Your home: A PV Cape Cod with 28 showings on one day and multiple offers? What a market!

That’s right folks, 28 showings in one day. Our team’s record up until now was 15. Congratulations to the Larigans!

On that note, I would like to thank the Larigans for allowing me to share their story and for their faith in our team to deliver. Tim and Amanda are incredible clients and absolutely deserve all of the success that they are seeing in this market. I would like to share with you both sides of their home’s story: seller and buyer.

The Larigans contacted me in late January to discuss a possible move. After our preview appointment I could tell that Amanda was getting excited about the opportunity to purchase a new home. Don’t get me wrong, she loves her Cape Cod. And you can tell. She even shared with me that she became a little emotional as she was drafting me her first email about the possibility of selling. That being said, Amanda is a “get’er done” kind of girl. So after our listing consultation, she and Tim were ready to get rolling. They appreciated the fact that inventory is low right now and that the demand for their home was high. Little did we know it was that high.

Next came the staging and the pre-inspection. The Larigans took the staging recommendations to heart as well as the needed repair items that were revealed by the pre-inspection (there were only six). Fast forward a couple of weeks and the house is being photographed for MLS. The Larigans followed all of the staging recommendations. It looked incredible!

PV_Cape_Cod

The Larigans’ Prairie Village Cape Cod sold quickly thanks to effective staging and pricing.

The home went “live” on Monday, Feb. 17. By 9 a.m. they had two showings and two previews scheduled already. From there the pace intensified throughout the day. It was so crazy that at 8:30 p.m. that night when I was presenting the first offer, a potential buyer caught Tim’s attention on the front porch and wanted to see the house.

So why did the market react so strongly to this particular home. Outside of the fact that it is a beautiful home in a great location, the major contributor was the price. It was listed at $249,900. It just so happens that the price range of $200,000 to $250,000 is the second most popular price range in Prairie Village right now. It represents 15.6 percent of the PV market. To be honest, it is one of the hottest ranges all over the city. Some might ask, “If you got that much activity, did you underprice the home?” That is a great question and the answer is “no.” Our goal is to list a home at market value. When a home is listed at market value and the demand is high, it will encourage multiple offers and typically sell for more than list price. Isn’t it better to have more than one buyer to choose from? If you only have one buyer, you have less leverage. Multiple offers=a happy seller.

The hottest price range in PV right now is $140,000- $160,000. It represents 25 percent of the PV market. That is a huge number. There are a lot of firs-time home buyers out there right now it seems. And of course when those homes sell, their next move is typically the $200,000-$250,000 range. Ah, the circle of life!

From the buyer’s perspective, this high anxiety market can be exhausting. Just think about those 28 buyers (and their agents) who had to drop what they were doing and go see this great home. I really feel bad for them. I had several agents joke about the fact that when they arrived there were potential buyers in the driveway and when they left there were buyers waiting for them to leave. Not to mention that after the home went under contract there were 15 additional showings that were scheduled. Yes, some of them canceled once they heard about the contracts received, but some showed anyway. Hoping that if something happened to the current contract, they could slide in as a back-up offer.

My point to the buyers out there is that you have to drop what you are doing and go see a home like this on day one. There is no time to waste. By day two, they are gone. If you are a potential buyer out there and you are looking for an agent who is up on the current inventory and is ahead of the market rather than chasing it, please contact us today. We would love to help.

Now to the potential sellers out there. I wrote a couple of weeks ago that if you wait until spring to list your home that it will cost you money. This home is the perfect example of that point. As inventory slowly increases as we slide into spring it will have a direct impact on your equity.

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