First let me thank you all, the readers who support our column. Last week’s story about the Larigans was our most read column to date. And it received the most shares on Facebook. Clearly good news spreads quickly.
I have received several comments about the sale of the Larigans home as well — several of them based in misconceptions. I would like to share them with you in the event that you were having similar thoughts about our market.
So lets get started!
Misconception 1: “Cape Cods always sell quickly. Especially with a two-car garage in PV!”
There is some truth to this statement. The truth is that Cape Cods are one of the most popular floor plans historically. And yes, a two car garage is quite a bonus. That said, it wasn’t too long ago that the average Cape Cod was selling for around $225,000. So even the coveted Cape Cod has had its tough times.
The truth is that Cape Cods sell quickly when they are priced at market value. Let’s continue with the example of the Larigans home. It is no secret that 71st Street between Tomahawk Road and Roe Avenue carries a decent amount of traffic. For some buyers, this would be a deterrent to purchase a home on 71st Street. Therefore, you must price accordingly. I had this exact conversation with the Larigans. If I could pick their home up and place it on a quieter street, its market value would have been closer to $265,000. By pricing their beautiful home at a market value that took into account the busier street, they achieved a fast sale with a contract over their list price.
So maybe the whole truth is that Cape Cods sell quickly (even on a busier street) when they are priced at a market value that takes all factors into account, such as location.
Misconception 2: “The $225,000-$250,000 price range is always a hot one!”
Again, there is some truth here — just not the whole truth. As I shared in last week’s column, that price bracket makes up part of the second most popular price range in Prairie Village right now. Yet due to the low inventory, there are hot price ranges all over the place ($140,000- $160,000, for example). There are only five homes for sale in that price range yet it is the HOTTEST price range right now in Prairie Village, representing 25 percent of all home sales in January. Now let’s talk about $300,000-$500,000. In Prairie Village right now there are five — yes, only five — single family homes for sale in this price range. That is a $200,000 swing and yet there are five. Hot doesn’t even begin to describe this price range.
One last thing on price. Here are more real life examples. In the last week, our team sold a listing at 6730 Reeds Road ($899,000 list price) the first day on the market with multiple offers. This is first home to sell in this price range in more than 30 days.
The next was 8904 Holly Street ($149,900 list price) in Western Hills. It took a little longer at 12 days on the market. Yet on the twelfth day, it received multiple offers. As you can see, there are hot price ranges all over the place!
Misconception 3: “Of course that home on 71st Street sold quickly. It is in Prairie Village.”
Yes, I love our Village. And yes, historically the market does, too. However, instead of me telling you why it is not just Prairie Village that is selling quickly, I thought more examples would paint a better picture.
- 9620 W 60th Street in Merriam: SOLD-4 days on the market for 100 percent of list price
- 9010 Holly Street in Kansas City, Mo.: SOLD-3 days on the market for 100 percent of list price (after being listed with another company for 141 days prior)
- 2718 W 49th Terrace in Westwood: SOLD-Listed at $475,000-SOLD for $480,000
- 5024 Parish Drive in Roeland Park: SOLD-1 day on the market for 100 percent of list price.
I could go on and on. Our team is so grateful to have the opportunities that we do to work with such great clients every day. Our sellers put the work in to prepare the home for sale and then put the faith in our team to price it accordingly to accomplish a quick sale while achieving top market value for their home.
So don’t listen to the misconceptions. Contact us today to talk about the reality of YOUR market. We would love to help!