Changes to the Home Buying Process

Written by Deb Staley.
Lenexa, Kansas, USA
Original Content--NOT AI generated or assisted

Has it been a while since you purchased a home? Here you will learn how the market and the process have changed dramatically. Here are the main changes and challenges.

Buyer Agency Contract

As of August 17, 2024, a Buyer Agency Contract must be signed before touring homes. This is due to a lawsuit settlement. Exceptions to this are:

Attending open houses
Calling the listing agent for a tour.
That is the agent on the SIGN in front of the home. Note: If you are searching the internet and reach out to an agent via a link on a home, it is almost never the actual listing agent. For example, my website includes listings from our local MLS (multiple listing service), and they are not all my listings. (I wish!)

Seller’s Market

Although inventory is slightly higher now, it is still a seller’s market in JoCoKS (Johnson County, Kansas). Basic supply and demand are at work here. This is why prices are higher. This is also why buyers usually must adjust their expectations and wish lists.

Multiple Offers and (So-Called) Bidding Wars

Houses that are priced right will usually generate multiple offers. This is not a bidding war because homes are rarely listed as an auction. We aren’t making bids; we are making offers. Also, offers must be written up and signed.

Process

If you’ve purchased homes prior to the last decade or so, here is a substantial change to the process. In simpler times, homes might sit on the market for months on end—good homes, even. So, a buyer would usually make an offer that is less than the list price. Then, the buyer and seller might go back and forth with counteroffers and eventually come to an agreement. Now, buyers rarely get that second chance.

Good homes that are correctly priced and well marketed should generate multiple offers. Once that first offer is received, the listing agent will usually advise all the buyer’s agents who have shown the home that there is an offer deadline. That is the listing agent doing their best for their seller. The seller wants to get all the offers that they can, of course.

In conjunction with the offer deadline, a listing agent will usually call for “highest and best” offer. That means that a buyer does not get a second chance. The seller will choose the best offer for them, and it is done.

Summary

While the process is more challenging now, people are buying homes every day in JoCoKS. In 2025, there were 9,000+ homes sold there. It is good to understand the market and get expectations in line before starting the home buying process. Thanks for reading!

Remember: make your best offer up front. On a good home that is priced well, you will not get a second chance to improve your offer.

Expand to Learn More:

In “Ye Olden Dayz” sellers likely only received one offer, and that was after some period of time on the market. If the offer was below list price, the seller and buyer might go back and forth a bit with counteroffers. This rarely happens nowadays. All offers have deadlines for acceptance. Sellers may ignore the deadline if they have other offers or are expecting more offers. This is frustrating because a buyer might think they can give a deadline that will thwart other offers. Sounds good but doesn’t work.

Cash is not always king. Often, a cash offer (no mortgage loan) with a quick closing is accepted by a seller over one that involves a mortgage loan. Other times, a seller might be happy to wait for more money.

We are still seeing buyers waive inspections (or waive asking for repairs) in offers. This stinks. We will be living with this until we have more housing inventory/less competition. Who knows when that will be?

Remember, when a listing agent calls for “highest and best” offers and gives a deadline, you will not be getting a second chance to up your offer.