Pre-Inspections Could Cause Kansas City Home Sellers To Face Double Jeopardy

Checking The Pulse Of The Kansas City Real Estate Market

I’ve debated other Kansas City real estate agents over the years about whether pre-inspecting a home is a good idea for home sellers. There’s a few agents who agree that there’s more downside than upside to pre-inspecting but the majority of agents are quick to recommend pre-inspections to their home sellers. One of the main benefits to pre-inspections are they provide home buyers reassurance in the home. Another reason home sellers might pre-inspect is to give themselves ample time to address inspection items that may come up — before a buyer gets involved and possibly tries to dictate the repair process. These sound like very decent reasons to pre-inspect but you’ve also got to consider the downside of facing double jeopardy of sorts when it comes the home inspection process.

I certainly don’t recall any home buyer ever choosing a particular home simply because it had been pre-inspected. You can bet that, whether or not a home has been pre-inspected, a home buyer is going to hire their own home inspector to look things over once the home goes under contract. Doing a pre-inspection will cost a home seller several hundred dollars and the seller is then required by law to disclose ALL material defects in the report to future buyers. In most cases, a home buyer is going to expect a seller to have addressed all critical items in the pre-inspection report. Then the buyer is going to do their own home inspection and the seller is going to get to go through the repair process once again after the buyer’s home inspector pours over the home.


Posted by Jason Brown

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Prairie Village KS Real Estate Update * Prairie Village Kansas Market Stats

Hands On The Heartland

Checking The Pulse Of The Kansas City Real Estate Market

City of Prairie Village Kansas Real Estate Update

Prairie Village KS Real Estate Market Stats <> 15 Day Stats

Type

#

Average $

Avg DOM

Newest Listings

31

$273,422

View Newest Listings

Total Active Listings

151

Newest Under Contract

24

$250,971*

81

View Newest Under Contract

Newest Solds (Closed)

8

$229,613

91

View Newest Solds

* Average Newest Under Contract considers the price the homes were listed at when they went under contract. Data pulled from Heartland MLS and deemed reliable but not guaranteed. Low samplings in any category can skew a particular category. DOM is Days On Market. Note the date of this post as market stats become outdated. Stats may not be an exact 15 days and stats were pulled in the AM on 5/20/09.

In the city of Prairie Village KS there continues to be more homes coming on the market than homes going under contract (pending) or than homes being sold (closed). This creates a further surplus of supply in Prairie Village Kansas. Using the past 15 days of sold homes to calculate the absorption rate in Prairie Village, there’s almost 9.5 months of inventory on the market. Triple the number of homes went under contract (compared to homes sold) and if we run with the assumption that all those homes will make it to the closing table (they won’t), then the absorption rate is just slightly over 3 months of inventory. If all those homes make it to the closing table that is an impressive figure and things would be looking solid in Prairie Village.

Keep in mind that a 15-day period is a small sampling of Prairie Village Kansas market activity. This information shows what’s going on now in the current real estate market. While a 15-day period could indicate a trend it does not necessarily show a real estate markets long-term trend.

Posted by Jason A. Brown

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