FINANCE
HOW TO NAVIGATE THE HOUSING MARKET WITHOUT GETTING BURNED WRITTEN BY BRENNAN HALLOCK
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seller’s market is brought on by demand exceeding supply, and we are in a scorching seller’s market in Johnson County. The demand is high. The houses are scarce. And buyers are ready to flash cash to get what they want. How do we navigate this craziness right on our doorstep in this peaceful KC suburb?
How do you find the right home—and get it? “A buyer needs to be prepared and get competitive,” explains Alexis Mirakian, realtor with the Parsons|Mirakian team. “First thing a buyer needs to do is get preapproved with a local mortgage lender, because a preapproval letter will accompany any of-
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fer. Or if you are purchasing in cash, have the proof of funds ready.” In this market, you don’t have time to be approved after you make an offer. Houses are being sold before they even hit the market, so speed is essential. “To be competitive, buyers need to consider dropping the contingency of selling their home to buy the new home,” adds Mirakian. This may mean you will need to sell your home after you have moved into your new home. Or you could move out of your current home into a rental, and then start hunting for a new home. You also need to do a lot of research before making an offer. “They need to be confident in the location, neighborhood, and style of home they’re
looking for because once a great house hits the market it could be under contract in less than 24 hours,” explains Mirakian. You need to be ready to make a quick offer, sometimes before you’ve even been physically inside the home. You will most likely be competing against numerous other offers, and getting yours in immediately is essential.
How do you avoid overpaying for a home? A seller’s market has numerous benefits for the seller, and being able to price a home above its market value is one of them. Having a real estate agent who is familiar with the area and knows the true value of homes is important to avoid overpaying.
