Anyone who's involved with Kansas City Real Estate currently knows the market is riding firmly in the seller's favor. Whether you're buying a house, selling a house, selling mortgages, doing home inspections or in any other way involved with Real Estate this is a given and has been for the last two years or so.
Last year was a good seller's market but this now it's bordering on insane. A quick glance at the numbers explains everything. The amount of homes available for sale is down 24.2% from this time last year. There are almost half as many homes on the market now as there was in May of 2014.
So now I have a 72 hour rule that I explain to my sellers.... If your house is priced less than $200,000 ($400,000 in JOCO) and on the market more than 72 hours, it's overpriced. This rule seems too simple for many people to believe. However every house I've listed this year has sold in less than 72 hours and most have received multiple offers in the first 12 hours on the market.
While it's tempting for agents and sellers alike to bump the price higher and higher of their listing/home for sale, this practice can be detrimental. The market will not let you under price a house and it's been my experience that when a house comes on the market overpriced it languishes and ends up selling for less than had they just priced it at correctly.
So if you're selling a home in Kansas City remember this rule. If you've been on the market longer than 72 hours and you're not under contract yet, it's likely you're overpriced.