If Your House Hasn’t Sold Yet, It May Be Overpriced
Are you selling your Kansas City home? If your house has been on the market for a while, you should know that’s unusual, especially now. The supply of homes for sale is still far lower than expected in an average year. This lower supply gives Kansas City buyers fewer options, making your house an oasis in an inventory desert.
If KC homebuyers are limited in their current options, but your house still hasn’t sold, there’s a reason. Your asking price is one possible sticking point that could be turning interested buyers away. With today’s higher mortgage rates stretching buyers’ budgets, many are more sensitive about home prices. As a recent article from the Wall Street Journal (WSJ) says:
“If you are serious about selling your home now, don’t get greedy with the asking price. This is still a seller’s home market as there simply aren’t enough affordable homes for sale in many parts of the country. But with average 30-year mortgage rates above 6%, buyers are much more price-sensitive than they were a year ago.”
Setting the Right Price Matters
When you sell your house, you want to maximize the return on your investment, but it’s important to be realistic based on current Kansas City market conditions. The simple truth is that your house will only sell for what people are willing to pay.
This reality is already hard to accept, but emotions can run high during the selling process and complicate matters more. Have you lived in your home for many years? Milestones and memories are attached to every room, creating emotional ties and making objectivity much harder.
However, a home price exceeding buyer expectations deters interest. Your house could be dismissed as a possibility even before a viewing. The bottom line: No matter how amazing the home is, if no one’s looking at it, it will not sell.
To get your home off the market, do something to spark buyer interest again. This is where the Just Say Home KC Team comes in, using recent data to determine if your home is priced too high for the current Kansas City market. These real estate experts will balance the value of homes in your neighborhood, market trends, buyer demand, the condition of your house, and more to find the best price. These experienced agents will work quickly and efficiently to help you close this chapter and begin your next one.
While the current Kansas City home supply is still low, your home’s asking price matters. If your house has been lingering on the market for a while, it might be time to reconsider the listing price. The Just Say Home KC real estate team can work with you to evaluate current data and help you find the perfect price to sell quickly!