HANDS ON THE HEARTLAND: Checking The Pulse Of The Kansas City Real Estate Market

Hands On The Heartland
Checking The Pulse Of The Kansas City Real Estate Market

A common question that home sellers ask is ”what’s my home worth?”. If you’ve followed my blog very long you’ll know that’s a question that neither a real estate agent nor an appraiser (tax appraisers certainly included) can answer. The truth is that the market determines what a seller’s home is worth. Taking that a step further, the price that a home goes under contract isn’t the value either. The home must close and only at that time will we know what the seller’s home is worth. If a buyer backs out of a deal because of inspections, the home isn’t worth what the previous buyer offered – because it never closed. The next buyer (after closing) will have determined the home’s value.

If a buyer should add $50,000 in upgrades the month after they move in, there home isn’t “worth” $75,000 more. It’s not even “worth” even $10,000 more. The point is that until the home sells again we won’t know what a home is worth. So the only time that anyone knows the true worth of a home is at the closing. What a Realtor can do however is study the area comparables (listings, pendings, sales, expireds, etc.) and help a seller to make an informed pricing decision based on a home’s condition, location and relevant market conditions. 

It’s interesting how sometimes a home can be viewed SO differently through different eyes… 

Seller’s View… 

Buyer’s View… 

Lender’s View… 

Independent Appraiser’s View… 

County Tax Appraiser’s View… 

Posted by Jason A. Brown

Comments Can Be Left Below…
Don’t see the LEAVE A COMMENT section below? 
First click on the headline at the top of this bog post.