Ever since the market started heading downward, a lot of sellers and their agents are paying close attention to the changing wants and needs of home buyers. As you can expect the average Kansas City home buyer is becoming more critical and practical when assessing their housing needs.
One of the biggest changes isn’t top of mind for a lot people. Of course once you step back and analyze why, it makes perfect sense.
There is a new survey out there showing that over 85% of home buyers (including first-time home buyers) are searching for a move-in ready house. A move-in ready house would be one that requires very few or no repairs. The typical thinking amongst people is that the economic downturn has caused bargain hunting home buyers to seek low price fixer uppers and save a lot of money, however the numbers show this thinking is backward. When you hear the reason, you’ll understand why this is. Since lenders now require more than a pulse to qualify for a mortgage, buyers are unable to do a lot of schemes that get them in a home for no money down. So all of that cash they were able to keep in their pockets is coming out in the form of down payments and closing costs. Once buyers start adding up the costs of repairing and updating a home the move-in ready home becomes much more attractive.
Now if you’re a person trying to sell your home, this news means one thing: make sure that basic fixes are corrected before listing your home on the market. And please know that promising to take care of them prior to closing isn’t good enough. You’ll want to be sure that there are no leaks from faucets, no squeaking or difficult to close doors, no broken windows or screens, no peeling paint, scuffed walls or torn up flooring.
No matter what you’re peddling buyers are always looking for the most value out of their dollar. The more bang they can get out of their buck, they happier they are. While this is nothing new, it seems to be more and more pressing today. When you’re house is priced correctly buyers come quickly with fair offers. A successful Realtor will consider all the things a knowledgeable home buyer does when they’re looking over homes. Think about the condition of the house, the wow-factor items that it possesses (and lacks), and of course look over close by comparable sales. The old cliché Location, Location, Location will always add more value than many updates can compete with. So if you’re in a desirable area, shout it from the mountain tops! Brag about the great schools nearby, or easy access to shopping and entertainment. These are the types of things buyers want to know.
Days on the market is a very serious bargaining tool used by both sides. If you price your home too high to “test” the market, or just by simply reading the comps wrong, that time can cost you tremendously when the offers start rolling in.
Make sure you understand what the home buyers in Kansas City are searching for so that you can exploit the strongest features of your property. If you’re competing with a similar home in your neighborhood, but yours has an updated bath, or new carpet, the chances are good that small difference will be what sells your house. Contact me today if you’d like to know what Kansas City home buyers are looking for when they’re out shopping our market.