There has been a storm brewing in the Johnson County Kansas Real Estate market for some time and it has the potential to explode this spring. There is a number I want you to think about and it is 1.5, that is the number of months supply of homes currently available in Johnson County.
What that really means is that if no new homes are listed, every listed home in Johnson County would be SOLD in 1.5 months with no other homes to purchase. Is this a good thing? The answer is no and while if you are a seller you can expect top dollar with a quick sale, what do you do when your home sells?
The severe lack of inventory in the Johnson County Real Estate market is creating an enormous log jam. This log jam is causing major headaches for both buyers and sellers.
Buyers feel like a Doctor on call waiting for the perfect home to list and praying they can get to it before another buyer snatches it from them. Our office had a listing recently that received 59 showing in their first 8 hours on the market. They received 8 offers. So what does that mean? There are 58 people looking for that type of house and not enough homes to purchase. Many buyers are having to make offers on 5 or more houses before a succesful bid.
While the buyers are desperate for new home listings, the sellers are terrified to list their home because they know it will sell before they can find their move up home. This is where the log jam starts. Most sellers require the equity from their home to move up and can't buy a new home without it. They want to find their replacement home without listing their home first. The problem with this strategy is that in a hyper competitive market is most sellers will not consider a contingent offer.
So how do we break the log jam? The answer is skill and trust, sellers need to work with a skilled agent who knows how to not only sell homes but find them as well. While many of the search engines like Zillow, Realtor.com and trulia list new homes quicker than ever before, they will never get new listings faster than your agent can. Also your agent has access to homes that are coming to market or homes that may have tried to sell previously.
The Spring Market has sprung, will you be part of it? The Russell Home Team knows how to manage the delicate balance of selling your home for top dollar and finding your dream replacement home.
913-266-5828 call today!
Michael Russell is a REALTOR with The Russell Home Team at Keller Williams Realty. Michael specializes in Johnson County Kansas Homes and Real Estate for sale. Michael is a tech savvy realtor with over 13 years experience. Did you enjoy Michael's Blog? Feel free to subscribe or join Michael on his Social Network to stay up to date on Overland Park, Olathe, Leawood, Lenexa, Shawnee and all of Johnson Counties real estate news and more...