Is it still a buyer’s market today in Leawood?
As experts in the Leawood real estate market, we get asked this question a lot.
The answer isn’t as simple as yes or no.
First off, it really depends on the property type and location.
Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns.
Buyers are often looking for the same thing – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market.
Investment properties are in demand. The massive amounts of foreign cash flooding in to invest in US real estate have impacted the Overland Park market in unique ways.
Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most buyers are walking away from deals that don’t pencil out.
The Market Data
The resource for market data in Kansas City is KCRAR – Kansas City Regional Association of Realtors and their latest data at this time of post is from February. Their report shows that for existing homes (not newly built, but resale) that we have a 1.4 months supply of houses. Dig into the data and you will see that the houses that are priced correctly for the location and condition of the property are selling in less than the average 54 days on the market probably in a couple of weeks. Those that start out a bit overpriced take a bit longer to negotiate down to the right price which is contributing to the higher 54 days. However, the ones that are overpriced and have non-negotiable sellers are sitting on the market for weeks and months and contributing to that 1.4 months supply.
Financing is still a major obstacle for buyers. Banks are being incredibly strict, requiring lots of money down and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow, although it’s getting better than it was just a couple of years ago.
Overall the markets remain incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.
Sound confusing? It is. But We Can Help.
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.
We’re investing in Leawood because we believe in the community and the people here.
If you need to sell a property near Leawood, we can help you.
We buy properties like yours from people who need to sell fast.