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Tom Mcchesney's Blog

By Tom McChesney | Agent in Prairie Village, KS

Buyers Beware!

We've been in a buyer's market for so long that most people thought it might never end.  In looking at the Kansas City metro area, there is a definite shift going on.  Using the standard measure for what kind of market we are in (months supply, which is equal to the number of houses on the market divided by the number of houses sold per month) the rule is that a balanced market is 5-7  months suply, with less than 5 months being a seller's market and more than 7 months being a buyer's market.

In this part of the world, we've seen this measure as high as 11 months...a very strong buyer's market.  The latest stat that I saw (for June) has the overall market at 5.9 months and some pockets are actually down under 4 months!

What this means is that we are seeing more multiple-offer situations.  We're seeing houses selling near, at, or even above list.  Definitely a change from a year or two ago.  For buyers...don't expect to get lowball offers to go through unless the properties are in realy bad shape or you find that desperate seller who has to sell today.  For sellers...your house has to be in top condition and priced well to market to sell quickly (it's still not where you can put a sign in the yard of any property and expect buyers to be lined up).

Listen to your agent.  They are in the market; they are seeing what is going on; they can compare your situation to others.  They are the professional...in a changing market their guidance can make the difference between you getting (or selling) the house or not!

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