only interpret it. However, I take some time to really understand what it means for my buyers and sellers. If you are anything like me, I find statistics interesting, but I really only dig deeper if they apply to my current situation. If statistics are right up your alley, then hold onto your socks, I am about to make your day!
If you have a home to sell, you have excellent timing! According to the NAR Market Report, Johnson County average home prices are up 6.6% and the average Days on Market is only 62 days. Also, the amount of homes for sale is down 11% which means you have less competition for buyers, which is great right? On top of that, interest rates are at the lowest that they will probably be this year which increases the buying power of buyers shopping for homes just like yours. And speaking of buyers…
If you are looking to buy, did I mention that your best buying power is now? As of today (Feb. 4, 2014) the interest rate is 4.25%. Both the National Association of Realtors and the Mortgage Bankers Association is projecting interest rates to reach 5.3% by the end of the year. This means that if you are thinking about “moving up” now is your opportunity.
The difference on a $250,000 house at 4.3% and 5.3% is a difference of $151.08 per month that you would save, that is $54,388.80 that you would save over the life of a 30 year loan!Right now is neither a buyers or sellers market. That could change any day, although who doesn’t love a Win-Win sale?
On the flip side, Mr. and Mrs. Buyer with low inventory and low rates, if you find something you want, you better act fast and expect that you will be in a multiple offer situation. And to you Mr. and Mrs. Seller, these numbers are based on homes that are priced right and marketed for a quick sale. Want to know how to do that, give me a call, I would love to show you how I get your house just where it belongs on this moving market.
Let’s make it a moving day!
Sara Van Allen
Photo and interest rate facts courtesy of Keeping Current Matters