FAQs for First-Time Home Sellers in Kansas City

Are you selling a home in Kansas City? It’s a process that many first-time sellers simply aren’t prepared for. Here are 12 frequently asked questions home sellers can learn more about in order to set the right expectations upfront.

1. How should I price my home in Kansas City?

Price your home too low and you run the risk of making less on your home sale. Price it too high and you risk pricing yourself out of the market. There are a few ways to estimate your home’s value, but our best advice is always to let an appraiser decide what your home is worth based on its unique features and comparative market analysis. 

2. Is Kansas City a buyer’s market or a seller’s market?

Home prices in Kansas City have steadily increased since 2013 and experienced an 18.1% spike between 2020 and 2021. This indicates the market is currently in favor of sellers. But, that doesn’t mean the right opportunity doesn’t exist for buyers. And markets shift at a moment’s notice.

3. When is the best time to sell my home in Kansas City?

Historically, spring is the best time to list a home in Kansas City. Warmer weather is more favorable to home searches and moving.

4. Should I make repairs to my home before I sell it?

Some home repairs can improve your chances of selling your home quickly and for a reasonable price. Obvious signs of damage and fixtures that don’t work should be top priorities. Also, issues with your home’s foundation, electrical, or plumbing will have an adverse impact on your home’s value when selling, so always talk to a real estate agent before making repairs.

5. What am I required to disclose to potential buyers?

Home sellers are legally required to disclose any known material or structural defects to the buyer. Also, any conditions that may impact the home’s value should be disclosed.

6. How much are seller closing costs?

Both sellers and buyers pay closing costs on a home. Sometimes, closing costs can be negotiated, but for sellers, closing costs are usually between three and four percent of the home’s final sale price.

7. Who pays for the home inspection?

Sellers generally do not pay for a home inspection once a buyer makes an offer. However, you might choose to have your home inspected before listing to fix issues and avoid any surprises. 

8. Should I price my home higher to leave room for negotiations?

Pricing your home higher to negotiate down can be an effective strategy in some cases, but it can also backfire. Be sure to talk with your realtor about the right pricing strategy in order to get the most from selling your home while ensuring it sells as quickly as possible.

9. What are seller concessions?

Seller concessions are closing costs that the seller has agreed to pay. Sometimes, buyers may ask for concessions to close the deal. Offering seller concessions in a seller’s market is very rare.

10. How much does it cost to sell my home?

Sellers pay a percentage of their home sale in closing costs and realtor fees. The standard realtor commission is six percent, while the average closing costs are around three to four percent. In addition, you should consider the costs of updates and repairs.

11. How should I prepare my home for showings?

Decluttering and cleaning your home can make the biggest impact on home showings. In addition, you should increase your home’s curb appeal to make a strong first impression.

12. What are contingencies in a home sale?

Contingencies are clauses in the real estate agreement that hold sellers and buyers to specific terms. For example, a contingency might allow the seller to remain in the home until their new home is ready.