Checking The Pulse Of The Kansas City Real Estate Market
There’s no amount of marketing I can do to overcome a grossly over-priced home. In the past 15 years as a land developer and Kansas City real estate agent I’ve sold more than 1,000 properties. In all of those home sales, I don’t recall ever saying to myself, wow that marketing just got us an extra $10,000 out of that home! I’ve heard agents claim that their marketing generated such excitement in a home that it led to multiple offers, a higher sales price, etc… OK, maybe. But I’ll debate that the multiple offers were made because the home was perceived to be a great deal once the buyer’s viewed the home, rather than because of the home’s marketing plan.
I’m not saying marketing is unimportant. It’s critical in getting buyers interested in a home and I believe less than 5% of Kansas City real estate agents can compete with the marketing I do for my sellers. So I obviously find it important. But I’m not so naive as to think that knowing the how, when and where to market a home is going to get the home sold. It can get a buyer interested but from there buyers will be analyzing several critical factors in determining whether it’s the right home for them. The first thing most buyers ask themselves is whether the location is great. By location I mean the part of the city the home is located, the part of the home community the home is located, the direction the home is facing, what’s behind the home, etc.
From there, buyers start looking closely at the functionality of the home… by that I mean the size, layout and curb appeal of the home. If all of the works, buyers start eying the condition of the home more closely. Usually a home has to be in poor condition for a buyer to rule the home out if it’s met all the other factors. Besides, that can be overcome by the factor I’ve yet to mention… the most important factor of all… price. Pricing of a home is absolutely THE most important in getting your home sold. Price must factor in everything I’ve mentioned plus the current market conditions. You see, if a home is priced 15% above comparable homes in the area, it won’t matter if the home is located on a cul-de-sac lot, if it’s the largest home in the neighborhood, if the home is completely updated with appealing decor, etc.
So, the progression most buyers will go through in buying their home is…
1. Marketing.
2. Location.
3. Condition.
4. Functionality.
5. Price.
But, if you asked me to rank them in order of importance, the first and last factor are flipped…
1. Price.
2. Location.
3. Condition.
4. Functionality.
5. Marketing.
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