Overland Park Housing Market Update
The Overland Park housing market continues to be very low on inventory. This creates new challenges for real estate agents and sellers. Pricing a home and negotiating for the best possible sale price requires a different approach.
The good news is that with the increase in equity and the prices buyers are willing to pay for homes, a seller can afford to prepare a home for selling. A recent study from the National Association of Realtors shows that sellers are getting a much higher return for the improvements they make on their home. Personally, I call this the HGTV affect. If a home looks like HGTV buyers are willing to pay more.
Recently, we had a contractor working on a vacant home show it to a buyer that was passing by. The buyer was not excited or interested in the house. Two days later we had the home staged like HGTV and the Realtor brought the buyers back and they loved it and wrote an offer! Being a real estate professional able to see past staging and decorating I would not have believed this if I did not experience it. Neither did the buyer’s agent. She asked me for the name of the stager. My seller netted at least two to three times the cost of the staging and furniture rental.
Overland Park continues to remain desirable due to the good schools, convenient location and amenities.
Months Supply of Houses
Less than 6 months is a sellers market
The number of homes for sale remains very low at about the same level as 2016. This results in a strong sellers market.
Overland Park Home
Contracts & Closings
Home Sale Contracts are down 31% and Home Closings are down 11% versus the same time last year.
Overland Park Average Days on Market
This represents a 16% decrease from 48 days for the same time last year
Overland Park Median Sale Price
This represents a 4% increase versus a $271,000 Median Home Sale Price in 2016