Home Owner Seller's Guide

Signs Real Estate Prices Will Drop

The world has changed a few weeks ago, as Covid-19 swept through the world slowing it down. Some industries have come to almost a complete stop. Many of us are working from home and adjusting to the changes. Some parts of the World are starting to rebound and with time our area will also follow. 

How to get your house ready to sell for more money in Kansas City

You've been stuck in your home for a couple of weeks now with the whole entire family home and you're starting to see that this is not your ideal home anymore. So what do you do to get your house ready to sell?  We are going to follow a checklist to prepare your house to sell for the most amount of money in the fastest time possible. 

March 2019 Market Update - KC Metro Area

As of 2019 closed sales have gown down by almost 13%. Even though sales were down, the average price of a house went up by just over 3%. The median sale price for a house is $210,000, which is a staggering 3.8% rise from the 2018 pricing. Since 2018 homes have been on the market for an average of 62 days. Which means just around a two month supply of homes are on the market at any given time. For quite a while it has been a seller's market, and as of now, it looks like that trend will continue.

It is worth noting that there has been a decrease in the percentage of the original listing price that homeowners are receiving. Therefore, people who are listing their houses above market value, are having to lower their asking price to appease the current market and buyers. In March 2018, there were 4,071 pending sales compared to March of 2019, this year, where pending sales were only 3,931. With a lower amount of pending sales, inventory is down by 5.2%.

After considering all of the facts, it seems that we are beginning to see the small signs that the market is shifting. The Federal Reserve recently announced that they do not plan on another interest rate hike this year. Federal actions tend to affect mortgage rates, and a pause in rate hikes is fantastic news. If you're in the market for a new home, I suggest talking to your financial advisor and loan officer. Though prices are up right now, interest rates are low, so the life term of owning your home would be beneficial. If you're considering selling, I advise you to do it as soon as possible. It's clear that right now people are getting record prices for their homes right now.

Seven Things You Need To Know Before Buying Your First Home

Before you can experience being handed the keys and stepping into your new home, here are some things you need to know.

Step One: Figure Out Your Financing

How are you going to pay for your new home? There are two main options to choose from; you can pay out of pocket or get a loan for your new dream home.  If you decide to go ahead and get a loan, you first need to meet with a loan officer to see how much you prequalify for; this is how much your bank or mortgage company is willing to loan you to purchase your new home. Keep in consideration that they will consider things such as your credit score, debt to income ratio, before giving you approval for the loan.

Step Two: List Your Criteria

Meet with a local realtor and go over your "must-haves" for your new home. Consider things such as purchase price, location, floor plan before your meeting. It's your realtor's job to help find the current listings in your desired area meeting your criteria. Make sure you inform them to the best of your abilities precisely what your expectations are.

Step Three: House Hunting

After consulting your realtor about your desired requirements, this is where you get to go and step into the homes and see them in person. Getting the chance to look at potential homes in the area can help you make that final decision for your new home. This is a valuable opportunity to compare local prices with the amenities of each home as well as exploring some options you may not have previously considered.

Step Four: Make An Offer

Once you've found that potential dream home of yours you can now write an offer to the sellers for purchase. The sellers now have the opportunity to consider your offer and any other offers made by other clients. Once you and the seller have agreed to the purchase offer, you then step into the next phase.

Step Five: Escrow Period / Inspection Time

Timelines for inspections and other things set out and agreed upon in the purchase agreement/offer now have to be met. This timeframe is also your negotiation period based off of the findings in your inspections if needed.

Step Six: The Waiting Game

Once you and the seller have come to a final offer agreement, you are now under contract to purchase the home. The home will be held for you up until the closing date on the contract. During this time if you have any questions about the process don't hesitate to contact your realtor for clarity and guidance during this time.

Step Seven: Closing Day

You will meet your realtor at a title company and transfer the funds and ownership of the property. You will then receive your key, and you are clear to move into your new home! Congratulations!