Is it still a buyer’s market today in Raytown?
As experts in the Raytown 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, but the market has slowed. 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 going to sell better than those that don’t. Sellers with a highly desirable property are in control of the market.
Investment properties are in demand. Out of state buyers are still attracted to the affordable houses and attractive rental incomes in Overland Park and across the Kansas City Metro.
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 you can click through to the latest data. 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. Those that start out a bit overpriced are taking a bit longer until the price is lowered or negotiated down to the right price. However, the ones that are overpriced and have non-negotiable sellers are sitting on the market for weeks and months.
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.
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 Raytown because we believe in the community and the people here.
If you need to sell a property near Raytown, we can help you.
We buy properties like yours from people who need to sell fast.