Selling a home is an art which requires balance between interpreting the objective data and a feel for what buyers are looking for today. Analysis of the data for all of Kansas City down to the data for the few blocks around your home is essential. This is the starting point.This gives you an idea of home values in your immediate vicinity as well as statistical data applicable to the Kansas City Real Estate Market.
Once you have a good overall view of your particular area and how it relates to the rest of Kansas City, you can begin to focus in on the area of Kansas City in which your home is located, the neighborhood, and your subdivision. Then you can begin comparing the condition and amenities of your home to those that have sold in the last 3-6 months as well as the available inventory today. The inventory will change daily so you must constantly re-evaluate your position in relation to your competition.
This is an example of a house that sold quidkly. It was listed, sold and closed in 27 days. How did we do that in this market that the press says is so bad?
Well, the owner contacted me and asked my opinion of what his house would sell for. I went over and looked through the house. Then I ran some numbers. Then I went back to the house again. I also went through all of the other houses for sale in the Country Club Heights subdivision as well as the adjacent subdivisions -even though I had seen most of them before. The seller and I had many conversations before putting the home on the market. We discussed the cost of repairs/updates vs. the potential ROI. We discussed his plans and needs. Then he made the right choices to produce multiple offers and the best possible price.
Pricing your home is critical. Home values in a neighborhood such as Sunset Hill can range from the $500,000. up to $2,000,000. or more. In Armour Hills Gardens, values will range from the 150's up into the 300's. A $10,000 difference in the million dollar price range is acceptable; in the $200,000 price range, it can be insurmountable. You want to price your home as close to the selling price as possible. The selling price will be what a ready, willing and able buyer will actually pay for your home today.
Once you have your price, you want to evaluate condition and buyer appeal. I recommend that my clients get a home inspection prior to putting the home on the market. This tells us what buyers will find when they do inspections. The seller can then decide if they would rather improve the condition or adjust the price. Some items that turn up on an inspection will need to be addressed if you want to be able to sell to buyers who will be getting a mortgage. For example, a mortgage lender will not finance the purchase of a house that needs a new roof.
Improving the condition is not always necessary or even desirable. You must compare the cost of repairs to the added value first. It's also important to look at what can be done inexpensively in the way of staging your house. Presenting the home so that the buyers' eyes move where you want them to can add to the home's perceived value.
If you are considering selling your Brookside home, call for a personal consultation approximately 8 - 12 weeks before you actually want to sell. Preparation is crucial in this market. Most of my clients require 3 -4 weeks to prepare the home for sale and we will want to time the launch date for the listing to your best advantage.