According to Chad Taylor, a real estate expert with 21 years of experience, buyers often recognize changes in the market before sellers do. This may seem counterintuitive, as sellers own homes and buyers do not. However, buyers are studying today’s market, while sellers are often pricing their homes based on yesterday’s market.
June Housing Numbers
The June housing numbers for Northeast Johnson County reveal a trend where inventory remains historically low due to fewer homeowners choosing to sell. This lack of inventory has made the market feel very competitive. However, beneath the surface, the market is sending a more subtle message. Median sales prices have softened compared to last June, days on market have crept up slightly, and while some homes continue to receive multiple offers within days, others are sitting on the market much longer than expected.
This shift in the market does not indicate that buyer demand has disappeared, but rather that buyers are becoming more selective. A serious buyer may spend several months watching every new listing that comes to market, touring homes, comparing floor plans, condition, location, and pricing. By the time they walk through a seller’s front door, they have become experts on the price point.
Most sellers, on the other hand, do not have the same perspective. Many homeowners begin paying attention to the market only after they have decided to sell, remembering the neighbor who received five offers or the home down the street that sold for a record price. The challenge is that those sales represent yesterday’s market, while buyers are making decisions in today’s market.
Implications for Sellers
Low inventory is still giving sellers an advantage, but it is not giving every seller unlimited pricing power. Buyers are still willing to compete for homes they believe represent a great value, but they are becoming less willing to compete for homes that are priced based on what the market was doing six months ago. As the market begins its normal seasonal slowdown in July, it will be important for sellers to price their homes correctly to attract buyers.
Original reporting: Johnson County Post (Overland Park) — read the source article.
