Many Kansas City Home Sellers Should Take Their Homes Off The Market
Kansas City Real Estate Thoughts...
One of the best things that home sellers can do right now to help maintain property values within their home community is to NOT sell. If their home is already on the market then they should consider removing it from the market immediately. While there are many sellers who must sell now, there are also a lot of sellers out there who are just testing the waters. This testing of the market further saturates the area with available inventory and compounds problems within our real estate market. As I've said many times, the peaks and values of the Kansas City real estate market are comparable to the child roller coaster ride inside Oak Park Mall at the holiday season, with smaller peaks and values than the California Screamin' roller coaster. So while it's much better to be here in Kansas City than many other areas of the country, we're still facing significant challenges in the Kansas City real estate market. And fewer homes on the market would help all homeowners with maintaining their property values. Think of it this way. If you live in a 200 home subdivision and there are 10 homes on the market, wouldn't it be better as a home seller if there were only 5 homes for sale? Indeed it would and the less supply of homes on the market now, the higher the sales prices will be in the short term. And there's a good chance that 5 of those 10 home sellers don't really need to sell right now anyhow. They are just testing the market. So you might ask, if 5 sellers remove their homes from the market, wouldn't that just help the 5 sellers who keep their home on the market? In the short term the answer is yes. But in the long term EVERYONE will benefit because the higher sales prices registered on MLS for the 5 current sales will be used as measuring sticks when determining property values within the community later. Of course there are always going to be situations where sellers must get their home sold in a timely fashion. They may be involved in a relocation and have no choice but to sell. There could be a death in the family that necessitates an immediate home sale. Situations similar to these are common but there are other selling situations that could possibly be delayed a while. A growing family may need to sell their 2 bedroom ranch home - but can they wait a while before doing so? There are empty nesters who need to sell their 2 story home to get away from the stairs - but can they wait a while before doing so? In our current market, home sellers who can wait will help the current home sellers and ultimately help themselves later.
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