Despite what you might hear from national or local news media, Kansas City remains a “seller’s market.” By definition, a seller’s market occurs when demand for homes exceeds the available supply, giving sellers an advantage. This typically leads to rising home prices, faster sales, and often multiple offers on properties
Specifically, a seller’s market is indicated when the “days on market” (DOM) is less than three months, and more than 35% of new listings go pending within the first 30 days. As of July 2024, the average DOM in Kansas City is 38 days, indicating that we are far from reaching a “balanced market,” let alone a “buyer’s market.
We’ve been in a seller’s market for so long (seven years) that many people have forgotten what it was like before. Just this week, a home seller in my neighborhood called me, saying they had just fired their real estate agent and were looking for a more experienced Realtor to sell their home. When I asked how long their home had been on the market, they replied, “18 days, and it’s still not sold!”
To be fair to the agent, she staged the home, took professional photos, held at least one open house, and priced the home correctly. The seller knew she was a newer agent with only a handful of sales, so now they want a very experienced Realtor to help sell the home quickly. I’ve recently been receiving more of these calls as the market has slowed a bit. While 18 days on the market isn’t terrible, the seller has already canceled their agreement with their agent, and I’m happy to take over their listing to ensure a quick sale.
Obviously the experience of a 19-year veteran can make a significant difference in various aspects of selling this home. The current sellers complained about their agent’s lack of communication, inexperience in marketing the home to other top Realtors, and an insufficient effort in promoting the open house. Additionally, they mentioned supposedly receiving one offer but never actually got sent the signed contract, ultimately feeling that their agent caused the deal to fall apart.
I was telling a friend about this situation this morning, and he asked, “Do you think many rookie agents will leave the business now that it’s becoming more challenging?” “Absolutely!” I replied. “This is becoming a more skills-based real estate market, and both home sellers and buyers are starting to recognize that once again. They are searching for an experienced Realtor to help them navigate this market and help them through the process of buying and selling their home.”
This was a tough lesson for these sellers to learn on their own, but our real estate team will take excellent care of them. If you know someone—a friend, family member, co-worker, or neighbor—who needs help buying or selling a home in the greater Kansas City area, we hope you’ll reach out to us. We’ll ensure they get the support they need from the start.