Location may be the number one factor that plays into the value of a home, but homes that don’t match the standards for the area could fetch a disproportionately lower price.
In the Overland Park, Olathe, Leawood and Lee’s Summit areas especially, where there is a lot of new construction, some things have become the norm that a homebuyer seeks. Renovations and upgrades are not the final determining factor for most home buyers, but they can make a significant contribution to the positive value of the home. People are willing to pay more for a house that’s in move-in ready condition versus a house they have to sink money into, even if what they’d have to sink in is less than the difference being asked by the homeowner with the improved, well-kept home.
When moving into, or out of, these areas, you can expect that buyers will expect things like granite and built-in appliances. In fact, nicely kept homes can fetch a premium even over the asking price. We keep hearing about the real estate market still being a tough place, but in the Kansas City area the right home will still fetch a fair or better price.
Another reason that these upscale features have become something of the norm is because the location is not stellar for all types of buyers. For example, while the schools are usually regarded as excellent in these areas, the public transportation system is minimal at best. With homebuyers looking to save on car payments, fuel costs, maintenance and more, and given the relatively small public transit system, there has to be enough reason for someone to forego living in a more urban area with such services. Features like granite help with the “I fell in love with it” feeling that helps seal the deal and overcome other objections from homebuyers.