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Market Update – September 2022 & 3rd Quarter

Pam and SuzAnne changed up their Monthly Market review and included Q3 updates.  It is no question that the market has had a lot of changes, but with all of this talk of a “shift,” we wanted to break it down for you on a local level so you know what to expect. 

There were 32 counties in the Kansas City area measured.  Of those 32, only 6 were reporting a reduction in average sales price year over year and of those, none were one of the largely populated counties.  The six reporting a negative change were Bourbon County in Kansas and Andrew, Bates, Buchanan, Caldwell and DeKalb counties in Missouri.  Of the 9 central counties that make up Douglas, Johnson, Leavenworth, Miami and Wyandotte in KS and Cass, Clay, Jackson and Platte in MO, all of those were reporting their average sales prices were up.  Now, what is interesting and a trend we have been watching is the average percentage of sales price to list price.  The 9 central counties were all reporting a reduction in percentage of sale to list price.  Some areas had a small, -.1% reduction such as Leavenworth county; however Douglas county had the biggest reduction at -3%. 

What this all translates to is where buyers were doing those crazy overbids on properties just to secure them; well that isn’t happening as much.  Sellers need to be more realistic with what they are going to get when they put their home on the market.  They may have to negotiate a little either on price or repair items.  Though sellers can still sell high, we have to be conscious of accurately pricing homes.  Buyers also need to understand now is the BEST TIME as rates are not anticipated to drastically go down.  In combination with prices still increasing in most areas, there is not a better time for the buyer than right now.  Stop waiting! 

Lastly, we have heard a lot of people talking about they are seeing “price reduced” notifications.  True and we are too.  What we want to make sure the public is aware of is in most cases, those homes were over priced to begin with and we already know we have moved on from every over priced home selling.  Homes need to be accurately priced, or they won’t sell.  Buyers are more willing to walk away if a deal doesn’t feel right or they think there is no value to them.  Sellers and their agents who are continuing to price like they were going to have unlimited offers and buyers who gave up everything to come to them are the ones reducing in price and having to be more realistic with their strategy to sell.  Every case is different, remember to call or reach out.  Let us take a look at your localized market conditions and let you know what is happening in real time in your area.    

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