There are an abundant of Overland Park homes still on the market, are you one of them?

Our real estate market in Overland Park and Kansas City metro area is going through some difficult selling pains. Unfortunately, many sellers put their Kansas City homes on the market in the spring of '07 hoping to get a value from previous winter. These sellers were figuring that their neighbor's homes had sold 4-8 months earlier for a higher price. Of course, they feel their homes are worth at least what the neighbors homes have sold for or more. Of course, we all feel our personal homes are worth more than others. But, the market has been going through some corrections, sellers are slow to accept these changes. They feel they have lost that money. In effect, they haven't lost money they never received. I've watched many sellers who did not want to believe the new value, so they listed their homes for what they thought they were worth. I have watched them ride the market down through at least 1 listing contract and still not sell. We have abundant of Overland Park homes for sale that have not sold. Today, those homes are probably not getting any showings. The Kansas City buyers are inundated with negative information on the real estate market across the country & all the sub prime loan problems. Therefore, the buyers are waiting to find a seller who is willing to offer great value. Great value can mean excellent condition & priced below market. Buyers are waiting until they find a home that has the updates completed along with the price they are willing to pay. This is not a market to speculate price or condition. It means a seller, must offer value! So price your home accordingly. It's smarter to take a giant step in repositioning your home's value and get ahead of the curve and not wait to sell your home!

Selling Your Overland Park Home in today's market

For most of the year, we've heard from the media that the real estate market in Kansas City and across the nation is definitely declining and is saturated with homes for sale. That is definitely the case. We have more inventory than we have had in years. If you are considering selling your Overland Park home, it is so important to understand pricing a home today. Price and condition are critical! It's understandable every seller wants the best price for their home! No one ever feels that their home's worth is less than their neighbors. But if the seller isn't listening to what the market is dictating, than it is a road to frustration & distress.

For the first time in years, we are beginning to see appraisals come in lower than the sales price for homes in Kansas City and Johnson County. We all know that a home is worth what a buyer is willing to pay for it. But many appraisers are not giving full value to updated features, amenities and other considerations. So now you have to prove to the appraiser of the value also.

So when pricing your Overland Park home, you have to scrutinize the comparables in the neighborhood, market conditions & other properties that are available. Many sellers in Kansas City feel that they have to TRY a price for 30 days and then adjust it. By then, your best time on the market is gone! When a home first comes on the market, it will bring more excitement & interest. Buyers are looking for great value today!! So price your Overland Park home just below market value. Therefore, offering more value - that is what's important to the buyer!