Jump to Comments Kansas City is currently experiencing a buyer’s market. Investment property is a little better off. Certain areas of the city are better than others. Let me give you a picture of what the investment market in Kansas City currently looks like. Below will be a couple sets of numbers for you to take a look at. One is for Johnson County, Kansas duplexes and the other is for Jackson County, MO duplexes. Now, the numbers only include duplexes priced for sale between 100, 000 and 300, 000. I just figured below 100, 000 isn’t usually what my clients are looking for and above 300, 000 just isn’t going to be profitable within the parameters I use.
Johnson County, Kansas Duplex Activity current as of 2. 21. 2008 Active 34 Pending 3 Sold 52 within previous 12 months Jackson County, Missouri Duplex Activity current as of 2. 21. 2008 Active 147 Pending 5 Sold 100 within previous 12 months Right away you should be able to see the market within the market. Johnson County has about a 7. 5 month supply of homes while Jackson County has about a 16. 5 month supply of homes. Further emphasizing that all real estate is local. And local can be broken down into cities from country, zip codes within the city and sudivision from the zip code.
As a seller of residential investment property in Kansas City you need to know that you are in for some fierce competition. And while some sellers may think they know that what I see on the market is usually overpriced, under cared for and have crappy tenants. Why, I know of a duplex in Overland Park that has been on the market for quite some time and the real estate agent has” motivated seller” on her comments. Further inquiry discovers that one side has a tenant that isn’t paying any rent because they made improvements to the property and don’t feel they owe rent for some time to come. The other side unilaterally decided their rent was too high and cut their payment by 200 a month. And the seller still wants retail for this Overland Park duplex!!!???!!!
There is no question I could find an investor to take this headache off their hands. But not at retail. So what can you do to be sure you can move your Kansas City are investment property if you need to cash out?
Investment Property Selling Tips Price it right. Know where the price point is for your particular class of investment property and location that the next would-be real estate investor will pull the trigger. This is not the market to” test” the waters.
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