Maria Morton

Prices have been down in KC for over a year. Some areas are still down and will remain down for who knows how much longer. In the more popular areas, our inventory is leveling off - even decreasing slightly. Mortgage interest rates have risen over the last year. As interest rates rise and the number of homes for sale decreases, prices will go up. Slowly.

If you are trying to time the market, good luck.
If you want a good deal, there are many factors to consider. #1 Why do you want to buy? #2 What is your price range? #3 Where do you want to buy? #4 Do you want a move-in ready home or one needing work? #5 How are you paying?
If you are among the many buyers in the United States who will need downpayment assistance, be aware that most, possibly all, of those programs will be stopped October 1st unless Congress revises their vote.
Mortgage interest rates have risen about 1% over the last year. The criteria for getting a mortgage have also changed, leaving some people unable to buy and others paying a higher rate due to imperfect credit ratings.
The highest number of homes being sold is in the $100,000 - 300,000. range; many first time buyers are comfortable $150 - 200,000, so those homes go quicly. If you are looking in the >$1million range, we have a 5-year supply in KC. There is also less competition at that price point. Homes priced between $300-900,000. generally take longer to sell than the lower priced homes but less time than the high dollar homes.
In any price range, there will be homes in preferred locations in good condition that are priced right. These homes often sell in less than 30 days; some the day they go on the market, or even before they hit the MLS. How does a home sell before it is advertised on the MLS? There are buyers with agents who are keeping an eye out in a particular area for their buyers. The agent lets other agents know what they are looking for. The agent listing the home for sale will announce that the home is coming on the market. The buyer's agent shows the home to the buyers; they make an offer; the contract is in place by the time MLS processes it. These people are usually experienced buyers who understand the value of working with a realtor. First-time buyers, or people who have not purchased real estate in 10 years, often lose the first house they want to buy due to procrastination. They do not realize that the good houses still sell fast so are unprepared to move quickly when their realtor tells them this is a good house that will not be on the market long.
If you are someone who would like to purchase a home needing work, will you be doing the work yourself or hiring it out? You will need to know the cost of supplies and labor and the value of the house with and without the planned improvements.
There are more than 20,000 homes for sale listed on Heartland Multiple Listing Service. No one sees them all. What you can do is to narrow down your criteria and compare the homes available that meet your specifics then determine which of those homes will give you the best value for your dollar.
This is where the value of using a buyer's agent becomes apparent. We are in and out of house all day every day. We pay attention to the changing financing options. We keep up with the terms of houses under contract. Using our knowledge and experience allows us to seek and find the best deal for our clients according to the criteria they set. This leaves the client free to attend to their activities of daily living while their agent narrows down the list of possibilities. - Sun Aug 17 2008, 08:40

So, what happened? Did you sell the house? I really like to know the ending of the story.
Marketing is more than putting a sign in the yard and listing it on MLS; what did you do and how did that work for you? - Sat Aug 16 2008, 18:05

There are currently 15 Active Listings in 66214
1 Accepting Back Up Offers
6 with Contracts Pending
7 Sold in the last 90 days. Low price= $166500; high price = 241000
Days on market for each of the Solds listed in MLS = 7,7,16,6,4,13,6
The Average Days on Market for the month of July is 33days (per heartland MLS)
I did not compute the average number of days on market for the Active Listings because I know from the numbers I crunched on someone else's behalf this morning that the top 10% of homes sold in the first 30 days they were on the market.
What made them sell that fast in this market?
They were priced right; best condition; and marketed well from day one.
Best of luck to you. - Sat Jul 19 2008, 22:07

I'm sorry, perhaps I'm not understanding here - are you the realtor? When you say "under contract", what exactly do you mean? You have a real estate contract, an offer to purchase? Or are you referring to your Exclusive Right To Sell Agency Agreement?
Your signature says "Real Estate Pro in 10139" which makes me think you are a real estate agent, but if that's true, why would you be asking this question? - Sat Aug 16 2008, 18:00

I'm not in Maryland, but in this part of the country, I would advise against it. Why? Because you wouldn't get half of that back in price when you sell. Check your local building codes; here a bedroom or bathroom in the basement does not count because of egress.
Also, the trend I am seeing is buyers looking for the laundry room on the same level as the bedrooms. What I might recommend (sight unseen) is cleaning the basement thoroughly, painting it a light color, and putting in some 100watt light bulbs. Then ask a professional realtor to take a look at the whole house and tell you what it needs to sell fast for the best possible price. You may also want to consult with a stager. Caution: most realtors will want a signed agency agreement before providing a professional opinion. This is in accordance with the law of agency as well as our desire to be paid. - Sat Aug 16 2008, 17:52

It depends on how the auction is formatted. Check with the auction house to see if they will accept a bid beforehand or if you need to call it in that day. Some require that you be there in person. Some require that you bring your agent with you. Most will require payment at the close of the auction that day; often a partial payment is accepted at that time with the remainder due in 30 days, or when specified. You can also register and ask when you can view the home when you call to find out the procedure for bidding. You usually have the option of performing inspections prior to the auction. Your agent can walk you through all of the steps. - Sat Aug 16 2008, 17:36